Item 16. None.

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Item 16. None.

None.

2022 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 16, 2023

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 16, 2023
Thomas J. Wilson

/s/ Jesse E. Merten	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	February 16, 2023
Jesse E. Merten

/s/ John C. Pintozzi	Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)	February 16, 2023
John C. Pintozzi

/s/ Donald E. Brown	Director	February 16, 2023
Donald E. Brown

/s/ Kermit R. Crawford	Director	February 16, 2023
Kermit R. Crawford




/s/ Richard T. Hume	Director	February 16, 2023
Richard T. Hume

/s/ Margaret M. Keane	Director	February 16, 2023
Margaret M. Keane

/s/ Siddharth N. Mehta	Director	February 16, 2023
Siddharth N. Mehta

/s/ Jacques P. Perold	Director	February 16, 2023
Jacques P. Perold

/s/ Andrea Redmond	Director	February 16, 2023
Andrea Redmond




/s/ Gregg M. Sherrill	Lead Director	February 16, 2023
Gregg M. Sherrill

/s/ Judith A. Sprieser	Director	February 16, 2023
Judith A. Sprieser

/s/ Perry M. Traquina	Director	February 16, 2023
Perry M. Traquina

	Director
Monica Turner

The Allstate Corporation 191

2022 Form 10-K

The Allstate Corporation and Subsidiaries

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


	As of December 31, 2022
($ 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	$	8,123	$	7,898	$	7,898
States, municipalities and political subdivisions	6,500		6,210		6,210
Foreign governments	997		957		957
Public utilities	2,633		2,437		2,437

All other corporate bonds	25,929		23,826		23,826
Asset-backed securities	1,188		1,157		1,157



Total fixed maturities	45,370		42,485		42,485

Equity securities:
Common stocks:
Public utilities	48		60		60
Banks, trusts and insurance companies	260		340		340
Industrial, miscellaneous and all other	3,753		3,938		3,938
Nonredeemable preferred stocks	192		229		229
Total equity securities	4,253		4,567		4,567

Mortgage loans on real estate	762		700		762
Real estate (none acquired in satisfaction of debt)	813				813
Policy loans	120				120
Derivative instruments	1		1		1
Limited partnership interests	8,114				8,114
Other long-term investments	794				794
Short-term investments	4,174		4,173		4,173
Total investments	$	64,401			$	61,829

S-1 www.allstate.com

2022 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule II — Condensed Financial Information of Registrant Statement of Operations


	Year Ended December 31,
($ in millions)	2022		2021		2020
Revenues
Investment income, less investment expense	$	59	$	13	$	12
Net gains (losses) on investments and derivatives	(34)		12		33

Total revenues	25		25		45

Expenses
Interest expense	351		328		328
Pension and other postretirement remeasurement (gains) losses	179		(611)		(73)
Pension and other postretirement (benefit) expense	(98)		(218)		(168)
Other operating expenses	56		71		73
Total expenses	488		(430)		160

(Loss) gain from operations before income tax benefit and equity in net income of subsidiaries	(463)		455		(115)

Income tax (benefit) expense	(103)		93		(26)
(Loss) gain before equity in net income of subsidiaries	(360)		362		(89)

Equity in net income of subsidiaries (1)	(951)		1,237		5,665
Net (loss) income	(1,311)		1,599		5,576

Preferred stock dividends	105		114		115

Net (loss) income applicable to common shareholders	(1,416)		1,485		5,461

Other comprehensive income (loss), after-tax
Changes in:
Unrealized net capital gains and losses	(2,851)		(2,582)		1,293
Unrealized foreign currency translation adjustments	(150)		(8)		52
Unamortized pension and other postretirement prior service credit	(43)		(59)		9
Other comprehensive (loss) income, after-tax	(3,044)		(2,649)		1,354
Comprehensive (loss) income	$	(4,355)	$	(1,050)	$	6,930

(1)2021 and 2020 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 S-2

2022 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)	2022		2021
Assets
Investments in subsidiaries	$	23,698	$	32,058
Fixed income securities, at fair value (amortized cost, net $2,513 and $1,708)	2,422		1,718
Short-term investments, at fair value (amortized cost, net $291 and $297)	291		297
Cash	—		1
Receivable from subsidiaries	341		504
Deferred income taxes	59		22
Other assets	108		222
Total assets	26,919		34,822
Liabilities
Debt	7,588		7,581
Pension and other postretirement benefit obligations	180		211
Deferred compensation	320		383

Notes due to subsidiaries	1,000		1,000
Dividends payable to shareholders	260		269

