0000899051-24-000054 | 10-Q | XBRL Viewer

General

6 Months Ended

Jun. 30, 2024


Note 1			General

Basis of presentation

The accompanying condensed consolidated financial statements include the accounts of The Allstate Corporation (the “Corporation”) and its wholly owned subsidiaries, primarily Allstate Insurance Company (“AIC”), a property and casualty insurance company (collectively referred to as the “Company” or “Allstate”) and variable interest entities (“VIEs”) in which the Company is considered a primary beneficiary. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

The condensed consolidated financial statements and notes as of June 30, 2024 and for the three and six month periods ended June 30, 2024 and 2023 are unaudited. The condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. Certain amounts have been reclassified to conform to current year presentation.

These condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023. The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. All significant intercompany accounts and transactions have been eliminated.

Pending accounting standards

Accounting for joint ventures In August 2023, the Financial Accounting Standards Board (“FASB”) issued guidance requiring a joint venture to initially measure assets contributed and liabilities assumed at fair value as of the formation date. The new guidance will be applied prospectively for joint ventures with a formation date on or after January 1, 2025. The impact of the adoption is not expected to be material to the Company’s results of operations or financial position.

Segment reporting In November 2023, the FASB issued guidance expanding segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of reportable segments’ profit or loss and assets. The guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 and is to be applied retrospectively, with early adoption permitted. The Company is currently evaluating the impact of adopting the guidance to its disclosures.

Income tax disclosures In December 2023, the FASB issued guidance enhancing various aspects of income tax disclosures. The guidance requires a tabular reconciliation between statutory and effective income tax expense (benefit) with both amounts and percentages for a list of required categories. For certain required categories where an individual category is at least five percent of the statutory tax amount, the required category must be further broken out by nature and, for foreign tax effects, jurisdiction. Additionally, entities must disclose income taxes paid, net of refunds received, broken out between federal, state and foreign, and amounts paid, net of refunds received, to an individual jurisdiction when five percent or more of the total income taxes paid, net of refunds received.

All requirements in the guidance are annual in nature, and the guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The guidance only affects disclosures and will have no impact on the Company’s consolidated financial statements. The Company is currently evaluating the impact of adopting the guidance to its disclosures.

Climate disclosures In March 2024, the Securities and Exchange Commission (“SEC”) adopted a final rule requiring registrants to disclose certain climate-related information in their registration statements and annual reports. The rule requires the disclosure of qualitative and quantitative information, with certain information, such as financial statement effects of severe weather events, included in the notes to the audited financial statements. Other disclosure requirements include material climate-related risks, processes to manage and govern those risks, disclosure of targets if the targets materially affect or are reasonably likely to materially affect the Company, and, if material, disclosure of certain greenhouse gas emissions. On April 4, 2024, the SEC issued a voluntary stay of the final rule, pending the outcome of pending litigation.

The requirements will be applied prospectively and have phased-in effective dates. For the Company, the Form 10-K for the year ended December 31, 2025, will be the first annual report with new climate-related disclosures. The Company is currently evaluating the impact of adopting the final rule.

Reinsurance and Indemnification

6 Months Ended

Jun. 30, 2024

Reinsurance Disclosures [Abstract]

Reinsurance and Indemnification


Note 10			Reinsurance and Indemnification


Effects of reinsurance ceded and indemnification programs on property and casualty premiums earned and accident and health insurance premiums and contract charges
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Property and casualty insurance premiums earned	$	(588)	$	(495)	$	(1,145)	$	(941)
Accident and health insurance premiums and contract charges	(11)		(10)		(21)		(19)


Effects of reinsurance ceded and indemnification programs on property and casualty insurance claims and claims expense and accident, health and other policy benefits
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Property and casualty insurance claims and claims expense	$	(284)	$	60	$	(516)	$	(260)
Accident, health and other policy benefits	(8)		(17)		(14)		(25)

Reinsurance and indemnification recoverables


Reinsurance and indemnification recoverables, net
($ in millions)	June 30, 2024		December 31, 2023
Property and casualty
Paid and due from reinsurers and indemnitors	$	229	$	254
Unpaid losses estimated (including IBNR)	8,341		8,396
Total property and casualty	$	8,570	$	8,650

Accident and health insurance	160		159
Total	$	8,730	$	8,809


Rollforward of credit loss allowance for reinsurance recoverables
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Property and casualty (1) (2)
Beginning balance	$	(64)	$	(61)	$	(62)	$	(62)
(Increase) decrease in the provision for credit losses	—		—		(2)		1
Write-offs	—		—		—		—
Ending balance	$	(64)	$	(61)	$	(64)	$	(61)

Accident and health insurance
Beginning balance	$	(3)	$	(3)	$	(3)	$	(3)

Increase in the provision for credit losses	—		—		—		—
Write-offs	—		—		—		—
Ending balance	$	(3)	$	(3)	$	(3)	$	(3)

(1)Primarily related to Run-off Property-Liability reinsurance ceded.

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

Investments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Short-term investments	$ 5,288	$ 5,144
Accrued investment income	609	539
Fixed income securities
Debt Securities, Available-for-Sale [Line Items]
Accrued investment income	$ 570	$ 495

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Information [Abstract]

Schedule of Activities Resulting from Management of Proceeds

The accompanying cash flows are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, as follows:


($ in millions)	Six months ended June 30,
	2024		2023
Cash flows from operating activities
Net change in proceeds managed
Net change in fixed income securities	$	80	$	202
Net change in short-term investments	(190)		18
Operating cash flow (used) provided	$	(110)	$	220



Net change in liabilities
Liabilities for collateral, beginning of period	$	(1,891)	$	(2,011)
Liabilities for collateral, end of period	(2,001)		(1,791)
Operating cash flow provided (used)	$	110	$	(220)

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Other revenue	$ 679	$ 597	$ 1,348	$ 1,158
Net investment income	712	610	1,476	1,185
Net gains (losses) on investments and derivatives	(103)	(151)	(267)	(137)
Total revenues	15,714	13,979	30,973	27,765
Costs and expenses
Accident, health and other policy benefits	291	258	587	523
Amortization of deferred policy acquisition costs	2,001	1,789	3,940	3,533
Operating costs and expenses	2,019	1,786	3,904	3,502
Pension and other postretirement remeasurement (gains) losses	(9)	(40)	(11)	(93)
Restructuring and related charges	13	27	23	54
Amortization of purchased intangibles	70	82	139	163
Interest expense	98	98	195	184
Total costs and expenses	15,284	15,727	29,079	29,919
Income (loss) from operations before income tax expense	430	(1,748)	1,894	(2,154)
Income tax expense (benefit)	83	(373)	349	(458)
Net income (loss)	347	(1,375)	1,545	(1,696)
Less: Net income (loss) attributable to noncontrolling interest	16	(23)	(4)	(24)
Net income (loss) attributable to Allstate	331	(1,352)	1,549	(1,672)
Less: Preferred stock dividends	30	37	59	63
Net income (loss) applicable to common shareholders, basic	301	(1,389)	1,490	(1,735)
Net income (loss) applicable to common shareholders, diluted	$ 301	$ (1,389)	$ 1,490	$ (1,735)
Earnings per common share:
Net income (loss) applicable to common shareholders per common share - Basic (in dollars per share)	$ 1.14	$ (5.29)	$ 5.65	$ (6.59)
Weighted average common shares - Basic (in shares)	264.1	262.6	263.8	263.1
Net income (loss) applicable to common shareholders per common share - Diluted (in dollars per share)	$ 1.13	$ (5.29)	$ 5.58	$ (6.59)
Weighted average common shares - Diluted (in shares)	267.1	262.6	266.8	263.1
Property and casualty insurance premiums
Revenues
Insurance premiums and contract charges	$ 13,952	$ 12,470	$ 27,464	$ 24,643
Costs and expenses
Property and casualty insurance claims and claims expense	10,801	11,727	20,302	22,053
Accident and health insurance premiums and contract charges
Revenues
Insurance premiums and contract charges	$ 474	$ 453	$ 952	$ 916

Benefit Plans - Narrative (Details) - Pension benefits - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost, refund	$ 38	$ 38
Discount rate	5.62%	5.62%	5.45%	5.35%

Derivative Financial Instruments - Schedule of Volume and Fair Value Positions of Derivative Instruments (Details) - Derivatives not designated as accounting hedging instruments $ in Millions	Jun. 30, 2024 USD ($) contract	Dec. 31, 2023 USD ($) contract
Derivatives, Fair Value
Total asset derivatives, notional amount	$ 250	$ 562
Total liability derivatives, notional amount	646	325
Total derivatives, notional amount	$ 896	$ 887
Total asset derivatives, number of contracts \| contract	4,758	21,816
Total liability derivatives, number of contracts \| contract	10,806	3,155
Total derivatives, Number of contracts \| contract	15,564	24,971
Net amount on balance sheet	$ 123	$ 118
Net amount on balance sheet	2	(6)
Total derivatives, fair value, net	125	112
Asset derivatives, gross asset	123	123
Liability derivatives, gross asset	7	1
Asset derivatives, gross liability	0	(5)
Liability derivatives gross liability	$ (5)	$ (7)
Interest rate contracts
Derivatives, Fair Value
Total asset derivatives, number of contracts \| contract	3,538	20,479
Total liability derivatives, number of contracts \| contract	10,307	2,175
Net amount on balance sheet	$ 1	$ 2
Net amount on balance sheet	(2)	(1)
Asset derivatives, gross asset	1	2
Liability derivatives, gross asset	0	0
Asset derivatives, gross liability	0	0
Liability derivatives gross liability	$ (2)	$ (1)
Options
Derivatives, Fair Value
Total asset derivatives, number of contracts \| contract	28	32
Total liability derivatives, number of contracts \| contract	17
Net amount on balance sheet	$ 0	$ 0
Net amount on balance sheet	0
Asset derivatives, gross asset	0	0
Liability derivatives, gross asset	0
Asset derivatives, gross liability	0	$ 0
Liability derivatives gross liability	$ 0
Futures
Derivatives, Fair Value
Total asset derivatives, number of contracts \| contract	1,192	1,305
Total liability derivatives, number of contracts \| contract	482	980
Net amount on balance sheet	$ 1	$ 1
Net amount on balance sheet	(1)	(1)
Asset derivatives, gross asset	1	1
Liability derivatives, gross asset	0	0
Asset derivatives, gross liability	0	0
Liability derivatives gross liability	(1)	(1)
Foreign currency contracts
Derivatives, Fair Value
Total asset derivatives, notional amount		278
Total liability derivatives, notional amount	616	306
Net amount on balance sheet		(2)
Net amount on balance sheet	5	(3)
Asset derivatives, gross asset		2
Liability derivatives, gross asset	7	1
Asset derivatives, gross liability		(4)
Liability derivatives gross liability	(2)	(4)
Contingent consideration
Derivatives, Fair Value
Total asset derivatives, notional amount	250	250
Net amount on balance sheet	121	118
Asset derivatives, gross asset	121	118
Asset derivatives, gross liability	0	0
Credit default contracts
Derivatives, Fair Value
Total asset derivatives, notional amount		34
Total liability derivatives, notional amount	30	19
Net amount on balance sheet		(1)
Net amount on balance sheet	0	(1)
Asset derivatives, gross asset		0
Liability derivatives, gross asset	0	0
Asset derivatives, gross liability		(1)
Liability derivatives gross liability	$ 0	$ (1)

Reserve for Future Policy Benefits and Contractholder Funds - Schedule of Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefits and Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Accident and health insurance
Liability for Future Policy Benefit, Activity [Line Items]
Expected future gross premiums, undiscounted	$ 5,703	$ 5,020
Expected future gross premiums, discounted	3,867	3,602
Expected future benefits and expenses, undiscounted	3,854	3,350
Expected future benefits and expenses, discounted	2,567	2,326
Traditional life
Liability for Future Policy Benefit, Activity [Line Items]
Expected future gross premiums, undiscounted	1,042	696
Expected future gross premiums, discounted	715	489
Expected future benefits and expenses, undiscounted	1,456	1,008
Expected future benefits and expenses, discounted	$ 697	$ 539

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29E

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

+ Details

Investments - Schedule of Gross Unrealized Losses and Fair Value by Type and Length of Time Held in a Continuous Unrealized Loss Position (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) contract	Dec. 31, 2023 USD ($) contract
Total unrealized losses
Fixed income securities, at fair value	$ 52,576	$ 48,865
Fixed income securities
Less than 12 months
Number of issues \| contract	1,555	611
Fair value	$ 14,539	$ 5,274
Unrealized losses	$ (206)	$ (91)
12 months or more
Number of issues \| contract	3,717	4,232
Fair value	$ 19,822	$ 23,017
Unrealized losses	(1,298)	(1,343)
Total unrealized losses
Total unrealized losses	(1,504)	(1,434)
Fixed income securities, at fair value	24	32
Fixed income securities, unrealized losses	6	3
Fixed income securities, credit loss allowance	$ 4	$ 8
U.S. government and agencies
Less than 12 months
Number of issues \| contract	106	63
Fair value	$ 3,935	$ 2,554
Unrealized losses	$ (64)	$ (38)
12 months or more
Number of issues \| contract	135	117
Fair value	$ 3,297	$ 2,513
Unrealized losses	(130)	(81)
Total unrealized losses
Total unrealized losses	(194)	(119)
Fixed income securities, at fair value	$ 10,564	$ 8,619
Municipal
Less than 12 months
Number of issues \| contract	629	271
Fair value	$ 2,063	$ 400
Unrealized losses	$ (19)	$ (4)
12 months or more
Number of issues \| contract	1,525	1,784
Fair value	$ 2,060	$ 2,245
Unrealized losses	(150)	(148)
Total unrealized losses
Total unrealized losses	(169)	(152)
Fixed income securities, at fair value	$ 6,538	$ 6,006
Corporate
Less than 12 months
Number of issues \| contract	712	251
Fair value	$ 7,939	$ 2,225
Unrealized losses	$ (119)	$ (48)
12 months or more
Number of issues \| contract	1,883	2,106
Fair value	$ 14,087	$ 17,319
Unrealized losses	(1,001)	(1,095)
Total unrealized losses
Total unrealized losses	(1,120)	(1,143)
Fixed income securities, at fair value	$ 32,514	$ 31,205
Foreign government
Less than 12 months
Number of issues \| contract	36	7
Fair value	$ 257	$ 31
Unrealized losses	$ (2)	$ 0
12 months or more
Number of issues \| contract	76	75
Fair value	$ 286	$ 356
Unrealized losses	(13)	(13)
Total unrealized losses
Total unrealized losses	(15)	(13)
Fixed income securities, at fair value	$ 1,289	$ 1,290
ABS
Less than 12 months
Number of issues \| contract	72	19
Fair value	$ 345	$ 64
Unrealized losses	$ (2)	$ (1)
12 months or more
Number of issues \| contract	98	150
Fair value	$ 92	$ 584
Unrealized losses	(4)	(6)
Total unrealized losses
Total unrealized losses	(6)	(7)
Fixed income securities, at fair value	$ 1,671	$ 1,745
Investment grade fixed income securities
Less than 12 months
Number of issues \| contract	1,462	568
Fair value	$ 14,107	$ 5,061
Unrealized losses	$ (196)	$ (83)
12 months or more
Number of issues \| contract	3,404	3,864
Fair value	$ 17,754	$ 20,429
Unrealized losses	(1,148)	(1,151)
Total unrealized losses
Total unrealized losses	$ (1,344)	$ (1,234)
Below investment grade fixed income securities
Less than 12 months
Number of issues \| contract	93	43
Fair value	$ 432	$ 213
Unrealized losses	$ (10)	$ (8)
12 months or more
Number of issues \| contract	313	368
Fair value	$ 2,068	$ 2,588
Unrealized losses	(150)	(192)
Total unrealized losses
Total unrealized losses	$ (160)	$ (200)

Capital Structure

6 Months Ended

Jun. 30, 2024

Capital Structure

Capital Structure


Note 12			Capital Structure

Repayment of debt On May 15, 2024, the Company repaid, at maturity, $350 million of 6.75% Senior Notes.

Issuance of debt On June 24, 2024, the Company issued $500 million of 5.05% Senior Notes due 2029. Interest on the Senior Notes is payable semi-annually

in arrears on June 24 and December 24 of each year, beginning on December 24, 2024. 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 for general corporate purposes.

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Interests in surplus notes (in percent)	100.00%		100.00%
Skyland
Variable Interest Entity [Line Items]
Quota share (as a percent)	100.00%		100.00%
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Management fee	$ 11	$ 12	$ 21	$ 23
Notes payable	123		123			$ 123
Loss of the surplus notes					$ 123
Variable Interest Entity, Primary Beneficiary \| Consolidation, Eliminations
Variable Interest Entity [Line Items]
Ceded losses incurred	18	10	30	17
Variable Interest Entity, Primary Beneficiary \| Allstate Protection
Variable Interest Entity [Line Items]
Insurance premiums and contract charges	61	57	122	114
Costs and expenses	$ 58	$ 85	$ 145	$ 144

Fair Value of Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair value of assets and liabilities measured on recurring and non-recurring basis
Fixed income securities, at fair value	$ 52,576	$ 48,865
Assets at fair value	60,066	56,409
Fixed Income Securities Valued Based on Nonbinding Broker Quotes
Fair value of assets and liabilities measured on recurring and non-recurring basis
Assets at fair value	23	26
Municipal Not Rated by Third Party Credit Rating Agencies
Fair value of assets and liabilities measured on recurring and non-recurring basis
Assets at fair value	7	11
Significant unobservable inputs (Level 3)
Fair value of assets and liabilities measured on recurring and non-recurring basis
Assets at fair value	686	691
Recurring basis
Fair value of assets and liabilities measured on recurring and non-recurring basis
Fixed income securities, at fair value	52,576	48,865
Assets at fair value	60,055	56,394
Recurring basis \| Significant unobservable inputs (Level 3)
Fair value of assets and liabilities measured on recurring and non-recurring basis
Fixed income securities, at fair value	158	153
Assets at fair value	675	$ 676
Limited partnership interests
Fair value of assets and liabilities measured on recurring and non-recurring basis
Commitments to invest in limited partnership interests	$ 171
Limited partnership interests \| Minimum
Fair value of assets and liabilities measured on recurring and non-recurring basis
Investment assets, useful life (in years)	10 years
Limited partnership interests \| Maximum
Fair value of assets and liabilities measured on recurring and non-recurring basis
Investment assets, useful life (in years)	12 years

Earnings per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per Common Share


Note 2			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, unvested

non-participating restricted stock units and contingently issuable performance stock awards. The effect of dilutive potential common shares does not include the effect of options with an anti-dilutive effect on earnings per common share because their exercise prices exceed the average market price of Allstate common shares during the period or for which the unrecognized compensation cost would have an anti-dilutive effect.


Computation of basic and diluted earnings per common share
(In millions, except per share data)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss)	$	347	$	(1,375)	$	1,545	$	(1,696)
Less: Net income (loss) attributable to noncontrolling interest	16		(23)		(4)		(24)
Net income (loss) attributable to Allstate	331		(1,352)		1,549		(1,672)
Less: Preferred stock dividends	30		37		59		63


Net income (loss) applicable to common shareholders	$	301	$	(1,389)	$	1,490	$	(1,735)

Denominator:
Weighted average common shares outstanding	264.1		262.6		263.8		263.1
Effect of dilutive potential common shares (1):
Stock options	2.5		—		2.5		—
Restricted stock units (non-participating) and performance stock awards	0.5		—		0.5		—
Weighted average common and dilutive potential common shares outstanding	267.1		262.6		266.8		263.1

Earnings per common share - Basic	$	1.14	$	(5.29)	$	5.65	$	(6.59)
Earnings per common share - Diluted (1)	$	1.13	$	(5.29)	$	5.58	$	(6.59)

Anti-dilutive options excluded from diluted earnings per common share	0.6		3.2		0.5		2.9
Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)	—		1.7		—		2.1

(1)As a result of the net loss reported for the three and six month periods ended June 30, 2023, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation.

Guarantees and Contingent Liabilities

6 Months Ended

Jun. 30, 2024

Guarantees and Contingent Liabilities

Guarantees and Contingent Liabilities


Note 14			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 two 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.

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.

Related to the sale of ALNY on October 1, 2021, AIC agreed to indemnify Wilton Reassurance Company in connection with certain representations, warranties and covenants of AIC, and certain liabilities specifically excluded from the transaction, subject to specific contractual limitations regarding AIC’s maximum obligation. Management does not believe these indemnifications will have a material effect on results of operations, cash flows or financial position of the Company.

Related to the sale of ALIC and Allstate Assurance Company on November 1, 2021, AIC and Allstate

Financial Insurance Holdings Corporation (collectively, the “Sellers”) agreed to indemnify Everlake US Holdings Company in connection with certain representations, warranties and covenants of the Sellers, and certain liabilities specifically excluded from the transaction, subject to specific contractual limitations regarding the Sellers’ maximum obligation. Management does not believe these indemnifications will have a material effect on results of operations, cash flows or financial position of the Company.

The aggregate liability balance related to all guarantees was not material as of June 30, 2024.

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 $69 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 defending 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. In one such lawsuit, Revival Chiropractic v. Allstate Insurance Company, et al. (M.D. Fla. filed January 2019), the federal district court denied class certification and plaintiff’s request to file a renewed motion for class certification. In Revival, on June 2, 2022, the Eleventh Circuit certified to the Florida Supreme Court Allstate’s appeal of the federal district court’s interpretation of the state personal injury protection statute. The Eleventh Circuit held determination on plaintiff’s class certification appeal pending the outcome of the Florida Supreme Court certification. The oral argument before the Florida Supreme Court was on March 8, 2023. On April 25, 2024, the Florida Supreme Court issued a decision in the Company’s favor, finding that the Company’s practice with respect to its payment of certain medical provider charges is consistent with the Company’s policy language and with the state personal injury protection statute. On May 24, 2024, the Eleventh Circuit entered an order dismissing plaintiff’s class certification appeal and directing the federal district court to enter summary judgment in favor of

Allstate. On July 2, 2024, the federal district court entered judgment in Allstate’s favor.

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: Sims, et al. v. Allstate Fire and Casualty Insurance Company, et al. (W.D. Tex. filed June 2022); Thompson, et al. v. Allstate Insurance Company (Circuit Court of Cole Co., Mo. filed June 2022); Hill v. Allstate Vehicle and Property Insurance Company (Circuit Court of Cole Co., Mo. filed October 2022); and Hernandez v. Allstate Vehicle and Property Insurance Company (D. Ariz. filed April 2023). No classes have been certified in any of these 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 alleged systematic underpayments result from 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; and/or (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.

The Company is currently defending the following lawsuits: Kronenberg v. Allstate Insurance Company and Allstate Fire and Casualty Insurance Company (E.D.N.Y. filed December 2018); Durgin v. Allstate Property and Casualty Insurance Company (W.D. La. filed June 2019); Golla v. Allstate Insurance Company (N.D. Ohio filed June 2023); Bibbs v. Allstate Insurance Company and Allstate Fire and Casualty Insurance Company (N.D. Ohio filed August 2023); Hail v. Allstate Property and Casualty Insurance Company (State Court of Habersham Co., Ga. filed December 2023); Katz v. Esurance Property and Casualty Insurance Company and National General Insurance Company (E.D.N.Y. filed February 2024); and Jarrett-Kelly v. Direct General Insurance Agency, Inc. (Circuit Court of Pulaski Co., Ark. filed May 2024). No classes have been certified in any of these matters.

Settlements in principle have been reached in the following cases: Bass v. Imperial Fire and Casualty Insurance Company (W.D. La. filed February 2022); and Cummings v. Allstate Property and Casualty Insurance Company (M.D. La. filed April 2022).

The Company is defending putative class actions in the U.S. District Court for the District of Arizona that allege underpayment of uninsured/underinsured motorist claims. The lawsuits are Dorazio v. Allstate Fire and Casualty Insurance Company and Loughran v. MIC General Insurance Corporation, each filed December 2022. The plaintiffs allege that uninsured/underinsured motorist coverages must be stacked

where the defendants allegedly did not include specified policy language and did not provide specified notice to policyholders. No classes have been certified in these matters. In July 2023, the Arizona Supreme Court issued a ruling in Franklin v. CSAA General Insurance, a matter involving another insurer. The Franklin decision held, under the factual circumstances of that case, that stacking of uninsured/underinsured motorist coverages was required because the insurer did not include specified policy language and did not issue specified notice.

Other proceedings The Company has an investigatory hearing before the California Insurance Commissioner concerning the private passenger automobile insurance rating practices of Allstate Insurance Company and Allstate Indemnity Company in California. The investigatory hearing is captioned: In the Matter of the Rating Practices of Allstate Insurance Company and Allstate Indemnity Company. Pursuant to the Notice of Hearing issued by the California Insurance Commissioner, the California Insurance Commissioner is investigating: (1) whether Allstate has potentially violated California insurance law by using illegal price optimization; (2) how Allstate implemented any such potentially illegal price optimization in its private passenger auto insurance rates and/or class plans; and (3) how such potentially illegal price optimization impacted Allstate’s private passenger auto insurance policyholders. Allstate and the California Department of Insurance have reached an agreement in principle to resolve the investigatory hearing.

