UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 

 
FORM 11-K
 
(Mark One):
 
x      ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2021
 
 
OR
 
o       TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                  to
 
Commission file number 1-11840
 
A.  Full title of the plan and the address of the plan, if different from that of the issuer named below:
 
ALLSTATE 401(k) SAVINGS PLAN
 
 
B.  Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
THE ALLSTATE CORPORATION
2775 SANDERS ROAD, SUITE A1E
NORTHBROOK, ILLINOIS 60062-6127



























Allstate 401(k)
Savings Plan
(EIN: 36-3871531 Plan: 001)
Financial Statements as of and for the
Years Ended December 31, 2021 and 2020, Supplemental Schedule as of

December 31, 2021, and
Report of Independent Registered Public Accounting Firm




Allstate 401(k) Savings Plan
Table of Contents
Page
Report of Independent Registered Public Accounting Firm
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2021 and 2020
Statements of Changes in Net Assets Available for Benefits for the Years Ended    December 31, 2021 and 2020
Notes to Financial Statements as of and for the Years Ended December 31, 2021 and 2020
Supplemental Schedule:
Form 5500—Schedule H, Part IV, Line 4i — Schedule of Assets (Held at End of Year)
    as of December 31, 2021
Signatures
NOTE: All other supplemental schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.





REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Plan Participants and Plan Administrator of
Allstate 401(k) Savings Plan
Northbrook, Illinois

Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Allstate 401(k) Savings Plan (the “Plan”) as of December 31, 2021 and 2020, the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Schedule
The supplemental schedule of assets (held at end of year) as of December 31, 2021 has been subjected to audit procedures in conjunction with the audits of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.


/s/ DELOITTE & TOUCHE LLP
Chicago, Illinois
June 27, 2022
We have served as the auditor of the Plan since 1995.


Member of
Deloitte Touche Tohmatsu Limited




ALLSTATE 401(k) SAVINGS PLAN
Statement of Net Assets Available for Benefits
($ in thousands)
December 31, 2021 December 31, 2020
Assets
Investments—at contract value (Note 5) $ 715,193  $ 779,291 
Investments—at fair value (Note 6) 6,137,678  5,473,577 
Total investments 6,852,871  6,252,868 
Receivables:
Dividends and interest 4,152  3,220 
Employer contributions 116,941  106,928 
Participant notes receivable 80,261  83,236 
Other 2,832  — 
Total receivables 204,186  193,384 
Other assets 10,563  7,634 
Total assets 7,067,620  6,453,886 
Liabilities
Payables:
Other 1,850  817 
Total liabilities 1,850  817 
Net assets available for benefits $ 7,065,770  $ 6,453,069 




See notes to financial statements.

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ALLSTATE 401(k) SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
($ in thousands)
Year Ended December 31,
2021 2020
Additions
Net investment income:
Net appreciation in fair value of investments $ 922,086  $ 583,748 
Interest 13,066  17,987 
Dividends 17,698  13,835 
Net investment income 952,850  615,570 
Interest income on participant notes receivable 3,997  5,396 
Contributions:
Participants 574,126  257,993 
Employer - cash matched on participant contributions 110,396  103,905 
Total contributions 684,522  361,898 
Total additions 1,641,369  982,864 
Deductions
Benefits paid to participants 1,021,236  593,177 
Administrative expense 7,432  6,745 
Total deductions 1,028,668  599,922 
Net increase 612,701  382,942 
Transfer of assets due to merger of Esurance Insurance Services, Inc. 401(k) Plan (Note 1) —  192,533 
Net assets available for benefits
Beginning of year 6,453,069  5,877,594 
End of year $ 7,065,770  $ 6,453,069 










