Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Reportable Segments Financial Performance

A reconciliation of these measures to net income (loss) applicable to common shareholders is provided below.


Reportable segments financial performance
	For the years ended December 31,
($ in millions)	2023		2022		2021
Underwriting income (loss) by segment
Allstate Protection	$	(2,090)	$	(2,782)	$	1,785
Run-off Property-Liability	(94)		(129)		(120)
Total Property-Liability	(2,184)		(2,911)		1,665

Adjusted net income (loss) by segment, after-tax
Protection Services	106		169		179
Allstate Health and Benefits	242		245		223
Corporate and Other	(415)		(422)		(433)

Reconciling items
Property-Liability net investment income	2,218		2,190		3,118
Net gains (losses) on investments and derivatives	(300)		(1,072)		1,084
Pension and other postretirement remeasurement gains (losses)	(9)		(116)		644

Business combination expenses and amortization of purchased intangibles (1)	(94)		(113)		(157)
Business combination fair value adjustment	—		—		6
Gain (loss) on disposition (2)	4		89		—

Non-recurring costs (3)	(90)		—		—
Income tax benefit (expense) on reconciling items (4)	182		495		(1,270)
Total reconciling items	1,911		1,473		3,425

Income (loss) from discontinued operations	—		—		(3,612)
Income tax benefit from discontinued operations	—		—		19
Total from discontinued operations	$	—	$	—	$	(3,593)

Less: Net loss attributable to noncontrolling interest (5)	(24)		(52)		(34)

Net (loss) income applicable to common shareholders	$	(316)	$	(1,394)	$	1,500

(1)Excludes amortization or impairment of purchased intangibles in Property-Liability, which is included above in underwriting income.

(2)Includes $83 million related to the gain on sale of headquarters in the fourth quarter of 2022 reported as other revenue in Corporate and Other segment.

(3)Relates to settlement costs for non-recurring litigation that is outside of the ordinary course of business. See Note 15 for additional details.

(4)The tax computation of the reporting segments and income tax benefit (expense) on reconciling items to net income (loss) are computed discretely based on the tax law of the jurisdictions applicable to the reporting entities.

(5)Reflects net loss attributable to noncontrolling interest in Property-Liability.

Schedule of Reportable Segments Revenue Information


Reportable segments revenue information
	For the years ended December 31,
($ in millions)	2023		2022		2021
Property-Liability
Insurance premiums
Auto	$	32,940	$	29,715	$	27,623
Homeowners	11,739		10,418		9,552
Other personal lines	2,387		2,159		2,077
Commercial lines	811		1,123		827
Other business lines	550		494		375
Allstate Protection	48,427		43,909		40,454
Run-off Property-Liability	—		—		—
Total Property-Liability insurance premiums	48,427		43,909		40,454
Other revenue	1,545		1,416		1,437
Net investment income	2,218		2,190		3,118
Net gains (losses) on investments and derivatives	(292)		(877)		1,021
Total Property-Liability	51,898		46,638		46,030

Protection Services
Protection Plans	1,540		1,307		1,132
Roadside assistance	195		202		192
Protection and insurance products	508		486		440
Intersegment premiums and service fees (1)	138		149		175
Other revenue	319		347		354
Net investment income	73		48		43
Net gains (losses) on investments and derivatives	—		(52)		25
Total Protection Services	2,773		2,487		2,361

Allstate Health and Benefits
Employer voluntary benefits	1,001		1,033		1,040
Group health	440		385		350
Individual health	405		414		444
Other revenue	447		402		359
Net investment income	82		69		74
Net gains (losses) on investments and derivatives	3		(44)		7
Total Allstate Health and Benefits	2,378		2,259		2,274

Corporate and Other
Other revenue	89		179		22
Net investment income	105		96		58
Net gains (losses) on investments and derivatives	(11)		(99)		31
Total Corporate and Other	183		176		111

Intersegment eliminations (1)	(138)		(149)		(175)
Consolidated revenues	$	57,094	$	51,411	$	50,601

(1)Intersegment insurance premiums and service fees are primarily related to Arity and Allstate Roadside and are eliminated in the consolidated financial statements.

Schedule of Additional Significant Financial Performance Data


Additional significant financial performance data
	For the years ended December 31,
($ in millions)	2023		2022		2021
Amortization of DAC
Property-Liability	$	6,070	$	5,570	$	5,313
Protection Services	1,058		928		795
Allstate Health and Benefits	150		136		128
Consolidated	$	7,278	$	6,634	$	6,236

Income tax expense (benefit)
Property-Liability	$	(136)	$	(427)	$	1,151
Protection Services	66		5		39
Allstate Health and Benefits	57		45		53
Corporate and Other	(122)		(111)		49
Consolidated	$	(135)	$	(488)	$	1,292

Schedule of Reportable Segment Total Assets, Investments and Deferred Policy Acquisition Costs


Reportable segment total assets, investments and deferred policy acquisition costs
	As of December 31,
($ in millions)	2023		2022
Assets
Property-Liability	$	88,568	$	82,744
Protection Services	7,292		6,922
Allstate Health and Benefits	4,032		3,752
Corporate and Other	3,470		4,571
Consolidated	$	103,362	$	97,989

Investments (1)
Property-Liability	$	59,540	$	54,011
Protection Services	2,180		1,917
Allstate Health and Benefits	2,182		1,872
Corporate and Other	2,775		4,029
Consolidated	$	66,677	$	61,829

Deferred policy acquisition costs
Property-Liability	$	2,378	$	2,146
Protection Services	3,022		2,768
Allstate Health and Benefits	540		528
Consolidated	$	5,940	$	5,442

(1)The balances reflect the elimination of related party investments between segments.