filings.toolsAllstate (ALL) 10-K risk factor changes: FY2023 vs FY2022
The 2023-12-31 10-K against the 2022-12-31 one, compared heading by heading and sentence by sentence.
Item 1A49 rewritten144 added26 removed173 unchanged
All filing items2,463 rewritten1,980 added1,336 removed4,013 unchanged
Summary
counted, not written
- Item 1A lists 35 risk factor headings: 14 new, 1 reworded and 20 unchanged since FY2022. 1 heading from FY2022 no longer appears.
- Sentence by sentence, 1,980 added, 1,336 removed, 2,463 rewritten and 4,013 unchanged across 20 items that differ.
- New this year: Item 1C. Cybersecurity.
New Item 1A headings (14)
- Property and casualty actual claim costs may exceed current reserves established for claims due to changes in the inflationary, regulatory and litigation environment
- Unexpected increases in the frequency or severity of property and casualty claims may adversely affect our results of operations and financial condition
- Catastrophes and severe weather events may subject us to significant losses
- Limitations in analytical models used to assess and predict the exposure to catastrophe losses may adversely affect our results of operations and financial condition
- Price competition and changes in regulation and underwriting standards in property and casualty businesses may adversely affect our results of operations and financial condition
- Our investment portfolios are subject to market risk and declines in credit quality which may adversely affect or create volatility in our investment income and cause realized and unrealized losses
- Determination of the fair value and amount of credit losses for investments includes subjective judgments and could materially impact our results of operations and financial condition
- Our participation in indemnification programs subjects us to the risk that reimbursement for qualifying claims and claims expenses may not be received
- We may not be able to mitigate the impact associated with changes in capital requirements
- A downgrade in financial strength ratings may have an adverse effect on our business
- We operate in markets that are highly competitive
- Changing consumer preferences may adversely impact the demand for our products which may adversely impact our business
- Our business may also be adversely impacted by new or changing technologies
- Our efforts to meet evolving environmental, social, and governance standards may not meet stakeholders' expectations
Removed Item 1A headings (1)
- We operate in markets that are highly competitive and may be impacted by new or changing technologies
Reworded Item 1A headings (1)
- Conditions in the global economy and capital markets could
[removed: continue to]adversely affect our business and results of operations
A heading is new when no FY2022 heading matches it after ignoring case and punctuation, and reworded when it shares at least 60 percent of its words with one that went away. All current risk factor headings.
Sentences by item
24 items, with every count and a link to each item that changed
Underlined words on a shaded ground are new in FY2023; struck-through words were in FY2022. Sentences that are wholly new or wholly gone are labelled rather than marked.
Item 1A. Risk Factors
49 rewritten, 144 added, 26 removed, 173 unchanged
A downgrade in our ratings could have an adverse effect on our sales, competitiveness, customer retention, the marketability of our product offerings, liquidity, access to and cost of [removed: borrowing,] [added: borrowing or refinancing our existing debt obligations,] results of operations and financial condition.
| [removed: ] [added: ] | | | Business, strategy and operations | | |
*We operate in markets that are highly [removed: competitive and may be impacted by new or changing technologies*][added: competitive*]
Markets in which we operate are highly competitive, and we must continually allocate resources to refine and improve products and services to [added: maintain our reputation, enhance brand perception, and] remain competitive.
[removed: Similarly, growth] [added: Growth] and retention may be impacted if customer preferences change and we are unable to effectively adapt our business model and [removed: processes.][added: processes, including maintaining competitive products and allowing consumers to interact with us how they choose.]
[removed: Such changes] [added: Technological changes, such as autonomous or partially autonomous vehicles or technologies that facilitate ride, car or home sharing] could disrupt the demand for products from current customers, create coverage issues, impact the frequency or severity of losses, or reduce the size of the automobile insurance market causing our auto insurance business to decline.
Our competitive position could be impacted if we are unable to deploy, in a cost effective and competitive manner, technology such as artificial [removed: intelligence] [added: intelligence, large language models] and machine learning that collects and analyzes data to [added: inform underwriting or other decisions, or if our competitors collect and use data which we do not have the ability to access or use.]
[removed: Innovations must be implemented in compliance with applicable insurance regulations and] [added: These changes] may require extensive modifications to our systems and processes and extensive coordination with and reliance on the systems and operations of third parties.
[removed: Technology] [added: Changes in technology] and customer [removed: preference changes] [added: preferences] may impact the ways in which we interact, do business with our customers and design our products.
[removed: We may not be able to respond effectively to these changes,] which could have [removed: a material] [added: an adverse] effect on our results of operations and financial condition.
Our ability to adequately and effectively price our products [removed: and services] is affected by the evolving nature of consumer needs and preferences, market and regulatory dynamics, broader use of telematics-based rate segmentation and potential [removed: reduction] [added: change] in consumer demand.
There is a risk that employers [added: and retailers] may be able to obtain more favorable terms from competitors than they could by renewing coverage with us.
[removed: These competitive pressures may adversely] affect the renewal of these contracts, as well as our ability to sell products.
The Transformative Growth strategy is to accelerate growth by improving customer value, expanding customer access, increasing [removed: customer acquisition] sophistication and [removed: investment,] [added: investment in customer acquisition,] modernizing the technology ecosystem and driving organizational transformation.
[removed: The strategy encompasses] [added: Implementation is focused on the property-liability businesses and impacts] all aspects of Allstate’s customer experience and business model, spanning product distribution and sales, operations and servicing, and claims processing.
[removed: 2022] [added: 2023] Form 10-K *Part I - Item 1A.
[added: Adjustments to our business structure, size and] underwriting practices in markets with significant severe weather and catastrophe risk exposure could adversely impact premium growth rates and retention.
Its liabilities include debt and pension and other postretirement benefit obligations related to [removed: Allstate Insurance Company] employees.
In addition, competitive pressures generally require the [removed: subsidiaries to maintain insurance financial strength ratings.]
[removed: ] [added: ] For a discussion of capital requirements, [removed: including a change to a group capital calculation,] see Regulation section, Limitations on Dividends by Insurance Subsidiaries.
[removed: ] [added: ] See Note 13 of the consolidated financial statements.
Reinsurance may not remain continuously available to us to the same extent and on the same terms and rates as [added: were historically available or] is currently available.
[added: 2023 Form 10-K] *Part I - Item 1A.
Risk Factors and Other Disclosures* [removed: 2022 Form 10-K]
[removed: An] inability to protect intellectual property or an inability to successfully defend against a claim of intellectual property infringement could have a material effect on our business.
| [removed: ] [added: ] | | | Macro, regulatory and risk environment | | |
*Conditions in the global economy and capital markets could [removed: continue to] adversely affect our business and results of operations*
Global economic and capital market conditions could [removed: continue to] adversely impact demand for our products, returns on our investment portfolio and results of operations.
In such circumstances, our ability to obtain capital to fund operating expenses, financing costs, [removed: capital expenditures or acquisitions may be limited, and the cost of any such capital may be significant.]
[removed: The Coronavirus has] [added: These factors have] affected our operations and may continue to significantly affect our results of operations, financial condition and [removed: liquidity.][added: liquidity and should be considered when comparing the current period to prior periods.]
[removed: ] [added: ] See MD&A, Highlights for a summary of the impacts [removed: of the Coronavirus] on our operations, each of our segments and investments that may continue, emerge, evolve or accelerate into [removed: 2023.][added: 2024.]
These risks may increase in the future as threats become more sophisticated and we continue to expand internet and mobile strategies, develop [added: additional remote connectivity solutions to serve our employees and customers, develop and expand products and services designed to protect customers’ digital footprint, and build and maintain an integrated digital enterprise.]
Our integrated operational risk and return management processes and practices may not be sufficient to timely detect and mitigate operational [removed: risks] [added: risks, including those posed by third-party service providers,] that could have an adverse effect on our reputation and business.
[removed: ] [added: ] See the Regulation section, Privacy Regulation and Data Security, for additional information.
The occurrence of a [removed: disaster, such as a natural catastrophe, pandemic, industrial accident, blackout, terrorist attack, war, cyberattack, computer virus, insider threat,] [added: disaster or event that results in the shut-down, disruption, degradation or unavailability of one or more of our systems or facilities,] unanticipated problems with our disaster recovery processes, or a support failure from external providers, could have an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data.
[removed: If a significant number of employees were unavailable in the] event of a disaster, our ability to effectively conduct business could be severely compromised.
There could also be more frequent wildfires in certain geographies, more flooding and the potential for increased severity of [removed: hurricanes due to higher sea surface temperatures.][added: hurricanes.]
[removed: ] *Our efforts to meet evolving environmental, social, and governance standards may not meet stakeholders' expectations*
Some regulators have proposed or adopted, or may propose or adopt, [removed: ESG] [added: pro- or anti-ESG] rules or standards applicable to our business.
- Federal agencies including the SEC, the Financial Industry Regulatory Authority, the Department of [added: Labor, the U.S. Department of Justice, the Consumer Financial Protection Bureau and the National Labor Relations Board]
*Summary* Risks are grouped into three categories: (1) insurance and financial services, (2) business, strategy and operations and (3) macro, regulatory and risk environment.
Many risks may affect more than one category and are included where the impact is most significant.
If some of these risk factors occur, they may cause the emergence of or exacerbate the impact of other risk factors, which could materially increase the severity of the impact of these risks on our business, results of operations, financial condition or liquidity.
The table below includes examples of risks from each category.
| | | | | | | | | | | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | | | *Insurance and financial services* | | | | | |  | | | *Business, strategy and operations* | | | | | |  | | | *Macro, regulatory* *and risk environment* | | |
| *Risks related to the insurance and financial services industries* | | | | | | | | | *Risks related to Allstate’s business and operating model* | | | | | | | | | *Risks that impact most companies* | | | | | |
| • Loss cost estimates are complex and losses are unknown at the time policies are sold • Claim frequency and severity volatility • Catastrophes and severe weather • Investment results are subject to market volatility and valuation judgments | | | | | | | | | • Highly competitive industry • Changing consumer preferences • New or changing technologies •Ineffective Transformative Growth strategy implementation • Ability to maintain catastrophe reinsurance programs and limits • Fluctuations in financial strength and ratings • Loss of key business relationships • Ability to attract, develop and retain talent | | | | | | | | | • Adverse changes in economic and capital market conditions • Large-scale pandemic events • Cybersecurity and privacy events • Changing climate conditions • Evolving environmental, social and governance expectations and standards • Regulatory and political changes | | | | | |
The Allstate Corporation Board of Directors (“Allstate Board”) has overall responsibility for oversight of Management’s design and implementation of our Enterprise Risk and Return Management (“ERRM”) framework that manages the business on an integrated basis following our risk and return principles.
The Risk and Return Committee of the Allstate Board oversees effectiveness of the ERRM program, governance structure and risk-related decision-making, while focusing on the Company’s overall risk profile.
 See Management’s Discussion and Analysis (“MD&A”), Enterprise Risk and Return Management for further details.
Consider these cautionary statements carefully together with other factors discussed elsewhere in this document, in filings with the Securities and Exchange Commission (“SEC”) or in materials incorporated therein by reference.
|  | | | Insurance and financial services | | |
*Property and casualty actual claim costs may exceed current reserves established for claims due to changes in the inflationary, regulatory and litigation environment*
Estimating claim reserves is an inherently uncertain and complex process.
We continually refine our best estimates of losses after considering known facts and interpretations of the circumstances.
Our reserving methodology may be impacted by the following:
- Models that rely on the assumption that past loss development patterns will persist into the future
- Internal factors including experience with similar cases, actual claims paid, historical trends involving claim payment and case reserving patterns, pending levels of unpaid claims, loss management programs, product mix, contractual terms and changes in claim reporting and settlement practices
- External factors such as inflation, court decisions, changes in law or litigation imposing unintended
coverage, regulatory requirements, changes in driving patterns, delays in reporting of claims and economic conditions, supply chain disruptions and labor shortages
- The ultimate cost of losses, or our current estimates, have and may continue to vary materially from recorded reserves and such variance may adversely affect our results of operations and financial condition as the reserves and amounts due from reinsurers are reestimated
 See MD&A, Application of Critical Accounting Estimates for further details.
*Unexpected increases in the frequency or severity of property and casualty claims may adversely affect our results of operations and financial condition*
A significant increase in claim frequency could adversely affect our results of operations and financial condition.
Changes in mix of business, miles driven, weather, driving behaviors or other factors can lead to changes in claim frequency.
We may experience volatility in claim frequency, and short-term trends may not be predictive of future losses over the longer term.
Increases in claim severity can arise from numerous causes that are inherently difficult to
22 www.allstate.com
predict.
The following factors have and may continue to impact claim severity for auto bodily injury, auto physical damage (including collision and property damage) and homeowners coverages:
- Bodily injury — more severe accidents, an increase in claims with attorney representation, higher medical consumption, and inflation
- Vehicle physical damage — inflation, supply chain disruptions and labor shortages impacting used vehicle and parts prices, labor rates, length of claim resolution, delays in the receipt of third-party carrier claims, and a higher mix of total losses
- Homeowners — inflation in the construction industry, building materials and home furnishings, changes in the mix of loss type, and other economic and environmental factors, including short-term supply imbalances for services and supplies in areas affected by catastrophes
*Catastrophes and severe weather events may subject us to significant losses*
Catastrophic events could adversely affect operating results and cause them to vary significantly from one period to the next.
Climate change could contribute to increased variability of catastrophe losses and underwriting results.
Also, our liquidity could be constrained by a catastrophe, or multiple catastrophes, which could result in extraordinary losses, sales of investments or a downgrade of our debt or financial strength ratings.
Catastrophic losses are caused by wind and hail, wildfires, tornadoes, hurricanes, tropical storms, earthquakes, severe freeze events, volcanic eruptions, terrorism, cyber-attacks, civil unrest, industrial accidents and other such events.
Our business could also be affected by technological changes, such as autonomous or partially autonomous vehicles or technologies that facilitate ride, car or home sharing.
inform underwriting or other decisions, or if our competitors collect and use data which we do not have the ability to access or use.
Many voluntary benefits contracts are renewed annually.
Adjustments to our business structure, size and
We are prohibited from declaring or paying dividends on our Series G preferred stock if we fail to meet specified capital adequacy, net income or shareholders’ equity levels.
The prohibition is subject to an exception permitting us to declare dividends out of the net proceeds of common stock issued by us during the 90 days before the date of declaration even if we fail to meet such levels.
Disruption, volatility or uncertainty in the insurance-linked securities market may decrease our ability to access such market on favorable terms or at all.
The Coronavirus resulted in governments worldwide enacting emergency measures to combat the spread of the virus, including travel restrictions, government-imposed shelter-in-place orders, quarantine periods, social distancing, and restrictions on large gatherings.
These measures have moderated, but new variants of the Coronavirus could result in further economic volatility.
We continue to closely monitor and proactively adapt to developments and changing conditions.
Currently, it is not possible to reliably estimate the impact to our operations, but the effects have been and could be material.
The impact from the pandemic should be considered when comparing the current period to prior periods, including:
- Sales of new and retention of existing policies
- Rate changes and average gross premiums
- Supply chain disruptions and labor shortages increase the cost of settling claims
- Premiums and losses for shared economy products, including transportation network companies and home rentals
- Driving behavior and auto accident frequency
- Hospital and outpatient claim costs
- Investment valuations and returns
- Bad debt and credit allowance exposure
- Consumer utilization of Milewise®, our pay-per-mile insurance product
- Retail sales in Allstate Protection Plans
additional remote connectivity solutions to serve our employees and customers, develop and expand products and services designed to protect customers’ digital footprint, and build and maintain an integrated digital enterprise.
Our systems are also subject to compromise from internal threats.
Our Shared Purpose integrates strong ESG principles and practices into our culture, strategy and business practices.
Labor, the U.S. Department of Justice, the Consumer Financial Protection Bureau and the National Labor Relations Board
An excerpt. Shown here: 40 of 49 rewritten, 40 of 144 added and all 26 removed. The counts are complete. For every sentence, read Item 1A. Risk Factors in the FY2023 filing and the FY2022 filing.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
879 rewritten, 380 added, 313 removed, 1,301 unchanged
| [removed: [Property-Liability](#iaed309263e8248a1815643bf682b39e1_82)] [added: [Property-Liability](#i39dbfa9ac90e49538bf4b8541eb75161_82)] Operations | | | | | | | | | [removed: [40](#iaed309263e8248a1815643bf682b39e1_82)] [added: [41](#i39dbfa9ac90e49538bf4b8541eb75161_82)] | | |
| [Allstate [removed: Protection](#iaed309263e8248a1815643bf682b39e1_85)] [added: Protection](#i39dbfa9ac90e49538bf4b8541eb75161_85)] | | | | | | | | | [removed: [42](#iaed309263e8248a1815643bf682b39e1_85)] [added: [43](#i39dbfa9ac90e49538bf4b8541eb75161_85)] | | |
| [removed: [Run-off Property-Liability](#iaed309263e8248a1815643bf682b39e1_88)] [added: Run-off Property-Liability] | | | | | | [added: 89] | | | [removed: [50](#iaed309263e8248a1815643bf682b39e1_88)] | | | [added: — | | | | | | — | | | | | | — | | | | | | — | | | | | | 89 | | |]
| [removed: [Protection Services](#iaed309263e8248a1815643bf682b39e1_91)] [added: Protection Services] | | | | | | [added: 49] | | | [removed: [53](#iaed309263e8248a1815643bf682b39e1_91)] | | | [added: 38 | | | | | | 36 | | |]
| [Property and [removed: Casualty](#iaed309263e8248a1815643bf682b39e1_97) [Insurance](#iaed309263e8248a1815643bf682b39e1_97) [Claims] [added: Casualty Insurance Claims] and Claims Expense [removed: Reserves](#iaed309263e8248a1815643bf682b39e1_97)] [added: Reserves](#i39dbfa9ac90e49538bf4b8541eb75161_94)] | | | | | | | | | [removed: [55](#iaed309263e8248a1815643bf682b39e1_97)] [added: [56](#i39dbfa9ac90e49538bf4b8541eb75161_94)] | | |
| [removed: [Allstate] [added: Allstate] Health and [removed: Benefits](#iaed309263e8248a1815643bf682b39e1_100)] [added: Benefits] | | | | | | [added: 82] | | | [removed: [62](#iaed309263e8248a1815643bf682b39e1_100)] | | | [added: 69 | | | | | | 74 | | |]
| [Capital Resources and [removed: Liquidity](#iaed309263e8248a1815643bf682b39e1_109)] [added: Liquidity](#i39dbfa9ac90e49538bf4b8541eb75161_106)] | | | | | | | | | [removed: [77](#iaed309263e8248a1815643bf682b39e1_109)] [added: [77](#i39dbfa9ac90e49538bf4b8541eb75161_106)] | | |
| [Enterprise Risk and Return [removed: Management](#iaed309263e8248a1815643bf682b39e1_112)] [added: Management](#i39dbfa9ac90e49538bf4b8541eb75161_109)] | | | | | | | | | [removed: [82](#iaed309263e8248a1815643bf682b39e1_112)] [added: [82](#i39dbfa9ac90e49538bf4b8541eb75161_109)] | | |
| [Application of Critical Accounting [removed: Estimates](#iaed309263e8248a1815643bf682b39e1_115)] [added: Estimates](#i39dbfa9ac90e49538bf4b8541eb75161_112)] | | | | | | | | | [removed: [85](#iaed309263e8248a1815643bf682b39e1_115)] [added: [85](#i39dbfa9ac90e49538bf4b8541eb75161_112)] | | |
| [Regulation and Legal [removed: Proceedings](#iaed309263e8248a1815643bf682b39e1_118)] [added: Proceedings](#i39dbfa9ac90e49538bf4b8541eb75161_115)] | | | | | | | | | [removed: [96](#iaed309263e8248a1815643bf682b39e1_118)] [added: [96](#i39dbfa9ac90e49538bf4b8541eb75161_115)] | | |
[removed: | [Pending] [added: Pending] Accounting [removed: Standards](#iaed309263e8248a1815643bf682b39e1_121) | | | | | | | | | [96](#iaed309263e8248a1815643bf682b39e1_121) | | |][added: Standards]
This section of this Form 10-K generally discusses [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] results and year-to-year comparisons between [removed: 2022] [added: 2023] and [removed: 2021.][added: 2022.]
