The Allstate Corporation (ALL) 10-Q 3 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 20, 2015
Document and Entity Information
Entity Registrant Name	ALLSTATE CORP
Entity Central Index Key	899,051
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		400,389,900

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Property-liability insurance premiums	$ 7,549	$ 7,204	$ 14,975	$ 14,268
Life and annuity premiums and contract charges	536	518	1,073	1,125
Net investment income	789	898	1,639	1,857
Realized capital gains and losses:
Total other-than-temporary impairment (“OTTI”) losses	(47)	(44)	(100)	(124)
OTTI losses reclassified to (from) other comprehensive income	4	(1)	8	(2)
Net OTTI losses recognized in earnings	(43)	(45)	(92)	(126)
Sales and other realized capital gains and losses	151	285	339	420
Total realized capital gains and losses	108	240	247	294
Total revenues	8,982	8,860	17,934	17,544
Costs and expenses
Property-liability insurance claims and claims expense	5,587	5,142	10,580	9,901
Life and annuity contract benefits	446	413	887	901
Interest credited to contractholder funds	185	212	384	519
Amortization of deferred policy acquisition costs	1,086	1,035	2,156	2,070
Operating costs and expenses	1,061	1,023	2,151	2,117
Restructuring and related charges	19	4	23	10
Loss on extinguishment of debt	0	1	0	1
Interest expense	73	84	146	171
Costs and expenses	8,457	7,914	16,327	15,690
Gain (loss) on disposition of operations	1	9	0	(50)
Income from operations before income tax expense	526	955	1,607	1,804
Income tax expense	171	310	575	559
Net income	355	645	1,032	1,245
Preferred stock dividends	29	31	58	44
Net income available to common shareholders	$ 326	$ 614	$ 974	$ 1,201
Earnings per common share:
Net income available to common shareholders per common share - Basic (in dollars per share)	$ 0.80	$ 1.41	$ 2.37	$ 2.73
Weighted average common shares - Basic (in shares)	407	434.3	411.4	440.4
Net income available to common shareholders per common share - Diluted (in dollars per share)	$ 0.79	$ 1.39	$ 2.33	$ 2.69
Weighted average common shares - Diluted (in shares)	412.6	440.7	417.6	446.8
Cash dividends declared per common share	$ 0.30	$ 0.28	$ 0.60	$ 0.56

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 355	$ 645	$ 1,032	$ 1,245
Changes in:
Unrealized net capital gains and losses	(718)	59	(507)	504
Unrealized foreign currency translation adjustments	(9)	13	(36)	(3)
Unrecognized pension and other postretirement benefit cost	20	8	49	19
Other comprehensive (loss) income, after-tax	(707)	80	(494)	520
Comprehensive (loss) income	$ (352)	$ 725	$ 538	$ 1,765

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Investments
Fixed income securities, at fair value (amortized cost $57,971 and $59,672)	$ 59,930	$ 62,440
Equity securities, at fair value (cost $3,649 and $3,692)	4,000	4,104
Mortgage loans	4,343	4,188
Limited partnership interests	4,536	4,527
Short-term, at fair value (amortized cost $2,821 and $2,540)	2,821	2,540
Other	3,511	3,314
Total investments	79,141	81,113
Cash	805	657
Premium installment receivables, net	5,599	5,465
Deferred policy acquisition costs	3,708	3,525
Reinsurance recoverables, net	8,520	8,490
Accrued investment income	610	591
Property and equipment, net	1,038	1,031
Goodwill	1,219	1,219
Other assets	2,356	2,046
Separate Accounts	4,121	4,396
Total assets	107,117	108,533
Liabilities
Reserve for property-liability insurance claims and claims expense	23,702	22,923
Reserve for life-contingent contract benefits	12,227	12,380
Contractholder funds	21,968	22,529
Unearned premiums	11,858	11,655
Claim payments outstanding	820	784
Deferred income taxes	475	715
Other liabilities and accrued expenses	5,462	5,653
Long-term debt	5,186	5,194
Separate Accounts	4,121	4,396
Total liabilities	$ 85,819	$ 86,229
Commitments and Contingent Liabilities (Note 10)
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 72.2 thousand shares issued and outstanding, and $1,805 aggregate liquidation preference	$ 1,746	$ 1,746
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 402 million and 418 million shares outstanding	9	9
Additional capital paid-in	3,205	3,199
Retained income	38,567	37,842
Deferred ESOP expense	(23)	(23)
Treasury stock, at cost (498 million and 482 million shares)	(22,273)	(21,030)
Unrealized net capital gains and losses:
Unrealized net capital gains and losses on fixed income securities with OTTI	62	72
Other unrealized net capital gains and losses	1,435	1,988
Unrealized adjustment to DAC, DSI and insurance reserves	(78)	(134)
Total unrealized net capital gains and losses	1,419	1,926
Unrealized foreign currency translation adjustments	(38)	(2)
Unrecognized pension and other postretirement benefit cost	(1,314)	(1,363)
Total accumulated other comprehensive income	67	561
Total shareholders’ equity	21,298	22,304
Total liabilities and shareholders’ equity	$ 107,117	$ 108,533

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Fixed income securities, at fair value, amortized cost (in dollars)	$ 57,971	$ 59,672
Equity securities, at fair value, cost (in dollars)	3,649	3,692
Short-term, at fair value, amortized cost (in dollars)	$ 2,821	$ 2,540
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	72,200	72,200
Preferred stock, shares outstanding	72,200	72,200
Preferred stock, shares aggregate liquidation preference	$ 1,805	$ 1,805
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	900,000,000	900,000,000
