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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number 1-11840
all-20220331_g1.jpg

THE ALLSTATE CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
  
36-3871531
  
  (State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)  
 
2775 Sanders Road, Northbrook, Illinois    60062
(Address of principal executive offices)    (Zip Code)
Registrant’s telephone number, including area code: (847) 402-5000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbols Name of each exchange
on which registered
Common Stock, par value $.01 per share ALL
New York Stock Exchange
Chicago Stock Exchange
5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053 ALL.PR.B New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.625% Noncumulative Preferred Stock, Series G ALL PR G New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series H ALL PR H New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series I ALL PR I New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of April 18, 2022, the registrant had 274,982,998 common shares, $.01 par value, outstanding.


The Allstate Corporation
Index to Quarterly Report on Form 10-Q
March 31, 2022
Part I Financial Information
Page
     
Item 1. Financial Statements (unaudited) as of March 31, 2022 and December 31, 2021 and for the Three Month Periods Ended March 31, 2022 and 2021
     
1
 
2
 
3
 
4
 
5
 
6
 
 
     
 
 
Property-Liability Operations
Segment results
 
 
     
Part II Other Information

Condensed Consolidated Financial Statements
Part I. Financial Information
Item 1. Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
($ in millions, except per share data) Three months ended
March 31,
2022 2021
Revenues    
Property and casualty insurance premiums $ 10,981  $ 10,307 
Accident and health insurance premiums and contract charges 469  455 
Other revenue 560  555 
Net investment income 594  708 
Net gains (losses) on investments and derivatives (267) 426 
Total revenues 12,337  12,451 
Costs and expenses    
Property and casualty insurance claims and claims expense 7,822  6,043 
Accident, health and other policy benefits 269  242 
Amortization of deferred policy acquisition costs 1,612  1,523 
Operating costs and expenses 1,902  1,731 
Pension and other postretirement remeasurement (gains) losses (247) (310)
Restructuring and related charges 12  51 
Amortization of purchased intangibles 87  53 
Interest expense 83  86 
Total costs and expenses 11,540  9,419 
Income from operations before income tax expense 797  3,032 
Income tax expense 151  626 
Net income from continuing operations 646  2,406 
Income (loss) from discontinued operations, net of tax —  (3,793)
Net income (loss) 646  (1,387)
Less: Net loss attributable to noncontrolling interest (10) (6)
Net income (loss) attributable to Allstate 656  (1,381)
Less: Preferred stock dividends 26  27 
Net income (loss) applicable to common shareholders $ 630  $ (1,408)
Earnings per common share applicable to common shareholders    
Basic
Continuing operations $ 2.27  $ 7.88 
Discontinued operations —  (12.53)
Total $ 2.27  $ (4.65)
Diluted
Continuing operations $ 2.24  $ 7.78 
Discontinued operations —  (12.38)
Total $ 2.24  $ (4.60)
Weighted average common shares - Basic 278.1  302.5 
Weighted average common shares - Diluted 281.8  306.4 

See notes to condensed consolidated financial statements.
First Quarter 2022 Form 10-Q 1
Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)
($ in millions) Three months ended March 31,
2022 2021
Net income (loss) $ 646  $ (1,387)
Other comprehensive loss, after-tax    
Changes in:    
Unrealized net capital gains and losses (1,593) (1,500)
Unrealized foreign currency translation adjustments —  34 
Unamortized pension and other postretirement prior service credit (15) (15)
Other comprehensive loss, after-tax (1,608) (1,481)
Comprehensive loss (962) (2,868)
Less: Comprehensive loss attributable to noncontrolling interest (22) (6)
Comprehensive loss attributable to Allstate $ (940) $ (2,862)
 






