Discussions of [removed: 2020] [added: 2021] results and year-to-year comparisons between [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] that are not included in this Form 10-K can be found in Management’s Discussion and Analysis (“MD&A”) in Part II, Item 7 of our annual report on Form 10-K for [removed: 2021,] [added: 2022,] filed February [removed: 18, 2022.][added: 16, 2023.]
Certain amounts have been reclassified [added: or recast] to [added: reflect the application of the new guidance to all in-scope long-duration insurance contracts and to] conform to current year presentation.
*•Allstate Protection*: premium, policies in force (“PIF”), new business sales, policy retention, price changes, claim frequency and severity, catastrophes, loss ratio, expenses, underwriting [removed: results,] [added: results and] combined ratio [removed: and relative competitive position]
*•Allstate Health and Benefits*: premiums, [added: other revenue,] new business sales, PIF, benefit ratio, expenses and adjusted net income
[removed: See] Note [removed: 3] [added: 18] of the consolidated financial statements for further [removed: information on acquisitions and dispositions.][added: information.]
[removed: The Coronavirus has] [added: These factors have] affected [added: our] operations and may continue to significantly affect [added: our] results of operations, financial condition and [removed: liquidity.][added: liquidity and should be considered when comparing the current period to prior periods.]
[removed: A pandemic such as the Coronavirus and its] [added: Macroeconomic] impacts are disclosed in Part 1 “Item 1A.
Risk Factors’’, including the risk factors titled “*A large-scale pandemic, the occurrence of terrorism, military actions, social unrest or other actions may have an adverse effect on our business*” and “*Conditions in the global economy and capital markets could [removed: continue to] adversely affect our business and [removed: results of operations*”.][added: results*]
[removed: These] [added: Market volatility resulting from these] factors [removed: along with other ongoing impacts] [added: and] from [added: disruptions in] the [removed: pandemic create significant economic uncertainty] [added: banking industry have] and [removed: the resulting market volatility] may continue to impact our investment valuations and returns.
This [removed: list] is not inclusive of all potential impacts and should not be treated as such.
Within the [removed: MD&A] [added: MD&A,] we have included further disclosures related to macroeconomic impacts on our [removed: 2022] [added: 2023] results.
| [removed: Better Service Customers] [added: Improve Customer Value] | | | | | | Enterprise Net Promoter Score, which measures how likely customers are to recommend [removed: us,] [added: Allstate,] finished below the prior year, reflecting [added: the impact of] substantial price increases necessary to offset higher loss costs. | | | | | | | | | | | |
| Grow Customer Base | | | | | | Consolidated policies in force reached [removed: 189.1] [added: 194] million, a [removed: 1.0% decrease] [added: 2.8% increase] from prior year. Property-Liability policies in force [removed: increased] [added: decreased] by [removed: 0.7%] [added: 2.0%] compared to the prior year, as continued growth at National General was [removed: substantially] [added: more than] offset by the Allstate brand [removed: as new business was limited] [added: and renewals declined] in [removed: many states.] [added: the auto insurance business.] | | | | | | | | | | | |
| Achieve Target Economic Returns on Capital | | | | | | Return on average Allstate common shareholders’ equity was [removed: (7.3)%] [added: (2.0)%] in [removed: 2022.] [added: 2023.] | | | | | | | | | | | |
| Proactively Manage Investments | | | | | | Net investment income of [removed: $2.40] [added: $2.48] billion in [removed: 2022] [added: 2023] was [removed: $890] [added: $75] million [removed: below] [added: higher than] prior year as higher market-based investment income was [removed: more than] [added: partially] offset by lower performance-based results. | | | | | | | | | | | |
| [removed: Build Long-Term Growth Platforms] [added: Execute Transformative Growth] | | | | | | Allstate made substantial progress in advancing Transformative Growth [removed: initiatives] in [removed: 2022,] [added: 2023,] including continued cost reductions, deploying a new property-liability technology platform and a new Affordable, Simple and Connected auto insurance offering in [removed: two] [added: seven] states. | | | | | | | | | | | |
| | | | National General is [removed: meeting or exceeding acquisition performance targets with the objective of] building a strong competitive position in independent agent distribution. | | | | | | | | | | | | | | |
| [removed: Consolidated] Net [removed: Income] [added: investment income] | | | | | | [added: 73] | | | | | | [added: 48] | | | [added: | | | 43 | | |]
[removed: ][added: ]
| *Consolidated net loss applicable to common shareholders* was [removed: $1.42 billion] [added: $316 million] in [removed: 2022] [added: 2023] compared to net [removed: income] [added: loss] of [removed: $1.49] [added: $1.39] billion in [removed: 2021,] [added: 2022,] primarily due to [removed: an] [added: improved] underwriting [removed: loss, equity valuation decreases] [added: results] and [removed: losses on investment sales, partially offset by the absence of the 2021 loss] [added: net gains] on [removed: sale of the life and annuities business.] [added: equity valuations compared to losses in 2022.] For the twelve months ended December 31, [removed: 2022,] [added: 2023,] return on Allstate common shareholders’ equity was [removed: (7.3)%] [added: (2.0)%] compared to [removed: 5.8%] [added: (7.2)%] for the twelve months ended December 31, [removed: 2021.] [added: 2022.] | | |
[removed: ][added: ]
| *Total revenue* increased [removed: 1.6%] [added: 11.1%] to [removed: $51.41] [added: $57.09] billion in [removed: 2022] [added: 2023] compared to [removed: 2021,] [added: 2022,] primarily due to [removed: an 8.7%] [added: a 10.4%] increase in property and casualty insurance premiums [removed: earned, partially offset by] [added: earned and] net [removed: losses] [added: gains] on [removed: investments and derivatives] [added: equity valuations] in [removed: 2022] [added: 2023] compared to [removed: net gains in 2021 and a decrease] [added: losses] in [removed: net investment income.] [added: 2022.] | | |
[removed: ][added: ]
| *Net investment income* [removed: decreased $890] [added: increased $75] million to [removed: $2.40] [added: $2.48] billion in [removed: 2022] [added: 2023] compared to [removed: 2021,] [added: 2022,] primarily due to [removed: lower performance-based investment results, mainly from limited partnerships, partially offset by] higher market-based [added: income reflecting increased] fixed income portfolio [removed: yields.] [added: yields and investment balances, partially offset by lower performance-based investment results.] | | |
| ($ in millions) | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |
| Property and casualty insurance premiums | | | | | | $ | [removed: 45,904] [added: 50,670] | | | | | $ | [removed: 42,218] [added: 45,904] | | | | | $ | [removed: 37,073] [added: 42,218] | |
| Accident and health insurance premiums and contract charges | | | | | | [removed: 1,833] [added: 1,846] | | | | | | [removed: 1,821] [added: 1,832] | | | | | | [removed: 1,094] [added: 1,834] | | |
| Other revenue | | | | | | [removed: 2,344] [added: 2,400] | | | | | | [removed: 2,172] [added: 2,344] | | | | | | [removed: 1,065] [added: 2,172] | | |
| 2023 [Highlights](#i39dbfa9ac90e49538bf4b8541eb75161_79) | | | | | | | | | [36](#i39dbfa9ac90e49538bf4b8541eb75161_79) | | |
| [Investments](#i39dbfa9ac90e49538bf4b8541eb75161_100) | | | | | | | | | [65](#i39dbfa9ac90e49538bf4b8541eb75161_100) | | |
| [Market Risk](#i39dbfa9ac90e49538bf4b8541eb75161_103) | | | | | | | | | [74](#i39dbfa9ac90e49538bf4b8541eb75161_103) | | |
| [Pending Accounting Standards](#i39dbfa9ac90e49538bf4b8541eb75161_118) | | | | | | | | | [96](#i39dbfa9ac90e49538bf4b8541eb75161_118) | | |
2023 Form 10-K
2023 Highlights
2023 Form 10-K
Macroeconomic factors have and may continue to impact the results of our operations, financial condition and liquidity, such as U.S. government fiscal and monetary policies, banking system instability, the Russia/Ukraine and Israel/Hamas conflicts and the remaining impacts of the Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”), such as supply chain disruptions, labor shortages and other macroeconomic factors that have increased inflation.
Inflation continues to remain elevated, which led to increases in interest rates by the Federal Reserve and many foreign governmental authorities and central banks.
These actions could create significant economic uncertainty.
*of operations*”.
Israel/Hamas Conflict
As of December 31, 2023, we have approximately $47 million investment exposure in the Middle East, of which approximately $43 million is held in Israel, which is primarily indirect exposure through funds managed by external asset managers.
2023 Operating Priorities and Results
Allstate continued to focus on its operating priorities while executing a comprehensive plan to improve auto insurance profitability.
The table below summarizes the results of our 2023 Operating Priorities.
| 2023 Operating Priorities (1) | | | | | | | | | | | | | | | | | |
| | | | Protection Services policies in force increased 4.3%, primarily due to growth at Allstate Protection Plans. | | | | | | | | | | | | | | |
| | | | The Property-Liability combined ratio of 104.5 for the full year decreased compared to the prior year primarily reflecting increased premiums earned, partially offsetting continued high loss costs. A comprehensive profitability plan is being executed. | | | | | | | | | | | | | | |
| | | | Total return on the $66.68 billion investment portfolio was 6.7% in 2023. Proactive portfolio management repositioned the fixed income portfolio into longer duration and higher-yielding assets that sustainably increase income. | | | | | | | | | | | | | | |
| | | | Build a digital enterprise by expanding utilization of machine-based learning and artificial intelligence. | | | | | | | | | | | | | | |
(1)2024 operating priorities will remain mostly consistent with the 2023 priorities.
2023 Form 10-K
2023 Form 10-K
| Total revenues | | | | | | 57,094 | | | | | | 51,411 | | | | | | 50,601 | | |
| Net (loss) income | | | | | | (213) | | | | | | (1,342) | | | | | | 1,581 | | |
| Net (loss) income applicable to common shareholders | | | | | | $ | (316) | | | | | $ | (1,394) | | | | | $ | 1,500 | |
The decrease in 2023 was due to higher appliance and furniture claim severity at Allstate Protection Plans and lower third-party lead sales at Arity, partially offset by improved margins at Allstate Roadside and lower expenses at Allstate Identity Protection.
Adjusted net income was also impacted by an increase in state income taxes and deferred tax liabilities for Allstate Dealer Services.
The decrease was primarily due to a decline in employer voluntary benefits, partially offset by increases in individual and group health.
Income Taxes
The effective tax rate is the ratio of income tax (benefit) expense divided by (loss) income from operations before income tax expense.
The effective tax rate for 2023 was 38.8% compared to 26.7% in 2022 due to the total income tax benefit measured against a lower loss from operations before income tax expense of $348 million in 2023 compared to a loss of $1.83 billion in 2022.
In both years, the effective tax rate was higher than the 21% federal statutory income tax rate, primarily due to tax credits, tax-exempt interest income and excess tax benefits on shared-based payments, offset by a change in valuation allowance and uncertain tax positions.
In addition, in 2023, the Company recorded an additional tax benefit arising from the liquidation of a foreign subsidiary and the remeasurement of state deferred income taxes.
2023 Form 10-K
impact of the state deferred income taxes was not material to the consolidated results of operations but resulted in a tax expense to Protection Services and a tax benefit to Allstate Protection.
*Accounting for Long-Duration Insurance Contracts* Effective January 1, 2023, the Company adopted the Financial Accounting Standards Board (”FASB”) guidance revising the accounting for certain long-duration insurance contracts using the modified retrospective approach to the transition date of January 1, 2021.
Under the new guidance, measurement assumptions, including those for mortality, morbidity and policy lapses, are required to be reviewed at least annually, and updated as appropriate.
In addition, reserves under the new guidance are required to be discounted using an upper-medium grade fixed income instrument yield that is updated through other comprehensive income (“OCI”) at each reporting date.
| 2022 [Highlights](#iaed309263e8248a1815643bf682b39e1_79) | | | | | | | | | [35](#iaed309263e8248a1815643bf682b39e1_79) | | |
| [Investments](#iaed309263e8248a1815643bf682b39e1_103) | | | | | | | | | [65](#iaed309263e8248a1815643bf682b39e1_103) | | |
| [Market Risk](#iaed309263e8248a1815643bf682b39e1_106) | | | | | | | | | [74](#iaed309263e8248a1815643bf682b39e1_106) | | |
34 www.allstate.com
2022 Form 10-K
2022 Highlights
Sale of Headquarters
On October 18, 2022, Allstate closed the sale of its headquarters for $232 million resulting in a gain of approximately $99 million, pre-tax in the fourth quarter of 2022.
$16 million of the gain was classified in Property-Liability net gains and losses on investments and derivatives and $83 million was classified as other revenue within the Corporate and Other segment.
The sale reduces real estate expenses and further advances Allstate’s multi-year Transformative Growth initiative.
Acquisitions and Dispositions
*Acquisitions* On January 4, 2021, we completed the acquisition of National General Holdings Corp. (“National General”), significantly enhancing our strategic position in the independent agency channel.
*Discontinued operations and held for sale* On October 1, 2021, we closed the sale of Allstate Life Insurance Company of New York (“ALNY”) to Wilton Reassurance Company for $400 million.
On November 1, 2021, we closed the sale of Allstate Life Insurance Company (“ALIC”) and certain affiliates to entities managed by Blackstone for total proceeds of $4 billion, including a pre-close dividend of $1.25 billion paid by ALIC.
In 2021, the assets and liabilities of the businesses were reclassified as held for sale and results are presented as discontinued operations.
This change was applied on a retrospective basis.
In connection with the sale of ALIC and certain affiliates in 2021, the sale agreement includes a provision related to contingent consideration that may be earned over a ten-year period with the first potential payment date commencing on January 1, 2026 and a final potential payment date of January 1, 2035.
The contingent consideration is determined annually based on the average ten-year Treasury rate over the preceding three-year period compared to a designated rate.
The contingent consideration meets the definition of a derivative and is accounted for on a fair value basis with periodic changes in fair value reflected in earnings.
The Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”) resulted in governments worldwide enacting emergency measures to combat the spread of the virus, including travel restrictions, government-imposed shelter-in-place orders, quarantine periods, social distancing, and restrictions on large gatherings.
These measures have moderated significantly, but new variants of the Coronavirus could result in further economic volatility.
We continue to closely monitor and proactively adapt to developments and changing conditions.
Currently, it is not possible to reliably estimate the continuing impact to operations, but the effects have been and could be material.
Certain growth and profitability comparisons to the prior year were impacted, in part, by the effects the
Coronavirus had on prior year results.
Beginning in March 2020, when shelter-in-place orders and other restrictions were initiated, and throughout 2021, we experienced lower auto accident claim frequency and different claim patterns than historically experienced.
Total auto claim frequency has since increased, but remains below pre-pandemic levels.
The impact from the pandemic should be considered when comparing the current year to the prior years, including:
- Sales of new and retention of existing policies
- Rate changes and average gross premiums
- Supply chain disruptions and labor shortages impacts on the cost of settling claims
- Premium for transportation network products
- Driving behavior and auto accident frequency
- Hospital and outpatient claim costs
- Investment valuations and returns
- Bad debt and credit allowance exposure
- Consumer utilization of Milewise®, our pay-per-mile insurance product
- Retail sales in Allstate Protection Plans
Supply chain disruptions, labor shortages and other macroeconomic factors have increased inflation, which may have an adverse impact on investment valuations and returns.
As inflation continued to remain elevated, the Federal Reserve significantly increased interest rates and credit spreads widened reflecting ongoing recession concerns.
An excerpt. Shown here: 40 of 879 rewritten, 40 of 380 added and 40 of 313 removed. The counts are complete. For every sentence, read Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in the FY2023 filing and the FY2022 filing.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
0 rewritten, 1 added, 1 removed, 2 unchanged
2023 Form 10-K
2022 Form 10-K
Item 1. Business
59 rewritten, 368 added, 152 removed, 125 unchanged
- No [added: filing or] approval — One state, with an immaterial amount of written premiums, does not require a filing to be submitted
[removed: ][added: ]
In those states that significantly restrict an insurer’s discretion in selecting the business [added: that it wants to underwrite, an insurer can manage its risk of loss by charging a rate that reflects the cost and expense of providing the insurance.]
