Item 16. None.

None.

The Allstate Corporation 221

2020 Form 10-K

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						The Allstate Corporation (Registrant)
						/s/ John C. Pintozzi
						By: John C. Pintozzi
						Senior Vice President, Controller and Chief Accounting Officer
						(Principal Accounting Officer)
						February 19, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature						Title						Date
/s/ Thomas J. Wilson						Chairman of the Board, President, Chief Executive Officer and a Director (Principal Executive Officer)						February 19, 2021
Thomas J. Wilson
/s/ Mario Rizzo						Executive Vice President and Chief Financial Officer (Principal Financial Officer)						February 19, 2021
Mario Rizzo
/s/ John C. Pintozzi						Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)						February 19, 2021
John C. Pintozzi
/s/ Donald E. Brown						Director						February 19, 2021
Donald E. Brown
/s/ Kermit R. Crawford						Director						February 19, 2021
Kermit R. Crawford
/s/ Michael L. Eskew						Director						February 19, 2021
Michael L. Eskew
/s/ Richard T. Hume						Director						February 19, 2021
Richard T. Hume
/s/ Margaret M. Keane						Director						February 19, 2021
Margaret M. Keane
/s/ Siddharth N. Mehta						Director						February 19, 2021
Siddharth N. Mehta
/s/ Jacques P. Perold						Director						February 19, 2021
Jacques P. Perold
/s/ Andrea Redmond						Director						February 19, 2021
Andrea Redmond
/s/ Gregg M. Sherrill						Director						February 19, 2021
Gregg M. Sherrill
/s/ Judith A. Sprieser						Lead Director						February 19, 2021
Judith A. Sprieser
/s/ Perry M. Traquina						Director						February 19, 2021
Perry M. Traquina

222 www.allstate.com

2020 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule I — Summary of Investments Other than Investments in Related Parties

						As of December 31, 2020
($ in millions)						Cost/amortized cost, net						Fair value (if applicable)						Amount shown in the Balance Sheet
Type of investment
Fixed maturities:
Bonds:
United States government, government agencies and authorities						$	3,129					$	3,222					$	3,222
States, municipalities and political subdivisions						8,752						9,587						9,587
Foreign governments						1,013						1,055						1,055
Public utilities						5,948						6,564						6,564
All other corporate bonds						41,278						44,578						44,578
Asset-backed securities						1,260						1,270						1,270
Mortgage-backed securities						71						78						78
Total fixed maturities						61,451						66,354						66,354
Equity securities:
Common stocks:
Public utilities						34						46						46
Banks, trusts and insurance companies						174						255						255
Industrial, miscellaneous and all other						3,393						4,087						4,087
Nonredeemable preferred stocks						252						322						322
Total equity securities						3,853						4,710						4,710
Mortgage loans on real estate						4,075						4,348						4,075
Real estate (none acquired in satisfaction of debt)						974												974
Policy loans						754												754
Derivative instruments						204						204						204
Limited partnership interests						7,609												7,609
Other long-term investments						1,757												1,757
Short-term investments						7,800						7,800						7,800
Total investments						$	88,477											$	94,237

S-1 www.allstate.com

2020 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule II — Condensed Financial Information of Registrant Statement of Operations

						Year Ended December 31,
($ in millions)						2020						2019						2018
Revenues
Investment income, less investment expense						$	12					$	35					$	25
Realized capital gains (losses)						33						9						(10)
Other income						—						41						3
Total revenues						45						85						18
Expenses
Interest expense						328						355						337
Pension and other postretirement remeasurement (gains) losses						(73)						103						454
Pension and other postretirement benefit						(168)						(122)						(116)
Other operating expenses						73						49						50
Total expenses						160						385						725
Loss from operations before income tax benefit and equity in net income of subsidiaries						(115)						(300)						(707)
Income tax benefit						(26)						(75)						(136)
Loss before equity in net income of subsidiaries						(89)						(225)						(571)
Equity in net income of subsidiaries						5,665						5,072						2,731
Net income						5,576						4,847						2,160
Preferred stock dividends						115						169						148
Net income applicable to common shareholders						5,461						4,678						2,012
Other comprehensive income (loss), after-tax
Changes in:
Unrealized net capital gains and losses						1,293						1,889						(754)
Unrealized foreign currency translation adjustments						52						(10)						(48)
Unamortized pension and other postretirement prior service credit						9						(47)						(59)
Other comprehensive income (loss), after-tax						1,354						1,832						(861)
Comprehensive income						$	6,930					$	6,679					$	1,299