See notes to condensed consolidated financial statements.
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Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Financial Position (unaudited)
($ in millions, except par value data) March 31, 2022 December 31, 2021
Assets
Investments    
Fixed income securities, at fair value (amortized cost, net $42,027 and $41,376)
 $ 40,745  $ 42,136 
Equity securities, at fair value (cost $4,453 and $6,016)
 5,315  7,061 
Mortgage loans, net 855  821 
Limited partnership interests 7,977  8,018 
Short-term, at fair value (amortized cost $4,345 and $4,009)
 4,344  4,009 
Other investments, net 2,532  2,656 
Total investments 61,768  64,701 
Cash 1,130  763 
Premium installment receivables, net 8,874  8,364 
Deferred policy acquisition costs 4,824  4,722 
Reinsurance and indemnification recoverables, net 9,691  10,024 
Accrued investment income 341  339 
Property and equipment, net 966  939 
Goodwill 3,497  3,502 
Other assets, net 6,059  6,086 
Total assets 97,150  99,440 
Liabilities    
Reserve for property and casualty insurance claims and claims expense 32,991  33,060 
Reserve for future policy benefits 1,274  1,273 
Contractholder funds 907  908 
Unearned premiums 20,248  19,844 
Claim payments outstanding 1,140  1,123 
Deferred income taxes 402  833 
Other liabilities and accrued expenses 9,077  9,296 
Long-term debt 7,973  7,976 
Total liabilities 74,012  74,313 
Commitments and Contingent Liabilities (Note 12)
Equity    
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand shares issued and outstanding, $2,025 aggregate liquidation preference
 1,970  1,970 
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 276 million and 281 million shares outstanding
 9  9 
Additional capital paid-in 3,706  3,722 
Retained income 53,688  53,294 
Treasury stock, at cost (624 million and 619 million shares)
 (35,208) (34,471)
Accumulated other comprehensive income:    
Unrealized net capital gains and losses (995) 598 
Unrealized foreign currency translation adjustments (15) (15)
Unamortized pension and other postretirement prior service credit 57  72 
Total accumulated other comprehensive income (“AOCI”) (953) 655 
Total Allstate shareholders’ equity 23,212  25,179 
Noncontrolling interest (74) (52)
Total equity 23,138  25,127 
Total liabilities and equity $ 97,150  $ 99,440 
See notes to condensed consolidated financial statements.
First Quarter 2022 Form 10-Q 3
Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders’ Equity (unaudited)
($ in millions, except per share data) Three months ended March 31,
2022 2021
Preferred stock par value $ —  $ — 
Preferred stock additional capital paid-in
Balance, beginning of period 1,970  1,970 
Acquisition —  450 
Preferred stock redemption —  (250)
Balance, end of period 1,970  2,170 
Common stock par value 9  9 
Common stock additional capital paid-in
Balance, beginning of period 3,722  3,498 
Forward contract on accelerated share repurchase agreement —  113 
Equity incentive plans activity (16) (15)
Balance, end of period 3,706  3,596 
Retained income
Balance, beginning of period 53,294  52,767 
Net income (loss) 656  (1,387)
Dividends on common stock (declared per share of $0.85 and $0.81)
 (236) (246)
Dividends on preferred stock (26) (27)
Balance, end of period 53,688  51,107 
Treasury stock
Balance, beginning of period (34,471) (31,331)
Shares acquired (794) (601)
Shares reissued under equity incentive plans, net 57  46 
Balance, end of period (35,208) (31,886)
Accumulated other comprehensive income
Balance, beginning of period 655  3,304 
Change in unrealized net capital gains and losses (1,593) (1,500)
Change in unrealized foreign currency translation adjustments —  34 
Change in unamortized pension and other postretirement prior service credit (15) (15)
Balance, end of period (953) 1,823 
Total Allstate shareholders’ equity 23,212  26,819 
Noncontrolling interest
Balance, beginning of period (52) — 
Acquisition —  (21)
Change in unrealized net capital gains and losses (12) — 
Noncontrolling loss (10) (6)
Balance, end of period (74) (27)
Total equity $ 23,138  $ 26,792 
 See notes to condensed consolidated financial statements.
4 www.allstate.com
Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
($ in millions) Three months ended March 31,
2022 2021
Cash flows from operating activities
Net income (loss) $ 646  $ (1,387)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 236  260 
Net (gains) losses on investments and derivatives 267  (505)
Pension and other postretirement remeasurement (gains) losses (247) (310)
Amortization of deferred gain on reinsurance —  (2)
Interest credited to contractholder funds 8  94 
Loss on disposition of operations, net of tax —  3,998 
Changes in:    
Policy benefits and other insurance reserves (121) 817 
Unearned premiums 392  33 
Deferred policy acquisition costs (99) (26)
Premium installment receivables, net (502) (124)
Reinsurance recoverables, net 334  (1,201)
Income taxes 92  181 
Other operating assets and liabilities (574) (440)
Net cash provided by operating activities 432  1,388 
Cash flows from investing activities    
Proceeds from sales    
Fixed income securities 12,400  10,290 
Equity securities 5,216  992 
Limited partnership interests 300  152 
Other investments 208  328 
Investment collections    
Fixed income securities 104  737 
Mortgage loans 3  134 
Other investments 49  109 
Investment purchases    
Fixed income securities (13,220) (7,968)
Equity securities (3,624) (539)
Limited partnership interests (216) (322)
Mortgage loans (37) — 
Other investments (186) (603)
Change in short-term and other investments, net 114  744 
Purchases of property and equipment, net (130) (61)
Acquisition of operations, net of cash acquired —  (3,480)
Net cash provided by investing activities 981  513 
Cash flows from financing activities    
Redemption and repayment of long-term debt —  (422)
Redemption of preferred stock —  (250)
Contractholder fund deposits 34  252 
Contractholder fund withdrawals (9) (374)
Dividends paid on common stock (230) (164)
Dividends paid on preferred stock (26) (27)
Treasury stock purchases (802) (467)
Shares reissued under equity incentive plans, net 17  4 
Other (30) (32)
Net cash used in financing activities (1,046) (1,480)
Net increase in cash, including cash classified as assets held for sale 367  421 
Cash from continuing operations at beginning of period 763  311 
Cash classified as assets held for sale at beginning of period —  66 
Less: Cash classified as assets held for sale at end of period —  89 
Cash from continuing operations at end of period $ 1,130  $ 709 
See notes to condensed consolidated financial statements.
First Quarter 2022 Form 10-Q 5
Notes to Condensed Consolidated Financial Statements