Other liabilities	96		199
Total liabilities	9,444		9,643
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, 263 million and 281 million shares outstanding	9		9
Additional capital paid-in	3,788		3,722
Retained income	50,954		53,294
Treasury stock, at cost (637 million and 619 million shares)	(36,857)		(34,471)
Accumulated other comprehensive income:
Unrealized net capital gains and losses	(2,253)		598
Unrealized foreign currency translation adjustments	(165)		(15)
Unamortized pension and other postretirement prior service credit	29		72
Total accumulated other comprehensive (loss) income	(2,389)		655
Total Allstate shareholders’ equity	17,475		25,179
Total liabilities and equity	$	26,919	$	34,822

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

S-3 www.allstate.com

2022 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)	2022		2021		2020
Cash flows from operating activities
Net (loss) income	$	(1,311)	$	1,599	$	5,576
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries (1)	951		(1,237)		(5,665)
Dividends received from subsidiaries	3,396		5,112		4,157
Net (gains) losses on investments and derivatives	34		(12)		(33)
Pension and other postretirement remeasurement (gains) losses	179		(611)		(73)
Changes in:
Pension and other postretirement benefits	(98)		(218)		(168)
Income taxes	(14)		177		54
Operating assets and liabilities	76		158		110
Net cash provided by operating activities	3,213		4,968		3,958

Cash flows from investing activities
Proceeds from sales of investments	2,572		1,743		1,251

Investment purchases	(2,507)		(2,673)		(402)
Investment collections	39		38		16
Capital contribution or return of capital from subsidiaries	145		383		251
Change in short-term investments, net	6		4,182		(3,777)
Acquisition of subsidiaries	—		(4,144)		—
Net cash provided by (used in) investing activities	255		(471)		(2,661)

Cash flows from financing activities
Proceeds from borrowings from subsidiaries	1,000		2,200		1,250
Repayment of notes due to subsidiaries	(1,000)		(2,450)		(1,000)
Proceeds from issuance of debt	—		—		1,189
Redemption of preferred stock	—		—		(288)
Redemption and repayment of debt	—		(250)		—

Dividends paid on common stock	(926)		(885)		(668)
Dividends paid on preferred stock	(105)		(105)		(108)
Treasury stock purchases	(2,520)		(3,120)		(1,737)
Shares reissued under equity incentive plans, net	82		114		63

Net cash used in financing activities	(3,469)		(4,496)		(1,299)

Net (decrease) increase in cash	(1)		1		(2)
Cash at beginning of year	1		—		2
Cash at end of year	$	—	$	1	$	—

(1)2021 and 2020 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 S-4

2022 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 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 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.

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.

3. Supplemental Disclosures of Cash Flow Information

The Registrant paid $323 million, $321 million and $311 million of interest on debt in 2022, 2021 and 2020, respectively.

S-5 www.allstate.com

2022 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)
2022
Property-Liability
Allstate Protection	$	2,146	$	35,537	$	17,538	$	43,909			$	36,607	$	5,570	$	5,930	$	45,787
Run-off Property-Liability	—		1,955		—		—				125		—		4		—
Total Property-Liability	2,146		37,492		17,538		43,909		$	2,190	36,732		5,570		5,934		45,787
Protection Services (2)	2,768		49		4,745		2,144		48		532		928		952		2,699
Allstate Health and Benefits	504		2,170		28		1,833		69		1,061		146		852		1,594
Corporate and Other	—		—		—		—		96		—		—		712		—
Intersegment Eliminations (2)	—		—		—		(149)		—		—		—		(149)		—
Total	$	5,418	$	39,711	$	22,311	$	47,737	$	2,403	$	38,325	$	6,644	$	8,301	$	50,080

2021
Property-Liability
Allstate Protection	$	1,951	$	31,099	$	15,763	$	40,454			$	28,760	$	5,313	$	6,033	$	41,358
Run-off Property-Liability	—		1,916		—		—				116		—		4		—
Total Property-Liability	1,951		33,015		15,763		40,454		$	3,118	28,876		5,313		6,037		41,358
Protection Services (2)	2,294		45		4,054		1,939		43		458		795		938		2,642

Allstate Health and Benefits	477		2,181		27		1,821		74		1,049		144		838		1,630

Corporate and Other	—		—		—		—		58		—		—		(133)		—
Intersegment Eliminations (2)	—		—		—		(175)		—		(16)		—		(159)		—
Total	$	4,722	$	35,241	$	19,844	$	44,039	$	3,293	$	30,367	$	6,252	$	7,521	$	45,630

