Item 16. None.

45K characters. Original on sec.gov · Markdown

Item 16. None.

None.

2024 Form 10-K

Signatures

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


						The Allstate Corporation (Registrant)

						/s/ Eric K. Ferren
						By: Eric K. Ferren
						Senior Vice President, Controller and Chief Accounting Officer
						(Principal Accounting Officer)
						February 24, 2025

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


Signature	Title	Date

/s/ Thomas J. Wilson	Chairman of the Board, President, Chief Executive Officer and a Director (Principal Executive Officer)	February 24, 2025
Thomas J. Wilson

/s/ Jesse E. Merten	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	February 24, 2025
Jesse E. Merten

/s/ Eric K. Ferren	Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)	February 24, 2025
Eric K. Ferren

/s/ Donald E. Brown	Director	February 24, 2025
Donald E. Brown

/s/ Kermit R. Crawford	Director	February 24, 2025
Kermit R. Crawford

/s/ Richard T. Hume	Director	February 24, 2025
Richard T. Hume

/s/ Margaret M. Keane	Director	February 24, 2025
Margaret M. Keane

/s/ Siddharth N. Mehta	Director	February 24, 2025
Siddharth N. Mehta

/s/ Maria R. Morris	Director	February 24, 2025
Maria R. Morris

/s/ Jacques P. Perold	Director	February 24, 2025
Jacques P. Perold

/s/ Andrea Redmond	Director	February 24, 2025
Andrea Redmond

/s/ Gregg M. Sherrill	Lead Director	February 24, 2025
Gregg M. Sherrill

/s/ Judith A. Sprieser	Director	February 24, 2025
Judith A. Sprieser

/s/ Perry M. Traquina	Director	February 24, 2025
Perry M. Traquina

/s/ Monica J. Turner	Director	February 24, 2025
Monica J. Turner

The Allstate Corporation 185

2024 Form 10-K

The Allstate Corporation and Subsidiaries

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


	As of December 31, 2024
($ in millions)	Cost/amortized cost, net		Fair value (if applicable)		Amount shown in the Balance Sheet
Type of investment
Fixed maturities:
Bonds:
United States government, government agencies and authorities	$	11,423	$	11,108	$	11,108
States, municipalities and political subdivisions	8,985		8,842		8,842
Foreign governments	1,352		1,364		1,364
Public utilities	5,125		5,092		5,092

All other corporate bonds	25,505		25,100		25,100
Asset-backed securities	1,226		1,241		1,241



Total fixed maturities	53,616		52,747		52,747

Equity securities:
Common stocks:
Public utilities	82		82		82
Banks, trusts and insurance companies	243		245		245
Industrial, miscellaneous and all other	3,684		3,745		3,745
Nonredeemable preferred stocks	320		391		391
Total equity securities	4,329		4,463		4,463

Mortgage loans on real estate	784		746		784
Real estate (none acquired in satisfaction of debt)	620				620

Derivative instruments	2		2		2
Limited partnership interests	9,255				9,255
Other long-term investments	202		208		202
Short-term investments	4,539		4,537		4,537
Total investments	$	73,347			$	72,610

The Allstate Corporation S-1

2024 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule II — Condensed Financial Information of Registrant Statement of Operations


	Year Ended December 31,
($ in millions)	2024		2023		2022
Revenues
Investment income, less investment expense	$	49	$	45	$	59
Net gains (losses) on investments and derivatives	(9)		(28)		(34)

Total revenues	40		17		25

Expenses
Interest expense	411		396		351
Pension and other postretirement remeasurement (gains) losses	(21)		12		179
Pension and other postretirement (benefit) expense	(36)		55		(98)
Other operating expenses	70		142		56
Total expenses	424		605		488

Loss from operations before income tax benefit and equity in net income of subsidiaries	(384)		(588)		(463)

Income tax benefit	(97)		(143)		(103)
Loss before equity in net income of subsidiaries	(287)		(445)		(360)