The Allstate Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)
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 with various property and casualty and investment subsidiaries (collectively referred to as the “Company” or “Allstate”) and variable interest entities 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 March 31, 2022 and for the three month periods ended March 31, 2022 and 2021 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.
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, 2021. 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.
The Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”)
The Coronavirus resulted in governments worldwide enacting emergency measures to combat the spread of the virus, including travel restrictions, government-imposed shelter-in-place orders, quarantine periods, social distancing, and restrictions on large gatherings. These measures have generally moderated, with periodic changes in response to local conditions. There is no way of predicting with certainty how long the pandemic might last. The Company continues to closely monitor and proactively adapt to developments and changing conditions. Currently, it is not possible to reliably estimate the impact to its operations, but the effects have been and could be material.

Pending accounting standard
Accounting for Long-Duration Insurance Contracts In August 2018, the FASB issued guidance revising the accounting for certain long-duration insurance contracts. As disclosed in Note 3, the Company sold substantially all of its life and annuity business in scope of the new standard. The Company’s reserves and deferred policy acquisition costs (“DAC”) for certain voluntary and individual life and accident and health insurance products are subject to the new guidance.
Under the new guidance, measurement assumptions, including those for mortality, morbidity and policy terminations, will be required to be reviewed at least annually, and updated as appropriate. The effects of updating assumptions other than the discount rate are required to be measured on a retrospective basis and reported in net income. In addition, reserves under the new guidance are required to be discounted using an upper-medium grade fixed income instrument yield that is updated through other comprehensive income (“OCI”) at each reporting date. Current GAAP requires the measurement of reserves to utilize assumptions set at policy issuance unless updated current assumptions indicate that recorded reserves are deficient.
The new guidance also requires DAC and other capitalized balances currently amortized in proportion to premiums or gross profits to be amortized on a constant level basis over the expected term for all long-duration insurance contracts. DAC will not be subject to loss recognition testing but will be reduced when actual lapse experience exceeds expected experience.
The new guidance is effective for financial statements issued for reporting periods beginning after December 15, 2022 and restatement of prior periods presented is required. The new guidance will be applied to affected contracts and DAC on the basis of existing carrying amounts at the earliest period presented.
The Company is evaluating the anticipated impacts of applying the new guidance to both retained income and AOCI and does not anticipate the financial statement impact of adopting the new guidance to be material to the Company’s results of operations or financial position due to the 2021 dispositions of Allstate Life Insurance Company (“ALIC”), Allstate Life Insurance Company of New York (“ALNY”) and certain affiliates.
6 www.allstate.com
Notes to Condensed Consolidated Financial Statements