Common stock, shares outstanding	402,000,000	418,000,000
Treasury Stock, shares	498,000,000	482,000,000

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Preferred Stock	Preferred stock additional capital paid-in	Common stock	Additional capital paid-in	Retained income	Deferred ESOP expense	Treasury stock	Accumulated other comprehensive income
Balance, beginning of period at Dec. 31, 2013			$ 780		$ 3,143	$ 35,580	$ (31)	$ (19,047)	$ 1,046
Increase (decrease) in equity
Preferred stock issuance			966
Forward contract on accelerated share repurchase agreement					(113)
Equity incentive plans activity					5
Net income	$ 1,245					1,245
Dividends on common stock						(249)
Dividends on preferred stock						(44)
Payments							0
Shares acquired								(1,129)
Shares reissued under equity incentive plans, net								191
Change in unrealized net capital gains and losses	504								504
Change in unrealized foreign currency translation adjustments	(3)								(3)
Change in unrecognized pension and other postretirement benefit cost	19								19
Balance, end of period at Jun. 30, 2014	$ 22,872		1,746	$ 9	3,035	36,532	(31)	(19,985)	1,566
Preferred stock, par value (in dollars per share)		$ 0
Preferred stock, par value (in dollars per share)	$ 1
Balance, beginning of period at Dec. 31, 2014			1,746		3,199	37,842	(23)	(21,030)	561
Increase (decrease) in equity
Preferred stock issuance			0
Forward contract on accelerated share repurchase agreement					0
Equity incentive plans activity					6
Net income	$ 1,032					1,032
Dividends on common stock						(249)
Dividends on preferred stock						(58)
Payments							0
Shares acquired								(1,432)
Shares reissued under equity incentive plans, net								189
Change in unrealized net capital gains and losses	(507)								(507)
Change in unrealized foreign currency translation adjustments	(36)								(36)
Change in unrecognized pension and other postretirement benefit cost	49								49
Balance, end of period at Jun. 30, 2015	$ 21,298		$ 1,746	$ 9	$ 3,205	$ 38,567	$ (23)	$ (22,273)	$ 67
Preferred stock, par value (in dollars per share)	$ 1	$ 0

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net income	$ 1,032	$ 1,245
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other non-cash items	179	189
Realized capital gains and losses	(247)	(294)
Loss on extinguishment of debt	0	1
Loss on disposition of operations	0	50
Interest credited to contractholder funds	384	519
Changes in:
Policy benefits and other insurance reserves	526	103
Unearned premiums	244	287
Deferred policy acquisition costs	(132)	(77)
Premium installment receivables, net	(158)	(152)
Reinsurance recoverables, net	(144)	(39)
Income taxes	(283)	(195)
Other operating assets and liabilities	(98)	(436)
Net cash provided by operating activities	1,303	1,201
Proceeds from sales
Fixed income securities	16,012	14,205
Equity securities	2,074	2,744
Limited partnership interests	591	802
Mortgage loans	0	10
Other investments	132	81
Investment collections
Fixed income securities	2,243	1,730
Mortgage loans	357	726
Other investments	177	107
Investment purchases
Fixed income securities	(16,482)	(15,802)
Equity securities	(1,920)	(2,668)
Limited partnership interests	(563)	(653)
Mortgage loans	(509)	(109)
Other investments	(518)	(395)
Change in short-term investments, net	(391)	(60)
Change in other investments, net	(16)	49
Purchases of property and equipment, net	(133)	(124)
Disposition of operations	0	378
Net cash provided by investing activities	1,054	1,021
Cash flows from financing activities
Repayments of long-term debt	(9)	(355)
Proceeds from issuance of preferred stock	0	965
Contractholder fund deposits	527	666
Contractholder fund withdrawals	(1,152)	(1,922)
Dividends paid on common stock	(243)	(238)
Dividends paid on preferred stock	(58)	(25)
Treasury stock purchases	(1,424)	(1,257)
Shares reissued under equity incentive plans, net	109	149
Excess tax benefits on share-based payment arrangements	43	18
Other	(2)	(9)
Net cash used in financing activities	(2,209)	(2,008)
Net increase in cash	148	214
Cash at beginning of period	657	675
Cash at end of period	$ 805	$ 889

General

General	6 Months Ended
	Jun. 30, 2015
General
General	General Basis of presentation The accompanying condensed consolidated financial statements include the accounts of The Allstate Corporation (the “Corporation”) and its wholly owned subsidiaries, primarily Allstate Insurance Company (“AIC”), a property-liability insurance company with various property-liability and life and investment subsidiaries, including Allstate Life Insurance Company (“ALIC”) (collectively referred to as the “Company” or “Allstate”). The condensed consolidated financial statements and notes as of June 30, 2015 and for the three-month and six -month periods ended June 30, 2015 and 2014 are unaudited. The condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. These condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. All significant intercompany accounts and transactions have been eliminated. Adopted accounting standard Accounting for Investments in Qualified Affordable Housing Projects In January 2014, the Financial Accounting Standards Board (“FASB”) issued guidance which allows entities that invest in certain qualified affordable housing projects through limited liability entities the option to account for these investments using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense or benefit. Adoption