See accompanying notes to condensed financial information and notes to consolidated financial statements.

The Allstate Corporation S-2

2020 Form 10-K

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)						2020						2019
Assets
Investments in subsidiaries						$	35,603					$	33,428
Fixed income securities, at fair value (amortized cost, net zero and $458)						—						466
Short-term investments, at fair value (amortized cost, net $4,479 and $702)						4,479						702
Cash						—						2
Receivable from subsidiaries						524						448
Deferred income taxes						187						230
Other assets						87						86
Total assets						$	40,880					$	35,362
Liabilities
Long-term debt						$	7,825					$	6,631
Pension and other postretirement benefit obligations						874						1,081
Deferred compensation						351						327
Payable to subsidiaries						—						14
Notes due to subsidiaries						1,250						1,000
Dividends payable to shareholders						201						199
Other liabilities						162						112
Total liabilities						10,663						9,364
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand and 92.5 thousand shares issued and outstanding, $2,025 and $2,313 aggregate liquidation preference						1,970						2,248
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 304 million and 319 million shares outstanding						9						9
Additional capital paid-in						3,498						3,463
Retained income						52,767						48,074
Treasury stock, at cost (596 million and 581 million shares)						(31,331)						(29,746)
Accumulated other comprehensive income:
Unrealized net capital gains and losses						3,180						1,887
Unrealized foreign currency translation adjustments						(7)						(59)
Unamortized pension and other postretirement prior service credit						131						122
Total accumulated other comprehensive income						3,304						1,950
Total shareholders’ equity						30,217						25,998
Total liabilities and shareholders’ equity						$	40,880					$	35,362

See accompanying notes to condensed financial information and notes to consolidated financial statements.

S-3 www.allstate.com

2020 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Cash Flows

						Years Ended December 31,
($ in millions)						2020						2019						2018
Cash flows from operating activities
Net income						$	5,576					$	4,847					$	2,160
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries						(5,665)						(5,072)						(2,731)
Dividends received from subsidiaries						4,157						2,434						2,059
Realized capital (gains) losses						(33)						(9)						10
Pension and other postretirement remeasurement (gains) losses						(73)						103						454
Changes in:
Pension and other postretirement benefits						(168)						(122)						(116)
Income taxes						54						13						(28)
Operating assets and liabilities						110						111						160
Net cash provided by operating activities						3,958						2,305						1,968
Cash flows from investing activities
Proceeds from sales of investments						1,251						1,094						1,370
Proceeds from sales of investments to subsidiaries						—						—						390
Investment purchases						(402)						(892)						(1,037)
Investment collections						16						65						108
Capital contribution or return of capital from subsidiaries						251						43						(975)
Change in short-term investments, net						(3,777)						(417)						(115)
Net cash used in investing activities						(2,661)						(107)						(259)
Cash flows from financing activities
Proceeds from borrowings from subsidiaries						1,250						1,000						1,250
Repayment of notes due to subsidiaries						(1,000)						(1,250)						(250)
Proceeds from issuance of long-term debt						1,189						491						498
Redemption of preferred stock						(288)						(1,132)						(385)
Redemption and repayment of long-term debt						—						(317)						(400)
Proceeds from issuance of preferred stock						—						1,414						557
Dividends paid on common stock						(668)						(653)						(614)
Dividends paid on preferred stock						(108)						(134)						(134)
Treasury stock purchases						(1,737)						(1,735)						(2,303)
Shares reissued under equity incentive plans, net						63						120						73
Other						—						—						(1)
Net cash used in financing activities						(1,299)						(2,196)						(1,709)
Net (decrease) increase in cash						(2)						2						—
Cash at beginning of year						2						—						—
Cash at end of year						$	—					$	2					$	—

See accompanying notes to condensed financial information and notes to consolidated financial statements.