[removed: ] [added: ] For a discussion of these items see Note 15 of the consolidated financial statements.
[removed: 2022] [added: 2023] Form 10-K *Item 1.
- On July 2, 2021, [removed: legislation] [added: Public Acts 21 and 22, which] passed in [removed: 2019] [added: 2019,] became effective, setting fee schedules for personal injury protection claims.
- Other legislative proposals to change the MCCA operation in the future and to adjust Public Acts 21 and 22 are put forth [removed: periodically.][added: periodically, as well as a recent Michigan Supreme Court decision that found that the reimbursement rates described above applied only to motor vehicle accidents occurring in 2019 or later.]
[removed: ] [added: ] For a discussion of these items see Note 11 of the consolidated financial statements.
*Broker-Dealer and Investment Advisers* The Allstate entities that operate as a broker-dealer and registered investment advisers are subject to regulation and supervision by the Securities and Exchange Commission (“SEC”), Financial Institution [added: Regulatory Authority and/or, in some cases, state securities administrators.]
Certain state and federal regulators are considering or have implemented best [removed: interest or fiduciary standards.]
*Inflation Reduction Act of 2022* The Inflation Reduction Act of [removed: 2022 (“Act”),] [added: 2022,] which contains several tax-related provisions, was signed into law in August 2022.
The [removed: Act] [added: law] creates a 15% corporate alternative minimum tax (“CAMT”) on certain large corporations and an excise tax of 1% on stock repurchases by publicly traded U.S. corporations, both effective after December 31, 2022.
The excise tax on common stock repurchases [removed: will be] [added: is] classified as an additional cost of the stock acquired included in treasury stock in shareholders' equity.
[removed: A] [added: *Dodd-Frank:] Covered [removed: Agreement is] [added: Agreement* On September 22, 2017, the U.S. and European Union signed] a [added: Covered Agreement, a] bilateral [removed: or multilateral] agreement that “relates to the recognition of prudential measures with respect to the business of insurance or reinsurance that achieves a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation.”
To address the requirements of the Covered Agreement, the NAIC formally adopted revisions to its existing credit for reinsurance model law and model [removed: regulation to conform with the requirements of the Covered Agreement] [added: regulation,] with the expectation that states would adopt and implement the modified model law and regulation by September 2022.
A sufficient number of states [added: have] adopted the model [added: law] and/or regulation to avoid federal preemption.
The statute, which became effective January 1, 2019, can be used to divide continuing blocks of insurance business from insurance business no longer marketed, or otherwise [removed: has been discontinued,] [added: discontinued] into separate companies with separate capital.
[added: In 2021,] Allstate Insurance Company and certain affiliate insurance companies utilized the division statute to form three Illinois domiciled insurance companies that retained assets and liabilities for certain Michigan automobile insurance policies with catastrophic personal injury claims that are ceded to the MCCA.
*Privacy Regulation and Data Security* Federal law and the laws of many states require financial institutions to protect the security and confidentiality of consumer information and to notify consumers about their policies and practices relating to collection, use, [added: disclosure,] and [removed: disclosure] [added: protection] of consumer [removed: information and their policies relating to protecting the security and confidentiality of that] information.
Congress, state legislatures, and regulatory authorities are currently considering additional regulation relating to privacy [removed: and other aspects] of [removed: consumer] [added: personal] information.
For example, the California Consumer Privacy Act, [removed: which took effect in January 2020,] as amended by the California Privacy Rights Act, which took effect in January 2023, as well as similar laws in [removed: Virginia and] [added: Virginia,] Connecticut, [removed: adopted] [added: and approximately nine other states (with various effective dates), impose] significant compliance requirements for [added: certain] businesses in those states.
[removed: Among other things, the] [added: The] California Privacy Rights Act [removed: expanded consumer privacy rights and] established a new privacy regulatory agency.
[removed: In another example, the New York State Department of Financial Services cybersecurity regulation and the] [added: The] NAIC [added: created an] Insurance Data Security Model Law, which [removed: has been] [added: several states have] adopted in some [removed: form by several states, establish] [added: form, establishing] standards for data security, including the investigation of and notification to insurance commissioners of cybersecurity events.
In May 2017, the Environmental Protection Agency created a Superfund Task Force that issued proposed reforms in [added: its 2019 final report.]
The wellbeing of our employees is a key priority, and Allstate strives to promote a dynamic and welcoming workplace that promotes inclusive diversity and equity, fosters collaboration, and encourages employees to [removed: bring] [added: be fully engaged in] their [removed: best ideas to] work every day.
As of December 31, [removed: 2022,] [added: 2023,] Allstate had approximately [removed: 54,000] [added: 53,000] full-time employees and [removed: 500] [added: 400] part-time employees.
*Inclusive Diversity and [removed: Equity (“IDE”)*] [added: Equity*] We strive for a workforce where the breadth of our diversity makes us a better company.
IDE is one of Allstate’s core values [removed: and serves as a foundation] of Our Shared Purpose.
| U.S. workforce diversity as of December 31, [removed: 2022] [added: 2023] | | | | | | | | | [added: | | |]
| Racially and ethnically diverse | | | | | | [removed: 42%] | | | [added: 40% | | |]
- As part of our commitment to fair and equitable compensation practices, we complete [removed: an annual] pay equity [removed: analysis.][added: analyses.]
[removed: We partner with external law and data analytics firms to provide a more detailed analysis to] [added: Annually, we] identify potential pay gaps across substantially similar employee groups as well as identify policies, practices or systematic issues that may contribute to pay [removed: gaps now or over time.][added: gaps.]
–EIGs are [removed: diverse] [added: voluntary employee-led] communities that enhance the employee experience through engagement, development and collaboration.
–Officers from across the enterprise leverage their time, networks and resources to support the EIGs and [added: BIGs, and] positively impact employee engagement and feelings of belonging at Allstate.
*Employee [removed: Wellbeing] [added: Well-being] and Safety* We [added: believe in a culture of well-being and] take [removed: seriously] our responsibility to care for employees’ [removed: well-being,] [added: well-being seriously,] devoting resources to employee health and safety.
- Performance review and development takes place throughout the [removed: year.][added: year, with a renewed focus on driving performance through ongoing feedback and coaching.]
[removed: –40%] [added: –Filled over 28%] of open [added: U.S.] positions [removed: were filled] with internal applicants.
[removed: - Allstate] [added: *Organizational Culture* Allstate] defines culture as a self-sustaining system of shared values, priorities and principles that shape beliefs and drive behaviors and decision-making within an [removed: organization.][added: organization. Allstate encourages employees to proactively manage their career so it is integrated into their personal purpose.]
[removed: ] [added: ] For additional information, please see the section titled “Our Key [removed: ESG] [added: Sustainability] Priorities-People” in our Proxy Statement.
[removed: ] [added: ] In addition to the above discussion of our employees, please see information about Allstate agents under the caption “Allstate Protection Segment - Products and Distribution” in Part I, Item 1 of this report.
The Allstate Corporation was incorporated under the laws of the State of Delaware on November 5, 1992, to serve as the holding company for Allstate Insurance Company.
Its business is conducted principally through Allstate Insurance Company and other subsidiaries (collectively, including The Allstate Corporation, “Allstate”).
Allstate protects people from life’s uncertainties with a wide array of protection for autos, homes and personal property.
Allstate is primarily engaged in the property and casualty insurance business in the United States and Canada.
Additionally, Allstate provides customers other protection solutions such as protection plans that cover consumer electronics, mobile phones and appliances, personal identity protection and accident and health insurance.
On November 1, 2023, we announced that we are pursuing the sale of the Health and Benefits business.
The Allstate Corporation is one of the largest publicly held personal lines insurers in the United States.
Allstate’s personal property-liability strategy is to increase market share by offering consumers a broad suite of protection solutions and a competitive value proposition across distribution channels.
The Allstate brand is widely known through the “You’re In Good Hands With Allstate®” slogan.
Allstate is the second largest personal property and casualty insurer in the United States on the basis of 2022 statutory direct premiums written according to A.M. Best.
Allstate also has strong market positions in other protection solutions.
Allstate Protection Plans provides protection on a wide variety of consumer goods such as cell phones, tablets, computers, furniture and appliances, and has a leading position in distribution through major retailers.
Allstate Identity Protection has a leading position in identity protection through workplace benefit programs.
In total, Allstate had 194 million policies in force (“PIF”) as of December 31, 2023.
Allstate Health and Benefits provides accident, health and life insurance through employers, independent agents and direct-to-consumer, and is one of the top voluntary benefits carriers in the market.
In this Annual Report on Form 10-K, we occasionally refer to statutory financial information.
All domestic United States insurance companies are required to prepare statutory-basis financial statements.
As a result, industry data is available that enables comparisons between insurance companies, including competitors that are not required to prepare financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
We frequently use industry publications containing statutory financial information to assess our competitive position.
Strategy, Transformative Growth, Our Shared Purpose and Segment Information
Our strategy has two components: increase personal property-liability market share (see Allstate Protection segment) and expand protection offerings by leveraging the Allstate brand, customer base and capabilities.
We are expanding protection services businesses utilizing enterprise capabilities and resources such as the Allstate brand, distribution, analytics, claims, investment expertise, talent and capital.
Using innovative growth platforms (such as telematics and identity protection) and broad distribution including: Allstate exclusive agents, independent agents, contact centers, online, retailers, workplace benefits brokers, auto dealers, original equipment manufacturers and telecom providers further enhance our customer value proposition.
*Transformative Growth* is about creating a business model, capabilities and culture that continually transform to better serve customers.
This is done by providing affordable, simple and connected protection through multiple distribution channels.
The ultimate objective is to enhance customer value to drive growth in all businesses.
2023 Form 10-K *Item 1.
| Our Shared Purpose | | | | | | | | | | | | | | | | | | | | | | | |
| As the good hands... | | | | | | our values | | | | | | our operating standards | | | | | | our behaviors | | | | | |
| •We empower customers with protection to help them achieve their hopes and dreams. •We provide affordable, simple and connected protection solutions. •We create opportunity for our team, economic value for our shareholders and improve communities. | | | | | | •Integrity is non-negotiable. •Inclusive Diversity & Equity values and leverages unique identities with equitable opportunity and rewards. •Collective Success is achieved through empathy and prioritizing enterprise outcomes ahead of individuals. | | | | | | •Focus on Customers by anticipating and exceeding service expectations at low costs. •Be the Best at protecting customers, developing talent and running our businesses. •Be Bold with original ideas using speed and conviction to beat the competition. •Earn Attractive Returns by providing customer value, proactively accepting risk and using analytics. | | | | | | •Collaborate early and often to develop and implement comprehensive solutions and share learnings. •Challenge Ideas to leverage collective expertise, evaluate multiple alternatives and create the best path forward. •Provide Clarity for expected outcomes, decision authority and accountability. •Provide Feedback that is candid, actionable, independent of hierarchy and safe. | | | | | |
| Reportable segments | | | | | | | | |
| Allstate Protection (1) | | | | | | Includes the Allstate brand, National General and Answer Financial. Offers private passenger auto, homeowners, other personal lines and commercial insurance through agents, contact centers and online. | | |
| Protection Services | | | | | | Includes Allstate Protection Plans, Allstate Dealer Services, Allstate Roadside, Arity and Allstate Identity Protection, which offer a broad range of solutions and services that expand and enhance our customer value propositions. | | |
| Allstate Health and Benefits | | | | | | Offers voluntary benefits and individual life and health products, including life, accident, critical illness, short-term disability and other health insurance products sold through independent agents, benefits brokers and Allstate exclusive agents. Also provides stop-loss and fully insured group health products to employers and short-term medical and medicare supplement insurance to individuals. | | |
| Run-off Property-Liability (1) | | | | | | Relates to property and casualty insurance policies written during the 1960s through the mid-1980s with exposure to asbestos, environmental and other claims in run-off. | | |
| Corporate and Other | | | | | | Includes debt service, holding company activities and certain non-insurance operations. | | |
(1)Allstate Protection and Run-off Property-Liability segments comprise Property-Liability.
The Allstate Corporation 3
2023 Form 10-K *Item 1.
that it wants to underwrite, an insurer can manage its risk of loss by charging a rate that reflects the cost and expense of providing the insurance.
We also participate in the Federal Government National Flood Insurance Program.
- On August 6, 2020, member companies of the MCCA were notified of the ratification of amendments to the MCCA’s Plan of Operation.
The amendments were designed to align the Plan of Operation with Public Acts 21 and 22, which passed in 2019.
- On July 2, 2020, portions of Public Acts 21 and 22 went into effect.
The changes under those laws include:
–Allowing insureds to choose levels of personal injury protection coverage, including the option to opt-out of personal injury protection coverage in certain circumstances.
–Implementing mandated rate reductions that correspond to the level of personal injury protection coverage chosen by insureds.
–Implementing or creating new processes for reviewing claims, assessing allowable expenses and setting limits on certain allowable expenses.
Regulatory Authority and/or, in some cases, state securities administrators.
The Company has determined that it is considered an “applicable corporation” under the rules of CAMT, and as such, it is expected to perform the CAMT computation starting January 1, 2023; however, a reasonable estimate cannot be made as of the filing date.
The Company is evaluating the anticipated impacts of the proposed guidance to its disclosures.
*Cybersecurity risk management* The SEC issued a proposed rule in March 2022 to mandate cybersecurity disclosures, including information such as: management's and the board’s role and oversight of cybersecurity risks, policies and procedures and how risks and incidents are likely to impact the financial statements.
Additionally, certain incidents would have mandatory reporting on a Form 8-K.
*Dodd-Frank: Covered Agreement* The Secretary of the Treasury (operating through FIO) and the Office of the U.S. Trade Representative (“USTR”) are jointly authorized, pursuant to Dodd-Frank, to negotiate Covered Agreements.
*Item 1.
Business* 2022 Form 10-K
On September 22, 2017, the U.S. and European Union (“EU”) signed a Covered Agreement.
In addition to signing the Covered Agreement, Treasury and the USTR jointly issued a policy statement clarifying how the U.S. views implementation of certain provisions of the Covered Agreement.
The policy statement affirms the U.S. system of insurance regulation, including the role of state insurance regulators as the primary supervisors of the business of insurance and addresses several other key provisions of the Covered Agreement for which constituents sought clarity, including prospective application to reinsurance agreements and an affirmation that the Covered Agreement does not require development of a group capital standard or group capital requirement in the U.S.
its 2019 final report.
| Women | | | | | | 58% | | |
- We track our workforce composition data over time to determine if we are making appropriate progress in advancing gender and racial representation in our employee population and we disclose our progress.
In our Sustainability Report, we provide, among other things, five years of workforce composition data that shows a breakdown of salaried, hourly and management employees by gender and race.
Beginning in 2021, we also disclose our EEO-1 data.
- Allstate’s Employee Impact Groups (“EIG”) help advance IDE.
–In 2022, Allstate rebranded “Employee Resource Groups” to “Employee Impact Groups” to focus on impact and integration into the business.
Allstate supports and funds ten EIGs.
- In 2022, employees completed more than 31,000 IDE courses.
- Allstate continues to look for ways to build awareness and drive action to be a differentiated leader in IDE.
In 2022, we:
–Continued to drive skills-based hiring without 4-year degree requirements on job postings.
–As a member of the OneTen Initiative, launched Apprenticeship Program, Internship Program and Entry Level Rotational Program.
–Launched a new education strategy with offerings to build intercultural competence and an inclusive culture, and established metrics to measure the impact of course offerings on employees and the business.
–Implemented an IDE Talent Scorecard to drive leadership accountability for developing a workforce that mirrors the diversity of the communities and customers Allstate serves.
–Launched Allstate IDE A.C.T. (Accountability, Clarity, Transparency) Framework, integrating IDE strategy, goals, and collaboration across Allstate.
This model drives accountability and reduces complexity by clarifying roles.
- Allstate utilized strong guiding principles to drive our response to the pandemic.
These principles included complying with regulations, relying on expert medical advice, adapting our approach to individual circumstances, and keeping our employees, agents, and customers safe.
- We conduct wellbeing assessments to solicit employee feedback about physical, emotional, mental and financial wellbeing.
An excerpt. Shown here: 40 of 59 rewritten, 40 of 368 added and 40 of 152 removed. The counts are complete. For every sentence, read Item 1. Business in the FY2023 filing and the FY2022 filing.
Cover and table of contents
40 rewritten, 4 added, 273 removed, 66 unchanged
For the fiscal year ended December 31, [removed: 2022][added: 2023]
[removed: ][added: ]
| Depositary Shares represent 1/1,000th of a share of [removed: 5.625%] [added: 7.375%] Noncumulative Preferred Stock, Series [removed: G] [added: J] | | | ALL PR [removed: G] [added: J] | | | New York Stock Exchange | | |
The aggregate market value of the common stock held by non-affiliates of the registrant, computed by reference to the closing price as of the last business day of the registrant’s most recently completed second fiscal quarter, June 30, [removed: 2022,] [added: 2023,] was approximately [removed: $33.85] [added: $28.40] billion.
As of January 31, [removed: 2023,] [added: 2024,] the registrant had [removed: 263,329,700] [added: 263,067,415] shares of common stock outstanding.