See notes to financial statements.
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ALLSTATE 401(k) SAVINGS PLAN
Notes to Financial Statements
1.Description of Plan
The following description of the Allstate 401(k) Savings Plan (the “Plan”), sponsored by The Allstate Corporation (the “Company”), provides only general information. Participants should refer to the plan document for a more complete description of the Plan’s provisions.
General Regular full-time and regular part-time employees of subsidiaries of the Company, with the exception of those employed by the Company’s international subsidiaries, InfoArmor, Inc., and SquareTrade Inc., are eligible to participate in the Plan. There is no waiting period to enroll in the Plan, provided employees are at least 18 years old.
The Plan is a defined contribution plan consisting of a profit sharing and stock bonus plan containing a cash or deferred arrangement which is intended to meet the requirements of Sections 401(a) and 401(k) of the Internal Revenue Code of 1986 (the “Code”). The stock bonus portion of the Plan includes an employee stock ownership plan (“ESOP”) which is intended to meet the requirements of Section 409 and Section 4975(e)(7) of the Code. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).
On July 10, 2020, the Esurance Insurance Services, Inc. ("Esurance") 401(k) Plan, a defined contribution plan sponsored by Esurance, a subsidiary of the Company, was merged with and into the Plan. As a result, all participants in the Esurance 401(k) Plan became participants in the Plan. In conjunction with the merger, net assets in the amount of $192,532,732 from the Esurance 401(k) Plan were transferred into the Plan.
On December 17, 2020, the Plan's 401(k) Committee approved a resolution to permit National General Holdings Corp. (together with its affiliates and subsidiaries) to adopt the Plan, effective on January 4, 2021.
On June 14, 2021, the Plan's 401(k) Committee approved resolutions to provide employees transferred in connection with the sale of Allstate Life Insurance Company and Allstate Life Insurance Company of New York with the company match in the year of transfer and vesting of the employer match account for non-highly compensated employees.
On September 24, 2021, the Plan's 401(k) Committee approved a resolution to permit Safe Auto Insurance Group, Inc. (together with its affiliates and subsidiaries) to adopt the Plan, effective on October 1, 2021.
Administration The Plan is administered by the Administrative Committee. Investment transactions are authorized by the Plan’s Investment Committee. Members of the Administrative and Investment Committees are appointed by the 401(k) Committee. The 401(k) Committee is comprised of various Allstate Insurance Company officers as described in the Plan.
Trustee of the Plan The Northern Trust Company holds Plan assets as trustee under the Allstate 401(k) Savings Plan Trust.
Contributions — Each year, employees may contribute up to 50% of eligible annual compensation through a combination of pre-tax, Roth 401(k), and after-tax contributions, subject to Internal Revenue Code limitations. All eligible employees hired or rehired are automatically enrolled in the Plan at a 5% pre-tax contribution rate, unless the participant declines enrollment or changes the contribution rate within the first 45 days of eligibility. Participants age 50 or older have the option to make additional pre-tax or Roth 401(k) contributions (“Catch-Up” contributions). Employees may also roll over pre-tax or Roth 401(k) amounts representing distributions from other qualified defined benefit or defined contribution plans. The Company match for a plan year is 80 cents for every pre-tax and/or Roth 401(k) dollar that a participant contributes to the Plan during the plan year, up to 5% of eligible compensation. Employer contributions are invested in accordance with participant elections.
Participant Accounts Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, allocations of the Company’s contribution and investment earnings and losses, and is charged with an allocation of administrative expenses. Accounts may increase by rollovers and decrease by rollovers and withdrawals. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Vesting Participants hired prior to March 1, 2009 were immediately vested in their contributions and the Company’s contributions plus earnings thereon. Employees hired on or after March 1, 2009 are immediately vested in their contributions and will fully vest in the Company’s contributions after three years of vesting service.
Investment Options Upon enrollment in the Plan, a participant may direct employee contributions to any or all of the Plan's investment options. If a participant does not make an investment election, employee contributions will be invested in the Target Retirement Date Fund that corresponds with the participant’s birth date and assumes a retirement date and account distribution at age 65. Participants may change their investment elections at any time, with limited trading restrictions, but without