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 March 31,
2022 2021
Numerator:
 
 
Net income from continuing operations $ 646  $ 2,406 
Less: Net loss attributable to noncontrolling interest (10) (6)
Net income from continuing operations attributable to Allstate 656  2,412 
Less: Preferred stock dividends
 26  27 
Net income from continuing operations applicable to common shareholders 630  2,385 
Income (loss) from discontinued operations, net of tax —  (3,793)
Net income (loss) applicable to common shareholders $ 630  $ (1,408)
Denominator:
 
 
Weighted average common shares outstanding
 278.1  302.5 
Effect of dilutive potential common shares:
    
Stock options
 2.6  2.5 
Restricted stock units (non-participating) and performance stock awards
 1.1  1.4 
Weighted average common and dilutive potential common shares outstanding
 281.8  306.4 
Earnings per common share applicable to common shareholders
Basic
Continuing operations $ 2.27  $ 7.88 
Discontinued operations —  (12.53)
Total $ 2.27  $ (4.65)
Diluted
Continuing operations $ 2.24  $ 7.78 
Discontinued operations —  (12.38)
Total $ 2.24  $ (4.60)
Anti-dilutive options excluded from diluted earnings per common share
 1.2  2.2 

First Quarter 2022 Form 10-Q 7
Notes to Condensed Consolidated Financial Statements

Note 3 Acquisitions and Dispositions
Acquisitions
National General On January 4, 2021, the Company completed the acquisition of National General Holdings Corp. (“National General”), an insurance holding company serving customers predominantly through independent agents for property and casualty and accident and health products.
Assets and liabilities recognized in the National General acquisition (1)
($ in millions) January 4, 2021
Assets
Investments $ 4,962 
Cash 400 
Premiums and other receivables, net 1,539 
Deferred acquisition costs (value of business acquired) 317 
Reinsurance recoverables, net 1,212 
Intangible assets 1,199 
Other assets 734 
Goodwill (2)
 1,038 
Total assets 11,401 
Liabilities
Reserve for property and casualty insurance claims and claims expense 2,765 
Reserve for future policy benefits 186 
Unearned premiums 2,245 
Reinsurance payable 363 
Debt (3)
 593 
Deferred tax liabilities 162 
Other liabilities 776 
Total liabilities $ 7,090 
(1)The amounts reflect allocation of assets acquired and liabilities assumed.
(2)$675 million, $20 million and $343 million of goodwill were allocated to the Allstate Protection, Protection Services and Allstate Health and Benefits segments, respectively, and is non-deductible for income tax purposes. Goodwill is primarily attributable to expected synergies and future growth opportunities.
(3)Subsequent to the acquisition, the Company repaid $100 million of 7.625% Subordinated Notes and $72 million of Subordinated Debentures on February 3, 2021 and March 15, 2021, respectively. As of March 31, 2022, the Company had principal balance remaining of $350 million 6.750% Senior Notes due 2024, with a fair value adjustment of $40 million.
SafeAuto On October 1, 2021, the Company completed the acquisition of Safe Auto Insurance Group, Inc. (“SafeAuto”), a non-standard auto insurance carrier focused on providing state-minimum private-passenger auto insurance direct to consumers with coverage options in 28 states for $262 million in cash.
Dispositions
Life and annuity business On October 1, 2021, the Company closed the sale of ALNY to Wilton Reassurance Company for $400 million. On November 1, 2021, the Company closed the sale of ALIC and certain affiliates to entities managed by Blackstone for total proceeds of $4 billion, including a pre-close dividend of $1.25 billion paid by ALIC.
In 2021 and prior periods, the assets and liabilities of the business were reclassified as held for sale and results were presented as discontinued operations.
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Notes to Condensed Consolidated Financial Statements