Part III of this Form 10-K incorporates by reference certain information from the registrant’s definitive proxy statement for its annual stockholders meeting to be held on May [removed: 23, 2023,] [added: 14, 2024,] (the “Proxy Statement”) to be filed not later than 120 days after the end of the fiscal year covered by this Form 10-K.
| [Item [removed: 1.](#iaed309263e8248a1815643bf682b39e1_13)] [added: 1.](#i39dbfa9ac90e49538bf4b8541eb75161_13)] | | | | | | [removed: [Business](#iaed309263e8248a1815643bf682b39e1_13)] [added: [Business](#i39dbfa9ac90e49538bf4b8541eb75161_13)] | | | | | | [removed: [1](#iaed309263e8248a1815643bf682b39e1_13)] [added: [1](#i39dbfa9ac90e49538bf4b8541eb75161_13)] | | |
| | | | | | | • [removed: Strategy] [added: [Strategy] and Segment [removed: Information] [added: Information](#i39dbfa9ac90e49538bf4b8541eb75161_19)] | | | | | | [removed: [2](#iaed309263e8248a1815643bf682b39e1_19)] [added: [2](#i39dbfa9ac90e49538bf4b8541eb75161_19)] | | |
| | | | | | | – [Allstate [removed: Protection](#iaed309263e8248a1815643bf682b39e1_22)] [added: Protection](#i39dbfa9ac90e49538bf4b8541eb75161_22)] | | | | | | [removed: [4](#iaed309263e8248a1815643bf682b39e1_22)] [added: [4](#i39dbfa9ac90e49538bf4b8541eb75161_22)] | | |
| | | | | | | [– Protection [removed: Services](#iaed309263e8248a1815643bf682b39e1_25)] [added: Services](#i39dbfa9ac90e49538bf4b8541eb75161_25)] | | | | | | [removed: [9](#iaed309263e8248a1815643bf682b39e1_25)] [added: [9](#i39dbfa9ac90e49538bf4b8541eb75161_25)] | | |
| | | | | | | [– Allstate Health and [removed: Benefits](#iaed309263e8248a1815643bf682b39e1_28)] [added: Benefits](#i39dbfa9ac90e49538bf4b8541eb75161_28)] | | | | | | [removed: [10](#iaed309263e8248a1815643bf682b39e1_28)] [added: [10](#i39dbfa9ac90e49538bf4b8541eb75161_28)] | | |
| | | | | | | – [Other Business [removed: Segments](#iaed309263e8248a1815643bf682b39e1_31)] [added: Segments](#i39dbfa9ac90e49538bf4b8541eb75161_31)] | | | | | | [removed: [11](#iaed309263e8248a1815643bf682b39e1_31)] [added: [11](#i39dbfa9ac90e49538bf4b8541eb75161_31)] | | |
| | | | | | | • [Human [removed: Capital](#iaed309263e8248a1815643bf682b39e1_37)] [added: Capital](#i39dbfa9ac90e49538bf4b8541eb75161_37)] | | | | | | [removed: [17](#iaed309263e8248a1815643bf682b39e1_37)] [added: [17](#i39dbfa9ac90e49538bf4b8541eb75161_37)] | | |
| | | | | | | • [Other Information About [removed: Allstate](#iaed309263e8248a1815643bf682b39e1_43)] [added: Allstate](#i39dbfa9ac90e49538bf4b8541eb75161_43)] | | | | | | [removed: [19](#iaed309263e8248a1815643bf682b39e1_43)] [added: [19](#i39dbfa9ac90e49538bf4b8541eb75161_43)] | | |
| | | | | | | • Information about our [Executive [removed: Officers](#iaed309263e8248a1815643bf682b39e1_46)] [added: Officers](#i39dbfa9ac90e49538bf4b8541eb75161_46)] | | | | | | [removed: [20](#iaed309263e8248a1815643bf682b39e1_46)] [added: [20](#i39dbfa9ac90e49538bf4b8541eb75161_46)] | | |
| | | | | | | [Forward-Looking [removed: Statements](#iaed309263e8248a1815643bf682b39e1_49)] [added: Statements](#i39dbfa9ac90e49538bf4b8541eb75161_49)] | | | | | | [removed: [21](#iaed309263e8248a1815643bf682b39e1_49)] [added: [21](#i39dbfa9ac90e49538bf4b8541eb75161_49)] | | |
| [Item [removed: 1A.](#iaed309263e8248a1815643bf682b39e1_52)] [added: 1A.](#i39dbfa9ac90e49538bf4b8541eb75161_52)] | | | | | | [Risk [removed: Factors](#iaed309263e8248a1815643bf682b39e1_52)] [added: Factors](#i39dbfa9ac90e49538bf4b8541eb75161_52)] | | | | | | [removed: [22](#iaed309263e8248a1815643bf682b39e1_52)] [added: [22](#i39dbfa9ac90e49538bf4b8541eb75161_52)] | | |
| [Item [removed: 1B.](#iaed309263e8248a1815643bf682b39e1_55)] [added: 1B.](#i39dbfa9ac90e49538bf4b8541eb75161_55)] | | | | | | [Unresolved Staff [removed: Comments](#iaed309263e8248a1815643bf682b39e1_55)] [added: Comments](#i39dbfa9ac90e49538bf4b8541eb75161_55)] | | | | | | [removed: [31](#iaed309263e8248a1815643bf682b39e1_55)] [added: [31](#i39dbfa9ac90e49538bf4b8541eb75161_55)] | | |
| [Item [removed: 2.](#iaed309263e8248a1815643bf682b39e1_58)] [added: 2.](#i39dbfa9ac90e49538bf4b8541eb75161_58)] | | | | | | [removed: [Properties](#iaed309263e8248a1815643bf682b39e1_58)] [added: [Properties](#i39dbfa9ac90e49538bf4b8541eb75161_58)] | | | | | | [removed: [31](#iaed309263e8248a1815643bf682b39e1_58)] [added: [32](#i39dbfa9ac90e49538bf4b8541eb75161_58)] | | |
| [Item [removed: 3.](#iaed309263e8248a1815643bf682b39e1_61)] [added: 3.](#i39dbfa9ac90e49538bf4b8541eb75161_61)] | | | | | | [Legal [removed: Proceedings](#iaed309263e8248a1815643bf682b39e1_61)] [added: Proceedings](#i39dbfa9ac90e49538bf4b8541eb75161_61)] | | | | | | [removed: [31](#iaed309263e8248a1815643bf682b39e1_61)] [added: [32](#i39dbfa9ac90e49538bf4b8541eb75161_61)] | | |
| [Item [removed: 4.](#iaed309263e8248a1815643bf682b39e1_70)] [added: 4.](#i39dbfa9ac90e49538bf4b8541eb75161_64)] | | | | | | [Mine Safety [removed: Disclosures](#iaed309263e8248a1815643bf682b39e1_70)] [added: Disclosures](#i39dbfa9ac90e49538bf4b8541eb75161_64)] | | | | | | [removed: [31](#iaed309263e8248a1815643bf682b39e1_70)] [added: [32](#i39dbfa9ac90e49538bf4b8541eb75161_64)] | | |
| [Item [removed: 5.](#iaed309263e8248a1815643bf682b39e1_67)] [added: 5.](#i39dbfa9ac90e49538bf4b8541eb75161_70)] | | | | | | [Market for Registrant's Common Equity, Related Stockholders Matters and Issuer Purchases of Equity [removed: Securities](#iaed309263e8248a1815643bf682b39e1_67)] [added: Securities](#i39dbfa9ac90e49538bf4b8541eb75161_70)] | | | | | | [removed: [32](#iaed309263e8248a1815643bf682b39e1_67)] [added: [33](#i39dbfa9ac90e49538bf4b8541eb75161_70)] | | |
| [Item [removed: 6.](#iaed309263e8248a1815643bf682b39e1_73)] [added: 6.](#i39dbfa9ac90e49538bf4b8541eb75161_73)] | | | | | | [removed: [\[Reserved\]](#iaed309263e8248a1815643bf682b39e1_73)] [added: [\[Reserved\]](#i39dbfa9ac90e49538bf4b8541eb75161_73)] | | | | | | [removed: [33](#iaed309263e8248a1815643bf682b39e1_73)] [added: [34](#i39dbfa9ac90e49538bf4b8541eb75161_73)] | | |
| [Item [removed: 7.](#iaed309263e8248a1815643bf682b39e1_76)] [added: 7.](#i39dbfa9ac90e49538bf4b8541eb75161_76)] | | | | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#iaed309263e8248a1815643bf682b39e1_76)] [added: Operations](#i39dbfa9ac90e49538bf4b8541eb75161_76)] | | | | | | [removed: [34](#iaed309263e8248a1815643bf682b39e1_76)] [added: [35](#i39dbfa9ac90e49538bf4b8541eb75161_76)] | | |
| [Item [removed: 7A.](#iaed309263e8248a1815643bf682b39e1_124)] [added: 7A.](#i39dbfa9ac90e49538bf4b8541eb75161_121)] | | | | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#iaed309263e8248a1815643bf682b39e1_124)] [added: Risk](#i39dbfa9ac90e49538bf4b8541eb75161_121)] | | | | | | [removed: [96](#iaed309263e8248a1815643bf682b39e1_124)] [added: [96](#i39dbfa9ac90e49538bf4b8541eb75161_121)] | | |
| [Item [removed: 8.](#iaed309263e8248a1815643bf682b39e1_127)] [added: 8.](#i39dbfa9ac90e49538bf4b8541eb75161_124)] | | | | | | [Financial Statements and Supplementary [removed: Data](#iaed309263e8248a1815643bf682b39e1_127)] [added: Data](#i39dbfa9ac90e49538bf4b8541eb75161_124)] | | | | | | [removed: [97](#iaed309263e8248a1815643bf682b39e1_127)] [added: [97](#i39dbfa9ac90e49538bf4b8541eb75161_124)] | | |
| [Item [removed: 9.](#iaed309263e8248a1815643bf682b39e1_223)] [added: 9.](#i39dbfa9ac90e49538bf4b8541eb75161_220)] | | | | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#iaed309263e8248a1815643bf682b39e1_223)] [added: Disclosure](#i39dbfa9ac90e49538bf4b8541eb75161_220)] | | | | | | [removed: [184](#iaed309263e8248a1815643bf682b39e1_223)] [added: [191](#i39dbfa9ac90e49538bf4b8541eb75161_220)] | | |
| [Item [removed: 9A.](#iaed309263e8248a1815643bf682b39e1_226)] [added: 9A.](#i39dbfa9ac90e49538bf4b8541eb75161_223)] | | | | | | [Controls and [removed: Procedures](#iaed309263e8248a1815643bf682b39e1_226)] [added: Procedures](#i39dbfa9ac90e49538bf4b8541eb75161_223)] | | | | | | [removed: [184](#iaed309263e8248a1815643bf682b39e1_226)] [added: [191](#i39dbfa9ac90e49538bf4b8541eb75161_223)] | | |
| [Item [removed: 9B.](#iaed309263e8248a1815643bf682b39e1_229)] [added: 9B.](#i39dbfa9ac90e49538bf4b8541eb75161_226)] | | | | | | [Other [removed: Information](#iaed309263e8248a1815643bf682b39e1_229)] [added: Information](#i39dbfa9ac90e49538bf4b8541eb75161_226)] | | | | | | [removed: [184](#iaed309263e8248a1815643bf682b39e1_229)] [added: [191](#i39dbfa9ac90e49538bf4b8541eb75161_226)] | | |
| Item 9C. | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#iaed309263e8248a1815643bf682b39e1_232)] [added: Inspections](#i39dbfa9ac90e49538bf4b8541eb75161_229)] | | | | | | [removed: [184](#iaed309263e8248a1815643bf682b39e1_232)] [added: [191](#i39dbfa9ac90e49538bf4b8541eb75161_229)] | | |
| [Item [removed: 10.](#iaed309263e8248a1815643bf682b39e1_238)] [added: 10.](#i39dbfa9ac90e49538bf4b8541eb75161_235)] | | | | | | [Directors, Executive Officers and Corporate [removed: Governance](#iaed309263e8248a1815643bf682b39e1_238)] [added: Governance](#i39dbfa9ac90e49538bf4b8541eb75161_235)] | | | | | | [removed: [185](#iaed309263e8248a1815643bf682b39e1_238)] [added: [192](#i39dbfa9ac90e49538bf4b8541eb75161_235)] | | |
| [Item [removed: 11.](#iaed309263e8248a1815643bf682b39e1_241)] [added: 11.](#i39dbfa9ac90e49538bf4b8541eb75161_238)] | | | | | | [Executive [removed: Compensation](#iaed309263e8248a1815643bf682b39e1_241)] [added: Compensation](#i39dbfa9ac90e49538bf4b8541eb75161_238)] | | | | | | [removed: [185](#iaed309263e8248a1815643bf682b39e1_241)] [added: [192](#i39dbfa9ac90e49538bf4b8541eb75161_238)] | | |
| [Item [removed: 12.](#iaed309263e8248a1815643bf682b39e1_244)] [added: 12.](#i39dbfa9ac90e49538bf4b8541eb75161_241)] | | | | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#iaed309263e8248a1815643bf682b39e1_244)] [added: Matters](#i39dbfa9ac90e49538bf4b8541eb75161_241)] | | | | | | [removed: [186](#iaed309263e8248a1815643bf682b39e1_244)] [added: [193](#i39dbfa9ac90e49538bf4b8541eb75161_241)] | | |
| [Item [removed: 13.](#iaed309263e8248a1815643bf682b39e1_247)] [added: 13.](#i39dbfa9ac90e49538bf4b8541eb75161_244)] | | | | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#iaed309263e8248a1815643bf682b39e1_247)] [added: Independence](#i39dbfa9ac90e49538bf4b8541eb75161_244)] | | | | | | [removed: [186](#iaed309263e8248a1815643bf682b39e1_247)] [added: [193](#i39dbfa9ac90e49538bf4b8541eb75161_244)] | | |
| [Item [removed: 14.](#iaed309263e8248a1815643bf682b39e1_250)] [added: 14.](#i39dbfa9ac90e49538bf4b8541eb75161_247)] | | | | | | [Principal Accounting Fees and [removed: Services](#iaed309263e8248a1815643bf682b39e1_250)] [added: Services](#i39dbfa9ac90e49538bf4b8541eb75161_247)] | | | | | | [removed: [186](#iaed309263e8248a1815643bf682b39e1_250)] [added: [193](#i39dbfa9ac90e49538bf4b8541eb75161_247)] | | |
| [Item [removed: 15.](#iaed309263e8248a1815643bf682b39e1_256)] [added: 15.](#i39dbfa9ac90e49538bf4b8541eb75161_253)] | | | | | | [Exhibits and Financial Statement [removed: Schedules](#iaed309263e8248a1815643bf682b39e1_256)] [added: Schedules](#i39dbfa9ac90e49538bf4b8541eb75161_253)] | | | | | | [removed: [187](#iaed309263e8248a1815643bf682b39e1_256)] [added: [194](#i39dbfa9ac90e49538bf4b8541eb75161_253)] | | |
| [Item [removed: 16.](#iaed309263e8248a1815643bf682b39e1_259)] [added: 16.](#i39dbfa9ac90e49538bf4b8541eb75161_256)] | | | | | | [Form 10-K [removed: Summary](#iaed309263e8248a1815643bf682b39e1_259)] [added: Summary](#i39dbfa9ac90e49538bf4b8541eb75161_256)] | | | | | | [removed: [190](#iaed309263e8248a1815643bf682b39e1_259)] [added: [197](#i39dbfa9ac90e49538bf4b8541eb75161_256)] | | |
| [Financial Statement [removed: Schedules](#iaed309263e8248a1815643bf682b39e1_265)] [added: Schedules](#i39dbfa9ac90e49538bf4b8541eb75161_262)] | | | | | | | | | | | | [removed: S-[1](#iaed309263e8248a1815643bf682b39e1_265)] [added: S-[1](#i39dbfa9ac90e49538bf4b8541eb75161_262)] | | |
[removed: 2022] [added: 2023] Form 10-K *Item 1.
[removed: Regulation][added: | | | | | | | • [Regulation](#i39dbfa9ac90e49538bf4b8541eb75161_34) | | | | | | [12](#i39dbfa9ac90e49538bf4b8541eb75161_34) | | |]
| | | | | | | [•](#i39dbfa9ac90e49538bf4b8541eb75161_16) [](#i39dbfa9ac90e49538bf4b8541eb75161_16)[Overview](#i39dbfa9ac90e49538bf4b8541eb75161_16) | | | | | | [1](#i39dbfa9ac90e49538bf4b8541eb75161_16) | | |
| | | | | | | • [Website](#i39dbfa9ac90e49538bf4b8541eb75161_40) | | | | | | [19](#i39dbfa9ac90e49538bf4b8541eb75161_40) | | |
| [Item 1](#i39dbfa9ac90e49538bf4b8541eb75161_549755816395)[C](#i39dbfa9ac90e49538bf4b8541eb75161_549755816395)[.](#i39dbfa9ac90e49538bf4b8541eb75161_549755816395) | | | | | | [Cybersecurity](#i39dbfa9ac90e49538bf4b8541eb75161_549755816395) | | | | | | [31](#i39dbfa9ac90e49538bf4b8541eb75161_549755816395) | | |
| [Signatures](#i39dbfa9ac90e49538bf4b8541eb75161_259) | | | | | | | | | | | | [198](#i39dbfa9ac90e49538bf4b8541eb75161_259) | | |
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| | | | | | | • Overview | | | | | | [1](#iaed309263e8248a1815643bf682b39e1_16) | | |
| | | | | | | • [Regulation](#iaed309263e8248a1815643bf682b39e1_34) | | | | | | [12](#iaed309263e8248a1815643bf682b39e1_34) | | |
| | | | | | | • [Website](#iaed309263e8248a1815643bf682b39e1_40) | | | | | | [19](#iaed309263e8248a1815643bf682b39e1_40) | | |
| [Signatures](#iaed309263e8248a1815643bf682b39e1_262) | | | | | | | | | | | | [191](#iaed309263e8248a1815643bf682b39e1_262) | | |
Business*
Item 1.
Business
The Allstate Corporation was incorporated under the laws of the State of Delaware on November 5, 1992, to serve as the holding company for Allstate Insurance Company.
Its business is conducted principally through Allstate Insurance Company and other subsidiaries (collectively, including The Allstate Corporation, “Allstate”).
Allstate protects people from life’s uncertainties with a wide array of protection for autos, homes and personal property.
Allstate is primarily engaged in the property and casualty insurance business in the United States and Canada.
Additionally, Allstate provides customers other protection solutions such as accident and health insurance, protection plans that cover consumer electronics, mobile phones and appliances and personal identity protection.
The Allstate Corporation is one of the largest publicly held personal lines insurers in the United States.
Allstate’s personal property-liability strategy is to increase market share by offering consumers a broad suite of protection solutions and a competitive value proposition across distribution channels.
The Allstate brand is widely known through the “You’re In Good Hands With Allstate®” slogan.
Allstate is the third largest personal property and casualty insurer in the United States on the basis of 2021 statutory direct premiums written according to A.M. Best.
Allstate also has strong market positions in other protection solutions.
Allstate Health and Benefits provides accident, health and life insurance through employers, independent agents and direct-to-consumer, and is one of the top voluntary benefits carriers in the market.