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redemption restrictions. The funds transact at net asset value on a daily basis. Effective September 9, 2021, State Street Global Advisors (SSGA) replaced Northern Trust as the underlying investment manager for the Target Retirement Date Funds.
Participant Notes Receivable Participants may borrow from their employee contribution and rollover contribution accounts. The loan amount must be at least $1,000 up to a maximum equal to the lesser of: (i) 50% of their vested account balance, or (ii) $50,000, and will be taken from the participant’s accounts in the following order: pre-tax, Roth 401(k), rollover, and after-tax. Loan transactions are treated as a proportional transfer from/to the investment funds and to/from the loan fund. Loan terms range from 6 to 48 months for a general-purpose loan and 49 to 180 months for a primary residence loan. Loans are secured by the participant’s account balance and bear interest at the prime rate, plus one percent, as published in the Wall Street Journal in effect on the 15th day of the month prior to the first day of the quarter in which the loan is requested. Generally, principal and interest are paid by participants ratably through payroll deductions.
Payment of Benefits Upon termination of service, a participant is entitled to a complete withdrawal of his or her vested account balance, net of any outstanding loans. Partial withdrawals are also permitted under the Plan subject to restrictions.  Participants may leave their account balance in the plan after termination, if the balance is greater than $1,000; however, after the age of 72 (or 70½ if you reached age 70½ prior to January 1, 2020), required minimum distributions must be withdrawn. If the value of a vested account balance on or after a participant’s termination date does not exceed $1,000, the participant will receive an automatic lump sum distribution of their vested account balance.
Forfeited Accounts — As of December 31, 2021 and 2020, forfeited nonvested accounts totaled $6,240,625 and $3,099,484, respectively, and are reported in other assets. These accounts will be used to reduce future employer contributions. During the years ended December 31, 2021 and 2020, employer contributions were reduced by $3,099,484 and $3,153,761, respectively, due to forfeited nonvested accounts.
2.Summary of Accounting Policies
Basis of Accounting The Plan’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Subsequent events were evaluated through June 27, 2022, the date the financial statements were issued.
Change in Presentation Beginning in 2021, the supplementary information by fund was removed from the statement of net assets available for benefits and changes in net assets available for benefits. This change was applied on a retrospective basis.
Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Risks and Uncertainties The Plan utilizes various types of investments, including institutional index funds, a stable value fund and common stock. These investments are subject to market risk, the risk that losses will be incurred due to adverse changes in creditworthiness, equity prices and interest rates. It is reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.
The Novel Coronavirus Pandemic or COVID-19 ("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 the Plan's operations. If the financial markets or the overall economy are impacted for an extended period, the future investment results of the Plan may be materially adversely affected.
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act provided temporary relief for retirement plan sponsors and their participants with respect to employer contributions, distributions and participant loans. The provisions of the CARES Act are effective and operationalized immediately, prior to amending the plan document. The 401(k) Committee has approved the implementation of certain relief provisions included in the CARES Act, including suspending required loan repayments due between March 27, 2020 and December 31, 2020 by twelve months, allowing Coronavirus-related distributions up to $100,000 to be taken without an early-withdrawal penalty, and waiving required minimum distributions in 2020. The future effects of these provisions on the Plan’s net assets available for benefits and changes in net assets available for benefits are uncertain.  The Plan will be formally amended by the end of the 2022 plan year.
Investment Valuation and Income Recognition Plan investments are stated at fair value except for fully benefit-responsive investment contracts ("FBRIC"), which are reported at contract value. The Stable Value Fund is a FBRIC and stated at contract
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value, which is the amount Plan participants would receive if they were to initiate permitted transactions under the terms of the Plan.