of the new guidance in the first quarter of 2015 resulted in a one-time $45 million increase in income tax expense. Pending accounting standards Revenue from Contracts with Customers In May 2014, the FASB issued guidance which revises the criteria for revenue recognition. Insurance contracts are excluded from the scope of the new guidance. Under the guidance, the transaction price is attributed to underlying performance obligations in the contract and revenue is recognized as the entity satisfies the performance obligations and transfers control of a good or service to the customer. Incremental costs of obtaining a contract may be capitalized to the extent the entity expects to recover those costs. The guidance is expected to be effective for reporting periods beginning after December 15, 2017 and is to be applied retrospectively. The Company is in the process of evaluating the impact of adoption, which is not expected to be material to the Company’s results of operations or financial position. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, the FASB issued guidance which clarifies that a performance target that affects vesting and could be achieved after the requisite service period should be treated as a performance condition and should not be reflected in estimating the grant-date fair value of the award. Compensation costs should reflect the amount attributable to the periods for which the requisite service has been rendered. Total compensation expense recognized during and after the requisite service period (which may differ from the vesting period) should reflect the number of awards that are expected to vest and should be adjusted to reflect the number of awards that ultimately vest. The guidance is effective for reporting periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. The Company’s existing accounting policy for performance targets that affect the vesting of share-based payment awards is consistent with the proposed guidance and as such the impact of adoption is not expected to affect the Company’s results of operations or financial position. Amendments to the Consolidation Analysis In February 2015, the FASB issued guidance affecting the consolidation evaluation for limited partnerships and similar entities, fees paid to a decision maker or service provider, and variable interests in a variable interest entity held by related parties of the reporting enterprise. The guidance is effective for annual and interim reporting periods beginning after December 15, 2015 and may be applied either retrospectively or using a modified retrospective approach with a cumulative-effect adjustment to equity at the beginning of the year of adoption. The Company is in the process of assessing the impact of adoption which is not expected to be material to the Company’s results of operations or financial position. Presentation of Debt Issuance Costs In April 2015, the FASB issued guidance that amends the accounting for debt issuance costs. The amended guidance requires that debt issuance costs related to a recognized debt liability be presented as a direct reduction in the carrying amount of the debt liability. The amortization of debt issuance costs shall be classified as interest expense. The guidance is effective for reporting periods beginning after December 15, 2015 and is to be applied retrospectively. The impact of adoption is not expected to be material to the Company’s results of operations or financial position. Disclosures about Short-Duration Contracts In May 2015, the FASB issued guidance requiring expanded disclosures for insurance entities that issue short-duration contracts. The expanded disclosures are designed to provide additional insight into an insurance entity’s ability to underwrite and anticipate costs associated with claims. The disclosures include information about incurred and paid claims development by accident year, on a net basis after reinsurance, for the number of years claims incurred typically remain outstanding, not to exceed ten years. Each period presented in the disclosure about claims development that precedes the current reporting periods is considered required supplementary information. The expanded disclosures also include information about significant changes in methodologies and assumptions, a reconciliation of incurred and paid claims development to the carrying amount of the liability for unpaid claims and claim adjustment expenses, the total amount of incurred but not reported liabilities plus expected development, claims frequency information including the methodology used to determine claim frequency and any changes to that methodology, and claim duration. The guidance is effective for annual periods beginning after December 15, 2015, and interim periods beginning after December 15, 2016, and is to be applied retrospectively. The new guidance affects disclosures only and will have no impact on the Company’s results of operations or financial position.