The Allstate Corporation S-4

2020 Form 10-K

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 12 “Capital Structure” are direct obligations of the Registrant. A majority of the pension and other postretirement benefits plans presented in Note 17 “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 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 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 $311 million, $312 million and $330 million of interest on debt in 2020, 2019 and 2018, respectively.

S-5 www.allstate.com

2020 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule III — Supplementary Insurance Information

($ in millions)						As of December 31,																		For the years ended December 31,
Segment						Deferred policy acquisition costs						Reserves for claims and claims expense, contract benefits and contractholder funds						Unearned premiums						Premium revenue and contract charges						Net investment income (1)						Claims and claims expense, contract benefits and interest credited to contractholders						Amortization of deferred policy acquisition costs						Other operating costs and expenses						Premiums written (excluding life)
2020
Property-Liability
Allstate Protection						$	1,608					$	25,679					$	12,772					$	35,580											$	21,485					$	4,642					$	5,623					$	35,768
Discontinued Lines and Coverages						—						1,888						—						—												141						—						3						—
Total Property-Liability						1,608						27,567						12,772						35,580						$	1,421					21,626						4,642						5,626						35,768
Protection Services (2)						1,696						43						3,167						1,640						44						386						658						760						1,890
Allstate Life						909						10,768						3						1,340						502						1,293						149						335						—
Allstate Benefits						470						1,885						7						1,094						78						549						177						323						926
Allstate Annuities						17						17,328						—						10						761						1,039						4						27						—
Corporate and Other						—						—						—						—						47						—						—						389						—
Intersegment Eliminations (2)						—						—						—						(147)						—						(11)						—						(136)						—
Total						$	4,700					$	57,591					$	15,949					$	39,517					$	2,853					$	24,882					$	5,630					$	7,324					$	38,584
2019
Property-Liability
Allstate Protection						$	1,624					$	25,843					$	12,567					$	34,843											$	23,517					$	4,649					$	4,506					$	35,419
Discontinued Lines and Coverages						—						1,818						—						—												105						—						3						—
Total Property-Liability						1,624						27,661						12,567						34,843						$	1,533					23,622						4,649						4,509						35,419
Protection Services (2)						1,449						51						2,765						1,387						42						363						543						838						1,535
Allstate Life						1,079						10,541						3						1,343						514						1,154						173						356						—
Allstate Benefits						527						1,950						8						1,145						83						635						161						285						988
Allstate Annuities						20						17,501						—						13						917						890						7						30						—
Corporate and Other						—						—						—						—						70						—						—						531						—
Intersegment Eliminations (2)						—						—						—						(154)						—						(9)						—						(145)						—
Total						$	4,699					$	57,704					$	15,343					$	38,577					$	3,159					$	26,655					$	5,533					$	6,404					$	37,942
2018
Property-Liability
Allstate Protection						$	1,618					$	25,495					$	11,953					$	32,950											$	22,348					$	4,475					$	4,522					$	33,555
Discontinued Lines and Coverages						—						1,864						—						—												87						—						3						—
Total Property-Liability						1,618						27,359						11,953						32,950						$	1,464					22,435						4,475						4,525						33,555
Protection Services (2)						1,290						64						2,546						1,220						27						350						463						603						1,431
Allstate Life						1,300						10,333						3						1,315						505						1,094						132						364						—
Allstate Benefits						549						1,905						8						1,135						77						630						145						278						980
Allstate Annuities						27						18,341						—						15						1,096						903						7						31						—
Corporate and Other						—						—						—						—						71						—						—						880						—
Intersegment Eliminations (2)						—						—						—						(122)						—						(7)						—						(115)						—
Total						$	4,784					$	58,002					$	14,510					$	36,513					$	3,240					$	25,405					$	5,222					$	6,566					$	35,966

(1)A single investment portfolio supports both Allstate Protection and Discontinued Lines and Coverages segments.