Purchases and sales of securities are recorded on a trade-date plus one basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Administrative Expenses Investment management fees, recordkeeping fees, and trustee fees along with other administrative expenses charged to the Plan for investments in each of the Plan’s investment options are deducted from income earned on a daily basis and are not separately reflected. Consequently, fees and expenses are reflected as a reduction of investment return for such investments.
Benefits Paid to Participants and Participant Notes Receivable Benefits paid to participants and participant notes receivable are recorded upon distribution. Amounts allocated to accounts of persons who have elected to withdraw from the Plan, but have not yet been paid as of year end are included in other assets on the Statements of Net Assets Available for Benefits. Participant notes receivable are measured at their unpaid principal balance plus any accrued but unpaid interest.
3.Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA and the Internal Revenue Code. In the event that the Plan is terminated, participants would be 100% vested in their accounts.
4.Tax Status
The Internal Revenue Service ("IRS") has determined and informed the Company by a letter, dated August 17, 2017, that the Plan and related trust were designed in accordance with applicable sections of the Code. The plan document has been amended since receiving the determination letter. The Plan’s management believes that the Plan is currently designed and is being operated in compliance with the applicable requirements of the Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements, and there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The IRS is not currently examining the Plan.
5.Fully Benefit-Responsive Investment Contracts
The Stable Value Fund holdings include investment contracts called synthetic guaranteed investment contracts comprised of investments in the common collective trusts plus a wrapper contract. The wrapper contract is issued by a financial institution and the contract guarantees to provide a specific interest rate to be credited to the contract plus provide for participant liquidity at contract value in certain situations.
The Stable Value Fund’s wrapper contracts are benefit-responsive and are thus eligible for contract-value reporting. Funds may be withdrawn pro-rata from all the Stable Value Fund’s investment contracts at contract value determined by the respective issuing companies to pay benefits and to make participant-directed transfers to other investment options pursuant to the terms of the Plan after the amounts in the Stable Value Fund’s Short-Term Investment Fund reserve are depleted.
The wrapper contracts wrap underlying assets which are held in the trust and owned by the Stable Value Fund. The underlying assets are comprised of common collective trusts which may include a variety of high quality fixed income investments selected by the fund manager consistent with the Stable Value Fund’s investment guidelines. High quality, as defined by the Stable Value Fund’s investment guidelines, means the average credit quality of all of the investments backing the Stable Value Fund contracts is AA/A1 or better as measured by S&P Global’s or Moody’s credit rating services. The investments in the common collective trusts are used to generate the investment returns that are utilized to provide for interest rates credited through the wrapper contracts.
The wrapper contracts are benefit-responsive in that they provide that participants may execute transactions from the Stable Value Fund according to Plan provisions at contract value. Contract value represents contributions made to the Stable Value Fund, plus earnings, less participant withdrawals. The interest rates in wrapper contracts are reset monthly, based on market rates of other similar investments, the current yield of the underlying investments, the spread between the market value and contract value of the investments held by the contract, and the financial duration of the contract investments. All contracts have a minimum crediting rate of 0%, but ranged between 1.61% and 1.87% during 2021. Certain events, such as plan termination, or a plan merger initiated by the plan sponsor, or changes to Plan provisions not approved by the issuers of the Stable Value Fund’s wrapper contracts, may limit the ability of the Stable Value Fund to transact at contract value or may allow for the termination of the wrapper contracts at less than contract value. Plan Management does not believe that any events that may limit the ability of the Stable Value Fund to transact at contract value are probable.