Financial results from discontinued operations
Three months ended March 31,
($ in millions) 2021
Revenues
Life premiums and contract charges $ 340 
Net investment income 439 
Net gains (losses) on investments and derivatives 79 
Total revenues 858 
Costs and expenses
Life contract benefits 410 
Interest credited to contractholder funds 85 
Amortization of DAC 36 
Operating costs and expenses 55 
Restructuring and related charges 19 
Total costs and expenses 605 
Amortization of deferred gain on reinsurance 2 
Income (loss) from discontinued operations before income tax expense 255 
Income tax expense (benefit) 50 
Income (loss) from discontinued operations, net of tax 205 
Loss on disposition of operations (4,418)
Income tax benefit (420)
Loss on disposition of operations, net of tax (3,998)
Loss from discontinued operations, net of tax $ (3,793)
Cash flows from discontinued operations
Three months ended March 31,
($ in millions) 2021
Net cash provided by operating activities from discontinued operations $ 64 
Net cash provided by investing activities from discontinued operations 88
Note 4 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.
National General results are included in the following segments:
•Property and casualty - Allstate Protection
•Accident and health - Allstate Health and Benefits
•Technology solutions - Protection Services
Underwriting income is calculated as premiums earned and other revenue, less claims and claims expenses (“losses”), Shelter-in-Place Payback expense, amortization of DAC, operating costs and expenses, amortization or impairment of purchased intangibles and restructuring and related charges as determined using GAAP.
Adjusted net income is net income (loss) applicable to common shareholders, excluding:
• Net gains and losses on investments and derivatives
• Pension and other postretirement remeasurement gains and losses
• Business combination expenses and the amortization or impairment of purchased intangibles
• Income or loss from discontinued operations
• Gain or loss on disposition of operations
• 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.
First Quarter 2022 Form 10-Q 9
Notes to Condensed Consolidated Financial Statements

Reportable segments financial performance
Three months ended March 31,
($ in millions) 2022 2021
Underwriting income (loss) by segment
Allstate Protection $ 282  $ 1,660 
Run-off Property-Liability
 (2) (3)
Total Property-Liability 280  1,657 
Adjusted net income (loss) by segment, after-tax
Protection Services 53  49 
Allstate Health and Benefits
 53  65 
Corporate and Other (111) (123)
Reconciling items
Property-Liability net investment income 558  673 
Net gains (losses) on investments and derivatives (267) 426 
Pension and other postretirement remeasurement gains (losses) 247  310 
Business combination expenses and amortization of purchased intangibles (1)
 (29) (56)
Gain (loss) on disposition of operations (16) — 
Income tax expense on reconciling items (148) (622)
Total reconciling items 345  731 
Loss from discontinued operations —  (4,163)
Income tax benefit from discontinued operations —  370 
Total from discontinued operations $ —  $ (3,793)
Less: Net loss attributable to noncontrolling interest (2)
 (10) (6)
Net income (loss) applicable to common shareholders $ 630  $ (1,408)
(1)Excludes amortization of purchased intangibles in Property-Liability, which is included above in underwriting income.
(2)Reflects net loss attributable to noncontrolling interest in Property-Liability.
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Notes to Condensed Consolidated Financial Statements

Reportable segments revenue information
($ in millions) Three months ended March 31,
2022 2021
Property-Liability    
Insurance premiums    
Auto $ 7,081  $ 6,809 
Homeowners 2,603  2,392 
Other personal lines 531  505 
Commercial lines 283  190 
Allstate Protection 10,498  9,896 
Run-off Property-Liability
 —  — 
Total Property-Liability insurance premiums 10,498  9,896 
Other revenue 347  385 
Net investment income 558  673 
Net gains (losses) on investments and derivatives (203) 404 
Total Property-Liability 11,200  11,358 
Protection Services
Protection plans 313  260 
Roadside assistance 53  47 
Finance and insurance products 117  104 
Intersegment premiums and service fees (1)
 41  41 
Other revenue 94  90 
Net investment income 9  10 
Net gains (losses) on investments and derivatives (13) 10 
Total Protection Services 614  562 
Allstate Health and Benefits
Employer voluntary benefits 266  263 
Group health 94  83 
Individual health 109  109 
Other revenue 95  80 
Net investment income 17  19 
Net gains (losses) on investments and derivatives (7) 2 
Total Allstate Health and Benefits
 574  556 
Corporate and Other    
Other revenue 24  — 
Net investment income 10  6 
Net gains (losses) on investments and derivatives (44) 10 
Total Corporate and Other (10) 16 
Intersegment eliminations (1)
 (41) (41)
Consolidated revenues $ 12,337  $ 12,451 
(1)Intersegment insurance premiums and service fees are primarily related to Arity and Allstate Roadside and are eliminated in the condensed consolidated financial statements.