(2)Includes intersegment premiums and service fees and the related incurred losses and expenses that are eliminated in the consolidated financial statements.

The Allstate Corporation S-6

2020 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule IV — Reinsurance

($ in millions)						Gross amount						Ceded to other companies (1)						Assumed from other companies						Net amount						Percentage of amount assumed to net
Year ended December 31, 2020
Life insurance in force						$	208,417					$	67,319					$	217,020					$	358,118					60.6		%
Premiums and contract charges:
Life insurance						$	1,053					$	222					$	685					$	1,516					45.2		%
Accident and health insurance						948						20						—						928						—		%
Property and casualty insurance						38,115						1,141						99						37,073						0.3		%
Total premiums and contract charges						$	40,116					$	1,383					$	784					$	39,517					2.0		%
Year ended December 31, 2019
Life insurance in force						$	219,785					$	74,021					$	229,419					$	375,183					61.1		%
Premiums and contract charges:
Life insurance						$	1,062					$	262					$	712					$	1,512					47.1		%
Accident and health insurance						1,012						23						—						989						—		%
Property and casualty insurance						37,104						1,122						94						36,076						0.3		%
Total premiums and contract charges						$	39,178					$	1,407					$	806					$	38,577					2.1		%
Year ended December 31, 2018
Life insurance in force						$	207,434					$	81,186					$	243,161					$	369,409					65.8		%
Premiums and contract charges:
Life insurance						$	994					$	266					$	754					$	1,482					50.9		%
Accident and health insurance						1,007						24						—						983						—		%
Property and casualty insurance						34,977						1,016						87						34,048						0.3		%
Total premiums and contract charges						$	36,978					$	1,306					$	841					$	36,513					2.3		%

(1)No reinsurance or coinsurance income was netted against premium ceded in 2020, 2019 or 2018.

S-7 www.allstate.com

2020 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule V — Valuation Allowances and Qualifying Accounts

($ in millions)												Additions
Description						Balance as of beginning of period (1)						Charged to costs and expenses						Other additions						Deductions						Balance as of end of period
Year ended December 31, 2020
Fixed income securities						$	—					$	5					$	—					$	2					$	3
Mortgage loans						45						39						—						17						67
Other investments
Bank loans						53						28						—						14						67
Agent loans						5						—						—						—						5
Investments						103						72						—						33						142
Premium installment receivable						91						223						—						161						153
Reinsurance recoverables						74						—						—						—						74
Other assets						18						5						—						—						23
Assets						286						300						—						194						392
Commitments to fund mortgage loans, bank loans and agent loans						3						—						—						2						1
Liabilities						3						—						—						2						1
Total						$	289					$	300					$	—					$	196					$	393
Year ended December 31, 2019
Reinsurance recoverables						$	65					$	(2)					$	—					$	—					$	63
Premium installment receivable						77						137						—						124						90
Deferred tax assets						—						—						—						—						—
Mortgage loans						3						—						—						—						3
Agent loans						2						1						—						—						3
Year ended December 31, 2018
Reinsurance recoverables						$	70					$	(5)					$	—					$	—					$	65
Premium installment receivable						77						118						—						118						77
Deferred tax assets						—						—						—						—						—
Mortgage loans						3						—						—						—						3
Agent loans						2						—						—						—						2

(1)Effective January 1, 2020, the Company adopted the measurement of credit losses on financial instruments accounting standard that primarily affected mortgage loans, bank loans and reinsurance recoverables. After consideration of existing valuation allowances maintained prior to adopting the new guidance, the Company increased its valuation allowances for credit losses at January 1, 2020 to conform to the new requirements.

S-8 www.allstate.com