Changes in market interest rates affect the yield to maturity and the market value of the investments in the common collective trusts, and thus can have a material impact on the interest crediting rate. In addition, participant withdrawals and transfers from the Stable Value Fund are paid at contract value but funded through the market value liquidation of the investments in the
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common collective trusts, which also may affect future interest crediting rates. If market interest rates rise and fair values of investments in the common collective trusts fall, the fair value may be less than the corresponding contract value. This shortfall in fair value will be reflected in future crediting rates by amortizing the effect into the future through an adjustment to interest crediting rates of the wrapper contracts. Similarly, if market interest rates fall and fair values of investments in the common collective trusts rise, the fair values of investments held by the wrapper contract may be greater than the corresponding contract value. This excess in fair value will also be reflected in future crediting rates through an amortization process similar to that when there is a fair value shortfall.
6.Fair Value of Assets and Liabilities
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets and liabilities recorded on the Statements of Net Assets Available for Benefits 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 Plan 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 Plan’s estimates of the assumptions that market participants would use in valuing the assets and liabilities.
Category level in the fair value hierarchy for assets or liabilities is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.
Summary of significant valuation techniques used for Level 1 and Level 2 assets and liabilities measured at fair value on a recurring basis
The Allstate Corporation Common Stock: The Company’s common stock is actively traded on the New York Stock Exchange and is valued based on unadjusted quoted prices.
Northern Trust Collective Short-Term Investment Fund: The collective short-term investment fund is valued using amortized cost which approximates fair value.
Investments excluded from the fair value hierarchy
Common and collective trust funds: Comprise funds that have daily quoted net asset values for identical assets in markets that are not active. The net asset values are primarily derived based on the fair values of the underlying investments in the fund, some of which are not actively traded.
The following table summarizes the Plan’s assets measured at fair value on a recurring basis as of December 31, 2021. There were no assets measured at fair value on a non-recurring basis as of December 31, 2021. There were no level 3 assets as of December 31, 2021.
($ in thousands) Level 1 Level 2 Total
Assets
The Allstate Corporation Common Stock $ 610,047  $ —  $ 610,047 
Collective short-term investment fund —  762  762 
Total assets in the fair value hierarchy $ 610,047  $ 762  610,809 
Assets measured at net asset value (1)
5,526,869 
Total assets at fair value
$ 6,137,678 
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The following table summarizes the Plan’s assets measured at fair value on a recurring basis as of December 31, 2020. There were no assets measured at fair value on a non-recurring basis as of December 31, 2020. There were no level 3 assets as of December 31, 2020.
($ in thousands) Level 1 Level 2 Total
Assets
The Allstate Corporation Common Stock $ 656,295  $ —  $ 656,295 
Collective short-term investment fund —  2,253  2,253 
Total assets in the fair value hierarchy $ 656,295  $ 2,253  658,548 
Assets measured at net asset value (1)
4,815,029 
Total assets at fair value $ 5,473,577 
(1)Certain investments that were measured at net asset value per share (or its equivalent) are not required to be classified in the fair value hierarchy. The fair value amounts are intended to permit reconciliation of the fair value hierarchy to the line items in the Statements of Net Assets Available for Benefits.
7.Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net investment income per the financial statements to the Form 5500 for the years ended December 31, 2021 and 2020:
($ in thousands) 2021 2020
Total net investment income per the financial statements $ 952,850  $ 615,486 
Interest income on participant notes receivable 3,997  5,396 
Total net investment income per the Form 5500 $ 956,847  $ 620,882 
8.Related-Party Transactions
The Plan invests in The Northern Trust Collective Short Term Investment Fund and the NTI Emerging Markets Fund, which are collective investment funds managed by NTI, the investment advisor division of The Northern Trust Company, the trustee of the Plan. Fees paid by the Plan for investment management services associated with the Collective Short Term Investment Fund and the NTI Emerging Markets Fund were included as a reduction of the return earned on each fund. The Plan also invests in the common stock of The Allstate Corporation, the Plan’s sponsor.

