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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2023
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)202320222021
Revenues
Investment income, less investment expense$45 $59 $13 
Net gains (losses) on investments and derivatives(28)(34)12 
Total revenues17 25 25 
Expenses
Interest expense396 351 328 
Pension and other postretirement remeasurement (gains) losses12 179 (611)
Pension and other postretirement (benefit) expense55 (98)(218)
Other operating expenses142 56 71 
Total expenses605 488 (430)
(Loss) gain from operations before income tax benefit and equity in net income of subsidiaries(588)(463)455 
Income tax (benefit) expense(143)(103)93 
(Loss) gain before equity in net income of subsidiaries(445)(360)362 
Equity in net income (loss) of subsidiaries (1)
257 (929)1,252 
Net (loss) income(188)(1,289)1,614 
Preferred stock dividends128 105 114 
Net (loss) income applicable to common shareholders(316)(1,394)1,500 
Other comprehensive income (loss), after-tax
Changes in:
Unrealized net capital gains and losses1,651 (2,853)(2,583)
Unrealized foreign currency translation adjustments67 (150)(8)
Unamortized pension and other postretirement prior service credit(16)(43)(59)
Discount rate for reserve for future policy benefits
(10)228 49 
Other comprehensive income (loss), after-tax1,692 (2,818)(2,601)
Comprehensive income (loss)$1,504 $(4,107)$(987)
(1)2021 include 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)20232022
Assets
Investments in subsidiaries$24,388 $23,711 
Fixed income securities, at fair value (amortized cost, net $1,027 and $2,513)
1,003 2,422 
Short-term investments, at fair value (amortized cost, net $297 and $291)
297 291 
Cash— — 
Receivable from subsidiaries359 341 
Deferred income taxes90 59 
Other assets233 108 
Total assets26,370 26,932 
Liabilities
Debt7,585 7,588 
Pension and other postretirement benefit obligations237 180 
Deferred compensation341 320 
Notes due to subsidiaries— 1,000 
Dividends payable to shareholders270 260 
Other liabilities167 96 
Total liabilities8,600 9,444 
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand and 81.0 thousand shares issued and outstanding, $2,050 and $2,025 aggregate liquidation preference
2,001 1,970 
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 262 million and 263 million shares outstanding
9 9 
Additional capital paid-in3,854 3,788 
Retained income49,716 50,970 
Treasury stock, at cost (638 million and 637 million shares)
(37,110)(36,857)
Accumulated other comprehensive income:
Unrealized net capital gains and losses(604)(2,255)
Unrealized foreign currency translation adjustments(98)(165)
Unamortized pension and other postretirement prior service credit13 29 
Discount rate for reserve for future policy benefits
(11)(1)
Total accumulated other comprehensive loss(700)(2,392)
Total Allstate shareholders’ equity17,770 17,488 
Total liabilities and equity$26,370 $26,932 














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)202320222021
Cash flows from operating activities
Net (loss) income$(188)$(1,289)$1,614 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net (loss) income of subsidiaries (1)
(257)929 (1,252)
Dividends received from subsidiaries250 3,396 5,112 
Net (gains) losses on investments and derivatives28 34 (12)
Pension and other postretirement remeasurement (gains) losses12 179 (611)
Changes in:
Pension and other postretirement benefits55 (98)(218)
Income taxes(78)(14)177 
Operating assets and liabilities43 76 158 
Net cash (used in) provided by operating activities(135)3,213 4,968 
Cash flows from investing activities
Proceeds from sales of investments1,427 2,572 1,743 
Investment purchases(50)(2,507)(2,673)
Investment collections85 39 38 
Capital contribution or return of capital from subsidiaries975 145 383 
Change in short-term investments, net(7)6 4,182 
Acquisition of subsidiaries— — (4,144)
Net cash provided by (used in) investing activities2,430 255 (471)
Cash flows from financing activities
Proceeds from borrowings from subsidiaries — 1,000 2,200 
Repayment of notes due to subsidiaries(1,000)(1,000)(2,450)
Proceeds from issuance of debt743 — — 
Redemption of preferred stock(575)— — 
Redemption and repayment of debt(750)— (250)
Proceeds from issuance of preferred stock587 — — 
Dividends paid on common stock(925)(926)(885)
Dividends paid on preferred stock(107)(105)(105)
Treasury stock purchases(335)(2,520)(3,120)
Shares reissued under equity incentive plans, net73 82 114 
Other(6)— — 
Net cash used in financing activities(2,295)(3,469)(4,496)
Net (decrease) increase in cash— (1)1 
Cash at beginning of year— 1 — 
Cash at end of year$— $— $1 
(1)2021 results include 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 Securities and Exchange Commission, 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 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 June 17, 2022, the Registrant issued $1.00 billion notes, with a rate of 1.63% due on June 17, 2023, to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On June 9, 2023, the Registrant repaid $1.00 billion to Kennett Capital Inc.
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 5, 2021, the Registrant repaid $200 million to Kennett Capital Inc. On June 17, 2022, the Registrant repaid $1.00 billion to Kennett Capital Inc.
3.    Supplemental Disclosures of Cash Flow Information
The Registrant paid $355 million, $323 million and $321 million of interest on debt in 2023, 2022 and 2021, respectively.