First Quarter 2022 Form 10-Q 11
Notes to Condensed Consolidated Financial Statements

Note 5 Investments
Portfolio composition
($ in millions) March 31, 2022 December 31, 2021
Fixed income securities, at fair value $ 40,745  $ 42,136 
Equity securities, at fair value 5,315  7,061 
Mortgage loans, net 855  821 
Limited partnership interests 7,977  8,018 
Short-term investments, at fair value 4,344  4,009 
Other investments, net 2,532  2,656 
Total $ 61,768  $ 64,701 
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions) Amortized cost, net Gross unrealized
Fair
value
Gains Losses
March 31, 2022        
U.S. government and agencies $ 6,613  $ 3  $ (131) $ 6,485 
Municipal 5,805  54  (161) 5,698 
Corporate 26,334  120  (1,118) 25,336 
Foreign government 1,092  1  (40) 1,053 
ABS 2,183  11  (21) 2,173 
Total fixed income securities $ 42,027  $ 189  $ (1,471) $ 40,745 
December 31, 2021        
U.S. government and agencies $ 6,287  $ 12  $ (26) $ 6,273 
Municipal 6,130  279  (16) 6,393 
Corporate 26,834  688  (192) 27,330 
Foreign government 982  9  (6) 985 
ABS 1,143  14  (2) 1,155 
Total fixed income securities $ 41,376  $ 1,002  $ (242) $ 42,136 
Scheduled maturities for fixed income securities
($ in millions) March 31, 2022 December 31, 2021
Amortized cost, net Fair value Amortized cost, net Fair value
Due in one year or less $ 1,454  $ 1,455  $ 1,105  $ 1,111 
Due after one year through five years 22,599  22,035  21,039  21,291 
Due after five years through ten years 12,412  11,796  13,808  14,079 
Due after ten years 3,379  3,286  4,281  4,500 
  39,844  38,572  40,233  40,981 
ABS 2,183  2,173  1,143  1,155 
Total $ 42,027  $ 40,745  $ 41,376  $ 42,136 
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 March 31,
2022 2021
Fixed income securities $ 267  $ 301 
Equity securities 36  14 
Mortgage loans 8  10 
Limited partnership interests 292  378 
Short-term investments 2  1 
Other investments 40  41 
Investment income, before expense 645  745 
Investment expense (51) (37)
Net investment income
 $ 594  $ 708 
12 www.allstate.com
Notes to Condensed Consolidated Financial Statements

Net gains (losses) on investments and derivatives by asset type
($ in millions) Three months ended March 31,
2022 2021
Fixed income securities $ (152) $ 183 
Equity securities (347) 164 
Mortgage loans (1) 6 
Limited partnership interests (101) 4 
Derivatives 318  11 
Other investments 16  58 
Net gains (losses) on investments and derivatives $ (267) $ 426 
Net gains (losses) on investments and derivatives by transaction type
($ in millions)
 Three months ended March 31,
2022 2021
Sales $ (127) $ 246 
Credit losses (11) 2 
Valuation change of equity investments (1)
 (447) 167 
Valuation change and settlements of derivatives 318  11 
Net gains (losses) on investments and derivatives $ (267) $ 426 
(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 March 31,
2022 2021
Gross realized gains $ 66  $ 245 
Gross realized losses (218) (64)
The following table presents the net pre-tax appreciation (decline) recognized in net income of equity securities and limited partnership interests carried at fair value that are still held as of March 31, 2022 and 2021, respectively.
Net appreciation (decline) recognized in net income
($ in millions) Three months ended March 31,
2022 2021
Equity securities $ (92) $ 125 
Limited partnership interests carried at fair value
 38  141 
Total $ (54) $ 266 
Credit losses recognized in net income
($ in millions) Three months ended March 31,
2022 2021
Assets
Fixed income securities:    
Corporate $ —  $ 1 
ABS —  1 
Total fixed income securities —  2 
Mortgage loans (1) 6 
Other investments
Bank loans (10) (6)
Total credit losses by asset type $ (11) $ 2 
Liabilities
Commitments to fund commercial mortgage loans and bank loans —  — 
Total $ (11) $ 2 

