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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Schedule II — Condensed Financial Information of Registrant
Schedule II — Condensed Financial Information of Registrant Statement of Operations
Year Ended December 31,
($ in millions)202120202019
Revenues
Investment income, less investment expense$13 $12 $35 
Net gains (losses) on investments and derivatives12 33 9 
Other income— — 41 
Total revenues25 45 85 
Expenses
Interest expense328 328 355 
Pension and other postretirement remeasurement (gains) losses(611)(73)103 
Pension and other postretirement (benefit) expense(218)(168)(122)
Other operating expenses71 73 49 
Total expenses(430)160 385 
Gain (loss) from operations before income tax benefit and equity in net income of subsidiaries455 (115)(300)
Income tax expense (benefit)93 (26)(75)
Gain (loss) before equity in net income of subsidiaries362 (89)(225)
Equity in net income of subsidiaries (1)
1,237 5,665 5,072 
Net income1,599 5,576 4,847 
Preferred stock dividends114 115 169 
Net income applicable to common shareholders1,485 5,461 4,678 
Other comprehensive income (loss), after-tax
Changes in:
Unrealized net capital gains and losses(2,582)1,293 1,889 
Unrealized foreign currency translation adjustments(8)52 (10)
Unamortized pension and other postretirement prior service credit(59)9 (47)
Other comprehensive (loss) income, after-tax(2,649)1,354 1,832 
Comprehensive (loss) income$(1,050)$6,930 $6,679 
(1)Includes results of operations for the life and annuity business held for sale reported as discontinued operations in the Consolidated Statements of Operations.















See accompanying notes to condensed financial information and notes to consolidated financial statements.
The Allstate Corporation and Subsidiaries
Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Financial Position
December 31,
($ in millions, except par value data)20212020
Assets
Investments in subsidiaries (1)
$32,058 $35,603 
Fixed income securities, at fair value (amortized cost, net $1,708 and zero)
1,718 — 
Short-term investments, at fair value (amortized cost, net $297 and $4,479)
297 4,479 
Cash1 — 
Receivable from subsidiaries504 524 
Deferred income taxes22 187 
Other assets222 87 
Total assets34,822 40,880 
Liabilities
Long-term debt7,581 7,825 
Pension and other postretirement benefit obligations211 874 
Deferred compensation383 351 
Payable to subsidiaries— — 
Notes due to subsidiaries1,000 1,250 
Dividends payable to shareholders269 201 
Other liabilities199 162 
Total liabilities9,643 10,663 
Shareholders’ 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, 281 million and 304 million shares outstanding
9 9 
Additional capital paid-in3,722 3,498 
Retained income53,294 52,767 
Treasury stock, at cost (619 million and 596 million shares)
(34,471)(31,331)
Accumulated other comprehensive income:
Unrealized net capital gains and losses598 3,180 
Unrealized foreign currency translation adjustments(15)(7)
Unamortized pension and other postretirement prior service credit72 131 
Total accumulated other comprehensive income655 3,304 
Total Allstate shareholders’ equity25,179 30,217 
Total liabilities and equity$34,822 $40,880 
(1)2020 includes results for life and annuity business classified as held for sale in the Consolidated Statements of Financial Position.













See accompanying notes to condensed financial information and notes to consolidated financial statements.
The Allstate Corporation and Subsidiaries
Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Cash Flows
Years Ended December 31,
($ in millions)202120202019
Cash flows from operating activities
Net income$1,599 $5,576 $4,847 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries (1)
(1,237)(5,665)(5,072)
Dividends received from subsidiaries5,112 4,157 2,434 
Net (gains) losses on investments and derivatives(12)(33)(9)
Pension and other postretirement remeasurement (gains) losses(611)(73)103 
Changes in:
Pension and other postretirement benefits(218)(168)(122)
Income taxes177 54 13 
Operating assets and liabilities158 110 111 
Net cash provided by operating activities4,968 3,958 2,305 
Cash flows from investing activities
Proceeds from sales of investments1,743 1,251 1,094 
Investment purchases(2,673)(402)(892)
Investment collections38 16 65 
Capital contribution or return of capital from subsidiaries383 251 43 
Change in short-term investments, net4,182 (3,777)(417)
Acquisition of subsidiaries(4,144)— — 
Net cash used in investing activities(471)(2,661)(107)
Cash flows from financing activities
Proceeds from borrowings from subsidiaries 2,200 1,250 1,000 
Repayment of notes due to subsidiaries(2,450)(1,000)(1,250)
Proceeds from issuance of long-term debt— 1,189 491 
Redemption of preferred stock— (288)(1,132)
Redemption and repayment of long-term debt(250)— (317)
Proceeds from issuance of preferred stock— — 1,414 
Dividends paid on common stock(885)(668)(653)
Dividends paid on preferred stock(105)(108)(134)
Treasury stock purchases(3,120)(1,737)(1,735)
Shares reissued under equity incentive plans, net114 63 120 
Other— — — 
Net cash used in financing activities(4,496)(1,299)(2,196)
Net increase (decrease) in cash1 (2)2 
Cash at beginning of year— 2 — 
Cash at end of year$1 $— $2 
(1)Includes results of operations for the life and annuity business held for sale reported as discontinued operations in the Consolidated Statements of Operations.









See accompanying notes to condensed financial information and notes to consolidated financial statements.
The Allstate Corporation and Subsidiaries
Schedule II (Continued) — Condensed Financial Information of Registrant
Notes to Condensed Financial Information
1.     General
Pursuant to rules and regulations of the SEC, the unconsolidated condensed financial statements of the Parent Company do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP. Therefore, these condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8.
The long-term debt presented in Note 13 “Capital Structure” are direct obligations of or guaranteed by the Registrant. A majority of the pension and other postretirement benefits plans presented in Note 18 “Benefit Plans” are direct obligations of the Registrant.
Participating subsidiaries fund the pension plans contributions under a master services cost sharing agreement. In addition, as a result of joint and several pension liability rules under the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, as amended, many liabilities that arise in connection with pension plans are joint and several across all members of a controlled group of entities.
2.   Notes due to subsidiaries
On March 1, 2021 and June 18, 2021, the Registrant issued $200 million and $1.00 billion notes, with rates of 0.21% and 0.20%, due on March 1, 2022 and June 18, 2022, respectively, to Kennett Capital Inc. The proceeds of these issuances were used for cash management purposes. On April 05, 2021, the Registrant repaid $200 million to Kennett Capital Inc.
On June 18, 2020 and December 29, 2020, the Registrant issued $1.00 billion and $250 million notes, with rates of 0.43% and 0.33%, due on June 18, 2021 and December 29, 2021, respectively, to Kennett Capital Inc. The proceeds of these issuances were used for cash management purposes. On April 5, 2021 and June 18, 2021, the Registrant repaid $250 million and $1.00 billion, respectively, to Kennett Capital Inc.
On June 19, 2019, the Registrant issued a $1.00 billion note, with a rate of 2.63% due on June 19, 2020 to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On June 18, 2020, the Registrant repaid $1.00 billion to Kennett Capital Inc.
3.    Supplemental Disclosures of Cash Flow Information
The Registrant paid $321 million, $311 million and $312 million of interest on debt in 2021, 2020 and 2019, respectively.