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed using the weighted average number of common shares outstanding, including unvested participating restricted stock units. Diluted earnings per common share is computed using the weighted average number of common and dilutive potential common shares outstanding. For the Company, dilutive potential common shares consist of outstanding stock options and unvested non-participating restricted stock units and contingently issuable performance stock awards. The computation of basic and diluted earnings per common share is presented in the following table. ($ in millions, except per share data) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Numerator: Net income $ 355 $ 645 $ 1,032 $ 1,245 Less: Preferred stock dividends 29 31 58 44 Net income available to common shareholders $ 326 $ 614 $ 974 $ 1,201 Denominator: Weighted average common shares outstanding 407.0 434.3 411.4 440.4 Effect of dilutive potential common shares: Stock options 4.2 4.8 4.5 4.6 Restricted stock units (non-participating) and performance stock awards 1.4 1.6 1.7 1.8 Weighted average common and dilutive potential common shares outstanding 412.6 440.7 417.6 446.8 Earnings per common share - Basic $ 0.80 $ 1.41 $ 2.37 $ 2.73 Earnings per common share - Diluted $ 0.79 $ 1.39 $ 2.33 $ 2.69 The effect of dilutive potential common shares does not include the effect of options with an anti-dilutive effect on earnings per common share because their exercise prices exceed the average market price of Allstate common shares during the period or for which the unrecognized compensation cost would have an anti-dilutive effect. Options to purchase 2.2 million and 4.5 million Allstate common shares, with exercise prices ranging from $60.81 to $71.29 and $48.46 to $62.42 , were outstanding for the three-month periods ended June 30, 2015 and 2014 , respectively, but were not included in the computation of diluted earnings per common share in those periods. Options to purchase 2.2 million and 4.6 million Allstate common shares, with exercise prices ranging from $60.81 to $71.29 and $45.61 to $62.42 , were outstanding for the six -month periods ended June 30, 2015 and 2014 , respectively, but were not included in the computation of diluted earnings per common share in those periods.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Non-cash modifications of certain mortgage loans, fixed income securities and other investments, as well as mergers completed with equity securities, totaled $54 million and $86 million for the six months ended June 30, 2015 and 2014 , respectively. Non-cash financing activities include $72 million and $45 million related to the issuance of Allstate common shares for vested restricted stock units and performance stock awards for the six months ended June 30, 2015 and 2014 , respectively. Liabilities for collateral received in conjunction with the Company’s securities lending program and over-the-counter (“OTC”) and cleared derivatives are reported in other liabilities and accrued expenses or other investments. The accompanying cash flows are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, which are as follows: ($ in millions) Six months ended June 30, 2015 2014 Net change in proceeds managed Net change in short-term investments $ 34 $ (284 ) Operating cash flow provided (used) 34 (284 ) Net change in cash (3 ) 1 Net change in proceeds managed $ 31 $ (283 ) Net change in liabilities Liabilities for collateral, beginning of period $ (782 ) $ (624 ) Liabilities for collateral, end of period (751 ) (907 ) Operating cash flow (used) provided $ (31 ) $ 283

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Investments	Investments Fair values The amortized cost, gross unrealized gains and losses and fair value for fixed income securities are as follows: ($ in millions) Amortized cost Gross unrealized Fair value Gains Losses June 30, 2015 U.S. government and agencies $ 3,827 $ 110 $ (1 ) $ 3,936 Municipal 8,111 519 (36 ) 8,594 Corporate 41,153 1,524 (360 ) 42,317 Foreign government 1,258 67 (1 ) 1,324 Asset-backed securities (“ABS”) 2,081 21 (26 ) 2,076 Residential mortgage-backed securities (“RMBS”) 982 113 (12 ) 1,083 Commercial mortgage-backed securities (“CMBS”) 538 39 (2 ) 575 Redeemable preferred stock 21 4 — 25 Total fixed income securities $ 57,971 $ 2,397 $ (438 ) $ 59,930 December 31, 2014 U.S. government and agencies $ 4,192 $ 139 $ (3 ) $ 4,328 Municipal 7,877 645 (25 ) 8,497 Corporate 40,386 1,998 (240 ) 42,144 Foreign government 1,543 102 — 1,645 ABS 3,971 38 (31 ) 3,978 RMBS 1,108 112 (13 ) 1,207 CMBS 573 44 (2 ) 615 Redeemable preferred stock 22 4 — 26 Total fixed income securities $ 59,672 $ 3,082 $ (314 ) $ 62,440 Scheduled maturities The scheduled maturities for fixed income securities are as follows as of June 30, 2015 : ($ in millions) Amortized cost Fair value Due in one year or less $ 4,446 $ 4,491 Due after one year through five years 25,081 25,705 Due after five years through ten years 17,248 17,605 Due after ten years 7,595 8,395 54,370 56,196 ABS, RMBS and CMBS 3,601 3,734 Total $ 57,971 $ 59,930 Actual maturities may differ from those scheduled as a result of calls and make-whole payments by the issuers. ABS, RMBS and CMBS are shown separately because of the potential for prepayment of principal prior to contractual maturity dates. Net investment income Net investment income is as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Fixed income securities $ 567 $ 584 $ 1,135 $ 1,289 Equity securities 31 35 54 63 Mortgage loans 57 71 112 152 Limited partnership interests 118 195 316 337 Short-term investments 3 3 4 4 Other 49 44 94 86 Investment income, before expense 825 932 1,715 1,931 Investment expense (36 ) (34 ) (76 ) (74 ) Net investment income $ 789 $ 898 $ 1,639 $ 1,857 