The Company is defending two putative class actions in the U.S. District Court for the Eastern District of California, Holland Hewitt v. Allstate Life Insurance Company filed May 2020, and Farley v. Lincoln Benefit Life Company (“LBL”) filed December 2020, following the sale of ALIC. On April 19, 2023, the district court certified a class in Farley. LBL is appealing the district court’s order in the Ninth Circuit Court of Appeals. On March 27, 2024, the Magistrate Judge issued his Findings and Recommendations denying class certification in Hewitt. Plaintiffs filed their objection to the Magistrate’s recommendation. In these cases, plaintiffs generally allege that the defendants failed to comply with certain California statutes which address contractual grace periods and lapse notice requirements for certain life insurance policies. Plaintiffs claim that these statutes apply to life insurance policies that existed before the statutes’ effective date. The plaintiffs seek damages and injunctive relief. Similar litigation is pending against other insurance carriers. In August 2021, the California Supreme Court in McHugh v. Protective Life, a matter involving another insurer, determined that the statutory notice requirements apply to life insurance policies issued before the statutes’ effective date. The Company asserts various defenses to plaintiffs’ claims and to class certification.

The Company is defending a lawsuit in the U.S. District Court for the Southern District of California, Chavez v. Allstate Northbrook Indemnity Company, filed February 2022, where plaintiffs generally allege that

Allstate’s Shelter In Place Payback program provided insufficient premium relief in response to the reduction in driving in California during the state’s COVID-19 stay-at-home restrictions in 2020 and 2021. Plaintiffs seek damages that include additional premium refunds and punitive damages. On June 25, 2024, the court issued an order granting plaintiffs’ motion for class certification. The Company continues to defend the litigation and oppose plaintiffs’ allegations.

On July 24, 2024, the Department of Justice filed a civil suit in the U.S. District Court for the Western

District of Pennsylvania against National General Holdings Corp., National General Insurance Company, National General Lender Services, Inc., and Newport Management Corp. The suit alleges that certain services that National General provided as a vendor to a large national bank for its collateral protection insurance program violated the Financial Institutions, Reform, Recovery, and Enforcement Act of 1989 (the “Act”), and it seeks civil monetary penalties available under the Act.

Company Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and related charges	$ 13	$ 27	$ 23	$ 54
Employee costs
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date for active programs	107		107
Exit costs
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date for active programs	$ 7		$ 7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Investments - Schedule of Rollforward of Credit Loss Allowance for Bank Loans (Details) - Bank loans, net - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	$ (13)	$ (52)	$ (22)	$ (57)
Net (increases) decreases related to credit losses	2	(11)	5	(14)
Reduction of allowance related to sales	0	1	0	6
Write-offs	0	0	6	3
Ending balance	$ (11)	$ (62)	$ (11)	$ (62)

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pre-tax
Other comprehensive (loss) income	$ (183)	$ (301)	$ (416)	$ 612
Tax
Other comprehensive (loss) income	40	60	90	(134)
After-tax
Other comprehensive (loss) income, after-tax	(143)	(241)	(326)	478
Unrealized net capital gains and losses
Pre-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	(260)	(472)	(635)	257
Less: reclassification adjustment of realized capital gains and losses	(108)	(131)	(209)	(269)
Other comprehensive (loss) income	(152)	(341)	(426)	526
Tax
Unrealized net holding gains and losses arising during the period, net of related offsets	56	96	136	(60)
Less: reclassification adjustment of realized capital gains and losses	23	27	44	56
Other comprehensive (loss) income	33	69	92	(116)
After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	(204)	(376)	(499)	197
Less: reclassification adjustment of realized capital gains and losses	(85)	(104)	(165)	(213)
Other comprehensive (loss) income, after-tax	(119)	(272)	(334)	410
Unrealized foreign currency translation adjustments
Pre-tax
Other comprehensive (loss) income	(29)	36	(19)	99
Tax
Other comprehensive (loss) income	6	(8)	4	(21)
After-tax
Other comprehensive (loss) income, after-tax	(23)	28	(15)	78
Unamortized pension and other postretirement prior service credit
Pre-tax
Other comprehensive (loss) income	(1)	(6)	(2)	(12)
Tax
Other comprehensive (loss) income	1	1	1	3
After-tax
Other comprehensive (loss) income, after-tax	0	(5)	(1)	(9)
Discount rate for reserve for future policy benefits
Pre-tax
Other comprehensive (loss) income	(1)	10	31	(1)
Tax
Other comprehensive (loss) income	0	(2)	(7)	0
After-tax
Other comprehensive (loss) income, after-tax	$ (1)	$ 8	$ 24	$ (1)

Condensed Consolidated Statements of Shareholders’ Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.92	$ 0.89	$ 1.84	$ 1.78

Investments - Schedule of Credit Losses Recognized in Net Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Realized capital gains and losses by asset type
Total fixed income securities	$ (16)	$ (37)	$ (131)	$ (49)
Total credit losses by asset type	(16)	(37)	(132)	(49)
Commitments to fund commercial mortgage loans and bank loans	0	0	1	0
Fixed income securities
Realized capital gains and losses by asset type
Total fixed income securities	(5)	(7)	(1)	(16)
Corporate
Realized capital gains and losses by asset type
Total fixed income securities	(5)	(7)	(1)	(16)
Mortgage loans
Realized capital gains and losses by asset type
Total credit losses by asset type	1	(3)	1	(3)
Limited partnership interests
Realized capital gains and losses by asset type
Total credit losses by asset type	(16)	(16)	(16)	(16)
Bank loans
Realized capital gains and losses by asset type
Total credit losses by asset type	2	(11)	5	(14)
Real estate
Realized capital gains and losses by asset type
Total credit losses by asset type	2	0	2	0
Other assets
Realized capital gains and losses by asset type
Total credit losses by asset type	$ 0	$ 0	$ (123)	$ 0

Investments

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Investments


Note 4			Investments


Portfolio composition
($ in millions)	June 30, 2024		December 31, 2023
Fixed income securities, at fair value	$	52,576	$	48,865
Equity securities, at fair value	2,216		2,411
Mortgage loans, net	815		822
Limited partnership interests	8,730		8,380
Short-term investments, at fair value	5,288		5,144
Other investments, net	979		1,055
Total	$	70,604	$	66,677


Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)	Amortized cost, net		Gross unrealized				Fair value
			Gains		Losses
June 30, 2024
U.S. government and agencies	$	10,724	$	34	$	(194)	$	10,564
Municipal	6,661		46		(169)		6,538
Corporate	33,443		191		(1,120)		32,514
Foreign government	1,299		5		(15)		1,289
ABS	1,661		16		(6)		1,671
Total fixed income securities	$	53,788	$	292	$	(1,504)	$	52,576

December 31, 2023
U.S. government and agencies	$	8,624	$	114	$	(119)	$	8,619
Municipal	6,049		109		(152)		6,006
Corporate	31,951		397		(1,143)		31,205
Foreign government	1,286		17		(13)		1,290
ABS	1,739		13		(7)		1,745
Total fixed income securities	$	49,649	$	650	$	(1,434)	$	48,865


Scheduled maturities for fixed income securities
($ in millions)	June 30, 2024				December 31, 2023
	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Due in one year or less	$	2,692	$	2,655	$	3,422	$	3,374
Due after one year through five years	23,799		23,172		23,218		22,614
Due after five years through ten years	16,675		16,305		12,553		12,273
Due after ten years	8,961		8,773		8,717		8,859
	52,127		50,905		47,910		47,120
ABS	1,661		1,671		1,739		1,745
Total	$	53,788	$	52,576	$	49,649	$	48,865

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


Net investment income
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Fixed income securities	$	571	$	422	$	1,097	$	812
Equity securities	18		21		33		32
Mortgage loans	9		8		18		16
Limited partnership interests	103		122		302		256
Short-term investments	62		69		129		135
Other investments	25		39		46		80
Investment income, before expense	788		681		1,625		1,331
Investment expense	(76)		(71)		(149)		(146)
Net investment income	$	712	$	610	$	1,476	$	1,185


Net gains (losses) on investments and derivatives by asset type
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Fixed income securities	$	(96)	$	(132)	$	(197)	$	(268)
Equity securities	14		21		76		188
Mortgage loans	1		(3)		1		(3)
Limited partnership interests	(13)		(15)		(5)		7
Derivatives	(15)		(7)		(23)		(59)
Other investments	6		(15)		4		(2)
Other (1)	—		—		(123)		—
Net gains (losses) on investments and derivatives	$	(103)	$	(151)	$	(267)	$	(137)

(1)Related to the loss for the carrying value of the surplus notes issued by Adirondack Insurance Exchange and New Jersey Skylands Insurance Association (together “Reciprocal Exchanges”). See Note 7 for further detail.


Net gains (losses) on investments and derivatives by transaction type
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Sales	$	(90)	$	(130)	$	(201)	$	(250)
Credit losses	(16)		(37)		(131)		(49)
Valuation change of equity investments (1)	18		23		88		221
Valuation change and settlements of derivatives	(15)		(7)		(23)		(59)
Net gains (losses) on investments and derivatives	$	(103)	$	(151)	$	(267)	$	(137)

(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.


Gross realized gains (losses) on sales of fixed income securities
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Gross realized gains	$	33	$	28	$	74	$	74
Gross realized losses	(124)		(153)		(270)		(326)


Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Equity securities	$	18	$	19	$	78	$	66
Limited partnership interests carried at fair value	17		32		47		48
Total	$	35	$	51	$	125	$	114


Credit losses recognized in net income
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Assets
Fixed income securities:

Corporate	$	(5)	$	(7)	$	(1)	$	(16)

Total fixed income securities	(5)		(7)		(1)		(16)
Mortgage loans	1		(3)		1		(3)
Limited partnership interests	(16)		(16)		(16)		(16)
Other investments
Bank loans	2		(11)		5		(14)
Real estate	2		—		2		—
Other assets	—		—		(123)		—
Total credit losses by asset type	$	(16)	$	(37)	$	(132)	$	(49)

Liabilities
Commitments to fund commercial mortgage loans and bank loans	—		—		1		—
Total	$	(16)	$	(37)	$	(131)	$	(49)


Unrealized net capital gains and losses included in accumulated other comprehensive income (“AOCI”)
($ in millions)	Fair value		Gross unrealized				Unrealized net gains (losses)
June 30, 2024			Gains		Losses
Fixed income securities	$	52,576	$	292	$	(1,504)	$	(1,212)
Short-term investments	5,288		—		(2)		(2)
Derivative instruments	—		—		(2)		(2)
Limited partnership interests							—
Unrealized net capital gains and losses, pre-tax							(1,216)
Reclassification of noncontrolling interest							12
Deferred income taxes							266
Unrealized net capital gains and losses, after-tax							$	(938)

December 31, 2023
Fixed income securities	$	48,865	$	650	$	(1,434)	$	(784)
Short-term investments	5,144		—		(1)		(1)
Derivative instruments	—		—		(2)		(2)
Limited partnership interests (1)							(4)
Unrealized net capital gains and losses, pre-tax							(791)
Reclassification of noncontrolling interest							13
Deferred income taxes							174
Unrealized net capital gains and losses, after-tax							$	(604)

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


Change in unrealized net capital gains (losses)
($ in millions)	Six months ended June 30, 2024
Fixed income securities	$	(428)
Short-term investments	(1)
Derivative instruments	—
Limited partnership interests	4
Total	(425)
Reclassification of noncontrolling interest	(1)
Deferred income taxes	92
Change in unrealized net capital gains and losses, after-tax	$	(334)


Carrying value for limited partnership interests
($ in millions)	June 30, 2024		December 31, 2023
Private equity	$	7,426	$	7,154
Real estate	1,142		1,085
Other (1)	162		141
Total	$	8,730	$	8,380

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

Short-term investments Short-term investments, including money market funds, commercial paper, U.S. Treasury bills and other short-term investments, are carried at fair value. As of June 30, 2024 and December 31, 2023, the fair value of short-term investments totaled $5.29 billion and $5.14 billion, respectively.

Other investments Other investments primarily consist of bank loans, real estate, policy loans and derivatives. Bank loans are primarily senior secured corporate loans and are carried at amortized cost, net. Real estate is carried at cost less accumulated depreciation. Policy loans are carried at unpaid principal balances.


Other investments by asset type
($ in millions)	June 30, 2024		December 31, 2023
Bank loans, net	$	149	$	224
Real estate	708		709
Policy loans	120		119
Other	2		3
Total	$	979	$	1,055

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 $570 million and $495 million

as of June 30, 2024 and December 31, 2023, respectively, and is reported within the accrued investment income line of the Condensed Consolidated Statements of Financial Position. The Company monitors accrued interest and writes off amounts when they are not expected to be received.

The Company’s portfolio monitoring process includes a quarterly review of all securities to identify instances where the fair value of a security compared to its amortized cost is below internally established thresholds. The process also includes the monitoring of other credit loss indicators such as ratings, ratings downgrades and payment defaults. The securities identified, in addition to other securities for which the Company may have a concern, are evaluated for potential credit losses using all reasonably available

information relevant to the collectability or recovery of the security. Inherent in the Company’s evaluation of credit losses for these securities are assumptions and estimates about the financial condition and future earnings potential of the issue or issuer. Some of the factors that may be considered in evaluating whether a decline in fair value requires a credit loss allowance are: 1) the financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry specific market conditions and trends, geographic location and implications of rating agency actions and offering prices; 2) the specific reasons that a security is in an unrealized loss position, including overall market conditions which could affect liquidity; and 3) the extent to which the fair value has been less than amortized cost.


Rollforward of credit loss allowance for fixed income securities
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Beginning balance	$	(17)	$	(22)	$	(36)	$	(13)
Credit losses on securities for which credit losses not previously reported	(4)		(4)		(7)		(4)
Net (increases) decreases related to credit losses previously reported	(1)		(3)		3		(12)
(Increase) decrease of allowance related to sales and other	—		—		3		—
Write-offs	3		—		18		—
Ending balance	$	(19)	$	(29)	$	(19)	$	(29)

Components of credit loss allowance as of June 30
Corporate bonds					$	(18)	$	(27)
ABS					(1)		(2)
Total					$	(19)	$	(29)


Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position (1)
($ in millions)	Less than 12 months					12 months or more					Total unrealized losses
	Number of issues	Fair value		Unrealized losses		Number of issues	Fair value		Unrealized losses
June 30, 2024
Fixed income securities
U.S. government and agencies	106	$	3,935	$	(64)	135	$	3,297	$	(130)	$	(194)
Municipal	629	2,063		(19)		1,525	2,060		(150)		(169)
Corporate	712	7,939		(119)		1,883	14,087		(1,001)		(1,120)
Foreign government	36	257		(2)		76	286		(13)		(15)
ABS	72	345		(2)		98	92		(4)		(6)
Total fixed income securities	1,555	$	14,539	$	(206)	3,717	$	19,822	$	(1,298)	$	(1,504)
Investment grade fixed income securities	1,462	$	14,107	$	(196)	3,404	$	17,754	$	(1,148)	$	(1,344)
Below investment grade fixed income securities	93	432		(10)		313	2,068		(150)		(160)
Total fixed income securities	1,555	$	14,539	$	(206)	3,717	$	19,822	$	(1,298)	$	(1,504)

December 31, 2023
Fixed income securities
U.S. government and agencies	63	$	2,554	$	(38)	117	$	2,513	$	(81)	$	(119)
Municipal	271	400		(4)		1,784	2,245		(148)		(152)
Corporate	251	2,225		(48)		2,106	17,319		(1,095)		(1,143)
Foreign government	7	31		—		75	356		(13)		(13)
ABS	19	64		(1)		150	584		(6)		(7)
Total fixed income securities	611	$	5,274	$	(91)	4,232	$	23,017	$	(1,343)	$	(1,434)
Investment grade fixed income securities	568	$	5,061	$	(83)	3,864	$	20,429	$	(1,151)	$	(1,234)
Below investment grade fixed income securities	43	213		(8)		368	2,588		(192)		(200)
Total fixed income securities	611	$	5,274	$	(91)	4,232	$	23,017	$	(1,343)	$	(1,434)

(1)Includes fixed income securities with fair values of $24 million and $32 million and unrealized losses of $6 million and $3 million with credit loss allowances of $4 million and $8 million as of June 30, 2024 and December 31, 2023, respectively.


Gross unrealized losses by unrealized loss position and credit quality as of June 30, 2024
($ in millions)	Investment grade		Below investment grade		Total
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1)	$	(1,266)	$	(134)	$	(1,400)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (2)	(78)		(26)		(104)
Total unrealized losses	$	(1,344)	$	(160)	$	(1,504)

(1)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.

(2)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 National Association of Insurance Commissioners (“NAIC”) designation of 1 or 2, which is comparable to a rating of Aaa, Aa, A or Baa from Moody’s or AAA, AA, A or BBB from S&P Global Ratings (“S&P”), 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 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 June 30, 2024, 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 and bank 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.

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 Condensed Consolidated Statements of Financial Position. Accrued interest as of June 30, 2024 and December 31, 2023 was not significant for bank loans or mortgage loans.

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
	June 30, 2024														December 31, 2023
($ in millions)	2019 and prior		2020		2021		2022		2023		Current		Total		Total
Below 1.0	$	—	$	—	$	—	$	13	$	—	$	—	$	13	$	13
1.0 - 1.25	39		—		—		—		2		—		41		41
1.26 - 1.50	74		10		—		30		66		—		180		133
Above 1.50	230		42		183		60		76		—		591		646
Amortized cost before allowance	$	343	$	52	$	183	$	103	$	144	$	—	$	825	$	833
Allowance													(10)		(11)
Amortized cost, net													$	815	$	822

Mortgage loans with a debt service coverage ratio below 1.0 that are not considered impaired primarily relate to instances 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 circumstances such as additional collateral, escrow balances or borrower guarantees. Payments on all mortgage loans were current as of June 30, 2024 and December 31, 2023.


Rollforward of credit loss allowance for mortgage loans
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Beginning balance	$	(11)	$	(7)	$	(11)	$	(7)

Net (increases) decreases related to credit losses	1		(3)		1		(3)
Write-offs	—		—		—		—

Ending balance	$	(10)	$	(10)	$	(10)	$	(10)

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 either received from the Securities Valuation Office of the NAIC based on availability of applicable ratings from rating agencies on the NAIC credit rating provider list or a comparable internal rating. 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
	June 30, 2024														December 31, 2023
($ in millions)	2019 and prior		2020		2021		2022		2023		Current		Total		Total
NAIC 2 / BBB	$	—	$	1	$	—	$	—	$	1	$	1	$	3	$	9
NAIC 3 / BB	—		—		1		—		5		12		18		38
NAIC 4 / B	24		1		8		3		49		39		124		153
NAIC 5-6 / CCC and below	8		—		2		—		2		3		15		46
Amortized cost before allowance	$	32	$	2	$	11	$	3	$	57	$	55	$	160	$	246
Allowance													(11)		(22)
Amortized cost, net													$	149	$	224


Rollforward of credit loss allowance for bank loans
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Beginning balance	$	(13)	$	(52)	$	(22)	$	(57)

Net (increases) decreases related to credit losses	2		(11)		5		(14)
Reduction of allowance related to sales	—		1		—		6
Write-offs	—		—		6		3

Ending balance	$	(11)	$	(62)	$	(11)	$	(62)

Benefit Plans - Schedule of Components of Net Cost (Benefit) for Pension and Other Postretirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Costs and expenses	$ (23)	$ 7	$ (7)	$ 20
Remeasurement (gains) losses	(9)	(40)	(11)	(93)
Total net benefit	(32)	(33)	(18)	(73)
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	(7)	32	26	65
Interest cost	58	58	116	118
Expected return on plan assets	(76)	(79)	(153)	(156)
Costs and expenses	(25)	11	(11)	27
Remeasurement of projected benefit obligation	(68)	(68)	(93)	55
Remeasurement of plan assets	60	30	85	(150)
Remeasurement (gains) losses	(8)	(38)	(8)	(95)
Total net benefit	(33)	(27)	(19)	(68)
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0	0
Interest cost	3	2	5	5
Amortization of prior service credit	(1)	(6)	(1)	(12)
Costs and expenses	2	(4)	4	(7)
Remeasurement of projected benefit obligation	(1)	(2)	(3)	2
Remeasurement of plan assets	0	0	0	0
Remeasurement (gains) losses	(1)	(2)	(3)	2
Total net benefit	$ 1	$ (6)	$ 1	$ (5)

Derivative Financial Instruments - Schedule of OTC Cash and Securities Collateral Pledged (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Pledged by the Company	$ 0
Pledged to the Company	7,000,000
Collateral posted under MNAs for contracts containing credit-risk contingent features	$ 0	$ 5,000,000

Investments - Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Ending balance	$ (19)	$ (29)	$ (19)	$ (29)
Fixed income securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	(17)	(22)	(36)	(13)
Credit losses on securities for which credit losses not previously reported	(4)	(4)	(7)	(4)
Net (increases) decreases related to credit losses previously reported	(1)	(3)	3	(12)
(Increase) decrease of allowance related to sales and other	0	0	3	0
Write-offs	3	0	18	0
Ending balance	(19)	(29)	(19)	(29)
Corporate bonds
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Ending balance	(18)	(27)	(18)	(27)
ABS
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Ending balance	$ (1)	$ (2)	$ (1)	$ (2)

Investments - Schedule of Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income:
Investment income, before expense	$ 788	$ 681	$ 1,625	$ 1,331
Investment expense	(76)	(71)	(149)	(146)
Net investment income	712	610	1,476	1,185
Fixed income securities
Net Investment Income:
Investment income, before expense	571	422	1,097	812
Equity securities
Net Investment Income:
Investment income, before expense	18	21	33	32
Mortgage loans
Net Investment Income:
Investment income, before expense	9	8	18	16
Limited partnership interests
Net Investment Income:
Investment income, before expense	103	122	302	256
Short-term investments
Net Investment Income:
Investment income, before expense	62	69	129	135
Other investments
Net Investment Income:
Investment income, before expense	$ 25	$ 39	$ 46	$ 80

Investments - Schedule of Gross Unrealized Losses by Unrealized Loss Position and Credit Quality (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investment grade fixed income securities
Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	$ (1,266)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	(78)
Total unrealized losses	(1,344)	$ (1,234)
Below investment grade fixed income securities
Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	(134)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	(26)
Total unrealized losses	(160)	(200)
Fixed income securities
Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	(1,400)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	(104)
Total unrealized losses	$ (1,504)	$ (1,434)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column B)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column B)(Footnote 10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 13))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19

+ Details

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments


Note 6			Derivative 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, futures, 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.

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 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 Condensed 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.

In connection with the sale of ALIC and certain affiliates in 2021, the sale agreement included a provision related to contingent consideration that may be earned over a ten-year period with the first potential payment date commencing on January 1, 2026 and a final potential payment date of January 1, 2035. The contingent consideration is determined annually based on the average ten-year Treasury rate over the preceding three-year period compared to a designated rate. The contingent consideration meets the definition of a derivative and is accounted for on a fair value basis with periodic changes in fair value reflected in earnings. There are no collateral requirements related to the contingent consideration.


Summary of the volume and fair value positions of derivative instruments as of June 30, 2024
($ in millions, except number of contracts)		Volume (1)
	Balance sheet location	Notional amount		Number of contracts	Fair value, net		Gross asset		Gross liability
Asset derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts



Futures	Other assets	n/a		3,538	$	1	$	1	$	—
Equity and index contracts
Options	Other investments	n/a		28	—		—		—
Futures	Other assets	n/a		1,192	1		1		—






Contingent consideration	Other assets	$	250	n/a	121		121		—








Total asset derivatives		$	250	4,758	$	123	$	123	$	—

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts




Futures	Other liabilities & accrued expenses	n/a		10,307	$	(2)	$	—	$	(2)
Equity and index contracts
Options	Other liabilities & accrued expenses	n/a		17	—		—		—
Futures	Other liabilities & accrued expenses	n/a		482	(1)		—		(1)




Foreign currency contracts
Foreign currency forwards	Other liabilities & accrued expenses	$	616	n/a	5		7		(2)





Credit default contracts
Credit default swaps – buying protection	Other liabilities & accrued expenses	30		n/a	—		—		—



Total liability derivatives		646		10,806	2		$	7	$	(5)
Total derivatives		$	896	15,564	$	125

(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, 2023
($ in millions, except number of contracts)		Volume (1)
	Balance sheet location	Notional amount		Number of contracts	Fair value, net		Gross asset		Gross liability
Asset derivatives



Derivatives not designated as accounting hedging instruments
Interest rate contracts

Futures	Other assets	n/a		20,479	$	2	$	2	$	—
Equity and index contracts
Options	Other investments	n/a		32	—		—		—
Futures	Other assets	n/a		1,305	1		1		—



Foreign currency contracts
Foreign currency forwards	Other investments	$	278	n/a	(2)		2		(4)

Contingent consideration	Other assets	250		n/a	118		118		—
Credit default contracts
Credit default swaps – buying protection	Other investments	34		n/a	(1)		—		(1)





Total asset derivatives		$	562	21,816	$	118	$	123	$	(5)

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts


Futures	Other liabilities & accrued expenses	n/a		2,175	$	(1)	$	—	$	(1)
Equity and index contracts

Futures	Other liabilities & accrued expenses	n/a		980	(1)		—		(1)



Foreign currency contracts
Foreign currency forwards	Other liabilities & accrued expenses	$	306	n/a	(3)		1		(4)


Credit default contracts
Credit default swaps – buying protection	Other liabilities & accrued expenses	19		n/a	(1)		—		(1)


Total liability derivatives		325		3,155	(6)		$	1	$	(7)
Total derivatives		$	887	24,971	$	112


Gross and net amounts for OTC derivatives (1)
($ in millions)			Offsets
	Gross amount		Counter-party netting		Cash collateral (received) pledged		Net amount on balance sheet		Securities collateral (received) pledged		Net amount
June 30, 2024
Asset derivatives	$	7	$	(7)	$	—	$	—	$	—	$	—
Liability derivatives	(2)		7		(7)		(2)		—		(2)

December 31, 2023
Asset derivatives	$	3	$	(6)	$	4	$	1	$	—	$	1
Liability derivatives	(10)		6		2		(2)		—		(2)

(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)	Net gains (losses) on investments and derivatives		Operating costs and expenses		Total gain (loss) recognized in net income on derivatives
Three months ended June 30, 2024
Interest rate contracts	$	(14)	$	—	$	(14)
Equity and index contracts	(4)		—		(4)
Contingent consideration	—		1		1
Foreign currency contracts	3		—		3




Total	$	(15)	$	1	$	(14)

Six months ended June 30, 2024
Interest rate contracts	$	(21)	$	—	$	(21)
Equity and index contracts	(15)		14		(1)
Contingent consideration	—		3		3
Foreign currency contracts	14		—		14
Credit default contracts	(1)		—		(1)



Total	$	(23)	$	17	$	(6)

Three months ended June 30, 2023
Interest rate contracts	$	18	$	—	$	18
Equity and index contracts	(20)		10		(10)
Contingent consideration	—		(8)		(8)

Foreign currency contracts	(4)		—		(4)
Credit default contracts	(1)		—		(1)



Total	$	(7)	$	2	$	(5)

Six months ended June 30, 2023
Interest rate contracts	$	(17)	$	—	$	(17)
Equity and index contracts	(16)		18		2
Contingent consideration	—		1		1
Foreign currency contracts	(11)		—		(11)
Credit default contracts	(15)		—		(15)



Total	$	(59)	$	19	$	(40)

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.