Allstate Protection Plans provides protection on a wide variety of consumer goods such as cell phones, tablets, computers, furniture and appliances, and has a leading position in distribution through major retailers.
Allstate Identity Protection has a leading position in identity protection through worksite distribution.
In total, Allstate had 189.1 million policies in force (“PIF”) as of December 31, 2022.
In this Annual Report on Form 10-K, we occasionally refer to statutory financial information.
All domestic United States insurance companies are required to prepare statutory-basis financial statements.
As a result, industry data is available that enables comparisons between insurance companies, including competitors that are not required to prepare financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
We frequently use industry publications containing statutory financial information to assess our competitive position.
The Allstate Corporation 1
Strategy, Transformative Growth, Our Shared Purpose and Segment Information
Our strategy has two components: increase personal property-liability market share (see Allstate Protection segment) and expand protection offerings by leveraging the Allstate brand, customer base and capabilities.
*Transformative Growth* is about creating a business model, capabilities and culture that continually transform to better serve customers.
This is done by providing affordable, simple and connected protection through multiple distribution partners.
The ultimate objective is to create continuous transformative growth in all businesses.
We are expanding protection services businesses utilizing enterprise capabilities and resources such as distribution, analytics, claims, investment expertise, talent and capital.
Using innovative growth platforms (such as telematics and identity protection) and broad distribution including: Allstate exclusive agents, independent agents, contact centers, online, retailers, workplace benefits brokers, auto dealers, original equipment manufacturers and telecom providers further enhance our customer value proposition.
An excerpt. Shown here: all 40 rewritten, all 4 added and 40 of 273 removed. The counts are complete. For every sentence, read Cover and table of contents in the FY2023 filing and the FY2022 filing.
Item 1C. Cybersecurity
0 rewritten, 36 added, 0 removed, 0 unchanged
New section this year
Governance
The Allstate Corporation Board of Directors (“Allstate Board”) has overall responsibility for oversight of enterprise risk.
The Audit Committee of the Allstate Board oversees the effectiveness of the cybersecurity program.
The Audit Committee retains an external cybersecurity advisor to consult on cybersecurity matters and perform assessments of the Allstate Information Security Program.
The Chief Information Security Officer (“CISO”) regularly updates the Audit Committee and Allstate Board on Information Security Program status, cybersecurity risk management, the control environment, emerging threat intelligence and key risk and performance measurements.
In addition, the CISO provides updates to senior leadership, the Audit Committee and the Allstate Board, as appropriate.
Jeffrey Wright is senior vice president and CISO for Allstate.
He is responsible for the development and execution of the security strategy which protects Allstate’s information from external and internal cybersecurity threats.
Mr. Wright has more than 20 years of information security leadership experience.
Risk Management and Strategy
The Enterprise Risk and Return Council has delegated the power and authority to manage cybersecurity risks to the Information Security Council (“ISC”).
The CISO chairs the ISC, with senior management representation from across the Company including representatives from Privacy, Legal and Technology.
The ISC monitors, makes mitigating decisions about, and escalates information security risks that are outside the Company’s established risk tolerance.
Additionally, it provides executive sponsorship of information security controls and oversees the development and review of the information security policy and enterprise security standards.
Allstate evaluates candidates for information security positions based on experience and qualifications.
Senior leadership, team leads and subject matter experts conduct interviews to identify top candidates who represent the technical and behavioral acumen required of cybersecurity professionals at Allstate.
Allstate provides cybersecurity employees with continuing education associated with their roles and responsibilities.
*Information Security Program* Allstate has implemented a robust Information Security Program to manage material risks from cybersecurity threats.
The Company’s Program uses a risk-based, defense-in-depth approach to identify, assess and manage cybersecurity risks to the Company’s information assets and systems, enabling the business to achieve its objectives.
The Information Security Program is aligned with industry best practices and standards including the ISO 27001/27002 standards, the Control Objectives for Information and Related Technologies
The Allstate Corporation 31
2023 Form 10-K *Part I - Item 1A.
Risk Factors and Other Disclosures*
Framework and the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”).
Allstate conducts risk and control assessments to proactively identify and assess the likelihood and impact of specific information security risks using the NIST CSF.
The Company conducts these risk assessments at multiple levels of scope, including applications, business processes, business units, and enterprise.
Allstate documents the identified risks, tracking them based on potential impact and the likelihood that harm might occur.
The Company manages the risks in accordance with its Information Security Program.
Allstate’s Information Security Program outlines the responsibilities and expectations for the security of Allstate information systems.
The Program includes standards, policies and procedures requiring the implementation of technical, administrative and physical controls to manage the risk to Allstate information and systems.
These standards, policies and procedures cover industry-standard information security domains, including risk assessment, third-party supplier risk management, vulnerability management, identity and access management, application security, network security, cybersecurity awareness training, encryption and incident management.
Allstate conducts periodic assessments, designed to evaluate effectiveness of implemented controls.
The Company performs vulnerability scans and penetration tests to assess controls and proactively identify vulnerabilities for prioritization and remediation.
Findings are managed and tracked in accordance with Allstate’s governance, risk and compliance standards.
Dedicated personnel support information security operations 24 hours per day, seven days per week.
Allstate’s incident response program is designed to detect, respond and recover from a range of cybersecurity-related incidents.
Item 2. Properties
5 rewritten, 0 added, 2 removed, 0 unchanged
In Illinois, the Company has [removed: 49] [added: 11] locations totaling [removed: 609] [added: approximately 480] thousand square feet of office space.
In North America, we operate from approximately [removed: 862] [added: 780] retail stores, administrative, data processing, claims handling and other support facilities that total [removed: 1.1 million] [added: 710 thousand] square feet owned and [removed: 5.0] [added: 4.3] million square feet leased.
Outside North America, we own one and lease two properties in Northern Ireland comprising approximately [removed: 198] [added: 200] thousand square feet.
We also have two leased facilities in India for approximately [removed: 441] [added: 500] thousand square [removed: feet,] [added: feet and] two leased facilities in London for [removed: seven thousand square feet and] approximately [removed: two] [added: seven] thousand square [removed: feet in other international locations.][added: feet.]
The locations where Allstate exclusive agencies operate in the U.S. are [removed: normally] [added: typically] leased by the agencies.
On October 18, 2022, Allstate closed the sale of its headquarters in Northbrook, Illinois.
The sale will reduce real estate expenses and further advance Allstate’s multi-year Transformative Growth strategy.
Item 4. Mine Safety Disclosures
0 rewritten, 2 added, 2 removed, 2 unchanged
32 www.allstate.com
2023 Form 10-K
The Allstate Corporation 31
2022 Form 10-K
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
8 rewritten, 17 added, 16 removed, 12 unchanged
As of January 31, [removed: 2023,] [added: 2024,] there were [removed: 59,597] [added: 56,831] holders of record of The Allstate Corporation’s common stock.
The following performance graph compares the cumulative total shareholder return on Allstate common stock for a five-year period (December 31, [removed: 2017] [added: 2018] to December 31, [removed: 2022)] [added: 2023)] with the cumulative total return of the S&P Property and Casualty Insurance Index (S&P P/C) and the S&P 500 stock index.
[removed: ][added: ]
| Value at each year-end of $100 initial investment made on December 31, [removed: 2017] [added: 2018] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | [removed: 12/31/2017] [added: 12/31/2018] | | | | | | [removed: 12/31/2018] [added: 12/31/2019] | | | | | | [removed: 12/31/2019] [added: 12/31/2020] | | | | | | [removed: 12/31/2020] [added: 12/31/2021] | | | | | | [removed: 12/31/2021] [added: 12/31/2022] | | | | | | [removed: 12/31/2022] [added: 12/31/2023] | | |
| Period | | | | | | Total number of shares (or units) purchased (1) | | | | | | Average price paid per share (or unit) | | | | | | Total number of shares (or units) purchased as part of publicly announced plans or programs [removed: (2)] | | | | | | Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs [removed: (3)] [added: (2)] | | |
[removed: (3)In] [added: (2)In] August 2021, we announced the approval of a common share repurchase program for $5 [removed: billion which is expected to be completed by September 30, 2023.][added: billion.]
The excise tax on common stock repurchases [removed: will be] [added: is] classified as an additional cost of the stock acquired included in treasury stock in shareholders’ equity*.*
| Allstate | | | | | | $ | 100.00 | | | | | $ | 138.82 | | | | | $ | 138.65 | | | | | $ | 152.35 | | | | | $ | 180.29 | | | | | $ | 191.72 | |
| S&P P/C | | | | | | $ | 100.00 | | | | | $ | 125.87 | | | | | $ | 133.84 | | | | | $ | 157.27 | | | | | $ | 186.95 | | | | | $ | 207.04 | |
| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 131.47 | | | | | $ | 155.65 | | | | | $ | 200.29 | | | | | $ | 163.98 | | | | | $ | 207.04 | |
The Allstate Corporation 33
2023 Form 10-K
| October 1, 2023 - October 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Open Market Purchases | | | | | | 329 | | | | | | $ | 112.37 | | | | | — | | | | | | | | |
| November 1, 2023 - November 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Open Market Purchases | | | | | | 125,437 | | | | | | $ | 134.12 | | | | | — | | | | | | | | |
| December 1, 2023 - December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Open Market Purchases | | | | | | 2,798 | | | | | | $ | 138.37 | | | | | — | | | | | | | | |
| Total | | | | | | 128,564 | | | | | | $ | 134.15 | | | | | — | | | | | | $ | 472 | million |
October: 329
November: 125,437
December: 2,798
In July 2023, we suspended repurchasing shares under the current authorization.
The authorization for the share repurchase program expires on March 31, 2024.
| Allstate | | | | | | $ | 100.00 | | | | | $ | 80.48 | | | | | $ | 111.72 | | | | | $ | 111.59 | | | | | $ | 122.61 | | | | | $ | 145.10 | |
| S&P P/C | | | | | | $ | 100.00 | | | | | $ | 95.31 | | | | | $ | 119.96 | | | | | $ | 127.56 | | | | | $ | 149.89 | | | | | $ | 178.18 | |
| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 95.61 | | | | | $ | 125.70 | | | | | $ | 148.81 | | | | | $ | 191.48 | | | | | $ | 156.77 | |
32 www.allstate.com
2022 Form 10-K
| October 1, 2022 - October 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Open Market Purchases | | | | | | 1,645,463 | | | | | | $ | 128.65 | | | | | 1,644,936 | | | | | | | | |
| November 1, 2022 - November 30, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Open Market Purchases | | | | | | 693,860 | | | | | | $ | 128.40 | | | | | 692,907 | | | | | | | | |
| December 1, 2022 - December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Open Market Purchases | | | | | | 400,465 | | | | | | $ | 132.26 | | | | | 399,500 | | | | | | | | |
| Total | | | | | | 2,739,788 | | | | | | $ | 129.11 | | | | | 2,737,343 | | | | | | $ | 802 | million |
October: 527
November: 953
December: 965
(2)From time to time, repurchases under our programs are executed under the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934.
Item 6. [Reserved]
0 rewritten, 2 added, 2 removed, 1 unchanged
34 www.allstate.com
2023 Form 10-K
The Allstate Corporation 33
2022 Form 10-K
Item 8. Financial Statements and Supplementary Data
1,231 rewritten, 954 added, 490 removed, 2,033 unchanged
| [removed: [Consolidated] [added: Consolidated] Statements of [removed: Operations](#iaed309263e8248a1815643bf682b39e1_130)] [added: Operations] | | | | | | | | | [removed: [98](#iaed309263e8248a1815643bf682b39e1_130)] | | | [added: | | | | | | | | |]
| [removed: [Consolidated] [added: Consolidated] Statements of Comprehensive [removed: Income](#iaed309263e8248a1815643bf682b39e1_133) (Loss)] [added: Income (Loss)] | | | | | | | | | [removed: [99](#iaed309263e8248a1815643bf682b39e1_133)] | | | [added: | | | | | | | | |]
| [removed: [Consolidated] [added: Consolidated] Statements of Financial [removed: Position](#iaed309263e8248a1815643bf682b39e1_136)] [added: Position] | | | | | | | | | [removed: [100](#iaed309263e8248a1815643bf682b39e1_136)] | | | [added: | | | | | | | | |]
| [removed: Consolidated] [added: Consolidated] Statements of Shareholders’ [removed: Equity] [added: Equity] | | | | | | | | | [removed: [101](#iaed309263e8248a1815643bf682b39e1_139)] | | | [added: | | | | | | | | |]
| [removed: [Consolidated] [added: Consolidated] Statements of Cash [removed: Flows](#iaed309263e8248a1815643bf682b39e1_142)] [added: Flows] | | | | | | | | | [removed: [102](#iaed309263e8248a1815643bf682b39e1_142)] | | | [added: | | | | | | | | |]
| [Notes to Consolidated Financial [removed: Statements](#iaed309263e8248a1815643bf682b39e1_145)] [added: Statements](#i39dbfa9ac90e49538bf4b8541eb75161_142)] | | | | | | | | | | | |
| Note 1 | | | General | | | | | | [removed: [103](#iaed309263e8248a1815643bf682b39e1_148)] [added: [103](#i39dbfa9ac90e49538bf4b8541eb75161_145)] | | |
| Note 2 | | | Summary of Significant Accounting Policies | | | | | | [removed: [104](#iaed309263e8248a1815643bf682b39e1_151)] [added: [104](#i39dbfa9ac90e49538bf4b8541eb75161_148)] | | |
| Note 6 | | | Fair Value of Assets and Liabilities | | | | | | [removed: [131](#iaed309263e8248a1815643bf682b39e1_166)] [added: [133](#i39dbfa9ac90e49538bf4b8541eb75161_163)] | | |
| Note 7 | | | Derivative Financial Instruments and Off-balance Sheet Financial Instruments | | | | | | [removed: [139](#iaed309263e8248a1815643bf682b39e1_169)] [added: [141](#i39dbfa9ac90e49538bf4b8541eb75161_166)] | | |
[removed: | Note 8 | | | Variable Interest Entities | | | | | | [145](#iaed309263e8248a1815643bf682b39e1_172) | | |][added: Variable interest entities]
| Note 9 | | | Reserve for Property and Casualty Insurance Claims and Claims Expense | | | | | | [removed: [145](#iaed309263e8248a1815643bf682b39e1_175)] [added: [147](#i39dbfa9ac90e49538bf4b8541eb75161_172)] | | |
| Note 10 | | | Reserve for Future Policy Benefits and Contractholder Funds | | | | | | [removed: [151](#iaed309263e8248a1815643bf682b39e1_178)] [added: [154](#i39dbfa9ac90e49538bf4b8541eb75161_175)] | | |
| Note 11 | | | Reinsurance and Indemnification | | | | | | [removed: [153](#iaed309263e8248a1815643bf682b39e1_181)] [added: [159](#i39dbfa9ac90e49538bf4b8541eb75161_178)] | | |
| [removed: Note 12] [added: Deferred policy acquisition costs] | | | [removed: Deferred Policy Acquisition Costs] | | | [added: 20] | | | [removed: [158](#iaed309263e8248a1815643bf682b39e1_187)] | | | [added: 15 | | |]
| Note 15 | | | Commitments, Guarantees and Contingent Liabilities | | | | | | [removed: [163](#iaed309263e8248a1815643bf682b39e1_196)] [added: [169](#i39dbfa9ac90e49538bf4b8541eb75161_193)] | | |
| Note 17 | | | Statutory Financial Information and Dividend Limitations | | | | | | [removed: [170](#iaed309263e8248a1815643bf682b39e1_202)] [added: [177](#i39dbfa9ac90e49538bf4b8541eb75161_199)] | | |
| Note 19 | | | Equity Incentive Plans | | | | | | [removed: [177](#iaed309263e8248a1815643bf682b39e1_208)] [added: [184](#i39dbfa9ac90e49538bf4b8541eb75161_205)] | | |
| Note 20 | | | Supplemental Cash Flow Information | | | | | | [removed: [179](#iaed309263e8248a1815643bf682b39e1_211)] [added: [186](#i39dbfa9ac90e49538bf4b8541eb75161_208)] | | |