Realized capital gains and losses Realized capital gains and losses by asset type are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Fixed income securities $ 60 $ 62 $ 140 $ 98 Equity securities 48 239 126 261 Mortgage loans 1 (2 ) 1 1 Limited partnership interests (3 ) (51 ) 3 (49 ) Derivatives 5 (7 ) (20 ) (19 ) Other (3 ) (1 ) (3 ) 2 Realized capital gains and losses $ 108 $ 240 $ 247 $ 294 Realized capital gains and losses by transaction type are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Impairment write-downs $ (11 ) $ (6 ) $ (30 ) $ (22 ) Change in intent write-downs (32 ) (39 ) (62 ) (104 ) Net other-than-temporary impairment losses recognized in earnings (43 ) (45 ) (92 ) (126 ) Sales 146 290 362 437 Valuation and settlements of derivative instruments 5 (5 ) (23 ) (17 ) Realized capital gains and losses $ 108 $ 240 $ 247 $ 294 Gross gains of $194 million and $347 million and gross losses of $46 million and $27 million were realized on sales of fixed income and equity securities during the three months ended June 30, 2015 and 2014 , respectively. Gross gains of $471 million and $513 million and gross losses of $121 million and $63 million were realized on sales of fixed income and equity securities during the six months ended June 30, 2015 and 2014 , respectively. Other-than-temporary impairment losses by asset type are as follows: ($ in millions) Three months ended June 30, 2015 Three months ended June 30, 2014 Gross Included in OCI Net Gross Included in OCI Net Fixed income securities: Municipal $ — $ — $ — $ (1 ) $ — $ (1 ) Corporate (5 ) 4 (1 ) — — — ABS (3 ) — (3 ) (2 ) — (2 ) RMBS — — — 6 (1 ) 5 Total fixed income securities (8 ) 4 (4 ) 3 (1 ) 2 Equity securities (36 ) — (36 ) (21 ) — (21 ) Limited partnership interests — — — (26 ) — (26 ) Other (3 ) — (3 ) — — — Other-than-temporary impairment losses $ (47 ) $ 4 $ (43 ) $ (44 ) $ (1 ) $ (45 ) Six months ended June 30, 2015 Six months ended June 30, 2014 Gross Included in OCI Net Gross Included in OCI Net Fixed income securities: Municipal $ (4 ) $ 4 $ — $ (6 ) $ — $ (6 ) Corporate (10 ) 4 (6 ) — — — ABS (4 ) 1 (3 ) (3 ) — (3 ) RMBS 1 (1 ) — 6 (2 ) 4 Total fixed income securities (17 ) 8 (9 ) (3 ) (2 ) (5 ) Equity securities (75 ) — (75 ) (86 ) — (86 ) Mortgage loans — — — 4 — 4 Limited partnership interests (5 ) — (5 ) (39 ) — (39 ) Other $ (3 ) $ — $ (3 ) — — — Other-than-temporary impairment losses $ (100 ) $ 8 $ (92 ) $ (124 ) $ (2 ) $ (126 ) The total amount of other-than-temporary impairment losses included in accumulated other comprehensive income at the time of impairment for fixed income securities, which were not included in earnings, are presented in the following table. The amounts exclude $224 million and $233 million as of June 30, 2015 and December 31, 2014 , respectively, of net unrealized gains related to changes in valuation of the fixed income securities subsequent to the impairment measurement date. ($ in millions) June 30, 2015 December 31, 2014 Municipal $ (9 ) $ (8 ) Corporate (4 ) — ABS (3 ) (2 ) RMBS (106 ) (108 ) CMBS (6 ) (5 ) Total $ (128 ) $ (123 ) Rollforwards of the cumulative credit losses recognized in earnings for fixed income securities held as of the end of the period are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Beginning balance $ (378 ) $ (493 ) $ (380 ) $ (513 ) Additional credit loss for securities previously other-than-temporarily impaired (2 ) 4 (3 ) (1 ) Additional credit loss for securities not previously other-than-temporarily impaired (2 ) (2 ) (6 ) (3 ) Reduction in credit loss for securities disposed or collected 8 7 14 33 Reduction in credit loss for securities the Company has made the decision to sell or more likely than not will be required to sell — — — — Change in credit loss due to accretion of increase in cash flows 2 1 3 1 Reduction in credit loss for securities sold in Lincoln Benefit Life Company (“LBL”) disposition — 59 — 59 Ending balance $ (372 ) $ (424 ) $ (372 ) $ (424 ) The Company uses its best estimate of future cash flows expected to be collected from the fixed income security, discounted at the security’s original or current effective rate, as appropriate, to calculate a recovery value and determine whether a credit loss exists. The determination of cash flow estimates is inherently subjective and methodologies may vary depending on facts and circumstances specific to the security. All reasonably available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable assumptions and forecasts, are considered when developing the estimate of cash flows expected to be collected. That information generally includes, but is not limited to, the remaining payment terms of the security, prepayment speeds, foreign exchange rates, the financial condition and future earnings potential of the issue or issuer, expected defaults, expected recoveries, the value of underlying collateral, vintage, geographic concentration, available reserves or escrows, current subordination levels, third party guarantees and other credit enhancements. Other information, such as industry analyst reports and forecasts, sector credit ratings, financial condition of the bond insurer for insured fixed income securities, and other market data relevant to the realizability of contractual cash flows, may also be considered. The estimated fair value of collateral will be used to estimate recovery value if the Company