OTC cash and securities collateral pledged
($ in millions)	June 30, 2024
Pledged by the Company	$	—
Pledged to the Company (1)	7

(1) No collateral was posted under MNAs for contracts containing credit-risk-contingent provisions that are in a liability provision.

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)	June 30, 2024							December 31, 2023
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	$	458	$	5	$	—	—	$	—	$	—	$	—




Total	3	$	458	$	5	$	—	—	$	—	$	—	$	—

(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.


Exchange traded and cleared margin deposits
($ in millions)	June 30, 2024
Pledged by the Company	$	79
Received by the Company	—

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 table summarizes the fair value of derivative instruments with termination, cross-default or collateral credit-risk-contingent features that are in a liability position, 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)	June 30, 2024		December 31, 2023
Gross liability fair value of contracts containing credit-risk-contingent features	$	2	$	10
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(2)		(3)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	—		(5)
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$	—	$	2

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 12, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	3100 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	402-2800
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		264,040,589
Entity Central Index Key	0000899051
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, par value $.01 per share \| NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	NYSE
Common Stock, par value $.01 per share \| CHICAGO STOCK EXCHANGE, INC
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	CHX
5.100% Fixed-to-Floating Rate 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 H 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 5.100% Noncumulative Preferred Stock, Series H
Trading Symbol	ALL PR H
Security Exchange Name	NYSE
Series I 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 4.750% Noncumulative Preferred Stock, Series I
Trading Symbol	ALL PR I
Security Exchange Name	NYSE
Series J 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 7.375% Noncumulative Preferred Stock, Series J
Trading Symbol	ALL PR J
Security Exchange Name	NYSE

Investments - Schedule of Portfolio Composition (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments [Abstract]
Fixed income securities, at fair value	$ 52,576	$ 48,865
Equity securities, at fair value	2,216	2,411
Mortgage loans, net	815	822
Limited partnership interests	8,730	8,380
Short-term investments, at fair value	5,288	5,144
Other investments, net	979	1,055
Total investments	$ 70,604	$ 66,677

Investments - Schedule of Gross Realized Gains (Losses) on Sales of Fixed Income Securities (Details) - Fixed income securities - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-Sale [Line Items]
Gross realized gains	$ 33	$ 28	$ 74	$ 74
Gross realized losses	$ (124)	$ (153)	$ (270)	$ (326)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value of Assets and Liabilities - Schedule of Rollforward of Level 3 Assets and Liabilities Held at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Assets
Balance at beginning of period	$ 694	$ 600	$ 676	$ 618
Total gains (losses) included in: Net income	(3)	(5)	4	(2)
Total gains (losses) included in: OCI	(1)	0	1	2
Transfers Into Level 3	0	16	0	16
Transfers Out of Level 3	0	0	0	0
Purchases	35	36	55	78
Sales	(48)	(21)	(57)	(84)
Issues	0	0	0	0
Settlements	(2)	(1)	(4)	(3)
Balance at end of period	$ 675	$ 625	$ 675	$ 625
Net investment income
Total Level 3 gains (losses) included in net income
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net investment income	Net investment income	Net investment income	Net investment income
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net investment income	Net investment income	Net investment income	Net investment income
Gain (loss) included in earnings	$ 1	$ 3	$ 1	$ (2)
Net gains (losses) on investments and derivatives
Total Level 3 gains (losses) included in net income
Gain (loss) included in earnings	$ (5)	$ 0	$ 0	$ (1)
Operating costs and expenses
Total Level 3 gains (losses) included in net income
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses
Gain (loss) included in earnings	$ 1	$ (8)	$ 3	$ 1
Municipal
Assets
Balance at beginning of period	8	17	11	21
Total gains (losses) included in: Net income	0	3	0	3
Total gains (losses) included in: OCI	0	(1)	0	(1)
Transfers Into Level 3	0	0	0	0
Transfers Out of Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	(1)	(6)	(2)	(9)
Issues	0	0	0	0
Settlements	0	(1)	(2)	(2)
Balance at end of period	7	12	7	12
Corporate - public
Assets
Balance at beginning of period	23	29	26	69
Total gains (losses) included in: Net income	1	0	1	(1)
Total gains (losses) included in: OCI	(1)	0	1	2
Transfers Into Level 3	0	0	0	0
Transfers Out of Level 3	0	0	0	0
Purchases	11	0	11	0
Sales	(4)	(3)	(9)	(44)
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	30	26	30	26
Corporate - privately placed
Assets
Balance at beginning of period	54	49	58	55
Total gains (losses) included in: Net income	(2)	(7)	(6)	(11)
Total gains (losses) included in: OCI	0	1	0	1
Transfers Into Level 3	0	16	0	16
Transfers Out of Level 3	0	0	0	0
Purchases	0	1	0	1
Sales	(2)	0	(2)	(2)
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	50	60	50	60
ABS
Assets
Balance at beginning of period	58	27	58	28
Total gains (losses) included in: Net income	0	0	0	0
Total gains (losses) included in: OCI	0	0	0	0
Transfers Into Level 3	0	0	0	0
Transfers Out of Level 3	0	0	0	0
Purchases	14	7	14	7
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(1)	0	(1)	(1)
Balance at end of period	71	34	71	34
Fixed income securities
Assets
Balance at beginning of period	143	122	153	173
Total gains (losses) included in: Net income	(1)	(4)	(5)	(9)
Total gains (losses) included in: OCI	(1)	0	1	2
Transfers Into Level 3	0	16	0	16
Transfers Out of Level 3	0	0	0	0
Purchases	25	8	25	8
Sales	(7)	(9)	(13)	(55)
Issues	0	0	0	0
Settlements	(1)	(1)	(3)	(3)
Balance at end of period	158	132	158	132
Equity securities
Assets
Balance at beginning of period	408	358	402	333
Total gains (losses) included in: Net income	(3)	7	6	7
Total gains (losses) included in: OCI	0	0	0	0
Transfers Into Level 3	0	0	0	0
Transfers Out of Level 3	0	0	0	0
Purchases	9	28	9	70
Sales	(21)	(12)	(24)	(29)
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	393	381	393	381
Short-term investments
Assets
Balance at beginning of period	21	6	1	6
Total gains (losses) included in: Net income	0	0	0	0
Total gains (losses) included in: OCI	0	0	0	0
Transfers Into Level 3	0	0	0	0
Transfers Out of Level 3	0	0	0	0
Purchases	1	0	21	0
Sales	(20)	0	(20)	0
Issues	0	0	0	0
Settlements	(1)	0	(1)	0
Balance at end of period	1	6	1	6
Other investments
Assets
Balance at beginning of period	2	2	2	3
Total gains (losses) included in: Net income	0	0	0	(1)
Total gains (losses) included in: OCI	0	0	0	0
Transfers Into Level 3	0	0	0	0
Transfers Out of Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	2	2	2	2
Other assets
Assets
Balance at beginning of period	120	112	118	103
Total gains (losses) included in: Net income	1	(8)	3	1
Total gains (losses) included in: OCI	0	0	0	0
Transfers Into Level 3	0	0	0	0
Transfers Out of Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	$ 121	$ 104	$ 121	$ 104

Company Restructuring - Schedule of Restructuring Activity (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	$ 41
Expense incurred	34
Adjustments to liability	(11)
Payments and non-cash charges	(30)
Restructuring liability, ending balance	34
Employee costs
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	40
Expense incurred	25
Adjustments to liability	(11)
Payments and non-cash charges	(21)
Restructuring liability, ending balance	33
Exit costs
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	1
Expense incurred	9
Adjustments to liability	0
Payments and non-cash charges	(9)
Restructuring liability, ending balance	$ 1

Condensed Consolidated Statements of Financial Position (unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed income securities, at fair value, amortized cost	$ 53,788	$ 49,649
Equity securities, at fair value, cost	2,003	2,244
Short-term, at fair value, amortized cost	$ 5,290	$ 5,145
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	82,000	82,000
Preferred stock, shares outstanding (in shares)	82,000	82,000
Preferred stock, value aggregate liquidation preference	$ 2,050	$ 2,050
Common stock, par value (in dollars 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)	264,000,000	262,000,000
Treasury stock, shares (in shares)	636,000,000	638,000,000

Investments - Schedule of Bank Loans Amortized Cost by Credit Rating and Year of Origination (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	$ 815	$ 822
Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	160	246
Allowance	(11)	(22)
Amortized cost, net	149	224
NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	3	9
NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	18	38
NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	124	153
NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	15	$ 46
2019 and prior \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	32
2019 and prior \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2019 and prior \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2019 and prior \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	24
2019 and prior \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	8
2020 \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	2
2020 \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
2020 \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2020 \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
2020 \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2021 \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	11
2021 \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2021 \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
2021 \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	8
2021 \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	2
2022 \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	3
2022 \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2022 \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2022 \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	3
2022 \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2023 \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	57
2023 \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
2023 \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	5
2023 \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	49
2023 \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	2
Current \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	55
Current \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
Current \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	12
Current \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	39
Current \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	$ 3

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Long Duration Contracts [Abstract]
Beginning balance	$ 5,940
Deferred policy acquisition costs	6,112	$ 5,607
Ending balance	6,112	5,607
Allstate Health and Benefits
Long Duration Contracts [Abstract]
Beginning balance	511	502
Acquisition costs deferred	87	45
Amortization charged to income	(57)	(30)
Experience adjustment	(11)	(14)
Deferred policy acquisition costs	530	503
Short-duration contracts	32	27
Ending balance	530	503
Accident and health insurance
Long Duration Contracts [Abstract]
Beginning balance	321	322
Acquisition costs deferred	51	25
Amortization charged to income	(40)	(16)
Experience adjustment	(9)	(13)
Deferred policy acquisition costs	323	318
Ending balance	323	318
Traditional life
Long Duration Contracts [Abstract]
Beginning balance	90	79
Acquisition costs deferred	27	13
Amortization charged to income	(10)	(7)
Experience adjustment	(1)	0
Deferred policy acquisition costs	106	85
Ending balance	106	85
Interest-sensitive life insurance
Long Duration Contracts [Abstract]
Beginning balance	100	101
Acquisition costs deferred	9	7
Amortization charged to income	(7)	(7)
Experience adjustment	(1)	(1)
Deferred policy acquisition costs	101	100
Ending balance	101	100
Allstate Protection
Long Duration Contracts [Abstract]
Deferred policy acquisition costs	2,478	2,203
Ending balance	2,478	2,203
Protection Services
Long Duration Contracts [Abstract]
Deferred policy acquisition costs	3,072	2,874
Ending balance	$ 3,072	$ 2,874

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 331	$ (1,352)	$ 1,549	$ (1,672)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Deferred Policy Acquisition Costs

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Policy Acquisition Costs


Note 11			Deferred Policy Acquisition Costs

The following table shows a roll-forward of DAC on long-duration contracts in the Allstate Health and Benefits segment, along with a reconciliation to the Company’s total DAC balance.


Deferred policy acquisition costs activity
($ in millions)	Accident and health		Traditional life		Interest-sensitive life		Total
Six months ended June 30, 2024
Allstate Health and Benefits
Long-duration contracts
Beginning balance	$	321	$	90	$	100	$	511
Acquisition costs deferred	51		27		9		87
Amortization charged to income	(40)		(10)		(7)		(57)
Experience adjustment	(9)		(1)		(1)		(11)
Total	$	323	$	106	$	101	530
Short-duration contracts							32
Allstate Protection							2,478
Protection Services							3,072
Ending balance							$	6,112

Six months ended June 30, 2023
Allstate Health and Benefits
Long-duration contracts
Beginning balance	$	322	$	79	$	101	$	502
Acquisition costs deferred	25		13		7		45
Amortization charged to income	(16)		(7)		(7)		(30)
Experience adjustment	(13)		—		(1)		(14)
Total	$	318	$	85	$	100	503
Short-duration contracts							27
Allstate Protection							2,203
Protection Services							2,874
Ending balance							$	5,607

Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Reportable Segments Financial Performance

A reconciliation of these measures to net income (loss) applicable to common shareholders is provided below.


Reportable segments financial performance
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Underwriting income (loss) by segment
Allstate Protection	$	(142)	$	(2,092)	$	761	$	(3,090)
Run-off Property-Liability	(3)		(2)		(8)		(5)
Total Property-Liability	(145)		(2,094)		753		(3,095)

Adjusted net income (loss) by segment, after-tax
Protection Services	55		41		109		75
Allstate Health and Benefits	58		57		114		113
Corporate and Other	(104)		(111)		(210)		(200)

Reconciling items
Allstate Protection and Run-off Property-Liability net investment income	643		544		1,345		1,053
Net gains (losses) on investments and derivatives	(103)		(151)		(267)		(137)
Pension and other postretirement remeasurement gains (losses)	9		40		11		93

Amortization of purchased intangibles (1)	(19)		(24)		(37)		(48)

Gain (loss) on disposition	1		(8)		5		1
Non-recurring costs (2)	—		(90)		—		(90)
Income tax (expense) benefit on Property-Liability and reconciling items (3)	(78)		384		(337)		476
Total reconciling items	453		695		720		1,348

Less: Net income (loss) attributable to noncontrolling interest (4)	16		(23)		(4)		(24)

Net income (loss) applicable to common shareholders	$	301	$	(1,389)	$	1,490	$	(1,735)

(1)Excludes amortization of purchased intangibles in Property-Liability, which is already included above in underwriting income.

(2)Relates to settlement costs for non-recurring litigation that is outside of the ordinary course of business.

(3)The tax computation of the reporting segments and income tax benefit (expense) on reconciling items to net income (loss) are computed discretely based on the tax law of the jurisdictions applicable to the reporting entities.

(4)Reflects net income (loss) attributable to noncontrolling interest in Property-Liability.

Schedule of Reportable Segments Revenue Information


Reportable segments revenue information
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Property-Liability
Insurance premiums
Auto	$	9,079	$	8,121	$	17,857	$	16,029
Homeowners	3,255		2,883		6,409		5,693
Other personal lines	701		587		1,360		1,149
Commercial lines	158		202		327		434
Other business lines	146		128		286		251
Allstate Protection	13,339		11,921		26,239		23,556
Run-off Property-Liability	—		—		—		—
Total Property-Liability insurance premiums	13,339		11,921		26,239		23,556
Other revenue	441		389		871		742
Net investment income	643		544		1,345		1,053
Net gains (losses) on investments and derivatives	(103)		(135)		(265)		(123)
Total Property-Liability	14,320		12,719		28,190		25,228

Protection Services
Protection plans	453		373		892		734
Roadside assistance	34		48		81		97
Protection and insurance products	126		128		252		256
Intersegment premiums and service fees (1)	39		35		74		68
Other revenue	98		84		183		168
Net investment income	23		18		44		34
Net gains (losses) on investments and derivatives	(1)		(4)		(6)		(5)
Total Protection Services	772		682		1,520		1,352

Allstate Health and Benefits
Employer voluntary benefits	246		245		494		500
Group health	120		110		238		217
Individual health	108		98		220		199
Other revenue	121		101		255		202
Net investment income	25		21		48		40
Net gains (losses) on investments and derivatives	—		1		2		3
Total Allstate Health and Benefits	620		576		1,257		1,161

Corporate and Other
Other revenue	19		23		39		46
Net investment income	21		27		39		58
Net gains (losses) on investments and derivatives	1		(13)		2		(12)
Total Corporate and Other	41		37		80		92

Intersegment eliminations (1)	(39)		(35)		(74)		(68)
Consolidated revenues	$	15,714	$	13,979	$	30,973	$	27,765

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

Reserve for Future Policy Benefits and Contractholder Funds - Schedule of Key Assumptions used in Calculating the Reserve for Future Policy Benefits (Details)	Jun. 30, 2024	Jun. 30, 2023
Accident and health insurance
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average duration (in years)	8 years	3 years 10 months 24 days
Weighted-average interest rates
Interest accretion rate (discount rate at contract issuance)	5.04%	5.08%
Current discount rate (upper-medium grade fixed income yield)	5.26%	4.79%
Traditional life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average duration (in years)	15 years 1 month 6 days	14 years
Weighted-average interest rates
Interest accretion rate (discount rate at contract issuance)	5.37%	5.46%
Current discount rate (upper-medium grade fixed income yield)	5.35%	5.14%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Capital Structure (Details) - Senior Notes - USD ($)	May 15, 2024	Jun. 24, 2024
Senior Notes Due 2024 at 6.75 Percent
Debt outstanding:
Repayments of debt	$ 350,000,000
Stated interest rate (as a percent)	6.75%
Senior Notes Due 2029 at 5.050 Percent
Debt outstanding:
Stated interest rate (as a percent)		5.05%
Issuance of debt		$ 500,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Reinsurance and Indemnification - Schedule of Reinsurance and Indemnification Recoverables (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Reinsurance
Reinsurance and indemnification recoverables, net	$ 8,730	$ 8,809
Property and casualty
Reinsurance
Paid and due from reinsurers and indemnitors	229	254
Unpaid losses estimated (including IBNR)	8,341	8,396	$ 8,730	$ 9,176
Reinsurance and indemnification recoverables, net	8,570	8,650
Accident and health insurance
Reinsurance
Reinsurance and indemnification recoverables, net	$ 160	$ 159

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

+ References + Details

Fair Value of Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Fixed income securities, at fair value	$ 52,576	$ 48,865
Equity securities	2,216	2,411
Short-term investments	5,288	5,144
Other investments	979	1,055
Total assets at fair value	60,066	56,409
Counterparty and cash collateral netting	$ (7)	$ (2)
% of total assets at fair value	0.00%	0.00%
Total	$ 61,204	$ 57,574
Liabilities
% of total liabilities at fair value	0.00%	(200.00%)
Preferred stock measured at cost	$ 150	$ 150
Fair value
Assets
% of total assets at fair value	100.00%	100.00%
Liabilities
% of total liabilities at fair value	100.00%	100.00%
U.S. government and agencies
Assets
Fixed income securities, at fair value	$ 10,564	$ 8,619
Municipal
Assets
Fixed income securities, at fair value	6,538	6,006
Foreign government
Assets
Fixed income securities, at fair value	1,289	1,290
ABS
Assets
Fixed income securities, at fair value	1,671	1,745
Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	$ 13,600	$ 11,941
% of total assets at fair value	22.70%	21.20%
Liabilities
% of total liabilities at fair value	60.00%	50.00%
Significant other observable inputs (Level 2)
Assets
Total assets at fair value	$ 45,787	$ 43,779
% of total assets at fair value	76.20%	77.60%
Liabilities
% of total liabilities at fair value	40.00%	250.00%
Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	$ 686	$ 691
% of total assets at fair value	1.10%	1.20%
Liabilities
% of total liabilities at fair value	0.00%	0.00%
Fair Value Net Asset Value
Assets
Investments reported at NAV	$ 1,138	$ 1,165
Recurring basis
Assets
Fixed income securities, at fair value	52,576	48,865
Equity securities	2,066	2,261
Short-term investments	5,288	5,144
Other investments	2	3
Other investments	(7)	(2)
Other assets	123	121
Total assets at fair value	60,055	56,394
Counterparty and cash collateral netting	(7)	(2)
Liabilities
Other liabilities	(5)	(4)
Other liabilities	0	8
Total recurring basis liabilities	(5)	(4)
Counterparty and cash collateral netting	0	8
Recurring basis \| U.S. government and agencies
Assets
Fixed income securities, at fair value	10,564	8,619
Recurring basis \| Municipal
Assets
Fixed income securities, at fair value	6,538	6,006
Recurring basis \| Corporate - public
Assets
Fixed income securities, at fair value	23,500	23,298
Recurring basis \| Corporate - privately placed
Assets
Fixed income securities, at fair value	9,014	7,907
Recurring basis \| Foreign government
Assets
Fixed income securities, at fair value	1,289	1,290
Recurring basis \| ABS
Assets
Fixed income securities, at fair value	1,671	1,745
Recurring basis \| Quoted prices in active markets for identical assets (Level 1)
Assets
Fixed income securities, at fair value	10,551	8,606
Equity securities	1,451	1,656
Short-term investments	1,596	1,676
Other investments	0	0
Other assets	2	3
Total assets at fair value	13,600	11,941
Liabilities
Other liabilities	(3)	(2)
Total recurring basis liabilities	(3)	(2)
Recurring basis \| Quoted prices in active markets for identical assets (Level 1) \| U.S. government and agencies
Assets
Fixed income securities, at fair value	10,551	8,606
Recurring basis \| Quoted prices in active markets for identical assets (Level 1) \| Municipal
Assets
Fixed income securities, at fair value	0	0
Recurring basis \| Quoted prices in active markets for identical assets (Level 1) \| Corporate - public
Assets
Fixed income securities, at fair value	0	0
Recurring basis \| Quoted prices in active markets for identical assets (Level 1) \| Corporate - privately placed
Assets
Fixed income securities, at fair value	0	0
Recurring basis \| Quoted prices in active markets for identical assets (Level 1) \| Foreign government
Assets
Fixed income securities, at fair value	0	0
Recurring basis \| Quoted prices in active markets for identical assets (Level 1) \| ABS
Assets
Fixed income securities, at fair value	0	0
Recurring basis \| Significant other observable inputs (Level 2)
Assets
Fixed income securities, at fair value	41,867	40,106
Equity securities	222	203
Short-term investments	3,691	3,467
Other investments	7	3
Other assets	0	0
Total assets at fair value	45,787	43,779
Liabilities
Other liabilities	(2)	(10)
Total recurring basis liabilities	(2)	(10)
Recurring basis \| Significant other observable inputs (Level 2) \| U.S. government and agencies
Assets
Fixed income securities, at fair value	13	13
Recurring basis \| Significant other observable inputs (Level 2) \| Municipal
Assets
Fixed income securities, at fair value	6,531	5,995
Recurring basis \| Significant other observable inputs (Level 2) \| Corporate - public
Assets
Fixed income securities, at fair value	23,470	23,272
Recurring basis \| Significant other observable inputs (Level 2) \| Corporate - privately placed
Assets
Fixed income securities, at fair value	8,964	7,849
Recurring basis \| Significant other observable inputs (Level 2) \| Foreign government
Assets
Fixed income securities, at fair value	1,289	1,290
Recurring basis \| Significant other observable inputs (Level 2) \| ABS
Assets
Fixed income securities, at fair value	1,600	1,687
Recurring basis \| Significant unobservable inputs (Level 3)
Assets
Fixed income securities, at fair value	158	153
Equity securities	393	402
Short-term investments	1	1
Other investments	2	2
Other assets	121	118
Total assets at fair value	675	676
Liabilities
Other liabilities	0	0
Total recurring basis liabilities	0	0
Recurring basis \| Significant unobservable inputs (Level 3) \| U.S. government and agencies
Assets
Fixed income securities, at fair value	0	0
Recurring basis \| Significant unobservable inputs (Level 3) \| Municipal
Assets
Fixed income securities, at fair value	7	11
Recurring basis \| Significant unobservable inputs (Level 3) \| Corporate - public
Assets
Fixed income securities, at fair value	30	26
Recurring basis \| Significant unobservable inputs (Level 3) \| Corporate - privately placed
Assets
Fixed income securities, at fair value	50	58
Recurring basis \| Significant unobservable inputs (Level 3) \| Foreign government
Assets
Fixed income securities, at fair value	0	0
Recurring basis \| Significant unobservable inputs (Level 3) \| ABS
Assets
Fixed income securities, at fair value	71	58
Non-recurring basis
Assets
Total assets at fair value	11	15
Non-recurring basis \| Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	0	0
Non-recurring basis \| Significant other observable inputs (Level 2)
Assets
Total assets at fair value	0	0
Non-recurring basis \| Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	$ 11	$ 15

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Reserve for Future Policy Benefits and Contractholder Funds - Schedule of Contractholder Funds Activity (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Contractholder funds activity
Beginning balance	$ 888	$ 879
Deposits	67	66
Interest credited	17	17
Benefits	(5)	(6)
Surrenders and partial withdrawals	(11)	(10)
Contract charges	(60)	(60)
Other adjustments	(5)	(5)
Ending balance	891	881
Components of contractholder funds	$ 891	$ 881
Weighted-average crediting rate	4.20%	4.27%
Net amount at risk	$ 11,165	$ 11,640
Cash surrender value	732	725
Interest-sensitive life insurance
Contractholder funds activity
Ending balance	849	833
Components of contractholder funds	849	833
Fixed annuities
Contractholder funds activity
Ending balance	42	48
Components of contractholder funds	$ 42	$ 48

Reinsurance and Indemnification (Tables)

6 Months Ended

Jun. 30, 2024

Reinsurance Disclosures [Abstract]

Schedule of Effects of Reinsurance


Effects of reinsurance ceded and indemnification programs on property and casualty premiums earned and accident and health insurance premiums and contract charges
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Property and casualty insurance premiums earned	$	(588)	$	(495)	$	(1,145)	$	(941)
Accident and health insurance premiums and contract charges	(11)		(10)		(21)		(19)


Effects of reinsurance ceded and indemnification programs on property and casualty insurance claims and claims expense and accident, health and other policy benefits
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Property and casualty insurance claims and claims expense	$	(284)	$	60	$	(516)	$	(260)
Accident, health and other policy benefits	(8)		(17)		(14)		(25)

Schedule of Reinsurance and Indemnification Recoverables

Reinsurance and indemnification recoverables


Reinsurance and indemnification recoverables, net
($ in millions)	June 30, 2024		December 31, 2023
Property and casualty
Paid and due from reinsurers and indemnitors	$	229	$	254
Unpaid losses estimated (including IBNR)	8,341		8,396
Total property and casualty	$	8,570	$	8,650

Accident and health insurance	160		159
Total	$	8,730	$	8,809

Schedule of Rollforward of Credit Loss Allowance for Reinsurance Recoverables


Rollforward of credit loss allowance for reinsurance recoverables
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Property and casualty (1) (2)
Beginning balance	$	(64)	$	(61)	$	(62)	$	(62)
(Increase) decrease in the provision for credit losses	—		—		(2)		1
Write-offs	—		—		—		—
Ending balance	$	(64)	$	(61)	$	(64)	$	(61)

Accident and health insurance
Beginning balance	$	(3)	$	(3)	$	(3)	$	(3)

Increase in the provision for credit losses	—		—		—		—
Write-offs	—		—		—		—
Ending balance	$	(3)	$	(3)	$	(3)	$	(3)

(1)Primarily related to Run-off Property-Liability reinsurance ceded.