Equity in net income (loss) of subsidiaries	4,954		257		(929)
Net income (loss)	4,667		(188)		(1,289)

Preferred stock dividends	117		128		105

Net income (loss) applicable to common shareholders	4,550		(316)		(1,394)

Other comprehensive income (loss), after-tax
Changes in:
Unrealized net capital gains and losses	(167)		1,651		(2,853)
Unrealized foreign currency translation adjustments	(47)		67		(150)
Unamortized pension and other postretirement prior service credit	(2)		(16)		(43)
Discount rate for reserve for future policy benefits	27		(10)		228
Other comprehensive (loss) income, after-tax	(189)		1,692		(2,818)
Less: change in unrealized net capital gains and losses related to noncontrolling interest	10		10		(20)
Comprehensive income (loss)	$	4,468	$	1,494	$	(4,087)

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

S-2 www.allstate.com

2024 Form 10-K

The Allstate Corporation and Subsidiaries

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


	December 31,
($ in millions, except par value data)	2024		2023
Assets
Investments in subsidiaries	$	28,684	$	24,388
Fixed income securities, at fair value (amortized cost, net $639 and $1,027)	635		1,003
Equity securities, at fair value (cost $1 and $0)	1		—
Short-term investments, at fair value (amortized cost, net $507 and $297)	507		297
Cash	1		—
Receivable from subsidiaries	748		359
Deferred income taxes	48		90
Other assets	149		233
Total assets	30,773		26,370
Liabilities
Debt	8,085		7,585
Pension and other postretirement benefit obligations	170		237
Deferred compensation	360		341

Notes due to subsidiaries	350		—
Dividends payable to shareholders	281		270

Other liabilities	85		167
Total liabilities	9,331		8,600
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference	2,001		2,001
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 265 million and 262 million shares outstanding	9		9
Additional capital paid-in	4,029		3,854
Retained income	53,288		49,716
Treasury stock, at cost (635 million and 638 million shares)	(36,996)		(37,110)
Accumulated other comprehensive income:
Unrealized net capital gains and losses	(771)		(604)
Unrealized foreign currency translation adjustments	(145)		(98)
Unamortized pension and other postretirement prior service credit	11		13
Discount rate for reserve for future policy benefits	16		(11)
Total accumulated other comprehensive loss	(889)		(700)
Total Allstate shareholders’ equity	21,442		17,770
Total liabilities and equity	$	30,773	$	26,370

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

The Allstate Corporation S-3

2024 Form 10-K

The Allstate Corporation and Subsidiaries

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


	Years Ended December 31,
($ in millions)	2024		2023		2022
Cash flows from operating activities
Net income (loss)	$	4,667	$	(188)	$	(1,289)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net (income) loss of subsidiaries	(4,954)		(257)		929
Dividends received from subsidiaries	130		250		3,396
Net (gains) losses on investments and derivatives	9		28		34
Pension and other postretirement remeasurement (gains) losses	(21)		12		179
Changes in:
Pension and other postretirement benefits	(36)		55		(98)
Income taxes	29		(78)		(14)
Operating assets and liabilities	109		43		76
Net cash (used in) provided by operating activities	(67)		(135)		3,213

Cash flows from investing activities
Proceeds from sales of investments	411		1,427		2,572

Investment purchases	(405)		(50)		(2,507)
Investment collections	374		85		39
Capital contribution or return of capital from subsidiaries	325		975		145
Disbursements for loans to subsidiaries	(380)		—		—
Proceeds from loans to subsidiaries	26		—		—
Change in short-term investments, net	(209)		(7)		6


Net cash provided by investing activities	142		2,430		255

Cash flows from financing activities
Proceeds from borrowings from subsidiaries	350		—		1,000
Repayment of notes due to subsidiaries	—		(1,000)		(1,000)
Proceeds from issuance of debt	495		743		—
Redemption of preferred stock	—		(575)		—
Redemption and repayment of debt	—		(750)		—
Proceeds from issuance of preferred stock	—		587		—
Dividends paid on common stock	(962)		(925)		(926)
Dividends paid on preferred stock	(117)		(107)		(105)
Treasury stock purchases	(2)		(335)		(2,520)
Shares reissued under equity incentive plans, net	163		73		82
Other	(1)		(6)		—
Net cash used in financing activities	(74)		(2,295)		(3,469)