determines that the security is dependent on the liquidation of collateral for ultimate settlement. If the estimated recovery value is less than the amortized cost of the security, a credit loss exists and an other-than-temporary impairment for the difference between the estimated recovery value and amortized cost is recorded in earnings. The portion of the unrealized loss related to factors other than credit remains classified in accumulated other comprehensive income. If the Company determines that the fixed income security does not have sufficient cash flow or other information to estimate a recovery value for the security, the Company may conclude that the entire decline in fair value is deemed to be credit related and the loss is recorded in earnings. Unrealized net capital gains and losses Unrealized net capital gains and losses included in accumulated other comprehensive income are as follows: ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) June 30, 2015 Gains Losses Fixed income securities $ 59,930 $ 2,397 $ (438 ) $ 1,959 Equity securities 4,000 413 (62 ) 351 Short-term investments 2,821 — — — Derivative instruments (1) 7 7 (4 ) 3 Equity method (“EMA”) limited partnerships (2) (5 ) Unrealized net capital gains and losses, pre-tax 2,308 Amounts recognized for: Insurance reserves (3) — DAC and DSI (4) (121 ) Amounts recognized (121 ) Deferred income taxes (768 ) Unrealized net capital gains and losses, after-tax $ 1,419 _______________ (1) Included in the fair value of derivative instruments are $3 million classified as assets and $(4) million classified as liabilities. (2) Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ other comprehensive income. Fair value and gross unrealized gains and losses are not applicable. (3) The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at current lower interest rates, resulting in a premium deficiency. Although the Company evaluates premium deficiencies on the combined performance of life insurance and immediate annuities with life contingencies, the adjustment primarily relates to structured settlement annuities with life contingencies, in addition to annuity buy-outs and certain payout annuities with life contingencies. (4) The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized. ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) December 31, 2014 Gains Losses Fixed income securities $ 62,440 $ 3,082 $ (314 ) $ 2,768 Equity securities 4,104 467 (55 ) 412 Short-term investments 2,540 — — — Derivative instruments (1) 2 3 (5 ) (2 ) EMA limited partnerships (5 ) Unrealized net capital gains and losses, pre-tax 3,173 Amounts recognized for: Insurance reserves (28 ) DAC and DSI (179 ) Amounts recognized (207 ) Deferred income taxes (1,040 ) Unrealized net capital gains and losses, after-tax $ 1,926 _______________ (1) Included in the fair value of derivative instruments are $3 million classified as assets and $1 million classified as liabilities. Change in unrealized net capital gains and losses The change in unrealized net capital gains and losses for the six months ended June 30, 2015 is as follows: ($ in millions) Fixed income securities $ (809 ) Equity securities (61 ) Derivative instruments 5 Total (865 ) Amounts recognized for: Insurance reserves 28 DAC and DSI 58 Amounts recognized 86 Deferred income taxes 272 Decrease in unrealized net capital gains and losses, after-tax $ (507 ) Portfolio monitoring The Company has a comprehensive portfolio monitoring process to identify and evaluate each fixed income and equity security whose carrying value may be other-than-temporarily impaired . For each fixed income security in an unrealized loss position, the Company assesses whether management with the appropriate authority has made the decision to sell or whether it is more likely than not the Company will be required to sell the security before recovery of the amortized cost basis for reasons such as liquidity, contractual or regulatory purposes. If a security meets either of these criteria, the security’s decline in fair value is considered other than temporary and is recorded in earnings. If the Company has not made the decision to sell the fixed income security and it is not more likely than not the Company will be required to sell the fixed income security before recovery of its amortized cost basis, the Company evaluates whether it expects to receive cash flows sufficient to recover the entire amortized cost basis of the security. The Company calculates the estimated recovery value by discounting the best estimate of future cash flows at the security’s original or current effective rate, as appropriate, and compares this to the amortized cost of the security. If the Company does not expect to receive cash flows sufficient to recover the entire amortized cost basis of the fixed income security, the credit loss component of the impairment is recorded in earnings, with the remaining amount of the unrealized loss related to other factors recognized in other comprehensive income. For equity securities, the Company considers various factors, including whether it has the intent and ability to hold the equity security for a period of time sufficient to recover its cost basis. Where the Company lacks the intent and ability to hold to recovery, or believes the recovery period is extended, the equity security’s decline in fair value is considered other than temporary