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

Reserve for Future Policy Benefits and Contractholder Funds - Schedule of Account Values by Comparison of Current Crediting Rate to Guaranteed Minimum Crediting Rate (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 891	$ 881
Less than 3.00%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0
Less than 3.00% \| Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0300	0.0300
3.00% - 3.49%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 37	$ 23
3.00% - 3.49% \| Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0300	0.0300
3.00% - 3.49% \| Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0349	0.0349
3.50% - 3.99%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 10	$ 11
3.50% - 3.99% \| Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0350	0.0350
3.50% - 3.99% \| Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0399	0.0399
4.00% - 4.49%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 438	$ 433
4.00% - 4.49% \| Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0400	0.0400
4.00% - 4.49% \| Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0449	0.0449
4.50% - 4.99%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 259	$ 265
4.50% - 4.99% \| Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0450	0.0450
4.50% - 4.99% \| Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0499	0.0499
5.00% or greater
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 66	$ 69
5.00% or greater \| Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0500	0.0500
Non-account balances
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 81	$ 80
At guaranteed minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	773	778
At guaranteed minimum \| Less than 3.00%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
At guaranteed minimum \| 3.00% - 3.49%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
At guaranteed minimum \| 3.50% - 3.99%
Policyholder Account Balance [Line Items]
Account values with crediting rates	10	11
At guaranteed minimum \| 4.00% - 4.49%
Policyholder Account Balance [Line Items]
Account values with crediting rates	438	433
At guaranteed minimum \| 4.50% - 4.99%
Policyholder Account Balance [Line Items]
Account values with crediting rates	259	265
At guaranteed minimum \| 5.00% or greater
Policyholder Account Balance [Line Items]
Account values with crediting rates	66	69
At guaranteed minimum \| Non-account balances
Policyholder Account Balance [Line Items]
Account values with crediting rates
1-50 basis points above
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 37	23
1-50 basis points above \| Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0001
1-50 basis points above \| Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	0.0050
1-50 basis points above \| Less than 3.00%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	0
1-50 basis points above \| 3.00% - 3.49%
Policyholder Account Balance [Line Items]
Account values with crediting rates	37	23
1-50 basis points above \| 3.50% - 3.99%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
1-50 basis points above \| 4.00% - 4.49%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
1-50 basis points above \| 4.50% - 4.99%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
1-50 basis points above \| 5.00% or greater
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
1-50 basis points above \| Non-account balances
Policyholder Account Balance [Line Items]
Account values with crediting rates

Company Restructuring (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Organizational Transformation


Organizational transformation
($ in millions)
Expected program charges	$	24
2024 expenses	(20)
Remaining program charges	$	4

Schedule of Restructuring Activity


Restructuring activity during the period
($ in millions)	Employee costs		Exit costs		Total liability
Restructuring liability as of December 31, 2023	$	40	$	1	$	41
Expense incurred	25		9		34
Adjustments to liability	(11)		—		(11)
Payments and non-cash charges	(21)		(9)		(30)
Restructuring liability as of June 30, 2024	$	33	$	1	$	34

Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value


Assets and liabilities measured at fair value
	June 30, 2024
($ 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	$	10,551		$	13		$	—					$	10,564
Municipal	—			6,531			7						6,538
Corporate - public	—			23,470			30						23,500
Corporate - privately placed	—			8,964			50						9,014
Foreign government	—			1,289			—						1,289
ABS	—			1,600			71						1,671
Total fixed income securities	10,551			41,867			158						52,576
Equity securities (1)	1,451			222			393						2,066
Short-term investments	1,596			3,691			1						5,288
Other investments	—			7			2			$	(7)		2
Other assets	2			—			121						123
Total recurring basis assets	13,600			45,787			675			(7)			60,055
Non-recurring basis	—			—			11						11
Total assets at fair value	$	13,600		$	45,787		$	686		$	(7)		$	60,066
% of total assets at fair value	22.7		%	76.2		%	1.1		%	—		%	100.0		%

Investments reported at NAV													1,138
Total													$	61,204
Liabilities
Other liabilities	$	(3)		$	(2)		$	—		$	—		$	(5)
Total recurring basis liabilities	(3)			(2)			—			—			(5)

Total liabilities at fair value	$	(3)		$	(2)		$	—		$	—		$	(5)
% of total liabilities at fair value	60.0		%	40.0		%	—		%	—		%	100.0		%

(1)Excludes $150 million of preferred stock measured at cost.


Assets and liabilities measured at fair value
	December 31, 2023
($ 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	$	8,606		$	13		$	—					$	8,619
Municipal	—			5,995			11						6,006
Corporate - public	—			23,272			26						23,298
Corporate - privately placed	—			7,849			58						7,907
Foreign government	—			1,290			—						1,290
ABS	—			1,687			58						1,745
Total fixed income securities	8,606			40,106			153						48,865
Equity securities (1)	1,656			203			402						2,261
Short-term investments	1,676			3,467			1						5,144
Other investments	—			3			2			$	(2)		3
Other assets	3			—			118						121
Total recurring basis assets	11,941			43,779			676			(2)			56,394
Non-recurring basis	—			—			15						15
Total assets at fair value	$	11,941		$	43,779		$	691		$	(2)		$	56,409
% of total assets at fair value	21.2		%	77.6		%	1.2		%	—		%	100.0		%

Investments reported at NAV													1,165
Total													$	57,574
Liabilities
Other liabilities	$	(2)		$	(10)		$	—		$	8		$	(4)
Total recurring basis liabilities	(2)			(10)			—			8			(4)

Total liabilities at fair value	$	(2)		$	(10)		$	—		$	8		$	(4)
% of total liabilities at fair value	50.0		%	250.0		%	—		%	(200.0)		%	100.0		%

(1)Excludes $150 million of preferred stock measured at cost.

Schedule of Rollforward of Level 3 Assets and Liabilities Held at Fair Value


Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2024
	Balance as of March 31, 2024		Total gains (losses) included in:				Transfers																Balance as of June 30, 2024
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases			Sales			Issues			Settlements
Assets
Fixed income securities:
Municipal	$	8	$	—	$	—	$	—	$	—		$	—		$	(1)		$	—		$	—	$	7
Corporate - public	23		1		(1)		—		—			11			(4)			—			—		30
Corporate - privately placed	54		(2)		—		—		—			—			(2)			—			—		50
ABS	58		—		—		—		—			14			—			—			(1)		71
Total fixed income securities	143		(1)		(1)		—		—			25			(7)			—			(1)		158
Equity securities	408		(3)		—		—		—			9			(21)			—			—		393
Short-term investments	21		—		—		—		—			1			(20)			—			(1)		1
Other investments	2		—		—		—		—			—			—			—			—		2
Other assets	120		1		—		—		—			—			—			—			—		121
Total recurring Level 3 assets	$	694	$	(3)	$	(1)	$	—	$	—		$	35		$	(48)		$	—		$	(2)	$	675


Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2024
	Balance as of December 31, 2023		Total gains (losses) included in:				Transfers												Balance as of June 30, 2024
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	11	$	—	$	—	$	—	$	—	$	—	$	(2)	$	—	$	(2)	$	7
Corporate - public	26		1		1		—		—		11		(9)		—		—		30
Corporate - privately placed	58		(6)		—		—		—		—		(2)		—		—		50
ABS	58		—		—		—		—		14		—		—		(1)		71
Total fixed income securities	153		(5)		1		—		—		25		(13)		—		(3)		158
Equity securities	402		6		—		—		—		9		(24)		—		—		393
Short-term investments	1		—		—		—		—		21		(20)		—		(1)		1
Other investments	2		—		—		—		—		—		—		—		—		2
Other assets	118		3		—		—		—		—		—		—		—		121

Total recurring Level 3 assets	$	676	$	4	$	1	$	—	$	—	$	55	$	(57)	$	—	$	(4)	$	675


Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2023
	Balance as of March 31, 2023		Total gains (losses) included in:				Transfers												Balance as of June 30, 2023
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	17	$	3	$	(1)	$	—	$	—	$	—	$	(6)	$	—	$	(1)	$	12
Corporate - public	29		—		—		—		—		—		(3)		—		—		26
Corporate - privately placed	49		(7)		1		16		—		1		—		—		—		60
ABS	27		—		—		—		—		7		—		—		—		34
Total fixed income securities	122		(4)		—		16		—		8		(9)		—		(1)		132
Equity securities	358		7		—		—		—		28		(12)		—		—		381
Short-term investments	6		—		—		—		—		—		—		—		—		6
Other investments	2		—		—		—		—		—		—		—		—		2
Other assets	112		(8)		—		—		—		—		—		—		—		104

Total recurring Level 3 assets	$	600	$	(5)	$	—	$	16	$	—	$	36	$	(21)	$	—	$	(1)	$	625


Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2023
	Balance as of December 31, 2022		Total gains (losses) included in:				Transfers												Balance as of June 30, 2023
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	21	$	3	$	(1)	$	—	$	—	$	—	$	(9)	$	—	$	(2)	$	12
Corporate - public	69		(1)		2		—		—		—		(44)		—		—		26
Corporate - privately placed	55		(11)		1		16		—		1		(2)		—		—		60
ABS	28		—		—		—		—		7		—		—		(1)		34
Total fixed income securities	173		(9)		2		16		—		8		(55)		—		(3)		132
Equity securities	333		7		—		—		—		70		(29)		—		—		381
Short-term investments	6		—		—		—		—		—		—		—		—		6
Other investments	3		(1)		—		—		—		—		—		—		—		2
Other assets	103		1		—		—		—		—		—		—		—		104

Total recurring Level 3 assets	$	618	$	(2)	$	2	$	16	$	—	$	78	$	(84)	$	—	$	(3)	$	625


Total Level 3 gains (losses) included in net income
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Net investment income	$	1	$	3	$	1	$	(2)
Net gains (losses) on investments and derivatives (1)	(5)		—		—		(1)
Operating costs and expenses (1)	1		(8)		3		1

(1)Prior to the first quarter of 2024, Level 3 gains (losses) included in operating costs and expenses were reported in this table within net gains (losses) on investments and derivatives. Historical results have been updated to conform with this presentation.

Schedule of Valuation Changes Included in Net Income and OCI for Level 3 Assets and Liabilities


Valuation changes included in net income and OCI for Level 3 assets and liabilities still held
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Assets
Fixed income securities:

Corporate - public	$	1	$	—	$	1	$	—
Corporate - privately placed	(2)		(7)		(6)		(11)

Total fixed income securities	(1)		(7)		(5)		(11)
Equity securities	—		7		11		6

Other investments	—		—		—		(1)
Other assets	1		(8)		3		1


Total recurring Level 3 assets	$	—	$	(8)	$	9	$	(5)



Total included in net income	$	—	$	(8)	$	9	$	(5)

Components of net income
Net investment income	$	1	$	3	$	1	$	(2)
Net gains (losses) on investments and derivatives	(2)		(3)		5		(4)
Operating costs and expenses	1		(8)		3		1
Total included in net income	$	—	$	(8)	$	9	$	(5)

Assets

Corporate - public	$	(1)	$	—	$	1	$	1
Corporate - privately placed	—		1		—		1



Changes in unrealized net capital gains and losses reported in OCI	$	(1)	$	1	$	1	$	2

Schedule of Financial Instruments Not Carried at Fair Value


Financial instruments not carried at fair value
($ in millions)		June 30, 2024				December 31, 2023
Financial assets	Fair value level	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Mortgage loans	Level 3	$	815	$	762	$	822	$	769
Bank loans	Level 3	149		161		224		238



Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (1)		Fair value
Contractholder funds on investment contracts	Level 3	$	42	$	42	$	46	$	46
Debt	Level 2	8,082		7,690		7,942		7,655
Liability for collateral	Level 2	2,001		2,001		1,891		1,891

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

Fair Value of Assets and Liabilities - Schedule of Valuation Changes Included in Net Income and OCI for Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	$ 0	$ (8)	$ 9	$ (5)
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag	Total included in net income	Total included in net income	Total included in net income	Total included in net income
Total included in net income	$ 0	$ (8)	$ 9	$ (5)
Total included in net income	0	(8)	9	(5)
Changes in unrealized net capital gains and losses reported in OCI	$ (1)	$ 1	$ 1	$ 2
Net investment income
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net investment income	Net investment income	Net investment income	Net investment income
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net investment income	Net investment income	Net investment income	Net investment income
Total included in net income	$ 1	$ 3	$ 1	$ (2)
Net gains (losses) on investments and derivatives
Gains (losses) included in net income for Level 3 assets and liabilities:
Total included in net income	$ (2)	$ (3)	$ 5	$ (4)
Operating costs and expenses
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses
Total included in net income	$ 1	$ (8)	$ 3	$ 1
Corporate - public
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	1	0	1	0
Changes in unrealized net capital gains and losses reported in OCI	(1)	0	1	1
Corporate - privately placed
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	(2)	(7)	(6)	(11)
Changes in unrealized net capital gains and losses reported in OCI	0	1	0	1
Fixed income securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	(1)	(7)	(5)	(11)
Equity securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	0	7	11	6
Other investments
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	0	0	0	(1)
Other assets
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	$ 1	$ (8)	$ 3	$ 1

Reserve for Property and Casualty Insurance Claims and Claims Expense

6 Months Ended

Jun. 30, 2024

Reserve for Property-Liability Insurance Claims and Claims Expense [Abstract]

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 considers 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 laws and regulations, judicial decisions, and economic conditions.

When the Company experiences changes in the mix or type of claims or changing claim settlement patterns or data, it applies actuarial judgment in the determination and selection of development factors to develop reserve liabilities. Inflation and a higher mix of more complex repairs, combined with skilled labor shortages, have increased physical damage loss costs. Medical inflation, increased treatment trends, higher attorney representation, rising litigation costs and more severe accidents have contributed to higher third-party bodily injury loss costs. The Company has also digitized and modified claim processes to increase effectiveness and efficiency. These factors 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 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, driving behaviors, miles driven or other factors. Changes in auto current year claim severity are generally influenced by inflation in the medical and auto repair sectors, changes in attorney represented and litigated claim behavior, the effectiveness and efficiency of claim settlements and changes in mix of claim types. When changes in claim data occur, actuarial judgment is used to determine appropriate development factors to establish reserves. The Company’s reserving process incorporates changes in loss patterns, operational statistics and changes in claims reporting processes to determine its best estimate of recorded 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, Run-off Property-Liability 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 as well as heightened uncertainty for claims that involve litigation or take longer to settle during periods of rapidly increasing loss costs. The Company also has uncertainty in the Run-off Property-Liability 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 reserve estimates, which may be material, are reported in property and casualty insurance claims and claims expense in the Condensed Consolidated Statements of Operations in the period such changes are determined.

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 Condensed Consolidated Statements of Financial Position based on available facts, laws and regulations.


Rollforward of the reserve for property and casualty insurance claims and claims expense
	Six months ended June 30,
($ in millions)	2024		2023
Balance as of January 1	$	39,858	$	37,541
Less: Recoverables (1)	8,396		9,176
Net balance as of January 1	31,462		28,365

Incurred claims and claims expense related to:
Current year	20,656		21,856
Prior years	(354)		197
Total incurred	20,302		22,053
Claims and claims expense paid related to:
Current year	(9,087)		(9,094)
Prior years	(9,465)		(9,523)
Total paid	(18,552)		(18,617)
Net balance as of June 30	33,212		31,801
Plus: Recoverables	8,341		8,730
Balance as of June 30	$	41,553	$	40,531

(1)Recoverables comprises reinsurance and indemnification recoverables.

Incurred claims and claims expense represents the sum of paid losses, claim adjustment expenses and reserve changes in the period. This expense included losses from catastrophes of $2.85 billion and $4.39 billion in the six months ended June 30, 2024 and 2023, 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.


Prior year reserve reestimates included in claims and claims expense (1)
	Non-catastrophe losses				Catastrophe losses				Total
($ in millions)	2024		2023		2024		2023		2024		2023
Three months ended June 30,
Auto	$	(171)	$	116	$	(9)	$	(19)	$	(180)	$	97
Homeowners	(63)		41		(128)		53		(191)		94
Other personal lines	60		8		1		(5)		61		3
Commercial lines	109		6		(2)		2		107		8
Other business lines	(1)		10		—		—		(1)		10
Run-off Property-Liability	2		1		—		—		2		1
Protection Services	(1)		(1)		—		—		(1)		(1)
Total prior year reserve reestimates	$	(65)	$	181	$	(138)	$	31	$	(203)	$	212

Six months ended June 30,
Auto	$	(238)	$	119	$	(16)	$	(47)	$	(254)	$	72
Homeowners	(103)		29		(277)		45		(380)		74
Other personal lines	115		18		(2)		(12)		113		6
Commercial lines	163		29		(5)		3		158		32
Other business lines	4		11		—		—		4		11
Run-off Property-Liability	6		3		—		—		6		3
Protection Services	(1)		(1)		—		—		(1)		(1)
Total prior year reserve reestimates	$	(54)	$	208	$	(300)	$	(11)	$	(354)	$	197

(1)Favorable reserve reestimates are shown in parentheses.

Investments - Schedule of Unrealized Net Capital Gains and Losses Included in AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair value
Fixed income securities, at fair value	$ 52,576	$ 48,865
Short-term investments	5,288	5,144
Derivative instruments	0	0
Gross Unrealized Gains
Fixed income securities	292	650
Short-term investments	0	0
Derivative instruments	0	0
Gross Unrealized Losses
Fixed income securities	(1,504)	(1,434)
Short-term investments	(2)	(1)
Derivative instruments	(2)	(2)
Unrealized net gains (losses)
Fixed income securities	(1,212)	(784)
Short-term investments	(2)	(1)
Derivative instruments	(2)	(2)
Limited partnership interests	0	(4)
Unrealized net capital gains and losses, pre-tax	(1,216)	(791)
Amounts recognized for:
Reclassification of noncontrolling interest	12	13
Deferred income taxes	266	174
Unrealized net capital gains and losses, after-tax	$ (938)	$ (604)

Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Benefit Plans


Note 15			Benefit Plans

For the second quarter and first six months of 2024, service cost includes a $38 million refund of premiums previously paid to the Pension Benefit Guaranty Corporation (“PBGC”). The PBGC insures defined benefit plans offered by private-sector employers. PBGC premiums are required to be paid annually and are calculated using a predefined calculation that includes interest rates to discount a plan’s vested benefits. During the second quarter of 2024, the Company’s defined benefit pension plan elected to use an alternative methodology to calculate the prescribed interest rate in determining premiums for plan year 2023, which resulted in a refund of $38 million in previously paid premiums.


Components of net cost (benefit) for pension and other postretirement plans
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Pension benefits
Service cost	$	(7)	$	32	$	26	$	65
Interest cost	58		58		116		118
Expected return on plan assets	(76)		(79)		(153)		(156)


Costs and expenses	(25)		11		(11)		27
Remeasurement of projected benefit obligation	(68)		(68)		(93)		55
Remeasurement of plan assets	60		30		85		(150)
Remeasurement (gains) losses	(8)		(38)		(8)		(95)
Pension net benefit	$	(33)	$	(27)	$	(19)	$	(68)

Postretirement benefits
Service cost	$	—	$	—	$	—	$	—
Interest cost	3		2		5		5
Amortization of prior service credit	(1)		(6)		(1)		(12)

Costs and expenses	2		(4)		4		(7)
Remeasurement of projected benefit obligation	(1)		(2)		(3)		2
Remeasurement of plan assets	—		—		—		—
Remeasurement (gains) losses	(1)		(2)		(3)		2
Postretirement net cost (benefit)	$	1	$	(6)	$	1	$	(5)

Pension and postretirement benefits
Costs and expenses	$	(23)	$	7	$	(7)	$	20
Remeasurement (gains) losses	(9)		(40)		(11)		(93)
Total net benefit	$	(32)	$	(33)	$	(18)	$	(73)

Differences in actual experience and changes in other assumptions affect our pension and other postretirement obligations and expenses. Differences between expected and actual returns on plan assets affect remeasurement (gains) losses.

Pension and other postretirement service cost, interest cost, expected return on plan assets and

amortization of prior service credit 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 Condensed Consolidated Statements of Operations.


Pension and postretirement benefits remeasurement gains and losses
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Remeasurement of projected benefit obligation (gains) losses:
Discount rate	$	(57)	$	(73)	$	(98)	$	51
Other assumptions	(12)		3		2		6
Remeasurement of plan assets (gains) losses	60		30		85		(150)
Remeasurement (gains) losses	$	(9)	$	(40)	$	(11)	$	(93)

Remeasurement gains for the second quarter of 2024 primarily related to an increase in the liability discount rate and changes in other assumptions, partially offset by unfavorable asset performance compared to expected return on plan assets. Remeasurement gains in the first six months of 2024 primarily related to an increase in the liability discount rate, partially offset by unfavorable asset performance compared to expected return on plan assets.

The weighted average discount rate used to measure the pension benefit obligation increased to

5.62% at June 30, 2024 compared to 5.45% at March 31, 2024 and 5.35% at December 31, 2023 resulting in gains for the second quarter and first six months of 2024.