2020
Property-Liability
Allstate Protection	$	1,608	$	25,679	$	12,772	$	35,580			$	21,485	$	4,642	$	5,741	$	35,768
Run-off Property-Liability	—		1,888		—		—				141		—		3		—
Total Property-Liability	1,608		27,567		12,772		35,580		$	1,421	21,626		4,642		5,744		35,768
Protection Services (2)	1,696		43		3,167		1,640		44		386		658		760		1,890

Allstate Health and Benefits	470		1,885		7		1,094		78		549		177		323		839

Corporate and Other	—		—		—		—		47		—		—		389		—
Intersegment Eliminations (2)	—		—		—		(147)		—		(11)		—		(136)		—
Total	$	3,774	$	29,495	$	15,946	$	38,167	$	1,590	$	22,550	$	5,477	$	7,080	$	38,497

(1)A single investment portfolio supports both Allstate Protection and Run-off Property-Liability 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

2022 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, 2022
Life insurance in force	$	21,271	$	614	$	1,401	$	22,058	6.4	%
Premiums and contract charges:
Life insurance	$	218	$	7	$	17	$	228	7.5	%
Accident and health insurance	1,622		31		14		1,605		0.9
Property and casualty insurance	47,552		1,869		221		45,904		0.5
Total premiums and contract charges	$	49,392	$	1,907	$	252	$	47,737	0.5

Year ended December 31, 2021
Life insurance in force	$	20,535	$	640	$	1,528	$	21,423	7.1	%
Premiums and contract charges:
Life insurance	$	156	$	6	$	15	$	165	9.1	%
Accident and health insurance	1,722		72		6		1,656		0.4
Property and casualty insurance	43,944		1,904		178		42,218		0.4
Total premiums and contract charges	$	45,822	$	1,982	$	199	$	44,039	0.5

Year ended December 31, 2020
Life insurance in force	$	17,124	$	16,528	$	1,003	$	1,599	62.7	%
Premiums and contract charges:
Life insurance	$	162	$	8	$	14	$	168	8.3	%
Accident and health insurance	931		5		—		926		—
Property and casualty insurance	38,115		1,141		99		37,073		0.3
Total premiums and contract charges	$	39,208	$	1,154	$	113	$	38,167	0.3

(1)No reinsurance or coinsurance income was netted against premium ceded in 2022, 2021 or 2020.

S-7 www.allstate.com

2022 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		Charged to costs and expenses		Other additions		Deductions		Balance as of end of period
Year ended December 31, 2022
Fixed income securities	$	6	$	7	$	—	$	—	$	13
Mortgage loans	6		1		—		—		7
Bank loans	61		26		—		30		57
Investments	73		34		—		30		77
Premium installment receivable	107		313		—		288		132
Reinsurance recoverables	74		—		—		9		65
Other assets	26		—		—		7		19
Assets	280		347		—		334		293
Commitments to fund mortgage loans and bank loans	—		—		—		—		—
Liabilities	—		—		—		—		—
Total	$	280	$	347	$	—	$	334	$	293

Valuation allowance for deferred tax assets	$	24	$	—	$	10	$	—	$	34

Year ended December 31, 2021
Fixed income securities	$	2	$	4	$	—	$	—	$	6
Mortgage loans	67		(61)		—		—		6
Bank loans	67		(6)		—		—		61
Investments	136		(63)		—		—		73
Premium installment receivable	153		274		19		339		107
Reinsurance recoverables	60		15		—		1		74
Other assets	17		9		—		—		26
Assets	366		235		19		340		280
Commitments to fund mortgage loans and bank loans	1		—		—		1		—
Liabilities	1		—		—		1		—
Total	$	367	$	235	$	19	$	341	$	280

Valuation allowance for deferred tax assets	$	—	$	—	$	38	$	14	$	24

Year ended December 31, 2020
Fixed income securities	$	—	$	2	$	—	$	—	$	2
Mortgage loans (1)	45		39		—		17		67
Bank loans (1)	53		28		—		14		$	67
Investments	98		69		—		31		136
Premium installment receivable	91		223		—		161		153
Reinsurance recoverables	$	61	$	(1)	$	—	$	—	$	60
Other assets	15		2		—		—		17
Assets	265		293		—		192		366
Commitments to fund mortgage loans and bank loans	3		—		—		2		1
Liabilities	3		—		—		2		1
Total	$	268	$	293	$	—	$	194	$	367

(1)Includes credit loss allowance for investments that were classified as held for sale as of December 31, 2020.

S-8 www.allstate.com

Previous: Item 15. (a) (3)