and is recorded in earnings. For fixed income and equity securities managed by third parties, either the Company has contractually retained its decision making authority as it pertains to selling securities that are in an unrealized loss position or it recognizes any unrealized loss at the end of the period through a charge to earnings. The Company’s portfolio monitoring process includes a quarterly review of all securities to identify instances where the fair value of a security compared to its amortized cost (for fixed income securities) or cost (for equity securities) is below established thresholds. The process also includes the monitoring of other impairment indicators such as ratings, ratings downgrades and payment defaults. The securities identified, in addition to other securities for which the Company may have a concern, are evaluated for potential other-than-temporary impairment using all reasonably available information relevant to the collectability or recovery of the security. Inherent in the Company’s evaluation of other-than-temporary impairment for these fixed income and equity securities are assumptions and estimates about the financial condition and future earnings potential of the issue or issuer. Some of the factors that may be considered in evaluating whether a decline in fair value is other than temporary are: 1) the financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry specific market conditions and trends, geographic location and implications of rating agency actions and offering prices; 2) the specific reasons that a security is in an unrealized loss position, including overall market conditions which could affect liquidity; and 3) the length of time and extent to which the fair value has been less than amortized cost or cost. The following table summarizes the gross unrealized losses and fair value of fixed income and equity securities by the length of time that individual securities have been in a continuous unrealized loss position. ($ in millions) Less than 12 months 12 months or more Total unrealized losses Number of issues Fair value Unrealized losses Number of issues Fair value Unrealized losses June 30, 2015 Fixed income securities U.S. government and agencies 16 $ 761 $ (1 ) — $ — $ — $ (1 ) Municipal 473 1,472 (23 ) 9 60 (13 ) (36 ) Corporate 954 11,790 (274 ) 65 616 (86 ) (360 ) Foreign government 10 53 (1 ) — — — (1 ) ABS 56 801 (10 ) 22 253 (16 ) (26 ) RMBS 81 51 (1 ) 177 146 (11 ) (12 ) CMBS 7 31 — 1 3 (2 ) (2 ) Total fixed income securities 1,597 14,959 (310 ) 274 1,078 (128 ) (438 ) Equity securities 251 753 (61 ) 1 13 (1 ) (62 ) Total fixed income and equity securities 1,848 $ 15,712 $ (371 ) 275 $ 1,091 $ (129 ) $ (500 ) Investment grade fixed income securities 1,225 $ 10,917 $ (158 ) 206 $ 670 $ (69 ) $ (227 ) Below investment grade fixed income securities 372 4,042 (152 ) 68 408 (59 ) (211 ) Total fixed income securities 1,597 $ 14,959 $ (310 ) 274 $ 1,078 $ (128 ) $ (438 ) December 31, 2014 Fixed income securities U.S. government and agencies 21 $ 1,501 $ (3 ) — $ — $ — $ (3 ) Municipal 252 1,008 (9 ) 19 116 (16 ) (25 ) Corporate 576 7,545 (147 ) 119 1,214 (93 ) (240 ) Foreign government 2 13 — 1 19 — — ABS 81 1,738 (11 ) 26 315 (20 ) (31 ) RMBS 75 70 (1 ) 188 156 (12 ) (13 ) CMBS 8 33 — 3 32 (2 ) (2 ) Total fixed income securities 1,015 11,908 (171 ) 356 1,852 (143 ) (314 ) Equity securities 258 866 (53 ) 1 11 (2 ) (55 ) Total fixed income and equity securities 1,273 $ 12,774 $ (224 ) 357 $ 1,863 $ (145 ) $ (369 ) Investment grade fixed income securities 754 $ 9,951 $ (71 ) 281 $ 1,444 $ (87 ) $ (158 ) Below investment grade fixed income securities 261 1,957 (100 ) 75 408 (56 ) (156 ) Total fixed income securities 1,015 $ 11,908 $ (171 ) 356 $ 1,852 $ (143 ) $ (314 ) As of June 30, 2015 , $411 million of unrealized losses are related to securities with an unrealized loss position less than 20% of amortized cost or cost, the degree of which suggests that these securities do not pose a high risk of being other-than-temporarily impaired. Of the $ 411 million , $ 195 million are related to unrealized losses on investment grade fixed income securities. Investment grade is defined as a security having a rating of Aaa, Aa, A or Baa from Moody’s, a rating of AAA, AA, A or BBB from Standard and Poor’s (“S&P”), Fitch, Dominion, Kroll or Realpoint, a rating of aaa, aa, a or bbb from A.M. Best, or a comparable internal rating if an externally provided rating is not available. Unrealized losses on investment grade securities are principally related to increasing risk-free interest rates or widening credit spreads since the time of initial purchase. As of June 30, 2015 , the remaining $ 89 million of unrealized losses are related to securities in unrealized loss positions greater than or equal to 20% of amortized cost or cost. Investment grade fixed income securities comprising $ 32 million of these unrealized losses were evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations. Of the $ 89 million , $ 49 million are related to below investment grade fixed income securities and $ 8 million are related to equity securities. Of these amounts, $6 million are related to below investment grade fixed income securities that had been in an unrealized loss position greater than or equal to 20% of amortized cost for a period of twelve or more consecutive months as of June 30, 2015 . ABS, RMBS