For the second quarter and first six months of 2024, the actual return on plan assets was lower than the expected return due to lower fixed income valuations from higher market yields, partially offset by higher public equity returns.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Reserve for Property and Casualty Insurance Claims and Claims Expense - Schedule of Rollforward of the Reserve for Property and Casualty Insurance Claims and Claims Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Property-liability insurance claims and claims expense
Beginning balance			$ 39,858
Incurred claims and claims expense related to:
Prior years	$ (203)	$ 212	(354)	$ 197
Claims and claims expense paid related to:
Ending balance	41,553		41,553
Property and casualty
Property-liability insurance claims and claims expense
Beginning balance			39,858	37,541
Less recoverables	8,341	8,730	8,341	8,730	$ 8,396	$ 9,176
Activity in the reserve for property-liability insurance claims and claims expense:
Net beginning balance			31,462	28,365
Incurred claims and claims expense related to:
Current year			20,656	21,856
Prior years			(354)	197
Total incurred			20,302	22,053
Claims and claims expense paid related to:
Current year			(9,087)	(9,094)
Prior years			(9,465)	(9,523)
Total paid			(18,552)	(18,617)
Net ending balance	33,212	31,801	33,212	31,801
Plus: Recoverables	8,341	8,730	8,341	8,730	$ 8,396	$ 9,176
Ending balance	$ 41,553	$ 40,531	$ 41,553	$ 40,531

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Information [Abstract]
Transfer from investments	$ 58	$ 53
Non-cash investing activities, right-of-use asset, property and equipment obtained	18
Noncash investing activities, right-of-use asset obtained in exchange for operating lease liability		15
Non-cash investing activities, debt assumed		51
Non-cash financing activities related to the issuance of shares for vested restricted stock units	27	37
Operating lease, payments	58	66
Right-of-use asset obtained in exchange for operating lease liability	$ 22	$ 6

Reportable Segments - Schedule of Reportable Segments Financial Performance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information
Allstate Protection and Run-off Property-Liability net investment income	$ 712	$ 610	$ 1,476	$ 1,185
Net gains (losses) on investments and derivatives	(103)	(151)	(267)	(137)
Pension and other postretirement remeasurement gains (losses)	9	40	11	93
Amortization of purchased intangibles	(70)	(82)	(139)	(163)
Less: Net income (loss) attributable to noncontrolling interest	16	(23)	(4)	(24)
Net income (loss) applicable to common shareholders, basic	301	(1,389)	1,490	(1,735)
Net income (loss) applicable to common shareholders, diluted	301	(1,389)	1,490	(1,735)
Segment Reconciling Items
Segment Reporting Information
Adjusted net income (loss) by segment, after-tax	453	695	720	1,348
Net gains (losses) on investments and derivatives	(103)	(151)	(267)	(137)
Pension and other postretirement remeasurement gains (losses)	9	40	11	93
Amortization of purchased intangibles	(19)	(24)	(37)	(48)
Gain (loss) on disposition	1	(8)	5	1
Non-recurring costs	0	(90)	0	(90)
Income tax (expense) benefit on Property-Liability and reconciling	(78)	384	(337)	476
Property-Liability
Segment Reporting Information
Less: Net income (loss) attributable to noncontrolling interest	16	(23)	(4)	(24)
Property-Liability \| Operating Segments
Segment Reporting Information
Underwriting income (loss) by segment	(145)	(2,094)	753	(3,095)
Allstate Protection and Run-off Property-Liability net investment income	643	544	1,345	1,053
Net gains (losses) on investments and derivatives	(103)	(135)	(265)	(123)
Property-Liability \| Operating Segments \| Allstate Protection
Segment Reporting Information
Underwriting income (loss) by segment	(142)	(2,092)	761	(3,090)
Property-Liability \| Operating Segments \| Run-off Property-Liability
Segment Reporting Information
Underwriting income (loss) by segment	(3)	(2)	(8)	(5)
Property-Liability \| Segment Reconciling Items
Segment Reporting Information
Allstate Protection and Run-off Property-Liability net investment income	643	544	1,345	1,053
Protection Services \| Operating Segments
Segment Reporting Information
Adjusted net income (loss) by segment, after-tax	55	41	109	75
Allstate Protection and Run-off Property-Liability net investment income	23	18	44	34
Net gains (losses) on investments and derivatives	(1)	(4)	(6)	(5)
Allstate Health and Benefits \| Operating Segments
Segment Reporting Information
Adjusted net income (loss) by segment, after-tax	58	57	114	113
Allstate Protection and Run-off Property-Liability net investment income	25	21	48	40
Net gains (losses) on investments and derivatives	0	1	2	3
Corporate and Other \| Operating Segments
Segment Reporting Information
Adjusted net income (loss) by segment, after-tax	(104)	(111)	(210)	(200)
Allstate Protection and Run-off Property-Liability net investment income	21	27	39	58
Net gains (losses) on investments and derivatives	$ 1	$ (13)	$ 2	$ (12)

Derivative Financial Instruments - Narrative (Details)	6 Months Ended
Derivative Financial Instruments - Narrative (Details)	Jun. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Potential recoveries	$ 0
Contingent consideration term	10 years

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


Note 16			Supplemental Cash Flow Information

Non-cash investing activities include $58 million and $53 million related to mergers and exchanges completed with equity securities, fixed income securities, bank loans, and limited partnerships for the six months ended June 30, 2024 and 2023, respectively. Non-cash investing activities include $18 million related to right-of-use property and equipment obtained in exchange for lease obligations for the six months ended June 30, 2024. Non-cash investing activities include $15 million related to right-of-use real estate obtained in exchange for lease obligations and $51 million related to debt assumed by purchaser on sale of real estate for the six months ended June 30, 2023.

Non-cash financing activities include $27 million and $37 million related to the issuance of Allstate common shares for vested equity awards for the six months ended June 30, 2024 and 2023, respectively.

Cash flows used in operating activities in the Condensed Consolidated Statements of Cash Flows include cash paid for operating leases related to amounts included in the measurement of lease liabilities of $58 million and $66 million for the six months ended June 30, 2024 and 2023, respectively. Non-cash operating activities include $22 million and $6 million related to right-of-use assets obtained in exchange for lease obligations for the six months ended June 30, 2024 and 2023, respectively.

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 Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, as follows:


($ in millions)	Six months ended June 30,
	2024		2023
Cash flows from operating activities
Net change in proceeds managed
Net change in fixed income securities	$	80	$	202
Net change in short-term investments	(190)		18
Operating cash flow (used) provided	$	(110)	$	220



Net change in liabilities
Liabilities for collateral, beginning of period	$	(1,891)	$	(2,011)
Liabilities for collateral, end of period	(2,001)		(1,791)
Operating cash flow provided (used)	$	110	$	(220)

Investments - Schedule of Change in Unrealized Net Capital Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses			$ (425)
Amounts recognized for:
Reclassification of noncontrolling interest			(1)
Deferred income taxes			92
Change in unrealized net capital gains and losses, after-tax	$ (119)	$ (272)	(334)	$ 410
Limited partnership interests
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses			4
Fixed income securities
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses			(428)
Short-term investments
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses			(1)
Derivative instruments
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses			$ 0

Reserve for Property and Casualty Insurance Claims and Claims Expense - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Catastrophe
Increase (decrease) in claims and claims expense
Losses from catastrophes, net of recoveries	$ 2,850	$ 4,390

Deferred Policy Acquisition Costs (Tables)

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Deferred Policy Acquisition Costs Activity

The following table shows a roll-forward of DAC on long-duration contracts in the Allstate Health and Benefits segment, along with a reconciliation to the Company’s total DAC balance.


Deferred policy acquisition costs activity
($ in millions)	Accident and health		Traditional life		Interest-sensitive life		Total
Six months ended June 30, 2024
Allstate Health and Benefits
Long-duration contracts
Beginning balance	$	321	$	90	$	100	$	511
Acquisition costs deferred	51		27		9		87
Amortization charged to income	(40)		(10)		(7)		(57)
Experience adjustment	(9)		(1)		(1)		(11)
Total	$	323	$	106	$	101	530
Short-duration contracts							32
Allstate Protection							2,478
Protection Services							3,072
Ending balance							$	6,112

Six months ended June 30, 2023
Allstate Health and Benefits
Long-duration contracts
Beginning balance	$	322	$	79	$	101	$	502
Acquisition costs deferred	25		13		7		45
Amortization charged to income	(16)		(7)		(7)		(30)
Experience adjustment	(13)		—		(1)		(14)
Total	$	318	$	85	$	100	503
Short-duration contracts							27
Allstate Protection							2,203
Protection Services							2,874
Ending balance							$	5,607

Fair Value of Assets and Liabilities

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities


Note 5			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 Condensed 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, real estate 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: 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 mortgage-backed securities, included in ABS, use 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 that are not market observable, 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 and ABS: 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 that are not market observable.

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

•Other investments: 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 quoted prices for identical or similar assets in markets that exhibit less liquidity relative to those markets supporting Level 2 fair value measurements.

•Other assets: Includes the contingent consideration provision in the sale agreement for Allstate Life Insurance Company (“ALIC”) which meets the definition of a derivative. This derivative is valued internally using a model that includes stochastically determined cash flows and inputs that include spot and forward interest rates, volatility, corporate credit spreads and a liquidity discount. This derivative is categorized as Level 3 due to the significance of non-market observable inputs.

Assets measured at fair value on a non-recurring basis

Comprise long-lived assets to be disposed of by sale, including real estate, that are written down to fair value less costs to sell and bank loans written down to fair value in connection with recognizing credit losses.

Investments excluded from the fair value hierarchy

Investments reported at net asset value (“NAV”)

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 June 30, 2024, the Company has commitments to invest $171 million in these limited partnership interests.


Assets and liabilities measured at fair value
	June 30, 2024
($ 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	$	10,551		$	13		$	—					$	10,564
Municipal	—			6,531			7						6,538
Corporate - public	—			23,470			30						23,500
Corporate - privately placed	—			8,964			50						9,014
Foreign government	—			1,289			—						1,289
ABS	—			1,600			71						1,671
Total fixed income securities	10,551			41,867			158						52,576
Equity securities (1)	1,451			222			393						2,066
Short-term investments	1,596			3,691			1						5,288
Other investments	—			7			2			$	(7)		2
Other assets	2			—			121						123
Total recurring basis assets	13,600			45,787			675			(7)			60,055
Non-recurring basis	—			—			11						11
Total assets at fair value	$	13,600		$	45,787		$	686		$	(7)		$	60,066
% of total assets at fair value	22.7		%	76.2		%	1.1		%	—		%	100.0		%

Investments reported at NAV													1,138
Total													$	61,204
Liabilities
Other liabilities	$	(3)		$	(2)		$	—		$	—		$	(5)
Total recurring basis liabilities	(3)			(2)			—			—			(5)

Total liabilities at fair value	$	(3)		$	(2)		$	—		$	—		$	(5)
% of total liabilities at fair value	60.0		%	40.0		%	—		%	—		%	100.0		%

(1)Excludes $150 million of preferred stock measured at cost.


Assets and liabilities measured at fair value
	December 31, 2023
($ 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	$	8,606		$	13		$	—					$	8,619
Municipal	—			5,995			11						6,006
Corporate - public	—			23,272			26						23,298
Corporate - privately placed	—			7,849			58						7,907
Foreign government	—			1,290			—						1,290
ABS	—			1,687			58						1,745
Total fixed income securities	8,606			40,106			153						48,865
Equity securities (1)	1,656			203			402						2,261
Short-term investments	1,676			3,467			1						5,144
Other investments	—			3			2			$	(2)		3
Other assets	3			—			118						121
Total recurring basis assets	11,941			43,779			676			(2)			56,394
Non-recurring basis	—			—			15						15
Total assets at fair value	$	11,941		$	43,779		$	691		$	(2)		$	56,409
% of total assets at fair value	21.2		%	77.6		%	1.2		%	—		%	100.0		%

Investments reported at NAV													1,165
Total													$	57,574
Liabilities
Other liabilities	$	(2)		$	(10)		$	—		$	8		$	(4)
Total recurring basis liabilities	(2)			(10)			—			8			(4)

Total liabilities at fair value	$	(2)		$	(10)		$	—		$	8		$	(4)
% of total liabilities at fair value	50.0		%	250.0		%	—		%	(200.0)		%	100.0		%

(1)Excludes $150 million of preferred stock measured at cost.

As of June 30, 2024 and December 31, 2023, Level 3 fair value measurements of fixed income securities total $158 million and $153 million, respectively, and include $23 million and $26 million, respectively, of securities valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable and $7 million and $11 million, respectively, of municipal fixed income securities that are not rated by third-party credit rating agencies.

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 three month period ended June 30, 2024
	Balance as of March 31, 2024		Total gains (losses) included in:				Transfers																Balance as of June 30, 2024
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases			Sales			Issues			Settlements
Assets
Fixed income securities:
Municipal	$	8	$	—	$	—	$	—	$	—		$	—		$	(1)		$	—		$	—	$	7
Corporate - public	23		1		(1)		—		—			11			(4)			—			—		30
Corporate - privately placed	54		(2)		—		—		—			—			(2)			—			—		50
ABS	58		—		—		—		—			14			—			—			(1)		71
Total fixed income securities	143		(1)		(1)		—		—			25			(7)			—			(1)		158
Equity securities	408		(3)		—		—		—			9			(21)			—			—		393
Short-term investments	21		—		—		—		—			1			(20)			—			(1)		1
Other investments	2		—		—		—		—			—			—			—			—		2
Other assets	120		1		—		—		—			—			—			—			—		121
Total recurring Level 3 assets	$	694	$	(3)	$	(1)	$	—	$	—		$	35		$	(48)		$	—		$	(2)	$	675


Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2024
	Balance as of December 31, 2023		Total gains (losses) included in:				Transfers												Balance as of June 30, 2024
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	11	$	—	$	—	$	—	$	—	$	—	$	(2)	$	—	$	(2)	$	7
Corporate - public	26		1		1		—		—		11		(9)		—		—		30
Corporate - privately placed	58		(6)		—		—		—		—		(2)		—		—		50
ABS	58		—		—		—		—		14		—		—		(1)		71
Total fixed income securities	153		(5)		1		—		—		25		(13)		—		(3)		158
Equity securities	402		6		—		—		—		9		(24)		—		—		393
Short-term investments	1		—		—		—		—		21		(20)		—		(1)		1
Other investments	2		—		—		—		—		—		—		—		—		2
Other assets	118		3		—		—		—		—		—		—		—		121

Total recurring Level 3 assets	$	676	$	4	$	1	$	—	$	—	$	55	$	(57)	$	—	$	(4)	$	675


Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2023
	Balance as of March 31, 2023		Total gains (losses) included in:				Transfers												Balance as of June 30, 2023
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	17	$	3	$	(1)	$	—	$	—	$	—	$	(6)	$	—	$	(1)	$	12
Corporate - public	29		—		—		—		—		—		(3)		—		—		26
Corporate - privately placed	49		(7)		1		16		—		1		—		—		—		60
ABS	27		—		—		—		—		7		—		—		—		34
Total fixed income securities	122		(4)		—		16		—		8		(9)		—		(1)		132
Equity securities	358		7		—		—		—		28		(12)		—		—		381
Short-term investments	6		—		—		—		—		—		—		—		—		6
Other investments	2		—		—		—		—		—		—		—		—		2
Other assets	112		(8)		—		—		—		—		—		—		—		104

Total recurring Level 3 assets	$	600	$	(5)	$	—	$	16	$	—	$	36	$	(21)	$	—	$	(1)	$	625


Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2023
	Balance as of December 31, 2022		Total gains (losses) included in:				Transfers												Balance as of June 30, 2023
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	21	$	3	$	(1)	$	—	$	—	$	—	$	(9)	$	—	$	(2)	$	12
Corporate - public	69		(1)		2		—		—		—		(44)		—		—		26
Corporate - privately placed	55		(11)		1		16		—		1		(2)		—		—		60
ABS	28		—		—		—		—		7		—		—		(1)		34
Total fixed income securities	173		(9)		2		16		—		8		(55)		—		(3)		132
Equity securities	333		7		—		—		—		70		(29)		—		—		381
Short-term investments	6		—		—		—		—		—		—		—		—		6
Other investments	3		(1)		—		—		—		—		—		—		—		2
Other assets	103		1		—		—		—		—		—		—		—		104

Total recurring Level 3 assets	$	618	$	(2)	$	2	$	16	$	—	$	78	$	(84)	$	—	$	(3)	$	625


Total Level 3 gains (losses) included in net income
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Net investment income	$	1	$	3	$	1	$	(2)
Net gains (losses) on investments and derivatives (1)	(5)		—		—		(1)
Operating costs and expenses (1)	1		(8)		3		1

There were no transfers into Level 3 during the three and six months ended June 30, 2024. Transfers into Level 3 during the three and six months ended June 30, 2023 included situations where securities were written down utilizing an internal price where the inputs have not been corroborated to be market

observable resulting in the securities being classified as Level 3.

There were no transfers out of Level 3 during the three and six months ended June 30, 2024 and 2023.


Valuation changes included in net income and OCI for Level 3 assets and liabilities still held
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Assets
Fixed income securities:

Corporate - public	$	1	$	—	$	1	$	—
Corporate - privately placed	(2)		(7)		(6)		(11)

Total fixed income securities	(1)		(7)		(5)		(11)
Equity securities	—		7		11		6

Other investments	—		—		—		(1)
Other assets	1		(8)		3		1


Total recurring Level 3 assets	$	—	$	(8)	$	9	$	(5)



Total included in net income	$	—	$	(8)	$	9	$	(5)

Components of net income
Net investment income	$	1	$	3	$	1	$	(2)
Net gains (losses) on investments and derivatives	(2)		(3)		5		(4)
Operating costs and expenses	1		(8)		3		1
Total included in net income	$	—	$	(8)	$	9	$	(5)

Assets

Corporate - public	$	(1)	$	—	$	1	$	1
Corporate - privately placed	—		1		—		1



Changes in unrealized net capital gains and losses reported in OCI	$	(1)	$	1	$	1	$	2


Financial instruments not carried at fair value
($ in millions)		June 30, 2024				December 31, 2023
Financial assets	Fair value level	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Mortgage loans	Level 3	$	815	$	762	$	822	$	769
Bank loans	Level 3	149		161		224		238



Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (1)		Fair value
Contractholder funds on investment contracts	Level 3	$	42	$	42	$	46	$	46
Debt	Level 2	8,082		7,690		7,942		7,655
Liability for collateral	Level 2	2,001		2,001		1,891		1,891

(1)Represents the amounts reported on the Condensed 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Reserve for Future Policy Benefits and Contractholder Funds (Tables)

6 Months Ended

Jun. 30, 2024

Reserve for Future Policy Benefits and Contractholder Funds [Abstract]

Schedule of Reserve for Future Policy Benefits, and Revenue and Interest Recognized and Key Assumptions


Rollforward of reserve for future policy benefits (1)
	Six months ended June 30,
	Accident and health				Traditional life				Total
($ in millions)	2024		2023		2024		2023		2024		2023
Present value of expected net premiums
Beginning balance	$	1,688	$	1,464	$	325	$	238	$	2,013	$	1,702
Beginning balance at original discount rate	1,737		1,549		330		246		2,067		1,795
Effect of changes in cash flow assumptions	(1)		—		—		(12)		(1)		(12)
Effect of actual variances from expected experience	(27)		(26)		13		19		(14)		(7)
Adjusted beginning balance	1,709		1,523		343		253		2,052		1,776
Issuances	344		259		56		18		400		277
Interest accrual	39		25		7		5		46		30
Net premiums collected	(196)		(186)		(32)		(25)		(228)		(211)

Ending balance at original discount rate	1,896		1,621		374		251		2,270		1,872
Effect of changes in discount rate assumptions	(79)		(68)		(8)		(7)		(87)		(75)
Ending balance	1,817		1,553		366		244		2,183		1,797

Present value of expected future policy benefits
Beginning balance	2,453		2,229		657		524		3,110		2,753
Beginning balance at original discount rate	2,495		2,316		656		534		3,151		2,850
Effect of changes in cash flow assumptions	(6)		—		—		(12)		(6)		(12)
Effect of actual variances from expected experience	(25)		(30)		8		20		(17)		(10)
Adjusted beginning balance	2,464		2,286		664		542		3,128		2,828
Issuances	344		256		57		18		401		274
Interest accrual	53		47		15		12		68		59
Benefit payments	(210)		(199)		(19)		(26)		(229)		(225)

Ending balance at original discount rate	2,651		2,390		717		546		3,368		2,936
Effect of changes in discount rate assumptions	(84)		(64)		(20)		(7)		(104)		(71)
Ending balance	$	2,567	$	2,326	$	697	$	539	$	3,264	$	2,865

Net reserve for future policy benefits (1)	$	750	$	773	$	331	$	295	$	1,081	$	1,068
Less: reinsurance recoverables	80		84		1		2		81		86
Net reserve for future policy benefits, after reinsurance recoverables	$	670	$	689	$	330	$	293	$	1,000	$	982

(1)Excludes $263 million and $271 million of reserves related to short-duration and other contracts as of June 30, 2024 and 2023, respectively.


Revenue and interest recognized in the condensed consolidated statements of operations
($ in millions)	Six months ended June 30,
		2024		2023
Revenues (1)
Accident and health		$	436	$	446
Traditional life		68		50
Total		$	504	$	496

Interest expense (2)
Accident and health		$	14	$	22
Traditional life		8		7
Total		$	22	$	29

(1)Total revenues reflects gross premiums used in the calculation for reserve for future policy benefits. Revenues included in Accident and health insurance premiums and contract charges on the Condensed Consolidated Statements of Operations reflect premium revenue recognized for traditional life insurance and long-duration and short-duration accident and health insurance contracts.

(2)Total interest expense presented as part of Accident, health and other policy benefits on the Condensed Consolidated Statements of Operations.

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts.


	As of June 30,
	2024				2023
($ in millions)	Undiscounted		Discounted		Undiscounted		Discounted
Accident and health
Expected future gross premiums	$	5,703	$	3,867	$	5,020	$	3,602
Expected future benefits and expenses	3,854		2,567		3,350		2,326
Traditional life
Expected future gross premiums	1,042		715		696		489
Expected future benefits and expenses	1,456		697		1,008		539

The following table provides the weighted-average duration and weighted-average interest rates for the reserve for future policy benefits.



	As of June 30,
	Accident and health				Traditional life
	2024		2023		2024		2023
Weighted-average duration (in years)	8.0		3.9		15.1		14.0
Weighted-average interest rates
Interest accretion rate (discount rate at contract issuance)	5.04	%	5.08	%	5.37	%	5.46	%
Current discount rate (upper-medium grade fixed income yield)	5.26		4.79		5.35		5.14

Schedule of Contractholder Funds Activity


Contractholder funds activity
	Six months ended June 30,
($ in millions)	2024			2023
Beginning balance	$	888		$	879
Deposits	67			66
Interest credited	17			17
Benefits	(5)			(6)
Surrenders and partial withdrawals	(11)			(10)
Contract charges	(60)			(60)
Other adjustments	(5)			(5)
Ending balance	$	891		$	881

Components of contractholder funds
Interest-sensitive life insurance	$	849		$	833
Fixed annuities	42			48
Total	$	891		$	881

Weighted-average crediting rate	4.20		%	4.27		%
Net amount at risk (1)	$	11,165		$	11,640
Cash surrender value	732			725

(1)Guaranteed benefit amounts in excess of the current account balances.

Schedule of Account Values by Comparison of Current Crediting Rate to Guaranteed Minimum Crediting Rate


Account values: comparison of current crediting rate to guaranteed minimum crediting rate (1)
($ in millions) Range of guaranteed minimum crediting rates	At guaranteed minimum		1-50 basis points above		Total
June 30, 2024
Less than 3.00%	$	—	$	—	$	—
3.00% - 3.49%	—		37		37
3.50% - 3.99%	10		—		10
4.00% - 4.49%	438		—		438
4.50% - 4.99%	259		—		259
5.00% or greater	66		—		66
Non-account balances (2)					81
Total	$	773	$	37	$	891

June 30, 2023
Less than 3.00%	$	—	$	—	$	—
3.00% - 3.49%	—		23		23
3.50% - 3.99%	11		—		11
4.00% - 4.49%	433		—		433
4.50% - 4.99%	265		—		265
5.00% or greater	69		—		69
Non-account balances (2)					80
Total	$	778	$	23	$	881

(1)Difference, in basis points, between rates being credited to contractholders and the respective guaranteed minimum crediting rates.

(2)Non-account balances include unearned revenue and amounts related to policies where a claim is either in the course of settlement or incurred but not reported. A claim on a life insurance policy results in the accrual of interest at a rate and over a period of time that is specified by state insurance regulations.

Reinsurance and Indemnification - Schedule of Effects of Reinsurance Ceded and Indemnification Programs on Property and Casualty Premiums Earned and Accident and Health Insurance Premiums and Contract Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property and casualty insurance premiums earned
Reinsurance
Property and casualty insurance premiums earned	$ (588)	$ (495)	$ (1,145)	$ (941)
Accident and health insurance premiums and contract charges
Reinsurance
Accident and health insurance premiums and contract charges	$ (11)	$ (10)	$ (21)	$ (19)

Fair Value of Assets and Liabilities - Schedule of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Financial assets
Mortgage loans	$ 815	$ 822
Financial liabilities
Debt	8,082	7,942
Liability for collateral	2,001	1,891	$ 1,791	$ 2,011
Significant unobservable inputs (Level 3) \| Amortized cost, net
Financial assets
Mortgage loans	815	822
Bank loans	149	224
Financial liabilities
Contractholder funds on investment contracts	42	46
Significant unobservable inputs (Level 3) \| Fair value
Financial assets
Mortgage loans	762	769
Bank loans	161	238
Financial liabilities
Contractholder funds on investment contracts	42	46
Significant other observable inputs (Level 2) \| Amortized cost, net
Financial liabilities
Debt	8,082	7,942
Liability for collateral	2,001	1,891
Significant other observable inputs (Level 2) \| Fair value
Financial liabilities
Debt	7,690	7,655
Liability for collateral	$ 2,001	$ 1,891

Reserve for Property and Casualty Insurance Claims and Claims Expense (Tables)

6 Months Ended

Jun. 30, 2024

Reserve for Property-Liability Insurance Claims and Claims Expense [Abstract]

Schedule of Rollforward of the Reserve for Property and Casualty Insurance Claims and Claims Expense and Prior Year Reserve Re-Estimates Included in Claims and Claims Expense


Rollforward of the reserve for property and casualty insurance claims and claims expense
	Six months ended June 30,
($ in millions)	2024		2023
Balance as of January 1	$	39,858	$	37,541
Less: Recoverables (1)	8,396		9,176
Net balance as of January 1	31,462		28,365

Incurred claims and claims expense related to:
Current year	20,656		21,856
Prior years	(354)		197
Total incurred	20,302		22,053
Claims and claims expense paid related to:
Current year	(9,087)		(9,094)
Prior years	(9,465)		(9,523)
Total paid	(18,552)		(18,617)
Net balance as of June 30	33,212		31,801
Plus: Recoverables	8,341		8,730
Balance as of June 30	$	41,553	$	40,531

(1)Recoverables comprises reinsurance and indemnification recoverables.