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

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

S-4 www.allstate.com

2024 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule II (Continued) — Condensed Financial Information of Registrant

Notes to Condensed Financial Information

1. General

Pursuant to rules and regulations of the Securities and Exchange Commission, the unconsolidated condensed financial statements of the Parent Company do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP. Therefore, these condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8.

The debt presented in Note 14 “Capital Structure” are direct obligations of or guaranteed by the Registrant. A majority of the pension and other postretirement benefits plans presented in Note 19 “Benefit Plans” are direct obligations of the Registrant.

Participating subsidiaries fund the pension plans contributions under a master services cost sharing agreement. In addition, as a result of joint and several pension liability rules under the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, as amended, many liabilities that arise in connection with pension plans are joint and several across all members of a controlled group of entities.

2. Notes due to subsidiaries

On May 14, 2024, the Registrant issued $350 million notes, with a rate of 5.57% due on May 14, 2025, to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes.

On June 17, 2022, the Registrant issued $1.00 billion notes, with a rate of 1.63% due on June 17, 2023, to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On June 9, 2023, the Registrant repaid $1.00 billion to Kennett Capital Inc.

On June 18, 2021, the Registrant issued $1.00 billion notes, with a rate of 0.20%, due on June 18, 2022 to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On June 17, 2022, the Registrant repaid $1.00 billion to Kennett Capital Inc.

3. Supplemental Disclosures of Cash Flow Information

The Registrant paid $395 million, $355 million and $323 million of interest on debt in 2024, 2023 and 2022, respectively.

The Allstate Corporation S-5

2024 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule III — Supplementary Insurance Information


($ in millions)	As of December 31,						For the years ended December 31,
Segment	Deferred policy acquisition costs		Reserves for claims and claims expense, contract benefits and contractholder funds		Unearned premiums		Premium revenue and contract charges		Net investment income (2)		Claims and claims expense and accident, health and other policy benefits		Amortization of deferred policy acquisition costs		Other operating costs and expenses		Premiums written (excluding life)
2024
Property-Liability
Allstate Protection	$	2,548	$	39,964	$	21,508	$	53,866			$	39,050	$	6,676	$	6,882	$	55,926
Run-off Property-Liability	—		1,883		—		—				68		—		5		—
Total Property-Liability	2,548		41,847		21,508		53,866		$	2,810	39,118		6,676		6,887		55,926
Protection Services (1)	3,161		70		5,385		2,702		94		641		1,217		1,138		2,797
Allstate Health and Benefits	64		269		16		1,921		100		1,241		146		946		1,644
Corporate and Other	—		—		—		—		88		—		—		515		—
Intersegment Eliminations (1)	—		—		—		(180)		—		(24)		—		(156)		—
Total	$	5,773	$	42,186	$	26,909	$	58,309	$	3,092	$	40,976	$	8,039	$	9,330	$	60,367

2023
Property-Liability
Allstate Protection	$	2,378	$	37,852	$	19,542	$	48,427			$	40,364	$	6,070	$	5,628	$	50,347
Run-off Property-Liability	—		1,942		—		—				89		—		5		—
Total Property-Liability	2,378		39,794		19,542		48,427		$	2,218	40,453		6,070		5,633		50,347
Protection Services (1)	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

Corporate and Other	—		—		—		—		105		—		—		676		—
Intersegment Eliminations (1)	—		—		—		(138)		—		(15)		—		(123)		—
Total	$	5,940	$	42,093	$	24,709	$	52,516	$	2,478	$	42,141	$	7,278	$	8,023	$	54,608