First Quarter 2022 Form 10-Q 13
Notes to Condensed Consolidated Financial Statements

Unrealized net capital gains and losses included in AOCI
($ in millions)
Fair
value
 Gross unrealized
Unrealized net
gains (losses)
March 31, 2022 Gains Losses
Fixed income securities $ 40,745  $ 189  $ (1,471) $ (1,282)
Short-term investments 4,344  —  (1) (1)
Derivative instruments —  —  (3) (3)
Equity method of accounting (“EMA”) limited partnerships (1)
       4 
Unrealized net capital gains and losses, pre-tax       (1,282)
Amounts recognized for:        
DAC (2)
       1 
Reclassification of noncontrolling interest 16 
Amounts recognized       17 
Deferred income taxes       270 
Unrealized net capital gains and losses, after-tax       $ (995)
December 31, 2021
Fixed income securities $ 42,136  $ 1,002  $ (242) $ 760 
Short-term investments 4,009  —  —  — 
Derivative instruments —  —  (3) (3)
EMA limited partnerships (1)
 
 
 
 (1)
Unrealized net capital gains and losses, pre-tax       756 
Amounts recognized for:      
 
DAC (2)
       1 
Reclassification of noncontrolling interest 4 
Amounts recognized       5 
Deferred income taxes       (163)
Unrealized net capital gains and losses, after-tax       $ 598 
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
(2)The DAC balance represents the amount by which the amortization of DAC would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized.
Change in unrealized net capital gains (losses)
($ in millions) Three months ended March 31, 2022
Fixed income securities $ (2,042)
Short-term investments (1)
Derivative instruments — 
EMA limited partnerships 5 
Total (2,038)
Amounts recognized for:  
DAC — 
Reclassification of noncontrolling interest 12 
Amounts recognized 12 
Deferred income taxes 433 
Decrease in unrealized net capital gains and losses, after-tax $ (1,593)
Carrying value for limited partnership interests
($ in millions) March 31, 2022 December 31, 2021
EMA Fair Value Total EMA Fair Value Total
Private equity $ 5,127  $ 1,393  $ 6,520  $ 4,905  $ 1,434  $ 6,339 
Real estate 859  97  956  823  97  920 
Other (1)
 501  —  501  759  —  759 
Total $ 6,487  $ 1,490  $ 7,977  $ 6,487  $ 1,531  $ 8,018 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.


14 www.allstate.com
Notes to Condensed Consolidated Financial Statements

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 March 31, 2022 and December 31, 2021, the fair value of short-term investments totaled $4.34 billion and $4.01 billion, respectively.
Other investments Other investments primarily consist of bank loans, real estate, policy loans and derivatives. Bank loans are primarily senior secured corporate loans and are carried at amortized cost, net. Policy loans are carried at unpaid principal balances. Real estate is carried at cost less accumulated depreciation. Derivatives are carried at fair value.
Other investments by asset type
($ in millions) March 31, 2022 December 31, 2021
Bank loans, net $ 1,520  $ 1,574 
Real estate 750  809 
Policy loans 144  148 
Derivatives 7  12 
Other 111  113 
Total $ 2,532  $ 2,656 
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 $305 million and $311 million as of March 31, 2022 and December 31, 2021 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.

First Quarter 2022 Form 10-Q 15
Notes to Condensed Consolidated Financial Statements