Prior year reserve reestimates included in claims and claims expense (1)
	Non-catastrophe losses				Catastrophe losses				Total
($ in millions)	2024		2023		2024		2023		2024		2023
Three months ended June 30,
Auto	$	(171)	$	116	$	(9)	$	(19)	$	(180)	$	97
Homeowners	(63)		41		(128)		53		(191)		94
Other personal lines	60		8		1		(5)		61		3
Commercial lines	109		6		(2)		2		107		8
Other business lines	(1)		10		—		—		(1)		10
Run-off Property-Liability	2		1		—		—		2		1
Protection Services	(1)		(1)		—		—		(1)		(1)
Total prior year reserve reestimates	$	(65)	$	181	$	(138)	$	31	$	(203)	$	212

Six months ended June 30,
Auto	$	(238)	$	119	$	(16)	$	(47)	$	(254)	$	72
Homeowners	(103)		29		(277)		45		(380)		74
Other personal lines	115		18		(2)		(12)		113		6
Commercial lines	163		29		(5)		3		158		32
Other business lines	4		11		—		—		4		11
Run-off Property-Liability	6		3		—		—		6		3
Protection Services	(1)		(1)		—		—		(1)		(1)
Total prior year reserve reestimates	$	(54)	$	208	$	(300)	$	(11)	$	(354)	$	197

(1)Favorable reserve reestimates are shown in parentheses.

Reinsurance and Indemnification - Schedule of Rollforward of Credit Loss Allowance for Reinsurance Recoverables (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property and casualty
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (64)	$ (61)	$ (62)	$ (62)
(Increase) decrease in the provision for credit losses	0	0	(2)	1
Write-offs	0	0	0	0
Ending balance	(64)	(61)	(64)	(61)
Accident and health insurance
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(3)	(3)	(3)	(3)
(Increase) decrease in the provision for credit losses	0	0	0	0
Write-offs	0	0	0	0
Ending balance	$ (3)	$ (3)	$ (3)	$ (3)

Reinsurance and Indemnification - Schedule of Effects of Reinsurance Ceded and Indemnification Programs on Property and Casualty Insurance Claims and Claims Expense and Accident, Health and Other Policy Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property and casualty insurance claims and claims expense
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	$ (284)	$ 60	$ (516)	$ (260)
Accident, health and other policy benefits
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	$ (8)	$ (17)	$ (14)	$ (25)

Investments - Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value for Fixed Income Securities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	$ 53,788	$ 49,649
Gross unrealized gains	292	650
Gross unrealized losses	(1,504)	(1,434)
Fair value	52,576	48,865
U.S. government and agencies
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	10,724	8,624
Gross unrealized gains	34	114
Gross unrealized losses	(194)	(119)
Fair value	10,564	8,619
Municipal
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	6,661	6,049
Gross unrealized gains	46	109
Gross unrealized losses	(169)	(152)
Fair value	6,538	6,006
Corporate
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	33,443	31,951
Gross unrealized gains	191	397
Gross unrealized losses	(1,120)	(1,143)
Fair value	32,514	31,205
Foreign government
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	1,299	1,286
Gross unrealized gains	5	17
Gross unrealized losses	(15)	(13)
Fair value	1,289	1,290
ABS
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	1,661	1,739
Gross unrealized gains	16	13
Gross unrealized losses	(6)	(7)
Fair value	$ 1,671	$ 1,745

Variable Interest Entities - Schedule of Assets and Liabilities of Reciprocal Exchanges (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Investments
Fixed income securities, at fair value	$ 52,576	$ 48,865
Short-term investments	5,288	5,144
Deferred policy acquisition costs	6,112	5,940	$ 5,607
Premium installment and other receivables, net	10,762	10,044
Reinsurance recoverables, net	8,730	8,809
Other assets	6,461	6,051
Total assets	108,368	103,362
Liabilities
Reserve for property and casualty insurance claims and claims expense	41,553	39,858
Unearned premiums	25,929	24,709
Total liabilities	89,795	85,732
Variable Interest Entity, Primary Beneficiary
Investments
Fixed income securities, at fair value	227	267
Short-term investments	30	7
Deferred policy acquisition costs	17	25
Premium installment and other receivables, net	41	44
Reinsurance recoverables, net	75	76
Other assets	15	54
Total assets	405	473
Liabilities
Reserve for property and casualty insurance claims and claims expense	226	201
Unearned premiums	160	177
Other liabilities and expenses	26	77
Total liabilities	412	455
Consolidation, Eliminations
Investments
Total assets	(57)	(26)
Liabilities
Total liabilities	$ (198)	$ (189)

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 347	$ (1,375)	$ 1,545	$ (1,696)
Changes in:
Unrealized net capital gains and losses	(119)	(272)	(334)	410
Unrealized foreign currency translation adjustments	(23)	28	(15)	78
Unamortized pension and other postretirement prior service credit	0	(5)	(1)	(9)
Discount rate for reserve for future policy benefits	(1)	8	24	(1)
Other comprehensive (loss) income, after-tax	(143)	(241)	(326)	478
Comprehensive income (loss)	204	(1,616)	1,219	(1,218)
Less: Comprehensive income (loss) attributable to noncontrolling interest	16	(24)	(3)	(20)
Comprehensive income (loss) attributable to Allstate	$ 188	$ (1,592)	$ 1,222	$ (1,198)

Reserve for Future Policy Benefits and Contractholder Funds - Schedule of Rollforward of Reserve for Future Policy Benefits (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Present value of expected net premiums
Beginning balance	$ 2,013	$ 1,702
Beginning balance at original discount rate	2,067	1,795
Effect of changes in cash flow assumptions			$ (1)	$ (12)
Effect of actual variances from expected experience			(14)	(7)
Adjusted beginning balance			2,052	1,776
Issuances	400	277
Interest accrual	46	30
Net premiums collected	(228)	(211)
Ending balance at original discount rate	2,270	1,872
Effect of changes in discount rate assumptions	(87)	(75)
Ending balance	2,183	1,797
Present value of expected future policy benefits
Beginning balance	3,110	2,753
Beginning balance at original discount rate	3,151	2,850
Effect of changes in cash flow assumptions			(6)	(12)
Effect of actual variances from expected experience			(17)	(10)
Adjusted beginning balance			3,128	2,828
Issuances	401	274
Interest accrual	68	59
Benefit payments	(229)	(225)
Ending balance at original discount rate	3,368	2,936
Effect of changes in discount rate assumptions	(104)	(71)
Ending balance	3,264	2,865
Net reserve for future policy benefits	1,081	1,068
Less: reinsurance recoverables	81	86
Net reserve for future policy benefits, after reinsurance recoverables	1,000	982
Reserves related to short-duration contracts	263	271
Accident and health insurance
Present value of expected net premiums
Beginning balance	1,688	1,464
Beginning balance at original discount rate	1,737	1,549
Effect of changes in cash flow assumptions			(1)	0
Effect of actual variances from expected experience			(27)	(26)
Adjusted beginning balance			1,709	1,523
Issuances	344	259
Interest accrual	39	25
Net premiums collected	(196)	(186)
Ending balance at original discount rate	1,896	1,621
Effect of changes in discount rate assumptions	(79)	(68)
Ending balance	1,817	1,553
Present value of expected future policy benefits
Beginning balance	2,453	2,229
Beginning balance at original discount rate	2,495	2,316
Effect of changes in cash flow assumptions			(6)	0
Effect of actual variances from expected experience			(25)	(30)
Adjusted beginning balance			2,464	2,286
Issuances	344	256
Interest accrual	53	47
Benefit payments	(210)	(199)
Ending balance at original discount rate	2,651	2,390
Effect of changes in discount rate assumptions	(84)	(64)
Ending balance	2,567	2,326
Net reserve for future policy benefits	750	773
Less: reinsurance recoverables	80	84
Net reserve for future policy benefits, after reinsurance recoverables	670	689
Traditional life
Present value of expected net premiums
Beginning balance	325	238
Beginning balance at original discount rate	330	246
Effect of changes in cash flow assumptions			0	(12)
Effect of actual variances from expected experience			13	19
Adjusted beginning balance			343	253
Issuances	56	18
Interest accrual	7	5
Net premiums collected	(32)	(25)
Ending balance at original discount rate	374	251
Effect of changes in discount rate assumptions	(8)	(7)
Ending balance	366	244
Present value of expected future policy benefits
Beginning balance	657	524
Beginning balance at original discount rate	656	534
Effect of changes in cash flow assumptions			0	(12)
Effect of actual variances from expected experience			8	20
Adjusted beginning balance			$ 664	$ 542
Issuances	57	18
Interest accrual	15	12
Benefit payments	(19)	(26)
Ending balance at original discount rate	717	546
Effect of changes in discount rate assumptions	(20)	(7)
Ending balance	697	539
Net reserve for future policy benefits	331	295
Less: reinsurance recoverables	1	2
Net reserve for future policy benefits, after reinsurance recoverables	$ 330	$ 293

Condensed Consolidated Statements of Shareholders’ Equity (unaudited) - 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	Treasury stock	Accumulated other comprehensive income (loss)	Noncontrolling interest
Increase (decrease) in equity
Total equity			$ 1,970		$ 3,788	$ 50,970	$ (36,857)	$ (2,392)	$ (125)
Balance, beginning of period at Dec. 31, 2022			1,970		3,788	50,970	(36,857)	(2,392)	(125)
Increase (decrease) in equity
Preferred stock issuance, net of issuance costs			587
Preferred stock redemption			(556)
Equity incentive plans activity, net					(2)
Net income (loss)	$ (1,696)					(1,672)			(24)
Dividends on common stock (declared per share of $0.92, $0.89, $1.84, and $1.78 )						(469)
Dividends on preferred stock						(63)
Shares acquired							(307)
Shares reissued under equity incentive plans, net							33
Change in unrealized net capital gains and losses	410							410	4
Change in unrealized foreign currency translation adjustments	78							78
Change in unamortized pension and other postretirement prior service credit	(9)							(9)
Change in discount rate for reserve for future policy benefits	(1)							(1)
Capital transaction for noncontrolling interest									0
Balance, end of period at Jun. 30, 2023	15,372	$ 0	2,001	$ 9	3,786	48,766	(37,131)	(1,914)	(145)
Increase (decrease) in equity
Total equity			1,970		3,780	50,388	(36,980)	(1,673)	(121)
Balance, beginning of period at Mar. 31, 2023			1,970		3,780	50,388	(36,980)	(1,673)	(121)
Increase (decrease) in equity
Preferred stock issuance, net of issuance costs			587
Preferred stock redemption			(556)
Equity incentive plans activity, net					6
Net income (loss)	(1,375)					(1,352)			(23)
Dividends on common stock (declared per share of $0.92, $0.89, $1.84, and $1.78 )						(233)
Dividends on preferred stock						(37)
Shares acquired							(154)
Shares reissued under equity incentive plans, net							3
Change in unrealized net capital gains and losses	(272)							(272)	(1)
Change in unrealized foreign currency translation adjustments	28							28
Change in unamortized pension and other postretirement prior service credit	(5)							(5)
Change in discount rate for reserve for future policy benefits	8							8
Capital transaction for noncontrolling interest									0
Balance, end of period at Jun. 30, 2023	15,372	0	2,001	9	3,786	48,766	(37,131)	(1,914)	(145)
Increase (decrease) in equity
Total Allstate shareholders’ equity	15,517
Total equity	15,372	0	2,001	9	3,786	48,766	(37,131)	(1,914)	(145)
Total Allstate shareholders’ equity	17,770
Total equity	17,630		2,001		3,854	49,716	(37,110)	(700)	(140)
Balance, beginning of period at Dec. 31, 2023	17,630		2,001		3,854	49,716	(37,110)	(700)	(140)
Increase (decrease) in equity
Preferred stock issuance, net of issuance costs			0
Preferred stock redemption			0
Equity incentive plans activity, net					73
Net income (loss)	1,545					1,549			(4)
Dividends on common stock (declared per share of $0.92, $0.89, $1.84, and $1.78 )						(488)
Dividends on preferred stock						(59)
Shares acquired							0
Shares reissued under equity incentive plans, net							74
Change in unrealized net capital gains and losses	(334)							(334)	1
Change in unrealized foreign currency translation adjustments	(15)							(15)
Change in unamortized pension and other postretirement prior service credit	(1)							(1)
Change in discount rate for reserve for future policy benefits	24
Capital transaction for noncontrolling interest									123
Balance, end of period at Jun. 30, 2024	18,573	0	2,001	9	3,927	50,718	(37,036)	(1,026)	(20)
Increase (decrease) in equity
Total equity			2,001		3,894	50,662	(37,044)	(883)	(159)
Balance, beginning of period at Mar. 31, 2024			2,001		3,894	50,662	(37,044)	(883)	(159)
Increase (decrease) in equity
Preferred stock issuance, net of issuance costs			0
Preferred stock redemption			0
Equity incentive plans activity, net					33
Net income (loss)	347					331			16
Dividends on common stock (declared per share of $0.92, $0.89, $1.84, and $1.78 )						(245)
Dividends on preferred stock						(30)
Shares acquired							0
Shares reissued under equity incentive plans, net							8
Change in unrealized net capital gains and losses	(119)							(119)	0
Change in unrealized foreign currency translation adjustments	(23)							(23)
Change in unamortized pension and other postretirement prior service credit	0							0
Change in discount rate for reserve for future policy benefits	(1)							(1)
Capital transaction for noncontrolling interest									123
Balance, end of period at Jun. 30, 2024	18,573	0	2,001	9	3,927	50,718	(37,036)	(1,026)	(20)
Increase (decrease) in equity
Total Allstate shareholders’ equity	18,593
Total equity	$ 18,573	$ 0	$ 2,001	$ 9	$ 3,927	$ 50,718	$ (37,036)	$ (1,026)	$ (20)

Reportable Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Reportable Segments


Note 3			Reportable Segments

Measuring segment profit or loss

The measure of segment profit or loss used in evaluating performance is underwriting income for the Allstate Protection and Run-off Property-Liability segments and adjusted net income for the Protection Services, Allstate Health and Benefits and Corporate and Other segments.

Allstate Protection and Run-off Property Liability segments comprise Property-Liability. The Company does not allocate investment income, net gains and losses on investments and derivatives, or assets to the Allstate Protection and Run-off Property Liability segments. Management reviews assets at the Property-Liability, Protection Services, Allstate Health and Benefits, and Corporate and Other levels for decision-making purposes.

Underwriting income is calculated as premiums earned and other revenue, less claims and claims expenses (“losses”), amortization of deferred policy

acquisition costs (“DAC”), operating costs and expenses, amortization or impairment of purchased intangibles and restructuring and related charges as determined using GAAP.

Adjusted net income is net income (loss) applicable to common shareholders, excluding:


•			Net gains and losses on investments and derivatives
•			Pension and other postretirement remeasurement gains and losses
•			Amortization or impairment of purchased intangibles
•			Gain or loss on disposition
•			Adjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two years
•			Income tax expense or benefit on reconciling items

A reconciliation of these measures to net income (loss) applicable to common shareholders is provided below.


Reportable segments financial performance
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Underwriting income (loss) by segment
Allstate Protection	$	(142)	$	(2,092)	$	761	$	(3,090)
Run-off Property-Liability	(3)		(2)		(8)		(5)
Total Property-Liability	(145)		(2,094)		753		(3,095)

Adjusted net income (loss) by segment, after-tax
Protection Services	55		41		109		75
Allstate Health and Benefits	58		57		114		113
Corporate and Other	(104)		(111)		(210)		(200)

Reconciling items
Allstate Protection and Run-off Property-Liability net investment income	643		544		1,345		1,053
Net gains (losses) on investments and derivatives	(103)		(151)		(267)		(137)
Pension and other postretirement remeasurement gains (losses)	9		40		11		93

Amortization of purchased intangibles (1)	(19)		(24)		(37)		(48)

Gain (loss) on disposition	1		(8)		5		1
Non-recurring costs (2)	—		(90)		—		(90)
Income tax (expense) benefit on Property-Liability and reconciling items (3)	(78)		384		(337)		476
Total reconciling items	453		695		720		1,348

Less: Net income (loss) attributable to noncontrolling interest (4)	16		(23)		(4)		(24)

Net income (loss) applicable to common shareholders	$	301	$	(1,389)	$	1,490	$	(1,735)

(1)Excludes amortization of purchased intangibles in Property-Liability, which is already included above in underwriting income.

(2)Relates to settlement costs for non-recurring litigation that is outside of the ordinary course of business.

(4)Reflects net income (loss) attributable to noncontrolling interest in Property-Liability.


Reportable segments revenue information
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Property-Liability
Insurance premiums
Auto	$	9,079	$	8,121	$	17,857	$	16,029
Homeowners	3,255		2,883		6,409		5,693
Other personal lines	701		587		1,360		1,149
Commercial lines	158		202		327		434
Other business lines	146		128		286		251
Allstate Protection	13,339		11,921		26,239		23,556
Run-off Property-Liability	—		—		—		—
Total Property-Liability insurance premiums	13,339		11,921		26,239		23,556
Other revenue	441		389		871		742
Net investment income	643		544		1,345		1,053
Net gains (losses) on investments and derivatives	(103)		(135)		(265)		(123)
Total Property-Liability	14,320		12,719		28,190		25,228

Protection Services
Protection plans	453		373		892		734
Roadside assistance	34		48		81		97
Protection and insurance products	126		128		252		256
Intersegment premiums and service fees (1)	39		35		74		68
Other revenue	98		84		183		168
Net investment income	23		18		44		34
Net gains (losses) on investments and derivatives	(1)		(4)		(6)		(5)
Total Protection Services	772		682		1,520		1,352

Allstate Health and Benefits
Employer voluntary benefits	246		245		494		500
Group health	120		110		238		217
Individual health	108		98		220		199
Other revenue	121		101		255		202
Net investment income	25		21		48		40
Net gains (losses) on investments and derivatives	—		1		2		3
Total Allstate Health and Benefits	620		576		1,257		1,161

Corporate and Other
Other revenue	19		23		39		46
Net investment income	21		27		39		58
Net gains (losses) on investments and derivatives	1		(13)		2		(12)
Total Corporate and Other	41		37		80		92

Intersegment eliminations (1)	(39)		(35)		(74)		(68)
Consolidated revenues	$	15,714	$	13,979	$	30,973	$	27,765

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

- 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/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2024

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

Other Comprehensive Income (Loss)


Note 17			Other Comprehensive Income (Loss)


Components of other comprehensive income (loss) on a pre-tax and after-tax basis
($ in millions)	Three months ended June 30,
	2024						2023
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$	(260)	$	56	$	(204)	$	(472)	$	96	$	(376)
Less: reclassification adjustment of realized capital gains and losses	(108)		23		(85)		(131)		27		(104)
Unrealized net capital gains and losses	(152)		33		(119)		(341)		69		(272)
Unrealized foreign currency translation adjustments	(29)		6		(23)		36		(8)		28
Unamortized pension and other postretirement prior service credit (1)	(1)		1		—		(6)		1		(5)
Discount rate for reserve for future policy benefits	(1)		—		(1)		10		(2)		8
Other comprehensive (loss) income	$	(183)	$	40	$	(143)	$	(301)	$	60	$	(241)

	Six months ended June 30,
	2024						2023
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$	(635)	$	136	$	(499)	$	257	$	(60)	$	197
Less: reclassification adjustment of realized capital gains and losses	(209)		44		(165)		(269)		56		(213)
Unrealized net capital gains and losses	(426)		92		(334)		526		(116)		410
Unrealized foreign currency translation adjustments	(19)		4		(15)		99		(21)		78
Unamortized pension and other postretirement prior service credit (1)	(2)		1		(1)		(12)		3		(9)
Discount rate for reserve for future policy benefits	31		(7)		24		(1)		—		(1)
Other comprehensive (loss) income	$	(416)	$	90	$	(326)	$	612	$	(134)	$	478

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

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Volume and Fair Value Positions of Derivative Instruments


Summary of the volume and fair value positions of derivative instruments as of June 30, 2024
($ in millions, except number of contracts)		Volume (1)
	Balance sheet location	Notional amount		Number of contracts	Fair value, net		Gross asset		Gross liability
Asset derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts



Futures	Other assets	n/a		3,538	$	1	$	1	$	—
Equity and index contracts
Options	Other investments	n/a		28	—		—		—
Futures	Other assets	n/a		1,192	1		1		—






Contingent consideration	Other assets	$	250	n/a	121		121		—








Total asset derivatives		$	250	4,758	$	123	$	123	$	—

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts




Futures	Other liabilities & accrued expenses	n/a		10,307	$	(2)	$	—	$	(2)
Equity and index contracts
Options	Other liabilities & accrued expenses	n/a		17	—		—		—
Futures	Other liabilities & accrued expenses	n/a		482	(1)		—		(1)




Foreign currency contracts
Foreign currency forwards	Other liabilities & accrued expenses	$	616	n/a	5		7		(2)





Credit default contracts
Credit default swaps – buying protection	Other liabilities & accrued expenses	30		n/a	—		—		—



Total liability derivatives		646		10,806	2		$	7	$	(5)
Total derivatives		$	896	15,564	$	125


Summary of the volume and fair value positions of derivative instruments as of December 31, 2023
($ in millions, except number of contracts)		Volume (1)
	Balance sheet location	Notional amount		Number of contracts	Fair value, net		Gross asset		Gross liability
Asset derivatives



Derivatives not designated as accounting hedging instruments
Interest rate contracts

Futures	Other assets	n/a		20,479	$	2	$	2	$	—
Equity and index contracts
Options	Other investments	n/a		32	—		—		—
Futures	Other assets	n/a		1,305	1		1		—



Foreign currency contracts
Foreign currency forwards	Other investments	$	278	n/a	(2)		2		(4)

Contingent consideration	Other assets	250		n/a	118		118		—
Credit default contracts
Credit default swaps – buying protection	Other investments	34		n/a	(1)		—		(1)





Total asset derivatives		$	562	21,816	$	118	$	123	$	(5)

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts


Futures	Other liabilities & accrued expenses	n/a		2,175	$	(1)	$	—	$	(1)
Equity and index contracts

Futures	Other liabilities & accrued expenses	n/a		980	(1)		—		(1)



Foreign currency contracts
Foreign currency forwards	Other liabilities & accrued expenses	$	306	n/a	(3)		1		(4)


Credit default contracts
Credit default swaps – buying protection	Other liabilities & accrued expenses	19		n/a	(1)		—		(1)


Total liability derivatives		325		3,155	(6)		$	1	$	(7)
Total derivatives		$	887	24,971	$	112

Schedule of Gross and Net Amounts for OTC Derivatives


Gross and net amounts for OTC derivatives (1)
($ in millions)			Offsets
	Gross amount		Counter-party netting		Cash collateral (received) pledged		Net amount on balance sheet		Securities collateral (received) pledged		Net amount
June 30, 2024
Asset derivatives	$	7	$	(7)	$	—	$	—	$	—	$	—
Liability derivatives	(2)		7		(7)		(2)		—		(2)

December 31, 2023
Asset derivatives	$	3	$	(6)	$	4	$	1	$	—	$	1
Liability derivatives	(10)		6		2		(2)		—		(2)

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

Schedule of Gains (Losses) from Valuation and Settlements Reported on Derivatives Not Designated as Accounting Hedges


Gains (losses) from valuation and settlements reported on derivatives not designated as accounting hedges
($ in millions)	Net gains (losses) on investments and derivatives		Operating costs and expenses		Total gain (loss) recognized in net income on derivatives
Three months ended June 30, 2024
Interest rate contracts	$	(14)	$	—	$	(14)
Equity and index contracts	(4)		—		(4)
Contingent consideration	—		1		1
Foreign currency contracts	3		—		3




Total	$	(15)	$	1	$	(14)

Six months ended June 30, 2024
Interest rate contracts	$	(21)	$	—	$	(21)
Equity and index contracts	(15)		14		(1)
Contingent consideration	—		3		3
Foreign currency contracts	14		—		14
Credit default contracts	(1)		—		(1)



Total	$	(23)	$	17	$	(6)

Three months ended June 30, 2023
Interest rate contracts	$	18	$	—	$	18
Equity and index contracts	(20)		10		(10)
Contingent consideration	—		(8)		(8)

Foreign currency contracts	(4)		—		(4)
Credit default contracts	(1)		—		(1)



Total	$	(7)	$	2	$	(5)

Six months ended June 30, 2023
Interest rate contracts	$	(17)	$	—	$	(17)
Equity and index contracts	(16)		18		2
Contingent consideration	—		1		1
Foreign currency contracts	(11)		—		(11)
Credit default contracts	(15)		—		(15)



Total	$	(59)	$	19	$	(40)

Schedule of OTC Cash and Securities Collateral Pledged


OTC cash and securities collateral pledged
($ in millions)	June 30, 2024
Pledged by the Company	$	—
Pledged to the Company (1)	7

(1) No collateral was posted under MNAs for contracts containing credit-risk-contingent provisions that are in a liability provision.

Schedule of OTC Derivatives Counterparty Credit Exposure by Counterparty Credit Rating


OTC derivatives counterparty credit exposure by counterparty credit rating
($ in millions)	June 30, 2024							December 31, 2023
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	$	458	$	5	$	—	—	$	—	$	—	$	—




Total	3	$	458	$	5	$	—	—	$	—	$	—	$	—

(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.