| Note 21 | | | Other Comprehensive Income (Loss) | | | | | | [removed: [180](#iaed309263e8248a1815643bf682b39e1_214)] [added: [187](#i39dbfa9ac90e49538bf4b8541eb75161_211)] | | |
| Note 22 | | | Quarterly Results (unaudited) | | | | | | [removed: [181](#iaed309263e8248a1815643bf682b39e1_217)] [added: [188](#i39dbfa9ac90e49538bf4b8541eb75161_214)] | | |
[removed: 2022] [added: 2023] Form 10-K *Financial Statements*
| [removed: ($ in] [added: (In] millions, except per share data) | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |
| [removed: Property] [added: Property] and casualty insurance premiums [removed: (net of reinsurance ceded and indemnification programs] [added: earned, net] of [removed: $1,869, $1,904 and $1,141)] [added: recoverables] | | | | | | [removed: $] [added: $] | [removed: 45,904] [added: 50,670] | | | | | [removed: $] [added: $] | [removed: 42,218] [added: 45,904] | | | | | [removed: $] [added: $] | [removed: 37,073] [added: 42,218] | |
| Accident and health insurance premiums and contract charges [removed: (net of reinsurance ceded of $38, $78 and $13)] | | | | | | [removed: 1,833] [added: $] | [added: 1,833] | | | | | [removed: 1,821] [added: $] | [added: (1)] | | | | | [removed: 1,094] [added: $] | [added: 1,832] | |
| Other revenue | | | | | | [removed: 2,344] [added: 2,400] | | | | | | [removed: 2,172] [added: 2,344] | | | | | | [removed: 1,065] [added: 2,172] | | |
| Net investment income | | | | | | [removed: 2,403] [added: 2,478] | | | | | | [removed: 3,293] [added: 2,403] | | | | | | [removed: 1,590] [added: 3,293] | | |
| Net gains (losses) on investments and derivatives | | | | | | [removed: (1,072)] [added: (300)] | | | | | | [removed: 1,084] [added: (1,072)] | | | | | | [removed: 1,087] [added: 1,084] | | |
| Total revenues | | | | | | 51,412 | | | | | | [removed: 50,588] [added: (1)] | | | | | | [removed: 41,909] [added: 51,411] | | |
| Property and casualty insurance claims and claims expense [removed: (net of reinsurance ceded and indemnification programs of $1,600, $3,484 and $530)] | | | | | | [removed: 37,264] [added: 41,070] | | | | | | [removed: 29,318] [added: 37,264] | | | | | | [removed: 22,001] [added: 29,318] | | |
| Shelter-in-Place Payback expense | | | | | | — | | | | | | [removed: 29] [added: —] | | | | | | [removed: 948] [added: 29] | | |
| Accident, health and other policy benefits [removed: (net of reinsurance ceded of $28, $86 and $15)] | | | | | | 1,061 | | | | | | [removed: 1,049] [added: (19)] | | | | | | [removed: 549] [added: $] | [added: 1,042] | |
| Amortization of deferred policy acquisition costs | | | | | | 6,644 | | | | | | [removed: 6,252] [added: (10)] | | | | | | [removed: 5,477] [added: $] | [added: 6,634] | |
| Operating costs and expenses | | | | | | [removed: 7,446] [added: 7,137] | | | | | | [removed: 7,260] [added: 7,446] | | | | | | [removed: 5,494] [added: 7,260] | | |
| Pension and other postretirement remeasurement (gains) losses | | | | | | [removed: 116] [added: 9] | | | | | | [removed: (644)] [added: 116] | | | | | | [removed: (51)] [added: (644)] | | |
| Restructuring and related charges | | | | | | [removed: 51] [added: 169] | | | | | | [removed: 170] [added: 51] | | | | | | [removed: 253] [added: 170] | | |
| Amortization of purchased intangibles | | | | | | [removed: 353] [added: 329] | | | | | | [removed: 376] [added: 353] | | | | | | [removed: 118] [added: 376] | | |
| Interest expense | | | | | | [removed: 335] [added: 379] | | | | | | [removed: 330] [added: 335] | | | | | | [removed: 318] [added: 330] | | |
| Total costs and expenses | | | | | | 53,270 | | | | | | [removed: 44,140] [added: (29)] | | | | | | [removed: 35,107] [added: 53,241] | | |
| [removed: (Loss) income] [added: Loss] from operations before income tax expense | | | | | | (1,858) | | | | | | [removed: 6,448] [added: 28] | | | | | | [removed: 6,802] [added: (1,830)] | | |
| [Consolidated Statements of Operations](#i39dbfa9ac90e49538bf4b8541eb75161_127) | | | | | | | | | [98](#i39dbfa9ac90e49538bf4b8541eb75161_127) | | |
| [Consolidated Statements of Comprehensive Income](#i39dbfa9ac90e49538bf4b8541eb75161_130) (Loss) | | | | | | | | | [99](#i39dbfa9ac90e49538bf4b8541eb75161_130) | | |
| [Consolidated Statements of Financial Position](#i39dbfa9ac90e49538bf4b8541eb75161_133) | | | | | | | | | [100](#i39dbfa9ac90e49538bf4b8541eb75161_133) | | |
| [Consolidated Statements of Shareholders’ Equity](#i39dbfa9ac90e49538bf4b8541eb75161_136) | | | | | | | | | [101](#i39dbfa9ac90e49538bf4b8541eb75161_136) | | |
| [Consolidated Statements of Cash Flows](#i39dbfa9ac90e49538bf4b8541eb75161_139) | | | | | | | | | [102](#i39dbfa9ac90e49538bf4b8541eb75161_139) | | |
| Note 3 | | | Dispositions | | | | | | [118](#i39dbfa9ac90e49538bf4b8541eb75161_151) | | |
| Note 4 | | | Reportable Segments | | | | | | [119](#i39dbfa9ac90e49538bf4b8541eb75161_157) | | |
| Note 5 | | | Investments | | | | | | [123](#i39dbfa9ac90e49538bf4b8541eb75161_160) | | |
| Note 8 | | | Variable Interest Entities | | | | | | [146](#i39dbfa9ac90e49538bf4b8541eb75161_169) | | |
| Note 12 | | | Deferred Policy Acquisition Costs | | | | | | [164](#i39dbfa9ac90e49538bf4b8541eb75161_184) | | |
| Note 13 | | | Capital Structure | | | | | | [165](#i39dbfa9ac90e49538bf4b8541eb75161_187) | | |
| Note 14 | | | Company Restructuring | | | | | | [169](#i39dbfa9ac90e49538bf4b8541eb75161_190) | | |
| Note 16 | | | Income Taxes | | | | | | [175](#i39dbfa9ac90e49538bf4b8541eb75161_196) | | |
| Note 18 | | | Benefit Plans | | | | | | [178](#i39dbfa9ac90e49538bf4b8541eb75161_202) | | |
| [Report of Independent Registered Public Accounting Firm](#i39dbfa9ac90e49538bf4b8541eb75161_217) (Deloitte and Touche LLP: PCAOB ID No. 34) | | | | | | | | | [189](#i39dbfa9ac90e49538bf4b8541eb75161_217) | | |
| Accident and health insurance premiums and contract charges | | | | | | 1,846 | | | | | | 1,832 | | | | | | 1,834 | | |
| Total revenues | | | | | | 57,094 | | | | | | 51,411 | | | | | | 50,601 | | |
| Accident, health and other policy benefits (including remeasurement (gains) losses of $0, $(4), and $(11)) | | | | | | 1,071 | | | | | | 1,042 | | | | | | 1,060 | | |
| Amortization of deferred policy acquisition costs | | | | | | 7,278 | | | | | | 6,634 | | | | | | 6,236 | | |
| Total costs and expenses | | | | | | 57,442 | | | | | | 53,241 | | | | | | 44,135 | | |
| (Loss) income from operations before income tax expense | | | | | | (348) | | | | | | (1,830) | | | | | | 6,466 | | |
| Income tax (benefit) expense | | | | | | (135) | | | | | | (488) | | | | | | 1,292 | | |
| Net (loss) income | | | | | | (213) | | | | | | (1,342) | | | | | | 1,581 | | |
| Net (loss) income attributable to Allstate | | | | | | (188) | | | | | | (1,289) | | | | | | 1,614 | | |
| Net (loss) income applicable to common shareholders | | | | | | $ | (316) | | | | | $ | (1,394) | | | | | $ | 1,500 | |
| Continuing operations | | | | | | $ | (1.20) | | | | | $ | (5.14) | | | | | $ | 17.28 | |
| Total | | | | | | $ | (1.20) | | | | | $ | (5.14) | | | | | $ | 5.09 | |
| Continuing operations | | | | | | $ | (1.20) | | | | | $ | (5.14) | | | | | $ | 17.03 | |
| Total | | | | | | $ | (1.20) | | | | | $ | (5.14) | | | | | $ | 5.01 | |
| Net (loss) income | | | | | | $ | (213) | | | | | $ | (1,342) | | | | | $ | 1,581 | |
| Discount rate for reserve for future policy benefits | | | | | | (10) | | | | | | 228 | | | | | | 49 | | |
| Other comprehensive income (loss), after-tax | | | | | | 1,692 | | | | | | (2,818) | | | | | | (2,601) | | |
| Comprehensive income (loss) | | | | | | 1,479 | | | | | | (4,160) | | | | | | (1,020) | | |
| Comprehensive income (loss) attributable to Allstate | | | | | | $ | 1,494 | | | | | $ | (4,087) | | | | | $ | (984) | |
2023 Form 10-K *Financial Statements*
| Total assets | | | | | | 103,362 | | | | | | 97,989 | | |
| Contractholder funds | | | | | | 888 | | | | | | 879 | | |
| Retained income | | | | | | 49,716 | | | | | | 50,970 | | |
| Total accumulated other comprehensive loss | | | | | | (700) | | | | | | (2,392) | | |
| Total Allstate shareholders’ equity | | | | | | 17,770 | | | | | | 17,488 | | |
| Note 3 | | | Acquisitions and Dispositions | | | | | | [114](#iaed309263e8248a1815643bf682b39e1_154) | | |
| Note 4 | | | Reportable Segments | | | | | | [117](#iaed309263e8248a1815643bf682b39e1_160) | | |
| Note 5 | | | Investments | | | | | | [121](#iaed309263e8248a1815643bf682b39e1_163) | | |
| Note 13 | | | Capital Structure | | | | | | [159](#iaed309263e8248a1815643bf682b39e1_190) | | |
| Note 14 | | | Company Restructuring | | | | | | [162](#iaed309263e8248a1815643bf682b39e1_193) | | |
| Note 16 | | | Income Taxes | | | | | | [168](#iaed309263e8248a1815643bf682b39e1_199) | | |
| Note 18 | | | Benefit Plans | | | | | | [171](#iaed309263e8248a1815643bf682b39e1_205) | | |
| [Report of Independent Registered Public Accounting Firm](#iaed309263e8248a1815643bf682b39e1_220) | | | | | | | | | [182](#iaed309263e8248a1815643bf682b39e1_220) | | |
| Continuing operations | | | | | | $ | (5.22) | | | | | $ | 17.23 | | | | | $ | 17.06 | |
| Total | | | | | | $ | (5.22) | | | | | $ | 5.04 | | | | | $ | 17.53 | |
| Continuing operations | | | | | | $ | (5.22) | | | | | $ | 16.98 | | | | | $ | 16.84 | |
| Total | | | | | | $ | (5.22) | | | | | $ | 4.96 | | | | | $ | 17.31 | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Balance, end of year | | | | | | (2,389) | | | | | | 655 | | | | | | 3,304 | | |
The Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”)
The Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”) resulted in governments worldwide enacting emergency measures to combat the spread of the virus, including travel restrictions, government-imposed shelter-in-place orders, quarantine periods, social distancing, and restrictions on large gatherings.
These measures have moderated significantly, but new variants of the Coronavirus could result in further economic volatility.
The Company continues to closely monitor and proactively adapt to developments and changing conditions.
Currently, it is not possible to reliably estimate the continuing impact to the Company’s operations, but the effects have been and could be material.
Certain growth and profitability comparisons to the prior year were impacted, in part, by the effects the Coronavirus had on prior year results.
Throughout 2021 the Company experienced lower auto accident claim frequency and different claim patterns than historically experienced.
Total auto claim frequency has since increased, but remains below pre-pandemic levels.
The Coronavirus has affected operations and may continue to significantly affect results of operations, financial condition and liquidity.
The impact from the pandemic should be considered when comparing the current year to the prior years, including:
- Sales of new and retention of existing policies
- Rate changes and average gross premiums
- Supply chain disruptions and labor shortages impacts on the cost of settling claims
- Premium for transportation network products
- Driving behavior and auto accident frequency
- Hospital and outpatient claim costs
- Investment valuations and returns
- Bad debt and credit allowance exposure
- Consumer utilization of Milewise®, the Company’s pay-per-mile insurance product
- Retail sales in Allstate Protection Plans
This list is not inclusive of all potential impacts and should not be treated as such.
method of accounting (“EMA”) and include interests in private equity funds, real estate funds and other funds.
to be collected, is written off through net investment income.
The Company utilizes historical internal data
The
For property and casualty insurance, DAC is amortized into income as premiums are earned, typically over periods of six or twelve months for personal lines policies or generally one to five years for protection plans and other contracts (primarily related to finance and insurance products), and is included in amortization of deferred policy acquisition costs.
An excerpt. Shown here: 40 of 1,231 rewritten, 40 of 954 added and 40 of 490 removed. The counts are complete. For every sentence, read Item 8. Financial Statements and Supplementary Data in the FY2023 filing and the FY2022 filing.
Item 9A. Controls and Procedures
3 rewritten, 0 added, 0 removed, 5 unchanged
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, [removed: 2022] [added: 2023] based on the criteria related to internal control over financial reporting described in “Internal Control – Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on our evaluation, management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2022.][added: 2023.]
*Changes in Internal Control over Financial Reporting* There have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the fiscal year ended December 31, [removed: 2022.][added: 2023.]
Item 9B. Other Information
0 rewritten, 1 added, 1 removed, 0 unchanged
During the three months ended December 31, 2023, no director or officer of the Company who is required to file reports under Section 16 of the Exchange Act adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
None.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
0 rewritten, 2 added, 2 removed, 2 unchanged
The Allstate Corporation 191
2023 Form 10-K
184 www.allstate.com
2022 Form 10-K
Item 10. Directors, Executive Officers and Corporate Governance
3 rewritten, 0 added, 0 removed, 3 unchanged
Information regarding directors of The Allstate Corporation standing for election at the [removed: 2023] [added: 2024] annual stockholders meeting is incorporated in this Item 10 by reference to the descriptions in the Proxy Statement under the caption “Corporate Governance – [added: Our] Director Nominees.”
Information regarding our audit committee and audit committee financial experts is incorporated in this Item 10 by reference to the information under the caption “Corporate Governance – [added: Structure of the] Board [removed: Meetings] and [added: Its] Committees” in the Proxy Statement.
We intend to satisfy the disclosure [removed: requirements,] [added: requirements] regarding amendments to, and waiver from, the provisions of our Global Code of Business Conduct by posting such information on the same website pursuant to applicable NYSE and SEC rules.
Item 11. Executive Compensation
0 rewritten, 2 added, 2 removed, 3 unchanged
192 www.allstate.com
2023 Form 10-K
The Allstate Corporation 185
2022 Form 10-K
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
6 rewritten, 2 added, 2 removed, 13 unchanged
| The following table includes information as of December 31, [removed: 2022,] [added: 2023,] with respect to The Allstate Corporation’s equity compensation plans: | | | | | | | | | | | | | | | | | | | | | | | |
(2)As of December 31, [removed: 2022, 928,978] [added: 2023, 901,835] restricted stock units (“RSUs”) and [removed: 1,544,109] [added: 1,018,240] performance stock awards (“PSAs”) were outstanding.
PSAs are reported at the maximum potential amount awarded for incomplete performance periods and the amount earned for the [removed: 2020] [added: 2021] PSA grant, reduced for forfeitures.
For incomplete performance periods, the actual number of shares earned may be less and are based upon measures achieved at the end of the three-year performance period for those PSAs granted in [removed: 2021] [added: 2022] and [removed: 2022.][added: 2023.]
(4)Includes [removed: 12,259,668] [added: 11,408,638] shares that may be issued in the form of stock options, unrestricted stock, restricted stock, restricted stock units, stock appreciation rights, performance units, performance stock, and stock in lieu of cash under the 2019 Equity Incentive Plan; and [removed: 303,340] [added: 281,759] shares that may be issued in the form of stock options, unrestricted stock, restricted stock, restricted stock units, and stock in lieu of cash compensation under the 2017 Equity Compensation Plan for Non-Employee Directors.
State Street Corp. manages an investment portfolio of [removed: $4.52] [added: $5.36] billion on behalf of participants in Allstate’s 401(k) Savings Plan and [removed: $745] [added: $786] million on behalf of the Allstate domestic qualified pension plan.
| Equity Compensation Plans Approved by Security Holders (1) | | | | | | 10,047,422 | | | (2) | | | $ | 102.37 | | (3) | | | 11,690,397 | | | (4) | | |
| Total | | | | | | 10,047,422 | | | (2) | | | $ | 102.37 | | (3) | | | 11,690,397 | | | (4) | | |
| Equity Compensation Plans Approved by Security Holders (1) | | | | | | 11,426,705 | | | (2) | | | $ | 95.72 | | (3) | | | 12,563,008 | | | (4) | | |
| Total | | | | | | 11,426,705 | | | (2) | | | $ | 95.72 | | (3) | | | 12,563,008 | | | (4) | | |
Item 14. Principal Accounting Fees and Services
5 rewritten, 3 added, 3 removed, 23 unchanged
Information required for Item 14 is incorporated by reference to the material in the Proxy Statement under the caption “Audit Committee Matters – [removed: Proposal 3] Ratification of Deloitte & Touche LLP [removed: (PCAOB ID No. 34)] as the Independent Registered Public Accountant for [removed: 2023.”][added: 2024.”]
