Acquisitions and Disposition (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of recognized identified assets acquired and liabilities assumed

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 December 31, 2021, the Company had principal balance remaining of $350 million 6.750% Senior Notes due 2024, with a fair value adjustment of $45 million.

Schedule of indefinite-lived intangible assets

Intangible assets by type
	December 31,
($ in millions)	2021		2020
Customers relationships	$	909	$	322
Trade names and licenses	206		37
Technology and other	305		94
Total	$	1,420	$	453

Intangible assets by type
($ in millions)	January 4, 2021
Distribution and customer relationships	$	795
Trade names	102
Licenses	97
Technology	205
Total	$	1,199

Schedule of finite-lived intangible assets, future amortization expense

Amortization expense of intangible assets for the next five years and thereafter
($ in millions)
2022	$	342
2023	291
2024	226
2025	179
2026	92
Thereafter	151
Total amortization	$	1,281

Estimated amortization expense of National General intangible assets for the next five years and thereafter
($ in millions)
2022	$	218
2023	185
2024	135
2025	103
2026	70
Thereafter	140
Total amortization	$	851

Schedule of disposal groups, including discontinued operations

Financial results from discontinued operations
	For the years ended December 31,
($ in millions)	2021		2020		2019
Revenues
Life premiums and contract charges	$	1,109	$	1,350	$	1,356
Net investment income	1,336		1,262		1,431
Net gains (losses) on investments and derivatives	195		269		347
Total revenues	2,640		2,881		3,134
Costs and expenses
Life contract benefits	1,315		1,726		1,438
Interest credited to contractholder funds	414		605		606
Amortization of DAC	87		153		180
Operating costs and expenses	163		238		268
Restructuring and related charges	31		7		2
Total costs and expenses	2,010		2,729		2,494
Amortization of deferred gain on reinsurance	4		4		6
Income (loss) from discontinued operations before income tax expense	634		156		646
Income tax expense	136		9		126
Income from discontinued operations, net of tax	498		147		520
Loss on disposition of operations	(4,315)		—		—
Income tax benefit	(224)		—		—
Loss on disposition of operations, net of tax	(4,091)		—		—
(Loss) income from discontinued operations, net of tax	$	(3,593)	$	147	$	520

Major classes of assets and liabilities disposed in transactions
($ in millions)	Closing (1)		December 31, 2020
Assets
Investments
Fixed income securities, at fair value	$	26,425	$	23,789
Equity securities, at fair value	11		1,542
Mortgage loans, net	2,662		3,329
Limited partnership interests	1,624		3,046
Short-term, at fair value	643		993
Other investments, net	690		1,998
Total investments	$	32,055	$	34,697
Cash	1,081		66
Deferred policy acquisitions costs	996		925
Reinsurance recoverables, net	1,979		2,005
Accrued investment income	240		229
Other assets	536		865
Separate accounts	3,465		3,344
Total assets	$	40,352	$	42,131
Liabilities
Reserve for future policy benefits	$	11,573	$	11,740
Contractholder funds	15,880		16,356
Deferred income taxes	834		973
Other liabilities and accrued expenses	452		912
Separate accounts	3,465		3,344
Total liabilities	$	32,204	$	33,325

(1)The Company closed the sales of Allstate Life Insurance Company of New York and Allstate Life Insurance Company and certain affiliates on October 1, 2021 and November 1, 2021, respectively.

Cash flows from discontinued operations
	For the years ended December 31,
($ in millions)	2021		2020		2019
Net cash provided by operating activities from discontinued operations	$	634	$	311	$	346
Net cash provided by investing activities from discontinued operations	984		330		448