Schedule of Exchange Traded and Cleared Margin Deposits


Exchange traded and cleared margin deposits
($ in millions)	June 30, 2024
Pledged by the Company	$	79
Received by the Company	—

Schedule of Fair Value of Instruments with Credit-Risk-Contingent Features


($ in millions)	June 30, 2024		December 31, 2023
Gross liability fair value of contracts containing credit-risk-contingent features	$	2	$	10
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(2)		(3)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	—		(5)
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$	—	$	2

Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of Components of 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
($ in millions)	Three months ended June 30,
	2024						2023
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$	(260)	$	56	$	(204)	$	(472)	$	96	$	(376)
Less: reclassification adjustment of realized capital gains and losses	(108)		23		(85)		(131)		27		(104)
Unrealized net capital gains and losses	(152)		33		(119)		(341)		69		(272)
Unrealized foreign currency translation adjustments	(29)		6		(23)		36		(8)		28
Unamortized pension and other postretirement prior service credit (1)	(1)		1		—		(6)		1		(5)
Discount rate for reserve for future policy benefits	(1)		—		(1)		10		(2)		8
Other comprehensive (loss) income	$	(183)	$	40	$	(143)	$	(301)	$	60	$	(241)

	Six months ended June 30,
	2024						2023
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$	(635)	$	136	$	(499)	$	257	$	(60)	$	197
Less: reclassification adjustment of realized capital gains and losses	(209)		44		(165)		(269)		56		(213)
Unrealized net capital gains and losses	(426)		92		(334)		526		(116)		410
Unrealized foreign currency translation adjustments	(19)		4		(15)		99		(21)		78
Unamortized pension and other postretirement prior service credit (1)	(2)		1		(1)		(12)		3		(9)
Discount rate for reserve for future policy benefits	31		(7)		24		(1)		—		(1)
Other comprehensive (loss) income	$	(416)	$	90	$	(326)	$	612	$	(134)	$	478

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

Variable Interest Entities

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities


Note 7			Variable Interest Entities

Consolidated VIEs primarily include Adirondack Insurance Exchange (“Adirondack”), a New York reciprocal insurer, and New Jersey Skylands Insurance Association (“Skylands”), a New Jersey reciprocal insurer. The Reciprocal Exchanges are insurance carriers organized as unincorporated associations. The Company does not own the equity of the Reciprocal Exchanges, which is owned by their respective policyholders.

The results of the Reciprocal Exchanges are included in the Allstate Protection segment as the Company manages the business operations of the Reciprocal Exchanges and has the power to direct their activities that most significantly impact their economic performance. The Company receives a management fee for the services provided to the Reciprocal Exchanges totaling $11 million and $21 million for the three and six months ended June 30, 2024, respectively, compared to $12 million and $23 million for the three and six months ended June 30, 2023, respectively. In addition, as of June 30, 2024 and December 31, 2023, the Company holds interests of $123 million in the form of surplus notes that provide capital to the Reciprocal Exchanges and would absorb expected losses.

As of June 30, 2024, Adirondack’s capital was below levels required by insurance regulations and its December 31, 2023 statutory-basis audited financial statements included disclosure expressing substantial

doubt about Adirondack’s ability to continue as a going concern. Due to ongoing operating losses and the inability of the Reciprocal Exchanges to obtain approval for premium rate increases that are commensurate with increases in claims and claims expense, the Company recorded a loss for the carrying value of the surplus notes in the amount of $123 million in the first quarter of 2024. The loss has been reflected as a capital transaction attributable to noncontrolling interest as the Company expects 100% of its interests in surplus notes to absorb expected losses of the Reciprocal Exchanges.

In addition, the Company has a 100% quota share reinsurance agreement with Skylands to cede all of Skylands’ business to the Company. Claims and claims expense ceded to the Company were $18 million and $30 million for the three and six months ended June 30, 2024, respectively, compared to $10 million and $17 million for the three and six months ended June 30, 2023, respectively.

The Reciprocal Exchanges generated $61 million and $122 million of earned premiums for the three and six months ended June 30, 2024, respectively, compared to $57 million and $114 million for the three and six months ended June 30, 2023, respectively. Total costs and expenses were $58 million and $145 million for the three and six months ended June 30, 2024, respectively, compared to $85 million and $144

million for the three and six months ended June 30, 2023, respectively.

In the event of dissolution, policyholders would share any residual unassigned surplus but are not subject to assessment for any deficit in unassigned surplus of the Reciprocal Exchanges. The assets of the Reciprocal Exchanges can be used only to settle the obligations of the Reciprocal Exchanges and general creditors have no recourse to the Company.

The table below reflects the consolidated VIE results, which exclude all intercompany transactions including surplus notes and related accrued interest, management fees and intercompany reinsurance transactions.


Assets and liabilities of Reciprocal Exchanges included in the condensed consolidated statement of financial position (1)
($ in millions)	June 30, 2024		December 31, 2023
Assets
Fixed income securities	$	227	$	267
Short-term investments	30		7
Deferred policy acquisition costs	17		25
Premium installment and other receivables, net	41		44
Reinsurance recoverables, net	75		76
Other assets	15		54
Total assets	405		473
Liabilities
Reserve for property and casualty insurance claims and claims expense	226		201
Unearned premiums	160		177
Other liabilities and expenses	26		77
Total liabilities	$	412	$	455

(1) Intercompany balances eliminated in consolidation





Total assets	$	(57)	$	(26)




Total liabilities	(198)		(189)

Reserve for Property and Casualty Insurance Claims and Claims Expense - Schedule of Prior Year Reserve Re-Estimates Included in Claims and Claims Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (decrease) in claims and claims expense
Prior years	$ (203)	$ 212	$ (354)	$ 197
Auto
Increase (decrease) in claims and claims expense
Prior years	(180)	97	(254)	72
Homeowners
Increase (decrease) in claims and claims expense
Prior years	(191)	94	(380)	74
Other personal lines
Increase (decrease) in claims and claims expense
Prior years	61	3	113	6
Commercial lines
Increase (decrease) in claims and claims expense
Prior years	107	8	158	32
Other business lines
Increase (decrease) in claims and claims expense
Prior years	(1)	10	4	11
Run-off Property-Liability
Increase (decrease) in claims and claims expense
Prior years	2	1	6	3
Protection Services
Increase (decrease) in claims and claims expense
Prior years	(1)	(1)	(1)	(1)
Catastrophe losses
Increase (decrease) in claims and claims expense
Prior years	(138)	31	(300)	(11)
Catastrophe losses \| Auto
Increase (decrease) in claims and claims expense
Prior years	(9)	(19)	(16)	(47)
Catastrophe losses \| Homeowners
Increase (decrease) in claims and claims expense
Prior years	(128)	53	(277)	45
Catastrophe losses \| Other personal lines
Increase (decrease) in claims and claims expense
Prior years	1	(5)	(2)	(12)
Catastrophe losses \| Commercial lines
Increase (decrease) in claims and claims expense
Prior years	(2)	2	(5)	3
Catastrophe losses \| Other business lines
Increase (decrease) in claims and claims expense
Prior years	0	0	0	0
Catastrophe losses \| Run-off Property-Liability
Increase (decrease) in claims and claims expense
Prior years	0	0	0	0
Catastrophe losses \| Protection Services
Increase (decrease) in claims and claims expense
Prior years	0	0	0	0
Non-catastrophe losses
Increase (decrease) in claims and claims expense
Prior years	(65)	181	(54)	208
Non-catastrophe losses \| Auto
Increase (decrease) in claims and claims expense
Prior years	(171)	116	(238)	119
Non-catastrophe losses \| Homeowners
Increase (decrease) in claims and claims expense
Prior years	(63)	41	(103)	29
Non-catastrophe losses \| Other personal lines
Increase (decrease) in claims and claims expense
Prior years	60	8	115	18
Non-catastrophe losses \| Commercial lines
Increase (decrease) in claims and claims expense
Prior years	109	6	163	29
Non-catastrophe losses \| Other business lines
Increase (decrease) in claims and claims expense
Prior years	(1)	10	4	11
Non-catastrophe losses \| Run-off Property-Liability
Increase (decrease) in claims and claims expense
Prior years	2	1	6	3
Non-catastrophe losses \| Protection Services
Increase (decrease) in claims and claims expense
Prior years	$ (1)	$ (1)	$ (1)	$ (1)

Investments - Schedule of Carrying Value for Limited Partnership Interests (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	$ 8,730	$ 8,380
Private equity
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	7,426	7,154
Real estate
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	1,142	1,085
Other
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	$ 162	$ 141

Company Restructuring

6 Months Ended

Jun. 30, 2024

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 and real estate costs primarily related to accelerated amortization of right-of-use assets and related leasehold improvements at facilities to be vacated

The expenses related to these activities are included in the Condensed Consolidated Statements of Operations as restructuring and related charges and totaled $13 million and $27 million during the three months ended June 30, 2024 and 2023, respectively, and $23 million and $54 million during the six months ended June 30, 2024 and 2023, respectively.

Restructuring expenses during the second quarter and first six months of 2024 primarily relate to implementing actions to achieve a new phase of the organizational transformation component of the Transformative Growth plan, which commenced in the second quarter of 2024. Organizational transformation includes streamlining the organization and outsourcing certain aspects of operations. The Company continues to identify ways to improve operating efficiency and reduce cost which may result in additional restructuring charges in the future.


Organizational transformation
($ in millions)
Expected program charges	$	24
2024 expenses	(20)
Remaining program charges	$	4

These charges are primarily recorded in the Allstate Protection segment. The Company expects these actions will be completed in the first half of 2025.


Restructuring activity during the period
($ in millions)	Employee costs		Exit costs		Total liability
Restructuring liability as of December 31, 2023	$	40	$	1	$	41
Expense incurred	25		9		34
Adjustments to liability	(11)		—		(11)
Payments and non-cash charges	(21)		(9)		(30)
Restructuring liability as of June 30, 2024	$	33	$	1	$	34

As of June 30, 2024, the cumulative amount incurred to date for active programs related to employee severance, relocation benefits and exit expenses totaled $107 million for employee costs and $7 million for exit costs.

Investments - Schedule of Net Gains (Losses) on Investments and Derivatives by Transaction Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments [Abstract]
Sales	$ (90)	$ (130)	$ (201)	$ (250)
Credit losses	(16)	(37)	(131)	(49)
Valuation change of equity investments	18	23	88	221
Valuation change and settlements of derivatives	(15)	(7)	(23)	(59)
Net gains (losses) on investments and derivatives	$ (103)	$ (151)	$ (267)	$ (137)

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Schedule of Portfolio Composition


Portfolio composition
($ in millions)	June 30, 2024		December 31, 2023
Fixed income securities, at fair value	$	52,576	$	48,865
Equity securities, at fair value	2,216		2,411
Mortgage loans, net	815		822
Limited partnership interests	8,730		8,380
Short-term investments, at fair value	5,288		5,144
Other investments, net	979		1,055
Total	$	70,604	$	66,677

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
($ in millions)	Amortized cost, net		Gross unrealized				Fair value
			Gains		Losses
June 30, 2024
U.S. government and agencies	$	10,724	$	34	$	(194)	$	10,564
Municipal	6,661		46		(169)		6,538
Corporate	33,443		191		(1,120)		32,514
Foreign government	1,299		5		(15)		1,289
ABS	1,661		16		(6)		1,671
Total fixed income securities	$	53,788	$	292	$	(1,504)	$	52,576

December 31, 2023
U.S. government and agencies	$	8,624	$	114	$	(119)	$	8,619
Municipal	6,049		109		(152)		6,006
Corporate	31,951		397		(1,143)		31,205
Foreign government	1,286		17		(13)		1,290
ABS	1,739		13		(7)		1,745
Total fixed income securities	$	49,649	$	650	$	(1,434)	$	48,865

Schedule of Maturities for Fixed Income Securities


Scheduled maturities for fixed income securities
($ in millions)	June 30, 2024				December 31, 2023
	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Due in one year or less	$	2,692	$	2,655	$	3,422	$	3,374
Due after one year through five years	23,799		23,172		23,218		22,614
Due after five years through ten years	16,675		16,305		12,553		12,273
Due after ten years	8,961		8,773		8,717		8,859
	52,127		50,905		47,910		47,120
ABS	1,661		1,671		1,739		1,745
Total	$	53,788	$	52,576	$	49,649	$	48,865

Schedule of Net Investment Income


Net investment income
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Fixed income securities	$	571	$	422	$	1,097	$	812
Equity securities	18		21		33		32
Mortgage loans	9		8		18		16
Limited partnership interests	103		122		302		256
Short-term investments	62		69		129		135
Other investments	25		39		46		80
Investment income, before expense	788		681		1,625		1,331
Investment expense	(76)		(71)		(149)		(146)
Net investment income	$	712	$	610	$	1,476	$	1,185

Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type


Net gains (losses) on investments and derivatives by asset type
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Fixed income securities	$	(96)	$	(132)	$	(197)	$	(268)
Equity securities	14		21		76		188
Mortgage loans	1		(3)		1		(3)
Limited partnership interests	(13)		(15)		(5)		7
Derivatives	(15)		(7)		(23)		(59)
Other investments	6		(15)		4		(2)
Other (1)	—		—		(123)		—
Net gains (losses) on investments and derivatives	$	(103)	$	(151)	$	(267)	$	(137)

Schedule of Net Gains (Losses) on Investments and Derivatives by Transaction Type


Net gains (losses) on investments and derivatives by transaction type
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Sales	$	(90)	$	(130)	$	(201)	$	(250)
Credit losses	(16)		(37)		(131)		(49)
Valuation change of equity investments (1)	18		23		88		221
Valuation change and settlements of derivatives	(15)		(7)		(23)		(59)
Net gains (losses) on investments and derivatives	$	(103)	$	(151)	$	(267)	$	(137)

(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.

Schedule of Gross Realized Gains (Losses) on Sales of Fixed Income Securities


Gross realized gains (losses) on sales of fixed income securities
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Gross realized gains	$	33	$	28	$	74	$	74
Gross realized losses	(124)		(153)		(270)		(326)

Schedule of Net Appreciation (Decline) Recognized in Net Income


Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Equity securities	$	18	$	19	$	78	$	66
Limited partnership interests carried at fair value	17		32		47		48
Total	$	35	$	51	$	125	$	114

Schedule of Credit Losses Recognized in Net Income


Credit losses recognized in net income
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Assets
Fixed income securities:

Corporate	$	(5)	$	(7)	$	(1)	$	(16)

Total fixed income securities	(5)		(7)		(1)		(16)
Mortgage loans	1		(3)		1		(3)
Limited partnership interests	(16)		(16)		(16)		(16)
Other investments
Bank loans	2		(11)		5		(14)
Real estate	2		—		2		—
Other assets	—		—		(123)		—
Total credit losses by asset type	$	(16)	$	(37)	$	(132)	$	(49)

Liabilities
Commitments to fund commercial mortgage loans and bank loans	—		—		1		—
Total	$	(16)	$	(37)	$	(131)	$	(49)

Schedule of Unrealized Net Capital Gains and Losses Included in AOCI


Unrealized net capital gains and losses included in accumulated other comprehensive income (“AOCI”)
($ in millions)	Fair value		Gross unrealized				Unrealized net gains (losses)
June 30, 2024			Gains		Losses
Fixed income securities	$	52,576	$	292	$	(1,504)	$	(1,212)
Short-term investments	5,288		—		(2)		(2)
Derivative instruments	—		—		(2)		(2)
Limited partnership interests							—
Unrealized net capital gains and losses, pre-tax							(1,216)
Reclassification of noncontrolling interest							12
Deferred income taxes							266
Unrealized net capital gains and losses, after-tax							$	(938)

December 31, 2023
Fixed income securities	$	48,865	$	650	$	(1,434)	$	(784)
Short-term investments	5,144		—		(1)		(1)
Derivative instruments	—		—		(2)		(2)
Limited partnership interests (1)							(4)
Unrealized net capital gains and losses, pre-tax							(791)
Reclassification of noncontrolling interest							13
Deferred income taxes							174
Unrealized net capital gains and losses, after-tax							$	(604)

Schedule of Change in Unrealized Net Capital Gains (Losses)


Change in unrealized net capital gains (losses)
($ in millions)	Six months ended June 30, 2024
Fixed income securities	$	(428)
Short-term investments	(1)
Derivative instruments	—
Limited partnership interests	4
Total	(425)
Reclassification of noncontrolling interest	(1)
Deferred income taxes	92
Change in unrealized net capital gains and losses, after-tax	$	(334)

Schedule of Carrying Value for Limited Partnership Interests


Carrying value for limited partnership interests
($ in millions)	June 30, 2024		December 31, 2023
Private equity	$	7,426	$	7,154
Real estate	1,142		1,085
Other (1)	162		141
Total	$	8,730	$	8,380

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

Schedule of Other investments by Asset Type


Other investments by asset type
($ in millions)	June 30, 2024		December 31, 2023
Bank loans, net	$	149	$	224
Real estate	708		709
Policy loans	120		119
Other	2		3
Total	$	979	$	1,055

Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities, Mortgage Loans and Bank Loans


Rollforward of credit loss allowance for fixed income securities
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Beginning balance	$	(17)	$	(22)	$	(36)	$	(13)
Credit losses on securities for which credit losses not previously reported	(4)		(4)		(7)		(4)
Net (increases) decreases related to credit losses previously reported	(1)		(3)		3		(12)
(Increase) decrease of allowance related to sales and other	—		—		3		—
Write-offs	3		—		18		—
Ending balance	$	(19)	$	(29)	$	(19)	$	(29)

Components of credit loss allowance as of June 30
Corporate bonds					$	(18)	$	(27)
ABS					(1)		(2)
Total					$	(19)	$	(29)


Rollforward of credit loss allowance for mortgage loans
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Beginning balance	$	(11)	$	(7)	$	(11)	$	(7)

Net (increases) decreases related to credit losses	1		(3)		1		(3)
Write-offs	—		—		—		—

Ending balance	$	(10)	$	(10)	$	(10)	$	(10)


Rollforward of credit loss allowance for bank loans
($ in millions)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Beginning balance	$	(13)	$	(52)	$	(22)	$	(57)

Net (increases) decreases related to credit losses	2		(11)		5		(14)
Reduction of allowance related to sales	—		1		—		6
Write-offs	—		—		6		3

Ending balance	$	(11)	$	(62)	$	(11)	$	(62)

Schedule of Gross Unrealized Losses and Fair Value by Type and Length of Time Held in a Continuous Unrealized Loss Position


Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position (1)
($ in millions)	Less than 12 months					12 months or more					Total unrealized losses
	Number of issues	Fair value		Unrealized losses		Number of issues	Fair value		Unrealized losses
June 30, 2024
Fixed income securities
U.S. government and agencies	106	$	3,935	$	(64)	135	$	3,297	$	(130)	$	(194)
Municipal	629	2,063		(19)		1,525	2,060		(150)		(169)
Corporate	712	7,939		(119)		1,883	14,087		(1,001)		(1,120)
Foreign government	36	257		(2)		76	286		(13)		(15)
ABS	72	345		(2)		98	92		(4)		(6)
Total fixed income securities	1,555	$	14,539	$	(206)	3,717	$	19,822	$	(1,298)	$	(1,504)
Investment grade fixed income securities	1,462	$	14,107	$	(196)	3,404	$	17,754	$	(1,148)	$	(1,344)
Below investment grade fixed income securities	93	432		(10)		313	2,068		(150)		(160)
Total fixed income securities	1,555	$	14,539	$	(206)	3,717	$	19,822	$	(1,298)	$	(1,504)

December 31, 2023
Fixed income securities
U.S. government and agencies	63	$	2,554	$	(38)	117	$	2,513	$	(81)	$	(119)
Municipal	271	400		(4)		1,784	2,245		(148)		(152)
Corporate	251	2,225		(48)		2,106	17,319		(1,095)		(1,143)
Foreign government	7	31		—		75	356		(13)		(13)
ABS	19	64		(1)		150	584		(6)		(7)
Total fixed income securities	611	$	5,274	$	(91)	4,232	$	23,017	$	(1,343)	$	(1,434)
Investment grade fixed income securities	568	$	5,061	$	(83)	3,864	$	20,429	$	(1,151)	$	(1,234)
Below investment grade fixed income securities	43	213		(8)		368	2,588		(192)		(200)
Total fixed income securities	611	$	5,274	$	(91)	4,232	$	23,017	$	(1,343)	$	(1,434)

Schedule of Gross Unrealized Losses by Unrealized Loss Position and Credit Quality


Gross unrealized losses by unrealized loss position and credit quality as of June 30, 2024
($ in millions)	Investment grade		Below investment grade		Total
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1)	$	(1,266)	$	(134)	$	(1,400)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (2)	(78)		(26)		(104)
Total unrealized losses	$	(1,344)	$	(160)	$	(1,504)

(1)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.

Schedule of Mortgage Loans Amortized Cost by Debt Service Coverage Ratio Distribution and Year of Origination


Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
	June 30, 2024														December 31, 2023
($ in millions)	2019 and prior		2020		2021		2022		2023		Current		Total		Total
Below 1.0	$	—	$	—	$	—	$	13	$	—	$	—	$	13	$	13
1.0 - 1.25	39		—		—		—		2		—		41		41
1.26 - 1.50	74		10		—		30		66		—		180		133
Above 1.50	230		42		183		60		76		—		591		646
Amortized cost before allowance	$	343	$	52	$	183	$	103	$	144	$	—	$	825	$	833
Allowance													(10)		(11)
Amortized cost, net													$	815	$	822

Schedule of Bank Loans Amortized Cost by Credit Rating and Year of Origination


Bank loans amortized cost by credit rating and year of origination
	June 30, 2024														December 31, 2023
($ in millions)	2019 and prior		2020		2021		2022		2023		Current		Total		Total
NAIC 2 / BBB	$	—	$	1	$	—	$	—	$	1	$	1	$	3	$	9
NAIC 3 / BB	—		—		1		—		5		12		18		38
NAIC 4 / B	24		1		8		3		49		39		124		153
NAIC 5-6 / CCC and below	8		—		2		—		2		3		15		46
Amortized cost before allowance	$	32	$	2	$	11	$	3	$	57	$	55	$	160	$	246
Allowance													(11)		(22)
Amortized cost, net													$	149	$	224

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss)	$ 347	$ (1,375)	$ 1,545	$ (1,696)
Less: Net income (loss) attributable to noncontrolling interest	16	(23)	(4)	(24)
Net income (loss) attributable to Allstate	331	(1,352)	1,549	(1,672)
Less: Preferred stock dividends	30	37	59	63
Net income (loss) applicable to common shareholders, basic	301	(1,389)	1,490	(1,735)
Net income (loss) applicable to common shareholders, diluted	$ 301	$ (1,389)	$ 1,490	$ (1,735)
Denominator:
Weighted average common shares outstanding (in shares)	264.1	262.6	263.8	263.1
Effect of dilutive potential common shares
Stock options (in shares)	2.5	0.0	2.5	0.0
Restricted stock units (non-participating) and performance stock awards (in shares)	0.5	0.0	0.5	0.0
Weighted average common and dilutive potential common shares outstanding (in shares)	267.1	262.6	266.8	263.1
Earnings per common share:
Earnings per common share - Basic (in dollars per share)	$ 1.14	$ (5.29)	$ 5.65	$ (6.59)
Earnings per common share - Diluted (in dollars per share)	$ 1.13	$ (5.29)	$ 5.58	$ (6.59)
Anti-dilutive options excluded from diluted earnings per common share (in shares)	0.6	3.2	0.5	2.9
Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (in shares)	0.0	1.7	0.0	2.1

Guarantees and Contingent Liabilities (Details)	6 Months Ended
Guarantees and Contingent Liabilities (Details)	Jun. 30, 2024 USD ($) claim
Holland Hewitt v. Allstate Life Insurance Company
Guarantor Obligations [Line Items]
Number of putative class actions \| claim	2
Minimum
Guarantor Obligations [Line Items]
Loss contingencies, reasonably possible pretax loss exposure in excess of the amount accrued	$ 0
Maximum
Guarantor Obligations [Line Items]
Loss contingencies, reasonably possible pretax loss exposure in excess of the amount accrued	$ 69,000,000

Company Restructuring - Schedule of Organizational Transformation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
2024 expenses	$ (13)	$ (27)	$ (23)	$ (54)
Organizational transformation
Restructuring Cost and Reserve [Line Items]
Expected program charges	24		24
2024 expenses			(20)
Remaining program charges	$ 4		$ 4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Common Share


Computation of basic and diluted earnings per common share
(In millions, except per share data)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss)	$	347	$	(1,375)	$	1,545	$	(1,696)
Less: Net income (loss) attributable to noncontrolling interest	16		(23)		(4)		(24)
Net income (loss) attributable to Allstate	331		(1,352)		1,549		(1,672)
Less: Preferred stock dividends	30		37		59		63


Net income (loss) applicable to common shareholders	$	301	$	(1,389)	$	1,490	$	(1,735)

Denominator:
Weighted average common shares outstanding	264.1		262.6		263.8		263.1
Effect of dilutive potential common shares (1):
Stock options	2.5		—		2.5		—
Restricted stock units (non-participating) and performance stock awards	0.5		—		0.5		—
Weighted average common and dilutive potential common shares outstanding	267.1		262.6		266.8		263.1

Earnings per common share - Basic	$	1.14	$	(5.29)	$	5.65	$	(6.59)
Earnings per common share - Diluted (1)	$	1.13	$	(5.29)	$	5.58	$	(6.59)

Anti-dilutive options excluded from diluted earnings per common share	0.6		3.2		0.5		2.9
Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)	—		1.7		—		2.1