| [Schedule [removed: I](#iaed309263e8248a1815643bf682b39e1_265)] [added: I](#i39dbfa9ac90e49538bf4b8541eb75161_262)] | | | | | | [Summary of Investments – Other than Investments in Related [removed: Parties](#iaed309263e8248a1815643bf682b39e1_265)] [added: Parties](#i39dbfa9ac90e49538bf4b8541eb75161_262)] | | | | | | [removed: S-[1](#iaed309263e8248a1815643bf682b39e1_265)] [added: S-[1](#i39dbfa9ac90e49538bf4b8541eb75161_262)] | | |
| [Schedule [removed: II](#iaed309263e8248a1815643bf682b39e1_268)] [added: II](#i39dbfa9ac90e49538bf4b8541eb75161_265)] | | | | | | [Condensed Financial Information of Registrant (The Allstate [removed: Corporation)](#iaed309263e8248a1815643bf682b39e1_268)] [added: Corporation)](#i39dbfa9ac90e49538bf4b8541eb75161_265)] | | | | | | [removed: S-[2](#iaed309263e8248a1815643bf682b39e1_268)] [added: S-[2](#i39dbfa9ac90e49538bf4b8541eb75161_265)] | | |
| [Schedule [removed: III](#iaed309263e8248a1815643bf682b39e1_271)] [added: III](#i39dbfa9ac90e49538bf4b8541eb75161_268)] | | | | | | [Supplementary Insurance [removed: Information](#iaed309263e8248a1815643bf682b39e1_271)] [added: Information](#i39dbfa9ac90e49538bf4b8541eb75161_268)] | | | | | | [removed: S-[6](#iaed309263e8248a1815643bf682b39e1_271)] [added: S-[6](#i39dbfa9ac90e49538bf4b8541eb75161_268)] | | |
| [Schedule [removed: V](#iaed309263e8248a1815643bf682b39e1_277)] [added: V](#i39dbfa9ac90e49538bf4b8541eb75161_274)] | | | | | | [Valuation Allowances and Qualifying [removed: Accounts](#iaed309263e8248a1815643bf682b39e1_277)] [added: Accounts](#i39dbfa9ac90e49538bf4b8541eb75161_274)] | | | | | | [removed: S-[8](#iaed309263e8248a1815643bf682b39e1_277)] [added: S-[8](#i39dbfa9ac90e49538bf4b8541eb75161_274)] | | |
The Allstate Corporation 193
2023 Form 10-K
| [Schedule IV](#i39dbfa9ac90e49538bf4b8541eb75161_271) | | | | | | [Reinsurance](#i39dbfa9ac90e49538bf4b8541eb75161_271) | | | | | | S-[7](#i39dbfa9ac90e49538bf4b8541eb75161_271) | | |
186 www.allstate.com
2022 Form 10-K
| [Schedule IV](#iaed309263e8248a1815643bf682b39e1_274) | | | | | | [Reinsurance](#iaed309263e8248a1815643bf682b39e1_274) | | | | | | S-[7](#iaed309263e8248a1815643bf682b39e1_274) | | |
Item 15. (a) (3)
42 rewritten, 10 added, 12 removed, 41 unchanged
| 3.2 | | | [Amended and Restated Bylaws of [removed: The Allstate] [added: The](https://www.sec.gov/Archives/edgar/data/899051/000089905123000053/exhibit31amendedbylaws.htm) [Allstate] Corporation as amended July [removed: 16, 2021](https://www.sec.gov/Archives/edgar/data/0000899051/000089905121000063/exhibit31.htm)] [added: 1](https://www.sec.gov/Archives/edgar/data/899051/000089905123000053/exhibit31amendedbylaws.htm)[4, 2023](https://www.sec.gov/Archives/edgar/data/899051/000089905123000053/exhibit31amendedbylaws.htm)] | | | 8-K | | | 1-11840 | | | 3.1 | | | July [removed: 16, 2021] [added: 17, 2023] | | | | | |
| 3.3 | | | [Certificate of Designations with respect to the Preferred Stock, Series [removed: G] [added: H] of the Registrant, [removed: dated March 27, 2018](http://www.sec.gov/Archives/edgar/data/899051/000110465918021324/a18-8953_3ex3d1.htm)] [added: date](http://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm)[d](http://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm) [August 5, 2019](http://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm)] | | | 8-K | | | 1-11840 | | | 3.1 | | | [removed: March 29, 2018] [added: August 5, 2019] | | | | | |
| 3.4 | | | [Certificate of Designations with respect to the Preferred Stock, Series [removed: H] [added: I] of the Registrant, [removed: date August 5, 2019](http://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm)] [added: dated November 8, 2019](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)] | | | 8-K | | | 1-11840 | | | 3.1 | | | [removed: August 5,] [added: November 8,] 2019 | | | | | |
The Allstate Corporation [removed: 187][added: 195]
| [removed: 3.5] [added: 3.7] | | | [Certificate of Designations with respect to the Preferred Stock, Series [removed: I] [added: J] of the Registrant, dated [removed: November 8, 2019](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)] [added: May 16, 2023](https://www.sec.gov/Archives/edgar/data/899051/000089905123000043/form051823ex31certificateo.htm)] | | | 8-K | | | 1-11840 | | | 3.1 | | | [removed: November 8, 2019] [added: May 18, 2023] | | | | | |
| 4.2 | | | [Description of Registrant’s [removed: Securities](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit42allcorp123122.htm)] [added: Securities](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit42-allcorpdescripti.htm)] | | | | | | | | | | | | | | | X | | |
| 4.3 | | | [Deposit Agreement, dated [removed: March 29, 2018,] [added: August 8, 2019,] among the Registrant, Equiniti Trust Company, as depositary, and the holders from time to time of the depositary receipts described therein (Series [removed: G)](http://www.sec.gov/Archives/edgar/data/899051/000110465918021324/a18-8953_3ex4d1.htm)] [added: H)](http://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm)] | | | 8-K | | | 1-11840 | | | 4.1 | | | [removed: March 29, 2018] [added: August 8, 2019] | | | | | |
| 4.4 | | | [Form of Preferred Stock Certificate, Series [removed: G] [added: H] (included as Exhibit A to Exhibit 3.3 [removed: above)](http://www.sec.gov/Archives/edgar/data/899051/000110465918021324/a18-8953_3ex3d1.htm)] [added: above)](http://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm)] | | | 8-K | | | 1-11840 | | | 4.2 | | | [removed: March 29, 2018] [added: August 8, 2019] | | | | | |
| 4.5 | | | [Form of Depositary Receipt, Series [removed: G] [added: H] (included as Exhibit A to Exhibit [removed: 4.3 above)](https://www.sec.gov/Archives/edgar/data/899051/000110465918021324/a18-8953_3ex4d1.htm)] [added: 4.](https://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm)[3](https://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm) [above)](https://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm)] | | | 8-K | | | 1-11840 | | | 4.3 | | | [removed: March 29, 2018] [added: August 8, 2019] | | | | | |
| 4.6 | | | [Deposit Agreement, dated [removed: August] [added: November] 8, 2019, among the Registrant, Equiniti Trust Company, as depositary, and the holders from time to time of the depositary receipts described therein (Series [removed: H)](http://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm)] [added: I)](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm)] | | | 8-K | | | 1-11840 | | | 4.1 | | | [removed: August] [added: November] 8, 2019 | | | | | |
| 4.7 | | | [Form of Preferred Stock Certificate, Series [removed: H] [added: I] (included as Exhibit A to Exhibit [removed: 3.4 above)](http://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm)] [added: 3.](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)[4](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm) [above)](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)] | | | 8-K | | | 1-11840 | | | 4.2 | | | [removed: August] [added: November] 8, 2019 | | | | | |
| 4.8 | | | [Form of Depositary Receipt, Series [removed: H] [added: I] (included as Exhibit A to Exhibit [removed: 4.6 above)](https://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm)] [added: 4.](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm)[6](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm) [above)](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm)] | | | 8-K | | | 1-11840 | | | 4.3 | | | [removed: August] [added: November] 8, 2019 | | | | | |
| 4.9 | | | [Deposit Agreement, dated [removed: November 8, 2019,] [added: May 18, 2023,] among the Registrant, Equiniti Trust Company, as depositary, and the holders from time to time of the depositary receipts described therein (Series [removed: I)](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm)] [added: J)](https://www.sec.gov/Archives/edgar/data/899051/000089905123000043/form051823ex41depositagree.htm)] | | | 8-K | | | 1-11840 | | | 4.1 | | | [removed: November 8, 2019] [added: May 18, 2023] | | | | | |
| 4.10 | | | [Form of Preferred [removed: Stock](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm) [Certificate](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)[,] [added: Stock Certificate,] Series [removed: I] [added: J] (included as Exhibit A to Exhibit [removed: 3.5 above)](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)] [added: 3.7 above)](https://www.sec.gov/Archives/edgar/data/899051/000089905123000043/form051823ex31certificateo.htm)] | | | 8-K | | | 1-11840 | | | 4.2 | | | [removed: November 8, 2019] [added: May 18, 2023] | | | | | |
| 4.11 | | | [Form of Depositary [removed: Receipt, Series I] [added: Receipt] (included as Exhibit A to Exhibit 4.9 [removed: above)](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm)] [added: above)](https://www.sec.gov/Archives/edgar/data/899051/000089905123000043/form051823ex41depositagree.htm)] | | | 8-K | | | 1-11840 | | | 4.3 | | | [removed: November 8, 2019] [added: May 18, 2023] | | | | | |
| 10.3 | | | [Amendment No. 2 to Credit Agreement dated as of November 16, 2022](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit103allcorp123123.htm) | | | [added: 10-K] | | | [added: 1-11840] | | | [added: 10.3] | | | [added: February 16, 2023] | | | [removed: X] | | |
| [removed: 10.7] [added: 97] | | | [The Allstate Corporation Clawback Policy, effective [removed: February 19, 2020](https://www.sec.gov/Archives/edgar/data/899051/000089905120000029/exhibit106allcorp33120.htm)] [added: July 5, 2023](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit97-clawbackpolicy.htm)] | | | [removed: 10-Q] | | | [removed: 1-11840] | | | [removed: 10.6] | | | [removed: May 5, 2020] | | | [added: X] | | |
| [removed: 10.8*] [added: 10.7*] | | | [Form of Performance Stock Award Agreement for awards granted on or after February 19, 2020, under The Allstate Corporation 2019 Equity Incentive Plan to officers subject to reporting obligations under Section 16 of the Securities Exchange Act of 1934 or an executive vice president](https://www.sec.gov/Archives/edgar/data/899051/000089905120000029/exhibit105allcorp33120.htm) | | | 10-Q | | | 1-11840 | | | 10.5 | | | May 5, 2020 | | | | | |
| 10.9* | | | [Form of [removed: Performance Stock] [added: Option] Award Agreement for awards granted on or after April 13, 2018, under The Allstate Corporation 2013 Equity Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/899051/000089905118000017/exhibit102psaawardagreement.htm)] [added: Plan](http://www.sec.gov/Archives/edgar/data/899051/000089905118000017/exhibit103optionawardagree.htm)] | | | 10-Q | | | 1-11840 | | | [removed: 10.2] [added: 10.3] | | | May 1, 2018 | | | | | |
| 10.10* | | | [Form of [removed: Performance Stock] [added: Option] Award Agreement for awards granted on or after [removed: March 6,] [added: February 21,] 2012 and prior to April 13, 2018 under The Allstate Corporation 2009 Equity Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/899051/000110465912032030/a12-8030_1ex10d4.htm)] [added: Plan](http://www.sec.gov/Archives/edgar/data/899051/000110465912032030/a12-8030_1ex10d3.htm)] | | | 10-Q | | | 1-11840 | | | [removed: 10.4] [added: 10.3] | | | May 2, 2012 | | | | | |
| [removed: 10.11*] [added: 10.8*] | | | [Form of Option Award Agreement for awards granted on or after February 19, 2020, under The Allstate Corporation 2019 Equity Incentive Plan to officers subject to reporting obligations under Section 16 of the Securities Exchange Act of 1934 or an executive vice president](https://www.sec.gov/Archives/edgar/data/899051/000089905120000029/exhibit103allcorp33120.htm) | | | 10-Q | | | 1-11840 | | | 10.3 | | | May 5, 2020 | | | | | |
| [removed: 10.12*] [added: 10.22*] | | | [Form of [removed: Option] [added: Restricted Stock Unit] Award Agreement for awards granted on or after [removed: April 13, 2018,] [added: June 1, 2017,] under The Allstate Corporation [removed: 2013] [added: 2017] Equity [removed: Incentive Plan](http://www.sec.gov/Archives/edgar/data/899051/000089905118000017/exhibit103optionawardagree.htm)] [added: Compensation Plan for Non-Employee Directors](http://www.sec.gov/Archives/edgar/data/899051/000089905117000044/exhibit102rsuawardforgrant.htm)] | | | 10-Q | | | 1-11840 | | | [removed: 10.3] [added: 10.2] | | | [removed: May] [added: August] 1, [removed: 2018] [added: 2017] | | | | | |
| [removed: 10.13*] [added: 10.21*] | | | [Form of [removed: Option] [added: Restricted Stock Unit] Award Agreement for awards granted on or after [removed: February 21, 2012] [added: June 1, 2016,] and prior to [removed: April 13, 2018] [added: June 1, 2017,] under The Allstate Corporation [removed: 2009] [added: 2006] Equity [removed: Incentive Plan](http://www.sec.gov/Archives/edgar/data/899051/000110465912032030/a12-8030_1ex10d3.htm)] [added: Compensation Plan for Non-Employee Directors](http://www.sec.gov/Archives/edgar/data/899051/000089905116000070/exhibit102rsuawardforgrant.htm)] | | | 10-Q | | | 1-11840 | | | [removed: 10.3] [added: 10.2] | | | [removed: May 2, 2012] [added: August 3, 2016] | | | | | |
| [removed: 10.14*] [added: 10.20*] | | | [Form of [removed: Option] [added: Restricted Stock Unit] Award Agreement for awards granted on or after [removed: December 30, 2011] [added: September 15, 2008,] and prior to [removed: February 21, 2012] [added: June 1, 2016,] under The Allstate Corporation [removed: 2009] [added: 2006] Equity [removed: Incentive Plan](http://www.sec.gov/Archives/edgar/data/899051/000110465911071444/a11-31874_1ex10d2.htm)] [added: Compensation Plan for Non-Employee Directors](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d9.htm)] | | | 8-K | | | 1-11840 | | | [removed: 10.2] [added: 10.9] | | | [removed: December 28, 2011] [added: September 19, 2008] | | | | | |
| [removed: 10.15*] [added: 10.11*] | | | [Form of Restricted Stock Unit Award Agreement for awards granted on or after February 19, 2020, under The Allstate Corporation 2019 Equity Incentive Plan to officers subject to reporting obligations under Section 16 of the Securities Exchange Act of 1934 or an executive vice president](https://www.sec.gov/Archives/edgar/data/899051/000089905120000029/exhibit104allcorp33120.htm) | | | 10-Q | | | 1-11840 | | | 10.4 | | | May 5, 2020 | | | | | |
| [removed: 10.18*] [added: 10.12*] | | | [Supplemental Retirement Income Plan, as amended and restated effective October 19, 2018](http://www.sec.gov/Archives/edgar/data/899051/000089905119000007/exhibit1016srip101918.htm) | | | 10-K | | | 1-11840 | | | 10.16 | | | February 15, 2019 | | | | | |
| [removed: 10.19*] [added: 10.13*] | | | [The Allstate Corporation Change in Control Severance Plan effective December 30, 2011](http://www.sec.gov/Archives/edgar/data/899051/000110465911071444/a11-31874_1ex10d1.htm) | | | 8-K | | | 1-11840 | | | 10.1 | | | December 28, 2011 | | | | | |
| [removed: 10.20*] [added: 10.14*] | | | [Amendment to The Allstate Corporation Change in Control Severance Plan effective March 1, 2021](https://www.sec.gov/Archives/edgar/data/899051/000089905121000013/exhibit101allcorp20210301.htm) | | | 8-K | | | 1-11840 | | | 10.1 | | | March 1, 2021 | | | | | |
| [removed: 10.21*] [added: 10.15*] | | | [The Allstate Corporation Deferred Compensation Plan for Non-Employee Directors, as amended and restated effective September 15, 2008](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d7.htm) | | | 8-K | | | 1-11840 | | | 10.7 | | | September 19, 2008 | | | | | |
| [removed: 10.22*] [added: 10.16*] | | | [The Allstate Corporation Equity Incentive Plan for Non-Employee Directors, as amended and restated effective September 15, 2008](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d5.htm) | | | 8-K | | | 1-11840 | | | 10.5 | | | September 19, 2008 | | | | | |
| [removed: 10.23*] [added: 10.17*] | | | [The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee Directors, as amended and restated effective September 15, 2008](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d6.htm) | | | 8-K | | | 1-11840 | | | 10.6 | | | September 19, 2008 | | | | | |
| [removed: 10.24*] [added: 10.18*] | | | [The Allstate Corporation 2017 Equity Compensation Plan for Non-Employee Directors](http://www.sec.gov/Archives/edgar/data/899051/000120677417001182/allstate3149221-def14a.htm#appendixd) | | | Proxy | | | 1-11840 | | | App. D | | | April 12, 2017 | | | | | |
| [removed: 10.25*] [added: 10.19*] | | | [Form of amended and restated Restricted Stock Unit Award Agreement with regards to awards outstanding on September 15, 2008 under The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee Directors](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d8.htm) | | | 8-K | | | 1-11840 | | | 10.8 | | | September 19, 2008 | | | | | |
| [removed: 10.29*] [added: 10.23*] | | | [Form of Indemnification Agreement between the Registrant and Director](http://www.sec.gov/Archives/edgar/data/899051/000110465907057980/a07-18721_1ex10d2.htm) | | | 10-Q | | | 1-11840 | | | 10.2 | | | August 1, 2007 | | | | | |
| [removed: 10.30*] [added: 10.24*] | | | [Resolutions regarding Non-Employee Director Compensation adopted November [removed: 18, 2016](https://www.sec.gov/Archives/edgar/data/899051/000089905117000005/exhibit1024resolutionsrega.htm)] [added: 19, 2021](https://www.sec.gov/Archives/edgar/data/899051/000089905122000015/exhibit1031.htm)] | | | 10-K | | | 1-11840 | | | [removed: 10.24] [added: 10.31] | | | February [removed: 17, 2017] [added: 18, 2022] | | | | | |
| [removed: 10.31*] [added: 10.25*] | | | [Resolutions regarding Non-Employee Director Compensation adopted November [removed: 16, 2018](https://www.sec.gov/Archives/edgar/data/899051/000089905119000007/exhibit1029resolutionsredi.htm)] [added: 18, 2022](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit1033allcorp123122.htm)] | | | 10-K | | | 1-11840 | | | [removed: 10.29] [added: 10.33] | | | February [removed: 15, 2019] [added: 16, 2023] | | | | | |
| [removed: 10.35] [added: 10.26*] | | | [Voluntary Retirement Agreement, dated August 18, 2022, between Glenn T. Shapiro and Allstate Insurance Company](https://www.sec.gov/Archives/edgar/data/899051/000089905122000059/exhibit10.htm) | | | 8-K | | | 1-11840 | | | 10 | | | August 18, 2022 | | | | | |
| 21 | | | [Subsidiaries of The Allstate [removed: Corporation](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit21allcorp123122.htm)] [added: Corporation](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit21allcorp123123.htm)] | | | | | | | | | | | | | | | X | | |
| 23 | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit23allcorp123122.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit23allcorp123123.htm)] | | | | | | | | | | | | | | | X | | |
| 31(i) | | | [Rule 13a-14(a) Certification of Principal Executive [removed: Officer](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit31iallcorp123122.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit31iallcorp123123.htm)] | | | | | | | | | | | | | | | X | | |
| 3.5 | | | [Certificate of Elimination with respect to the Preferred Stock Series A, C, D, E and F of the Registrant, dated February 20, 2020](https://www.sec.gov/Archives/edgar/data/899051/000089905120000013/exhibit36allcorp123119.htm) | | | 10-K | | | 1-11840 | | | 3.6 | | | February 21, 2020 | | | | | |
| 3.6 | | | [Certificate of Elimination with respect to the Preferred Stock, Series G of the Registrant, dated May 1, 2023](https://www.sec.gov/Archives/edgar/data/899051/000089905123000037/exhibit36allcorp33123.htm) | | | 10-Q | | | 1-11840 | | | 3.6 | | | May 3, 2023 | | | | | |
194 www.allstate.com
2023 Form 10-K
2023 Form 10-K
| 10.27* | | | [Offer Letter dated March 9, 2022 to Robert Toohey](https://www.sec.gov/Archives/edgar/data/899051/000089905123000037/exhibit101allcorp33123.htm) | | | 10-Q | | | 1-11840 | | | 10.1 | | | May 3, 2023 | | | | | |
196 www.allstate.com
2023 Form 10-K
| 19 | | | [The Allstate Corporation Insider Trading Policy, effective July 14, 2023](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit19-allstatecorporat.htm) | | | | | | | | | | | | | | | X | | |
| | | | | | | | | | | | | | | | | | | | | |
| 2.2 | | | [Stock Purchase Agreement, dated as of March 29, 2021, by and between Allstate Life Insurance Company, Allstate Insurance Company, Allstate Financial Insurance Holdings Corporation, Allstate Insurance Holdings, LLC and Wilton Reassurance Company (certain schedules and exhibits to the Stock Purchase Agreement are omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish to the Securities and Exchange Commission, upon request, a copy of any omitted schedule or exhibit).](https://www.sec.gov/Archives/edgar/data/0000899051/000089905121000019/exhibit21-alnyspa.htm) | | | 8-K | | | 1-11840 | | | 2.1 | | | March 29, 2021 | | | | | |
2022 Form 10-K
188 www.allstate.com
| 10.16* | | | [Form of Restricted Stock Unit Award Agreement for awards granted on or after April 13, 2018, under The Allstate Corporation 2013 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/899051/000089905118000017/exhibit104rsuawardagreement.htm) | | | 10-Q | | | 1-11840 | | | 10.4 | | | May 1, 2018 | | | | | |
| 10.17* | | | [Form of Restricted Stock Unit Award Agreement for awards granted on or after February 21, 2012 and prior to April 13, 2018 under The Allstate Corporation 2009 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/899051/000110465912032030/a12-8030_1ex10d2.htm) | | | 10-Q | | | 1-11840 | | | 10.2 | | | May 2, 2012 | | | | | |
| 10.26* | | | [Form of Restricted Stock Unit Award Agreement for awards granted on or after September 15, 2008, and prior to June 1, 2016, under The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee Directors](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d9.htm) | | | 8-K | | | 1-11840 | | | 10.9 | | | September 19, 2008 | | | | | |
The Allstate Corporation 189
| 10.27* | | | [Form of Restricted Stock Unit Award Agreement for awards granted on or after June 1, 2016, and prior to June 1, 2017, under The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee Directors](http://www.sec.gov/Archives/edgar/data/899051/000089905116000070/exhibit102rsuawardforgrant.htm) | | | 10-Q | | | 1-11840 | | | 10.2 | | | August 3, 2016 | | | | | |
| 10.28* | | | [Form of Restricted Stock Unit Award Agreement for awards granted on or after June 1, 2017, under The Allstate Corporation 2017 Equity Compensation Plan for Non-Employee Directors](http://www.sec.gov/Archives/edgar/data/899051/000089905117000044/exhibit102rsuawardforgrant.htm) | | | 10-Q | | | 1-11840 | | | 10.2 | | | August 1, 2017 | | | | | |
| 10.32* | | | [Resolutions regarding Non-Employee Director Compensation adopted November 19, 2021](https://www.sec.gov/Archives/edgar/data/899051/000089905122000015/exhibit1031.htm) | | | 10-K | | | 1-11840 | | | 10.31 | | | February 18, 2022 | | | | | |
| 10.33* | | | [Resolutions regarding Non-Employee Director Compensation adopted November 18, 2022](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit1033allcorp123122.htm) | | | | | | | | | | | | | | | X | | |
| 10.34 | | | [Purchase and Sale Agreement, dated November 26, 2021, by and between Allstate Insurance Company and DPIF3 Acquisition Co LLC](https://www.sec.gov/Archives/edgar/data/0000899051/000089905121000105/exhibit101.htm) | | | 8-K | | | 1-11840 | | | 10.1 | | | November 29, 2021 | | | | | |
An excerpt. Shown here: 40 of 42 rewritten, all 10 added and all 12 removed. The counts are complete. For every sentence, read Item 15. (a) (3) in the FY2023 filing and the FY2022 filing.