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SUPPLEMENTAL SCHEDULE
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ALLSTATE 401(k) SAVINGS PLAN
36-3871531 Plan: 001
FORM 5500 — SCHEDULE H, PART IV, LINE 4i —
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
As of December 31, 2021
(a) (b)
Identity of issue, borrower, lessor, or similar party
(c)
Description of investment,
including maturity date, rate of interest, collateral, par, or maturity value
(d)
Cost
(e)
Current Value
Invesco Advisers Stable Value Fund:
 * The Northern Trust Collective Short Term Investment Fund No. 22-19589 Common Collective Trust Fund ** $ 33,452,538 
Transamerica: Transamerica No. MDA-00714TR
IGT Invesco A+ Intermediate Fund Common Collective Trust Fund ** 3,510,331 
IGT Jennison A+ Intermediate Fund Common Collective Trust Fund ** 5,266,730 
IGT Loomis Sayles A+ Core Fixed Income Fund Common Collective Trust Fund ** 12,842,204 
IGT Loomis Sayles A+ Intermediate Fund Common Collective Trust Fund ** 877,089 
IGT Dodge & Cox A+ Core Fund Common Collective Trust Fund ** 12,863,167 
IGT Invesco A+ Core Fixed Income Fund Common Collective Trust Fund ** 9,934,895 
IGT Invesco High Quality Short-Term Bond Fund Common Collective Trust Fund ** 60,797,803 
IGT PIMCO A+ Core Fixed Income Fund Common Collective Trust Fund ** 9,932,123 
IGT PIMCO A+ Intermediate Fund Common Collective Trust Fund ** 878,195 
Adjustment from fair value to contract value for interest in fully benefit-responsive contracts (2,723,485)
Pacific Life Insurance: Pacific Life Insurance No. G-26930.01.0001
IGT Invesco High Quality Short-Term Bond Fund Common Collective Trust Fund ** 74,320,125 
IGT Dodge & Cox A+ Core Fund Common Collective Trust Fund ** 9,573,096 
IGT Loomis Sayles A+ Core Fixed Income Fund Common Collective Trust Fund ** 9,557,493 
IGT PIMCO A+ Core Fixed Income Fund Common Collective Trust Fund ** 9,565,776 
IGT Invesco A+ Core Fixed Income Fund Common Collective Trust Fund ** 9,568,449 
Adjustment from fair value to contract value for interest in fully benefit-responsive contracts (2,067,419)
Prudential Insurance Company: Prudential Insurance Company No. GA-62294
IGT Invesco A+ Core Fixed Income Fund Common Collective Trust Fund ** 5,842,904 
IGT Invesco High Quality Short-Term Bond Fund Common Collective Trust Fund ** 74,107,394 
IGT Jennison A+ Intermediate Fund Common Collective Trust Fund ** 24,506,971 
IGT PIMCO A+ Core Fixed Income Fund Common Collective Trust Fund ** 5,841,270 
Adjustment from fair value to contract value for interest in fully benefit-responsive contracts (1,816,417)
(Continued)
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ALLSTATE 401(k) SAVINGS PLAN
36-3871531 Plan: 001
FORM 5500 — SCHEDULE H, PART IV, LINE 4i —
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
As of December 31, 2021
(a) (b)
Identity of issue, borrower, lessor, or similar party
(c)
Description of investment,
including maturity date, rate of interest, collateral, par, or maturity value
(d)
Cost
(e)
Current Value
Invesco Advisers Stable Value Fund continued:
State Street Bank: State Street Bank No. 105027
IGT Loomis Sayles A+ Intermediate Fund Common Collective Trust Fund ** $ 31,859,999 
IGT Invesco A+ Intermediate Fund Common Collective Trust Fund ** 31,877,937 
IGT PIMCO A+ Intermediate Fund Common Collective Trust Fund ** 31,900,197 
IGT Invesco High Quality Short-Term Bond Fund Common Collective Trust Fund ** 10,617,605 
Adjustment from fair value to contract value for interest in fully benefit-responsive contracts (2,417,841)
Voya Retirement & Annuity: Voya Retirement & Annuity No. 60256
IGT Invesco High Quality Short-Term Bond Fund Common Collective Trust Fund ** 53,814,344 
IGT Loomis Sayles A+ Intermediate Fund Common Collective Trust Fund ** 3,450,416 
IGT Jennison A+ Intermediate Fund Common Collective Trust Fund ** 41,438,021 
IGT PIMCO A+ Intermediate Fund Common Collective Trust Fund ** 3,454,770 
IGT Invesco A+ Intermediate Fund Common Collective Trust Fund ** 35,904,535 