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 1,545	$ (1,696)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, amortization and other non-cash items	264	363
Net (gains) losses on investments and derivatives	267	137
Pension and other postretirement remeasurement (gains) losses	(11)	(93)
Changes in:
Policy benefits and other insurance reserves	1,750	2,917
Unearned premiums	1,262	1,032
Deferred policy acquisition costs	(175)	(162)
Premium installment receivables, net	(745)	(532)
Reinsurance recoverables, net	76	468
Income taxes	91	(538)
Other operating assets and liabilities	(299)	(126)
Net cash provided by operating activities	4,025	1,770
Proceeds from sales
Fixed income securities	15,463	12,454
Equity securities	1,510	4,183
Limited partnership interests	248	516
Other investments	120	81
Investment collections
Fixed income securities	1,002	992
Mortgage loans	10	36
Other investments	19	53
Investment purchases
Fixed income securities	(20,376)	(15,875)
Equity securities	(1,257)	(1,717)
Limited partnership interests	(560)	(424)
Mortgage loans	(1)	(100)
Other investments	(59)	(140)
Change in short-term and other investments, net	64	(986)
Purchases of property and equipment, net	(97)	(141)
Proceeds from sale of property and equipment	18	19
Net cash used in investing activities	(3,896)	(1,049)
Cash flows from financing activities
Proceeds from issuance of debt	495	743
Redemption and repayment of debt	(350)	(750)
Proceeds from issuance of preferred stock	0	587
Redemption of preferred stock	0	(575)
Contractholder fund deposits	67	66
Contractholder fund withdrawals	(16)	(16)
Dividends paid on common stock	(476)	(459)
Dividends paid on preferred stock	(59)	(53)
Treasury stock purchases	0	(307)
Shares reissued under equity incentive plans, net	93	10
Other	(6)	(4)
Net cash used in financing activities	(252)	(758)
Net decrease in cash	(123)	(37)
Cash at beginning of period	722	736
Cash at end of period	$ 599	$ 699

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Assets and Liabilities of Reciprocal Exchanges


Assets and liabilities of Reciprocal Exchanges included in the condensed consolidated statement of financial position (1)
($ in millions)	June 30, 2024		December 31, 2023
Assets
Fixed income securities	$	227	$	267
Short-term investments	30		7
Deferred policy acquisition costs	17		25
Premium installment and other receivables, net	41		44
Reinsurance recoverables, net	75		76
Other assets	15		54
Total assets	405		473
Liabilities
Reserve for property and casualty insurance claims and claims expense	226		201
Unearned premiums	160		177
Other liabilities and expenses	26		77
Total liabilities	$	412	$	455

(1) Intercompany balances eliminated in consolidation





Total assets	$	(57)	$	(26)




Total liabilities	(198)		(189)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Derivative Financial Instruments - Schedule of Fair Value of Instruments with Credit-Risk-Contingent Features (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross liability fair value of contracts containing credit-risk-contingent features	$ 2,000,000	$ 10,000,000
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(2,000,000)	(3,000,000)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	0	(5,000,000)
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$ 0	$ 2,000,000

Reserve for Future Policy Benefits and Contractholder Funds

6 Months Ended

Jun. 30, 2024

Reserve for Future Policy Benefits and Contractholder Funds [Abstract]

Reserve for Future Policy Benefits and Contractholder Funds


Note 9			Reserve for Future Policy Benefits and Contractholder Funds


Rollforward of reserve for future policy benefits (1)
	Six months ended June 30,
	Accident and health				Traditional life				Total
($ in millions)	2024		2023		2024		2023		2024		2023
Present value of expected net premiums
Beginning balance	$	1,688	$	1,464	$	325	$	238	$	2,013	$	1,702
Beginning balance at original discount rate	1,737		1,549		330		246		2,067		1,795
Effect of changes in cash flow assumptions	(1)		—		—		(12)		(1)		(12)
Effect of actual variances from expected experience	(27)		(26)		13		19		(14)		(7)
Adjusted beginning balance	1,709		1,523		343		253		2,052		1,776
Issuances	344		259		56		18		400		277
Interest accrual	39		25		7		5		46		30
Net premiums collected	(196)		(186)		(32)		(25)		(228)		(211)

Ending balance at original discount rate	1,896		1,621		374		251		2,270		1,872
Effect of changes in discount rate assumptions	(79)		(68)		(8)		(7)		(87)		(75)
Ending balance	1,817		1,553		366		244		2,183		1,797

Present value of expected future policy benefits
Beginning balance	2,453		2,229		657		524		3,110		2,753
Beginning balance at original discount rate	2,495		2,316		656		534		3,151		2,850
Effect of changes in cash flow assumptions	(6)		—		—		(12)		(6)		(12)
Effect of actual variances from expected experience	(25)		(30)		8		20		(17)		(10)
Adjusted beginning balance	2,464		2,286		664		542		3,128		2,828
Issuances	344		256		57		18		401		274
Interest accrual	53		47		15		12		68		59
Benefit payments	(210)		(199)		(19)		(26)		(229)		(225)

Ending balance at original discount rate	2,651		2,390		717		546		3,368		2,936
Effect of changes in discount rate assumptions	(84)		(64)		(20)		(7)		(104)		(71)
Ending balance	$	2,567	$	2,326	$	697	$	539	$	3,264	$	2,865

Net reserve for future policy benefits (1)	$	750	$	773	$	331	$	295	$	1,081	$	1,068
Less: reinsurance recoverables	80		84		1		2		81		86
Net reserve for future policy benefits, after reinsurance recoverables	$	670	$	689	$	330	$	293	$	1,000	$	982

(1)Excludes $263 million and $271 million of reserves related to short-duration and other contracts as of June 30, 2024 and 2023, respectively.


Revenue and interest recognized in the condensed consolidated statements of operations
($ in millions)	Six months ended June 30,
		2024		2023
Revenues (1)
Accident and health		$	436	$	446
Traditional life		68		50
Total		$	504	$	496

Interest expense (2)
Accident and health		$	14	$	22
Traditional life		8		7
Total		$	22	$	29

(2)Total interest expense presented as part of Accident, health and other policy benefits on the Condensed Consolidated Statements of Operations.


	As of June 30,
	2024				2023
($ in millions)	Undiscounted		Discounted		Undiscounted		Discounted
Accident and health
Expected future gross premiums	$	5,703	$	3,867	$	5,020	$	3,602
Expected future benefits and expenses	3,854		2,567		3,350		2,326
Traditional life
Expected future gross premiums	1,042		715		696		489
Expected future benefits and expenses	1,456		697		1,008		539

The following table provides the weighted-average duration and weighted-average interest rates for the reserve for future policy benefits.



	As of June 30,
	Accident and health				Traditional life
	2024		2023		2024		2023
Weighted-average duration (in years)	8.0		3.9		15.1		14.0
Weighted-average interest rates
Interest accretion rate (discount rate at contract issuance)	5.04	%	5.08	%	5.37	%	5.46	%
Current discount rate (upper-medium grade fixed income yield)	5.26		4.79		5.35		5.14

Significant assumptions To determine mortality and morbidity assumptions, the Company uses a combination of its historical experience and industry data. Mortality and morbidity are monitored throughout the year. Historical experience is obtained through annual Company experience studies in the third quarter that consider its historical claim patterns. The lapse assumption is determined based on historical lapses of the Company’s insurance contracts.

For the six months ended June 30, 2024 and 2023, actual experience for lapses in accident and health products was higher than expected.

For the six months ended June 30, 2024 and 2023, actual experience for lapses in traditional life products was lower than expected.

Contractholder funds


Contractholder funds activity
	Six months ended June 30,
($ in millions)	2024			2023
Beginning balance	$	888		$	879
Deposits	67			66
Interest credited	17			17
Benefits	(5)			(6)
Surrenders and partial withdrawals	(11)			(10)
Contract charges	(60)			(60)
Other adjustments	(5)			(5)
Ending balance	$	891		$	881

Components of contractholder funds
Interest-sensitive life insurance	$	849		$	833
Fixed annuities	42			48
Total	$	891		$	881

Weighted-average crediting rate	4.20		%	4.27		%
Net amount at risk (1)	$	11,165		$	11,640
Cash surrender value	732			725

(1)Guaranteed benefit amounts in excess of the current account balances.


Account values: comparison of current crediting rate to guaranteed minimum crediting rate (1)
($ in millions) Range of guaranteed minimum crediting rates	At guaranteed minimum		1-50 basis points above		Total
June 30, 2024
Less than 3.00%	$	—	$	—	$	—
3.00% - 3.49%	—		37		37
3.50% - 3.99%	10		—		10
4.00% - 4.49%	438		—		438
4.50% - 4.99%	259		—		259
5.00% or greater	66		—		66
Non-account balances (2)					81
Total	$	773	$	37	$	891

June 30, 2023
Less than 3.00%	$	—	$	—	$	—
3.00% - 3.49%	—		23		23
3.50% - 3.99%	11		—		11
4.00% - 4.49%	433		—		433
4.50% - 4.99%	265		—		265
5.00% or greater	69		—		69
Non-account balances (2)					80
Total	$	778	$	23	$	881

(1)Difference, in basis points, between rates being credited to contractholders and the respective guaranteed minimum crediting rates.

Investments - Schedule of Rollforward of Credit Loss Allowance for Mortgage Loans (Details) - Mortgage loans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	$ (11)	$ (7)	$ (11)	$ (7)
Net (increases) decreases related to credit losses	1	(3)	1	(3)
Write-offs	0	0	0	0
Ending balance	$ (10)	$ (10)	$ (10)	$ (10)

Reserve for Future Policy Benefits and Contractholder Funds - Schedule of Revenue and Interest Recognized (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Revenues	$ 504	$ 496
Interest expense	22	29
Accident and health insurance
Liability for Future Policy Benefit, Activity [Line Items]
Revenues	436	446
Interest expense	14	22
Traditional life
Liability for Future Policy Benefit, Activity [Line Items]
Revenues	68	50
Interest expense	$ 8	$ 7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investments - Schedule of Other Investments by Asset Type (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments [Line Items]
Other investments	$ 979	$ 1,055
Bank loans, net
Investments [Line Items]
Other investments	149	224
Real estate
Investments [Line Items]
Other investments	708	709
Policy loans
Investments [Line Items]
Other investments	120	119
Other
Investments [Line Items]
Other investments	$ 2	$ 3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investments - Schedule of Maturities for Fixed Income Securities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Amortized cost, net
Due in one year or less	$ 2,692	$ 3,422
Due after one year through five years	23,799	23,218
Due after five years through ten years	16,675	12,553
Due after ten years	8,961	8,717
Subtotal	52,127	47,910
ABS	1,661	1,739
Amortized cost, net	53,788	49,649
Fair value
Due in one year or less	2,655	3,374
Due after one year through five years	23,172	22,614
Due after five years through ten years	16,305	12,273
Due after ten years	8,773	8,859
Subtotal	50,905	47,120
ABS	1,671	1,745
Total	$ 52,576	$ 48,865

Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Cost (Benefit) for Pension and Other Postretirement Plans


Components of net cost (benefit) for pension and other postretirement plans
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Pension benefits
Service cost	$	(7)	$	32	$	26	$	65
Interest cost	58		58		116		118
Expected return on plan assets	(76)		(79)		(153)		(156)


Costs and expenses	(25)		11		(11)		27
Remeasurement of projected benefit obligation	(68)		(68)		(93)		55
Remeasurement of plan assets	60		30		85		(150)
Remeasurement (gains) losses	(8)		(38)		(8)		(95)
Pension net benefit	$	(33)	$	(27)	$	(19)	$	(68)

Postretirement benefits
Service cost	$	—	$	—	$	—	$	—
Interest cost	3		2		5		5
Amortization of prior service credit	(1)		(6)		(1)		(12)

Costs and expenses	2		(4)		4		(7)
Remeasurement of projected benefit obligation	(1)		(2)		(3)		2
Remeasurement of plan assets	—		—		—		—
Remeasurement (gains) losses	(1)		(2)		(3)		2
Postretirement net cost (benefit)	$	1	$	(6)	$	1	$	(5)

Pension and postretirement benefits
Costs and expenses	$	(23)	$	7	$	(7)	$	20
Remeasurement (gains) losses	(9)		(40)		(11)		(93)
Total net benefit	$	(32)	$	(33)	$	(18)	$	(73)

Schedule of Pension and Postretirement Benefits Remeasurement Gains and Losses


Pension and postretirement benefits remeasurement gains and losses
	Three months ended June 30,				Six months ended June 30,
($ in millions)	2024		2023		2024		2023
Remeasurement of projected benefit obligation (gains) losses:
Discount rate	$	(57)	$	(73)	$	(98)	$	51
Other assumptions	(12)		3		2		6
Remeasurement of plan assets (gains) losses	60		30		85		(150)
Remeasurement (gains) losses	$	(9)	$	(40)	$	(11)	$	(93)

Benefit Plans - Schedule of Pension and Postretirement Benefits Remeasurement Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Discount rate	$ (57)	$ (73)	$ (98)	$ 51
Other assumptions	(12)	3	2	6
Remeasurement of plan assets (gains) losses	60	30	85	(150)
Remeasurement (gains) losses	$ (9)	$ (40)	$ (11)	$ (93)

Supplemental Cash Flow Information - Schedule of Activities Resulting from Management of Proceeds (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net change in proceeds managed
Net change in fixed income securities	$ 80	$ 202
Net change in short-term investments	(190)	18
Operating cash flow (used) provided	(110)	220
Net change in liabilities
Liabilities for collateral, beginning of period	(1,891)	(2,011)
Liabilities for collateral, end of period	(2,001)	(1,791)
Operating cash flow provided (used)	$ 110	$ (220)

Derivative Financial Instruments - Schedule of OTC Derivatives Counterparty Credit Exposure by Counterparty Credit Rating (Details) $ in Millions	Jun. 30, 2024 USD ($) counter-party	Dec. 31, 2023 USD ($) counter-party
Credit Derivatives
Number of counter- parties \| counter-party	3	0
Notional amount	$ 458	$ 0
Credit exposure	5	0
Exposure, net of collateral	$ 0	$ 0
A+
Credit Derivatives
Number of counter- parties \| counter-party	3	0
Notional amount	$ 458	$ 0
Credit exposure	5	0
Exposure, net of collateral	$ 0	$ 0

General (Policies)	6 Months Ended
General (Policies)	Jun. 30, 2024
General [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements include the accounts of The Allstate Corporation (the “Corporation”) and its wholly owned subsidiaries, primarily Allstate Insurance Company (“AIC”), a property and casualty insurance company (collectively referred to as the “Company” or “Allstate”) and variable interest entities (“VIEs”) in which the Company is considered a primary beneficiary. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements and notes as of June 30, 2024 and for the three and six month periods ended June 30, 2024 and 2023 are unaudited. The condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. Certain amounts have been reclassified to conform to current year presentation. These condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023. The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. All significant intercompany accounts and transactions have been eliminated.
Pending accounting standard	Pending accounting standards Accounting for joint ventures In August 2023, the Financial Accounting Standards Board (“FASB”) issued guidance requiring a joint venture to initially measure assets contributed and liabilities assumed at fair value as of the formation date. The new guidance will be applied prospectively for joint ventures with a formation date on or after January 1, 2025. The impact of the adoption is not expected to be material to the Company’s results of operations or financial position. Segment reporting In November 2023, the FASB issued guidance expanding segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of reportable segments’ profit or loss and assets. The guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 and is to be applied retrospectively, with early adoption permitted. The Company is currently evaluating the impact of adopting the guidance to its disclosures. Income tax disclosures In December 2023, the FASB issued guidance enhancing various aspects of income tax disclosures. The guidance requires a tabular reconciliation between statutory and effective income tax expense (benefit) with both amounts and percentages for a list of required categories. For certain required categories where an individual category is at least five percent of the statutory tax amount, the required category must be further broken out by nature and, for foreign tax effects, jurisdiction. Additionally, entities must disclose income taxes paid, net of refunds received, broken out between federal, state and foreign, and amounts paid, net of refunds received, to an individual jurisdiction when five percent or more of the total income taxes paid, net of refunds received. All requirements in the guidance are annual in nature, and the guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The guidance only affects disclosures and will have no impact on the Company’s consolidated financial statements. The Company is currently evaluating the impact of adopting the guidance to its disclosures. Climate disclosures In March 2024, the Securities and Exchange Commission (“SEC”) adopted a final rule requiring registrants to disclose certain climate-related information in their registration statements and annual reports. The rule requires the disclosure of qualitative and quantitative information, with certain information, such as financial statement effects of severe weather events, included in the notes to the audited financial statements. Other disclosure requirements include material climate-related risks, processes to manage and govern those risks, disclosure of targets if the targets materially affect or are reasonably likely to materially affect the Company, and, if material, disclosure of certain greenhouse gas emissions. On April 4, 2024, the SEC issued a voluntary stay of the final rule, pending the outcome of pending litigation. The requirements will be applied prospectively and have phased-in effective dates. For the Company, the Form 10-K for the year ended December 31, 2025, will be the first annual report with new climate-related disclosures. The Company is currently evaluating the impact of adopting the final rule.
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, unvested non-participating restricted stock units and contingently issuable performance stock awards. The effect of dilutive potential common shares does not include the effect of options with an anti-dilutive effect on earnings per common share because their exercise prices exceed the average market price of Allstate common shares during the period or for which the unrecognized compensation cost would have an anti-dilutive effect.

Derivative Financial Instruments - Schedule of Exchange Traded and Cleared Margin Deposits (Details) $ in Millions	Jun. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Pledged by the Company	$ 79
Received by the Company	$ 0

Condensed Consolidated Statements of Financial Position (unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments
Fixed income securities, at fair value (amortized cost, net $53,788 and $49,649)	$ 52,576	$ 48,865
Equity securities, at fair value (cost $2,003 and $2,244)	2,216	2,411
Mortgage loans, net	815	822
Limited partnership interests	8,730	8,380
Short-term, at fair value (amortized cost $5,290 and $5,145)	5,288	5,144
Other investments, net	979	1,055
Total investments	70,604	66,677
Cash	599	722
Premium installment receivables, net	10,762	10,044
Deferred policy acquisition costs	6,112	5,940
Reinsurance and indemnification recoverables, net	8,730	8,809
Accrued investment income	609	539
Deferred income taxes	212	219
Property and equipment, net	777	859
Goodwill	3,502	3,502
Other assets, net	6,461	6,051
Total assets	108,368	103,362
Liabilities
Reserve for property and casualty insurance claims and claims expense	41,553	39,858
Reserve for future policy benefits	1,344	1,347
Contractholder funds	891	888
Unearned premiums	25,929	24,709
Claim payments outstanding	1,575	1,353
Other liabilities and accrued expenses	10,421	9,635
Debt	8,082	7,942
Total liabilities	89,795	85,732
Commitments and Contingent Liabilities (Note 14)
Equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference	2,001	2,001
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 264 million and 262 million shares outstanding	9	9
Additional capital paid-in	3,927	3,854
Retained income	50,718	49,716
Treasury stock, at cost (636 million and 638 million shares)	(37,036)	(37,110)
Accumulated other comprehensive income (loss):
Unrealized net capital gains and losses	(938)	(604)
Unrealized foreign currency translation adjustments	(113)	(98)
Unamortized pension and other postretirement prior service credit	12	13
Discount rate for reserve for future policy benefits	13	(11)
Total accumulated other comprehensive loss	(1,026)	(700)
Total Allstate shareholders’ equity	18,593	17,770
Noncontrolling interest	(20)	(140)
Total equity	18,573	17,630
Total liabilities and equity	$ 108,368	$ 103,362

Reportable Segments - Schedule of Reportable Segments Revenue Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information
Net investment income	$ 712	$ 610	$ 1,476	$ 1,185
Net gains (losses) on investments and derivatives	(103)	(151)	(267)	(137)
Consolidated revenues	15,714	13,979	30,973	27,765
Intersegment Eliminations
Segment Reporting Information
Consolidated revenues	(39)	(35)	(74)	(68)
Property-Liability \| Operating Segments
Segment Reporting Information
Insurance premiums	13,339	11,921	26,239	23,556
Other revenue	441	389	871	742
Net investment income	643	544	1,345	1,053
Net gains (losses) on investments and derivatives	(103)	(135)	(265)	(123)
Consolidated revenues	14,320	12,719	28,190	25,228
Property-Liability \| Operating Segments \| Allstate Protection
Segment Reporting Information
Insurance premiums	13,339	11,921	26,239	23,556
Property-Liability \| Operating Segments \| Run-off Property-Liability
Segment Reporting Information
Insurance premiums	0	0	0	0
Property-Liability \| Operating Segments \| Auto \| Allstate Protection
Segment Reporting Information
Insurance premiums	9,079	8,121	17,857	16,029
Property-Liability \| Operating Segments \| Homeowners \| Allstate Protection
Segment Reporting Information
Insurance premiums	3,255	2,883	6,409	5,693
Property-Liability \| Operating Segments \| Other personal lines \| Allstate Protection
Segment Reporting Information
Insurance premiums	701	587	1,360	1,149
Property-Liability \| Operating Segments \| Commercial lines \| Allstate Protection
Segment Reporting Information
Insurance premiums	158	202	327	434
Property-Liability \| Operating Segments \| Other business lines \| Allstate Protection
Segment Reporting Information
Insurance premiums	146	128	286	251
Protection Services \| Operating Segments
Segment Reporting Information
Other revenue	98	84	183	168
Net investment income	23	18	44	34
Net gains (losses) on investments and derivatives	(1)	(4)	(6)	(5)
Intersegment premiums and service fees	39	35	74	68
Consolidated revenues	772	682	1,520	1,352
Protection Services \| Operating Segments \| Protection plans
Segment Reporting Information
Other revenue	453	373	892	734
Protection Services \| Operating Segments \| Roadside assistance
Segment Reporting Information
Other revenue	34	48	81	97
Protection Services \| Operating Segments \| Protection and insurance products
Segment Reporting Information
Other revenue	126	128	252	256
Allstate Health and Benefits \| Operating Segments
Segment Reporting Information
Other revenue	121	101	255	202
Net investment income	25	21	48	40
Net gains (losses) on investments and derivatives	0	1	2	3
Consolidated revenues	620	576	1,257	1,161
Allstate Health and Benefits \| Operating Segments \| Employer voluntary benefits
Segment Reporting Information
Other revenue	246	245	494	500
Allstate Health and Benefits \| Operating Segments \| Group health
Segment Reporting Information
Other revenue	120	110	238	217
Allstate Health and Benefits \| Operating Segments \| Individual health
Segment Reporting Information
Other revenue	108	98	220	199
Corporate and Other \| Operating Segments
Segment Reporting Information
Other revenue	19	23	39	46
Net investment income	21	27	39	58
Net gains (losses) on investments and derivatives	1	(13)	2	(12)
Consolidated revenues	$ 41	$ 37	$ 80	$ 92

Investments - Schedule of Mortgage Loans Amortized Cost by Debt Service Coverage Ratio Distribution and Year of Origination (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost, net	$ 815	$ 822
Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	825	833
Allowance	(10)	(11)
Amortized cost, net	815	822
Mortgage loans \| 2019 and prior
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	343
Mortgage loans \| 2020
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	52
Mortgage loans \| 2021
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	183
Mortgage loans \| 2022
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	103
Mortgage loans \| 2023
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	144
Mortgage loans \| Current
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Below 1.0 \| Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	13	13
Below 1.0 \| Mortgage loans \| 2019 and prior
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Below 1.0 \| Mortgage loans \| 2020
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Below 1.0 \| Mortgage loans \| 2021
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Below 1.0 \| Mortgage loans \| 2022
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	13
Below 1.0 \| Mortgage loans \| 2023
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Below 1.0 \| Mortgage loans \| Current
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.0 - 1.25 \| Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	41	41
1.0 - 1.25 \| Mortgage loans \| 2019 and prior
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	39
1.0 - 1.25 \| Mortgage loans \| 2020
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.0 - 1.25 \| Mortgage loans \| 2021
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.0 - 1.25 \| Mortgage loans \| 2022
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.0 - 1.25 \| Mortgage loans \| 2023
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	2
1.0 - 1.25 \| Mortgage loans \| Current
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.26 - 1.50 \| Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	180	133
1.26 - 1.50 \| Mortgage loans \| 2019 and prior
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	74
1.26 - 1.50 \| Mortgage loans \| 2020
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	10
1.26 - 1.50 \| Mortgage loans \| 2021
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.26 - 1.50 \| Mortgage loans \| 2022
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	30
1.26 - 1.50 \| Mortgage loans \| 2023
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	66
1.26 - 1.50 \| Mortgage loans \| Current
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Above 1.50 \| Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	591	$ 646
Above 1.50 \| Mortgage loans \| 2019 and prior
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	230
Above 1.50 \| Mortgage loans \| 2020
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	42
Above 1.50 \| Mortgage loans \| 2021
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	183
Above 1.50 \| Mortgage loans \| 2022
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	60
Above 1.50 \| Mortgage loans \| 2023
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	76
Above 1.50 \| Mortgage loans \| Current
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	$ 0

Investments - Schedule of Net Appreciation (Decline) Recognized in Net Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 35	$ 51	$ 125	$ 114
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Total	18	19	78	66
Limited partnership interests carried at fair value
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 17	$ 32	$ 47	$ 48

Investments - Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	$ (103)	$ (151)	$ (267)	$ (137)
Fixed income securities
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	(96)	(132)	(197)	(268)
Equity securities
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	14	21	76	188
Mortgage loans
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	1	(3)	1	(3)
Limited partnership interests
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	(13)	(15)	(5)	7
Derivatives
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	(15)	(7)	(23)	(59)
Other investments
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	6	(15)	4	(2)
Other assets
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	$ 0	$ 0	$ (123)	$ 0

Derivative Financial Instruments - Schedule of Gross and Net Amounts for OTC Derivatives (Details) - OTC derivatives - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Asset derivatives
Gross amount	$ 7	$ 3
Counter-party netting	(7)	(6)
Cash collateral (received) pledged	0	4
Net amount on balance sheet	0	1
Securities collateral (received) pledged	0	0
Net amount	0	1
Liability derivatives
Gross amount	(2)	(10)
Counter-party netting	7	6
Cash collateral (received) pledged	(7)	2
Net amount on balance sheet	(2)	(2)
Securities collateral (received) pledged	0	0
Net amount	$ (2)	$ (2)