Item 16. None.
133 rewritten, 52 added, 37 removed, 204 unchanged
[removed: 190] [added: S-2] www.allstate.com
| [added: 2023] | | | | | | [removed: February 16, 2023] | | | [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]
| /s/ Thomas J. Wilson | | | | | | Chairman of the Board, President, Chief Executive Officer and a Director (Principal Executive Officer) | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ Jesse E. Merten | | | | | | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ John C. Pintozzi | | | | | | Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ Donald E. Brown | | | | | | Director | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ Kermit R. Crawford | | | | | | Director | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ Richard T. Hume | | | | | | Director | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ Margaret M. Keane | | | | | | Director | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ Siddharth N. Mehta | | | | | | Director | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ Jacques P. Perold | | | | | | Director | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ Andrea Redmond | | | | | | Director | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ Gregg M. Sherrill | | | | | | Lead Director | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ Judith A. Sprieser | | | | | | Director | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
| /s/ Perry M. Traquina | | | | | | Director | | | | | | February [removed: 16, 2023] [added: 21, 2024] | | |
The Allstate Corporation [removed: 191][added: S-1]
| United States government, government agencies and authorities | | | | | | $ | [removed: 8,123] [added: 8,624] | | | | | $ | [removed: 7,898] [added: 8,619] | | | | | $ | [removed: 7,898] [added: 8,619] | |
| States, municipalities and political subdivisions | | | | | | [removed: 6,500] [added: 6,049] | | | | | | [removed: 6,210] [added: 6,006] | | | | | | [removed: 6,210] [added: 6,006] | | |
| Public utilities | | | | | | [removed: 2,633] [added: 44] | | | | | | [removed: 2,437] [added: 47] | | | | | | [removed: 2,437] [added: 47] | | |
| All other corporate bonds | | | | | | [removed: 25,929] [added: 26,621] | | | | | | [removed: 23,826] [added: 25,889] | | | | | | [removed: 23,826] [added: 25,889] | | |
| Asset-backed securities | | | | | | [removed: 1,188] [added: 1,739] | | | | | | [removed: 1,157] [added: 1,745] | | | | | | [removed: 1,157] [added: 1,745] | | |
| Total fixed maturities | | | | | | [removed: 45,370] [added: 49,649] | | | | | | [removed: 42,485] [added: 48,865] | | | | | | [removed: 42,485] [added: 48,865] | | |
| Public utilities | | | | | | [removed: 48] [added: 5,330] | | | | | | [removed: 60] [added: 5,316] | | | | | | [removed: 60] [added: 5,316] | | |
| Banks, trusts and insurance companies | | | | | | [removed: 260] [added: 36] | | | | | | [removed: 340] [added: 53] | | | | | | [removed: 340] [added: 53] | | |
| Industrial, miscellaneous and all other | | | | | | [removed: 3,753] [added: 1,855] | | | | | | [removed: 3,938] [added: 1,956] | | | | | | [removed: 3,938] [added: 1,956] | | |
| Nonredeemable preferred stocks | | | | | | [removed: 192] [added: 309] | | | | | | [removed: 229] [added: 355] | | | | | | [removed: 229] [added: 355] | | |
| Total equity securities | | | | | | [removed: 4,253] [added: 2,244] | | | | | | [removed: 4,567] [added: 2,411] | | | | | | [removed: 4,567] [added: 2,411] | | |
| Mortgage loans on real estate | | | | | | [removed: 762] [added: 822] | | | | | | [removed: 700] [added: 769] | | | | | | [removed: 762] [added: 822] | | |
| Real estate (none acquired in satisfaction of debt) | | | | | | [removed: 813] [added: 709] | | | | | | | | | | | | [removed: 813] [added: 709] | | |
| Policy loans | | | | | | [removed: 120] [added: 119] | | | | | | | | | | | | [removed: 120] [added: 119] | | |
| Limited partnership interests | | | | | | [removed: 8,114] [added: 8,380] | | | | | | | | | | | | [removed: 8,114] [added: 8,380] | | |
| Other long-term investments | | | | | | [removed: 794] [added: 226] | | | | | | [added: 239] | | | | | | [removed: 794] [added: 226] | | |
| Short-term investments | | | | | | [removed: 4,174] [added: 5,145] | | | | | | [removed: 4,173] [added: 5,144] | | | | | | [removed: 4,173] [added: 5,144] | | |
[removed: S-1] [added: S-4] www.allstate.com
| ($ in millions) | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |
| Investment income, less investment expense | | | | | | $ | [removed: 59] [added: 45] | | | | | $ | [removed: 13] [added: 59] | | | | | $ | [removed: 12] [added: 13] | |
| Net gains (losses) on investments and derivatives | | | | | | [removed: (34)] [added: (28)] | | | | | | [removed: 12] [added: (34)] | | | | | | [removed: 33] [added: 12] | | |
| Total revenues | | | | | | [removed: 25] [added: 17] | | | | | | 25 | | | | | | [removed: 45] [added: 25] | | |
| Interest expense | | | | | | [removed: 351] [added: 396] | | | | | | [removed: 328] [added: 351] | | | | | | 328 | | |
| Pension and other postretirement remeasurement (gains) losses | | | | | | [removed: 179] [added: 12] | | | | | | [removed: (611)] [added: 179] | | | | | | [removed: (73)] [added: (611)] | | |
The Allstate Corporation 197
2023 Form 10-K
| | | | | | | February 21, 2024 | | |
| /s/ Maria R. Morris | | | | | | Director | | | | | | February 21, 2024 | | |
| Maria R. Morris | | | | | | | | | | | | | | |
| /s/ Monica Turner | | | | | | Director | | | | | | February 21, 2024 | | |
2023 Form 10-K
| | | | | | | As of December 31, 2023 | | | | | | | | | | | | | | |
| Foreign governments | | | | | | 1,286 | | | | | | 1,290 | | | | | | 1,290 | | |
| Total investments | | | | | | $ | 67,295 | | | | | | | | | | | $ | 66,677 | |
2023 Form 10-K
| Equity in net income (loss) of subsidiaries (1) | | | | | | 257 | | | | | | (929) | | | | | | 1,252 | | |
| Net (loss) income | | | | | | (188) | | | | | | (1,289) | | | | | | 1,614 | | |
| Discount rate for reserve for future policy benefits | | | | | | (10) | | | | | | 228 | | | | | | 49 | | |
| Comprehensive income (loss) | | | | | | $ | 1,504 | | | | | $ | (4,107) | | | | | $ | (987) | |
2023 Form 10-K
| Investments in subsidiaries | | | | | | $ | 24,388 | | | | | $ | 23,711 | |
| Total assets | | | | | | 26,370 | | | | | | 26,932 | | |
| Retained income | | | | | | 49,716 | | | | | | 50,970 | | |
| Discount rate for reserve for future policy benefits | | | | | | (11) | | | | | | (1) | | |
2023 Form 10-K
| ($ in millions) | | | | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |
| Net (loss) income | | | | | | $ | (188) | | | | | $ | (1,289) | | | | | $ | 1,614 | |
| Equity in net (loss) income of subsidiaries (1) | | | | | | (257) | | | | | | 929 | | | | | | (1,252) | | |
| Pension and other postretirement remeasurement (gains) losses | | | | | | 12 | | | | | | 179 | | | | | | (611) | | |
| Proceeds from issuance of preferred stock | | | | | | 587 | | | | | | — | | | | | | — | | |
| Other | | | | | | (6) | | | | | | — | | | | | | — | | |
2023 Form 10-K
2023 Form 10-K
| Allstate Protection | | | | | | $ | 2,378 | | | | | $ | 37,852 | | | | | $ | 19,542 | | | | | $ | 48,427 | | | | | | | | | | | $ | 40,364 | | | | | $ | 6,070 | | | | | $ | 5,628 | | | | | $ | 50,347 | | | | |
| Total Property-Liability | | | | | | 2,378 | | | | | | 39,794 | | | | | | 19,542 | | | | | | 48,427 | | | | | | $ | 2,218 | | | | | 40,453 | | | | | | 6,070 | | | | | | 5,633 | | | | | | 50,347 | | | | | |
| Protection Services (2) | | | | | | 3,022 | | | | | | 64 | | | | | | 5,150 | | | | | | 2,381 | | | | | | 73 | | | | | | 632 | | | | | | 1,058 | | | | | | 956 | | | | | | 2,663 | | | | | |
| Allstate Health and Benefits | | | | | | 540 | | | | | | 2,235 | | | | | | 17 | | | | | | 1,846 | | | | | | 82 | | | | | | 1,071 | | | | | | 150 | | | | | | 881 | | | | | | 1,598 | | | | | |
| Intersegment Eliminations (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | (138) | | | | | | — | | | | | | (15) | | | | | | — | | | | | | (123) | | | | | | — | | | | | |
| Total | | | | | | $ | 5,940 | | | | | $ | 42,093 | | | | | $ | 24,709 | | | | | $ | 52,516 | | | | | $ | 2,478 | | | | | $ | 42,141 | | | | | $ | 7,278 | | | | | $ | 8,023 | | | | | $ | 54,608 | | | | |
| Allstate Health and Benefits | | | | | | 528 | | | | | | 2,201 | | | | | | 16 | | | | | | 1,832 | | | | | | 69 | | | | | | 1,042 | | | | | | 136 | | | | | | 852 | | | | | | 1,594 | | | | | |
| Total | | | | | | $ | 5,442 | | | | | $ | 39,742 | | | | | $ | 22,299 | | | | | $ | 47,736 | | | | | $ | 2,403 | | | | | $ | 38,306 | | | | | $ | 6,634 | | | | | $ | 8,301 | | | | | $ | 50,080 | | | | |
| Allstate Health and Benefits | | | | | | 493 | | | | | | 2,585 | | | | | | 16 | | | | | | 1,834 | | | | | | 74 | | | | | | 1,060 | | | | | | 128 | | | | | | 838 | | | | | | 1,630 | | | | | |
| Total | | | | | | $ | 4,738 | | | | | $ | 35,645 | | | | | $ | 19,833 | | | | | $ | 44,052 | | | | | $ | 3,293 | | | | | $ | 30,378 | | | | | $ | 6,236 | | | | | $ | 7,521 | | | | | $ | 45,630 | | | | |
2023 Form 10-K
2022 Form 10-K
| | | | | | | | | | | | | | | |
| | | | | | | Director | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | As of December 31, 2022 | | | | | | | | | | | | | | |
| Foreign governments | | | | | | 997 | | | | | | 957 | | | | | | 957 | | |
| Total investments | | | | | | $ | 64,401 | | | | | | | | | | | $ | 61,829 | |
| Equity in net income of subsidiaries (1) | | | | | | (951) | | | | | | 1,237 | | | | | | 5,665 | | |
| Net (loss) income | | | | | | (1,311) | | | | | | 1,599 | | | | | | 5,576 | | |
| Comprehensive (loss) income | | | | | | $ | (4,355) | | | | | $ | (1,050) | | | | | $ | 6,930 | |
| Investments in subsidiaries | | | | | | $ | 23,698 | | | | | $ | 32,058 | |
| Total assets | | | | | | 26,919 | | | | | | 34,822 | | |
| Retained income | | | | | | 50,954 | | | | | | 53,294 | | |
| Net (loss) income | | | | | | $ | (1,311) | | | | | $ | 1,599 | | | | | $ | 5,576 | |
| Equity in net income of subsidiaries (1) | | | | | | 951 | | | | | | (1,237) | | | | | | (5,665) | | |
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.
| Allstate Health and Benefits | | | | | | 504 | | | | | | 2,170 | | | | | | 28 | | | | | | 1,833 | | | | | | 69 | | | | | | 1,061 | | | | | | 146 | | | | | | 852 | | | | | | 1,594 | | | | | |
| Total | | | | | | $ | 5,418 | | | | | $ | 39,711 | | | | | $ | 22,311 | | | | | $ | 47,737 | | | | | $ | 2,403 | | | | | $ | 38,325 | | | | | $ | 6,644 | | | | | $ | 8,301 | | | | | $ | 50,080 | | | | |
| Allstate Health and Benefits | | | | | | 477 | | | | | | 2,181 | | | | | | 27 | | | | | | 1,821 | | | | | | 74 | | | | | | 1,049 | | | | | | 144 | | | | | | 838 | | | | | | 1,630 | | | | | |
| Total | | | | | | $ | 4,722 | | | | | $ | 35,241 | | | | | $ | 19,844 | | | | | $ | 44,039 | | | | | $ | 3,293 | | | | | $ | 30,367 | | | | | $ | 6,252 | | | | | $ | 7,521 | | | | | $ | 45,630 | | | | |
| 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Allstate Protection | | | | | | $ | 1,608 | | | | | $ | 25,679 | | | | | $ | 12,772 | | | | | $ | 35,580 | | | | | | | | | | | $ | 21,485 | | | | | $ | 4,642 | | | | | $ | 5,741 | | | | | $ | 35,768 | | | | |
| 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 | | | | | |
| 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 | | | | |
| Life insurance | | | | | | $ | 218 | | | | | $ | 7 | | | | | $ | 17 | | | | | $ | 228 | | | | | 7.5 | | % |
| Life insurance | | | | | | $ | 156 | | | | | $ | 6 | | | | | $ | 15 | | | | | $ | 165 | | | | | 9.1 | | % |
| Life insurance in force | | | | | | $ | 17,124 | | | | | $ | 16,528 | | | | | $ | 1,003 | | | | | $ | 1,599 | | | | | 62.7 | | % |
| 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 | | |
S-7 www.allstate.com
| Premium installment receivable | | | | | | 91 | | | | | | 223 | | | | | | — | | | | | | 161 | | | | | | 153 | | |
| Assets | | | | | | 265 | | | | | | 293 | | | | | | — | | | | | | 192 | | | | | | 366 | | |
| Total | | | | | | $ | 268 | | | | | $ | 293 | | | | | $ | — | | | | | $ | 194 | | | | | $ | 367 | |
(1)Includes credit loss allowance for investments that were classified as held for sale as of December 31, 2020.
An excerpt. Shown here: 40 of 133 rewritten, 40 of 52 added and all 37 removed. The counts are complete. For every sentence, read Item 16. None. in the FY2023 filing and the FY2022 filing.