Adjustment from fair value to contract value for interest in fully benefit-responsive contracts (2,584,989)
Metropolitan Tower Life Insurance: Metropolitan Tower Life No. 38024
IGT Invesco High Quality Short-Term Bond Fund Common Collective Trust Fund ** 61,369,226 
IGT Invesco A+ Core Fixed Income Fund Common Collective Trust Fund ** 11,154,439 
IGT Loomis Sayles A+ Core Fixed Income Fund Common Collective Trust Fund ** 13,927,086 
IGT PIMCO A+ Core Fixed Income Fund Common Collective Trust Fund ** 11,151,327 
IGT Dodge & Cox A+ Core Fund Common Collective Trust Fund ** 13,949,820 
Adjustment from fair value to contract value for interest in fully benefit-responsive contracts (2,305,279)
Total Invesco Advisers Stable Value Fund 715,192,845 
 * The Allstate Corporation common stock Company Stock Fund 610,047,368 
(Continued)
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ALLSTATE 401(k) SAVINGS PLAN
36-3871531 Plan: 001
FORM 5500 — SCHEDULE H, PART IV, LINE 4i —
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
As of December 31, 2021
(a) (b)
Identity of issue, borrower, lessor, or similar party
(c)
Description of investment,
including maturity date, rate of interest, collateral, par, or maturity value
(d)
Cost
(e)
Current Value
State Street Global Advisors (SSGA):
SSgA U.S. Bond Index Non-Lending Series Fund - Class A Common Collective Trust Fund ** $ 552,264,885 
SSgA Real Return ex-Natural Resource Equities Non-Lending Fund - Class C Common Collective Trust Fund ** 54,662,908 
SSgA S&P 500 Index Non-Lending Series Fund - Class A Common Collective Trust Fund ** 2,000,747,069 
SSgA Global All Cap Equity ex U.S. Index Non-Lending Series Fund - Class A Common Collective Trust Fund ** 732,798,432 
SSgA Russell Small Cap Index Non-Lending Series Fund - Class A Common Collective Trust Fund ** 479,147,417 
SSgA S&P Mid-Cap Index Non-Lending Series Fund - Class A Common Collective Trust Fund ** 542,530,119 
SSgA Target Retirement Income Non-Lending Series Fund - Class A Common Collective Trust Fund ** 42,710,885 
SSgA Target Retirement 2020 Non-Lending Series Fund - Class A Common Collective Trust Fund ** 73,955,578 
SSgA Target Retirement 2025 Non-Lending Series Fund - Class A Common Collective Trust Fund ** 174,751,106 
SSgA Target Retirement 2030 Non-Lending Series Fund - Class A Common Collective Trust Fund ** 187,892,778 
SSgA Target Retirement 2035 Non-Lending Series Fund - Class A Common Collective Trust Fund ** 168,268,709 
SSgA Target Retirement 2040 Non-Lending Series Fund - Class A Common Collective Trust Fund ** 139,465,923 
SSgA Target Retirement 2045 Non-Lending Series Fund - Class A Common Collective Trust Fund ** 110,726,317 
SSgA Target Retirement 2050 Non-Lending Series Fund - Class A Common Collective Trust Fund ** 86,544,070 
SSgA Target Retirement 2055 Non-Lending Series Fund - Class A Common Collective Trust Fund ** 86,671,202 
SSgA Target Retirement 2060 Non-Lending Series Fund - Class A Common Collective Trust Fund ** 33,908,561 
SSgA Target Retirement 2065 Non-Lending Series Fund - Class A Common Collective Trust Fund ** 536,021 
Total State Street Global Advisors 5,467,581,980 
 * Northern Trust Investments (NTI):
The Northern Trust Collective Short Term Investment Fund No. 22-44460 Common Collective Trust Fund ** 762,463 
NTI Emerging Markets Fund Common Collective Trust Fund ** 59,286,916 
Total Northern Trust Investments 60,049,379 
Rates of interest from 3.25% to
 * Participant loans 8.25% maturing through 2049 ** 80,260,889 
**
Total $ 6,933,132,461 
* Permitted party in interest.
** Cost information not provided as investments are participant-directed.
(Concluded)
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SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

  ALLSTATE 401(k) SAVINGS PLAN
 
  By /s/ Livia W. Paylo
    Livia W. Paylo
    Plan Administrator
 
June 27, 2022
   
                                
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