2022
Property-Liability
Allstate Protection	$	2,146	$	35,537	$	17,538	$	43,909			$	36,607	$	5,570	$	5,930	$	45,787
Run-off Property-Liability	—		1,955		—		—				125		—		4		—
Total Property-Liability	2,146		37,492		17,538		43,909		$	2,190	36,732		5,570		5,934		45,787
Protection Services (1)	2,768		49		4,745		2,144		48		532		928		952		2,699

Allstate Health and Benefits	528		2,201		16		1,832		69		1,042		136		852		1,594

Corporate and Other	—		—		—		—		96		—		—		712		—
Intersegment Eliminations (1)	—		—		—		(149)		—		—		—		(149)		—
Total	$	5,442	$	39,742	$	22,299	$	47,736	$	2,403	$	38,306	$	6,634	$	8,301	$	50,080

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

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

S-6 www.allstate.com

2024 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule IV — Reinsurance


($ in millions)	Gross amount		Ceded to other companies		Assumed from other companies		Net amount		Percentage of amount assumed to net
Year ended December 31, 2024
Life insurance in force (1)	$	22,225	$	295	$	1,208	$	23,138	5.2	%
Premiums and contract charges:
Life insurance	$	258	$	5	$	16	$	269	5.9	%
Accident and health insurance	1,687		45		10		1,652		0.6
Property and casualty insurance	58,221		2,210		377		56,388		0.7
Total premiums and contract charges	$	60,166	$	2,260	$	403	$	58,309	0.7

Year ended December 31, 2023
Life insurance in force	$	21,788	$	482	$	1,301	$	22,607	5.8	%
Premiums and contract charges:
Life insurance	$	226	$	6	$	16	$	236	6.8	%
Accident and health insurance	1,639		41		12		1,610		0.7
Property and casualty insurance	52,301		1,989		358		50,670		0.7
Total premiums and contract charges	$	54,166	$	2,036	$	386	$	52,516	0.7

Year ended December 31, 2022
Life insurance in force	$	21,271	$	614	$	1,401	$	22,058	6.4	%
Premiums and contract charges:
Life insurance	$	214	$	6	$	17	$	225	7.6	%
Accident and health insurance	1,624		31		14		1,607		0.9
Property and casualty insurance	47,552		1,869		221		45,904		0.5
Total premiums and contract charges	$	49,390	$	1,906	$	252	$	47,736	0.5

(1)Includes results for assets classified as held for sale.

The Allstate Corporation S-7

2024 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule V — Valuation Allowances and Qualifying Accounts


($ in millions)			Additions
Description	Balance as of beginning of period		Charged to costs and expenses		Other additions		Deductions (1)		Balance as of end of period
Year ended December 31, 2024
Fixed income securities	$	36	$	3	$	—	$	22	$	17
Mortgage loans	11		1		—		—		12
Bank loans	22		—		—		12		10
Investments	69		4		—		34		39
Premium installment receivable	138		414		—		365		187
Reinsurance recoverables	65		1		—		3		63
Other assets	18		—		—		4		14
Assets	290		419		—		406		303
Commitments to fund mortgage loans and bank loans	1		—		—		1		—
Liabilities	1		—		—		1		—
Total	$	291	$	419	$	—	$	407	$	303

Valuation allowance for deferred tax assets	$	69	$	—	$	—	$	—	$	69

Year ended December 31, 2023
Fixed income securities	$	13	$	23	$	—	$	—	$	36
Mortgage loans	7		4		—		—		11
Bank loans	57		18		—		53		22
Investments	77		45		—		53		69
Premium installment receivable	132		348		—		342		138
Reinsurance recoverables	65		1		—		1		65
Other assets	19		—		—		1		18
Assets	293		394		—		397		290
Commitments to fund mortgage loans and bank loans	—		1		—		—		1
Liabilities	—		1		—		—		1
Total	$	293	$	395	$	—	$	397	$	291

Valuation allowance for deferred tax assets	$	34	$	—	$	35	$	—	$	69

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

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

(1)Includes allowance for assets reclassified to held for sale.

S-8 www.allstate.com

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