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 March 31,
($ in millions) 2022 2021
Beginning balance $ (6) $ (3)
Credit losses on securities for which credit losses not previously reported —  — 
Net (increases) decreases related to credit losses previously reported —  2 
Reduction of allowance related to sales —  — 
Write-offs —  — 
Ending balance (1)
 $ (6) $ (1)
(1)Allowance for fixed income securities as of March 31, 2022 comprised $6 million of corporate bonds. Allowance for fixed income securities as of March 31, 2021 comprised $1 million of ABS that were classified as held for sale.
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position
($ 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
March 31, 2022              
Fixed income securities              
U.S. government and agencies 140  $ 5,954  $ (119) 18  $ 247  $ (12) $ (131)
Municipal 2,523  3,145  (155) 49  68  (6) (161)
Corporate 2,177  18,250  (988) 281  1,170  (130) (1,118)
Foreign government 87  922  (29) 34  116  (11) (40)
ABS 175  1,917  (21) 56  11  —  (21)
Total fixed income securities 5,102  $ 30,188  $ (1,312) 438  $ 1,612  $ (159) $ (1,471)
Investment grade fixed income securities 4,498  $ 25,027  $ (1,014) 421  $ 1,554  $ (148) $ (1,162)
Below investment grade fixed income securities 604  5,161  (298) 17  58  (11) (309)
Total fixed income securities 5,102  $ 30,188  $ (1,312) 438  $ 1,612  $ (159) $ (1,471)
December 31, 2021              
Fixed income securities              
U.S. government and agencies 112  $ 5,451  $ (24) 4  $ 72  $ (2) $ (26)
Municipal 767  1,213  (15) 2  14  (1) (16)
Corporate 1,197  9,725  (176) 22  130  (16) (192)
Foreign government 51  415  (6) 4  3  —  (6)
ABS 80  500  (2) 53  8  —  (2)
Total fixed income securities 2,207  $ 17,304  $ (223) 85  $ 227  $ (19) $ (242)
Investment grade fixed income securities 1,993  $ 15,391  $ (188) 71  $ 183  $ (8) $ (196)
Below investment grade fixed income securities 214  1,913  (35) 14  44  (11) (46)
Total fixed income securities 2,207  $ 17,304  $ (223) 85  $ 227  $ (19) $ (242)
16 www.allstate.com
Notes to Condensed Consolidated Financial Statements

Gross unrealized losses by unrealized loss position and credit quality as of March 31, 2022
($ in millions)
Investment
grade
 Below investment grade Total
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)
 $ (1,156) $ (292) $ (1,448)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)
 (6) (17) (23)
Total unrealized losses $ (1,162) $ (309) $ (1,471)
(1)Below investment grade fixed income securities include $286 million that have been in an unrealized loss position for less than twelve months.
(2)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses.
(3)No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months.
(4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Investment grade is defined as a security having a rating of Aaa, Aa, A or Baa from Moody’s, a rating of AAA, AA, A or BBB from S&P Global Ratings (“S&P”), a comparable rating from another nationally recognized rating agency, or a comparable internal rating if an externally provided rating is not available. Market prices for certain securities may have credit spreads which imply higher or lower credit quality than the current third-party rating. Unrealized losses on investment grade securities are principally related to an increase in market yields which may include increased risk-free interest rates or wider credit spreads since the time of initial purchase. The unrealized losses are expected to reverse as the securities approach maturity.
ABS 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 March 31, 2022, 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
($ in millions) March 31, December 31,
2022 2021
Mortgage loans $ 3  $ 2 
Bank Loans 7  4 

First Quarter 2022 Form 10-Q 17
Notes to Condensed Consolidated Financial Statements

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
March 31, 2022 December 31, 2021
($ in millions) 2017 and prior 2018 2019 2020 2021 Current Total Total
Below 1.0 $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
1.0 - 1.25 36  —  25  10  —  —  71  46 
1.26 - 1.50 18  —  105  —  12  7  142  160 
Above 1.50 103  106  140  67  203  30  649  621 
Amortized cost before allowance $ 157  $ 106  $ 270  $ 77  $ 215  $ 37  $ 862  $ 827 
Allowance (7) (6)
Amortized cost, net $ 855  $ 821 
Mortgage loans with a debt service coverage ratio below 1.0 that are not considered impaired primarily relate to situations where the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable term, the decrease in cash flows from the properties is considered
temporary, or there are other risk mitigating factors such as additional collateral, escrow balances or borrower guarantees. Payments on all mortgage loans were current as of March 31, 2022 and December 31, 2021.
Rollforward of credit loss allowance for mortgage loans
Three months ended March 31,
($ in millions) 2022 2021
Beginning balance $ (6) $ (67)
Net (increases) decreases related to credit losses (1) 22