and CMBS in an unrealized loss position were evaluated based on actual and projected collateral losses relative to the securities’ positions in the respective securitization trusts, security specific expectations of cash flows, and credit ratings. This evaluation also takes into consideration credit enhancement, measured in terms of (i) subordination from other classes of securities in the trust that are contractually obligated to absorb losses before the class of security the Company owns, (ii) the expected impact of other structural features embedded in the securitization trust beneficial to the class of securities the Company owns, such as overcollateralization and excess spread, and (iii) for ABS and RMBS in an unrealized loss position, credit enhancements from reliable bond insurers, where applicable. Municipal bonds in an unrealized loss position were evaluated based on the underlying credit quality of the primary obligator, obligation type and quality of the underlying assets. Unrealized losses on equity securities are primarily related to temporary equity market fluctuations of securities that are expected to recover. As of June 30, 2015 , the Company has not made the decision to sell and it is not more likely than not the Company will be required to sell fixed income securities with unrealized losses before recovery of the amortized cost basis. As of June 30, 2015 , the Company had the intent and ability to hold equity securities with unrealized losses for a period of time sufficient for them to recover. Limited partnerships As of June 30, 2015 and December 31, 2014 , the carrying value of equity method limited partnerships totaled $3.41 billion and $3.41 billion , respectively. The Company recognizes an impairment loss for equity method limited partnerships when evidence demonstrates that the loss is other than temporary. Evidence of a loss in value that is other than temporary may include the absence of an ability to recover the carrying amount of the investment or the inability of the investee to sustain a level of earnings that would justify the carrying amount of the investment. As of June 30, 2015 and December 31, 2014 , the carrying value for cost method limited partnerships was $1.13 billion and $1.12 billion , respectively. To determine if an other-than-temporary impairment has occurred, the Company evaluates whether an impairment indicator has occurred in the period that may have a significant adverse effect on the carrying value of the investment. Impairment indicators may include: significantly reduced valuations of the investments held by the limited partnerships; actual recent cash flows received being significantly less than expected cash flows; reduced valuations based on financing completed at a lower value; completed sale of a material underlying investment at a price significantly lower than expected; or any other adverse events since the last financial statements received that might affect the fair value of the investee’s capital. Additionally, the Company’s portfolio monitoring process includes a quarterly review of all cost method limited partnerships to identify instances where the net asset value is below established thresholds for certain periods of time, as well as investments that are performing below expectations, for further impairment consideration. If a cost method limited partnership is other-than-temporarily impaired, the carrying value is written down to fair value, generally estimated to be equivalent to the reported net asset value of the fund. Mortgage loans Mortgage loans are evaluated for impairment on a specific loan basis through a quarterly credit monitoring process and review of key credit quality indicators. Mortgage loans are considered impaired when it is probable that the Company will not collect the contractual principal and interest. Valuation allowances are established for impaired loans to reduce the carrying value to the fair value of the collateral less costs to sell or the present value of the loan’s expected future repayment cash flows discounted at the loan’s original effective interest rate. Impaired mortgage loans may not have a valuation allowance when the fair value of the collateral less costs to sell is higher than the carrying value. Valuation allowances are adjusted for subsequent changes in the fair value of the collateral less costs to sell. Mortgage loans are charged off against their corresponding valuation allowances when there is no reasonable expectation of recovery. The impairment evaluation is non-statistical in respect to the aggregate portfolio but considers facts and circumstances attributable to each loan. It is not considered probable that additional impairment losses, beyond those identified on a specific loan basis, have been incurred as of June 30, 2015 . Accrual of income is suspended for mortgage loans that are in default or when full and timely collection of principal and interest payments is not probable. Cash receipts on mortgage loans on nonaccrual status are generally recorded as a reduction of carrying value. Debt service coverage ratio is considered a key credit quality indicator when mortgage loans are evaluated for impairment. Debt service coverage ratio represents the amount of estimated cash flows from the property available to the borrower to meet principal and interest payment obligations. Debt service coverage ratio estimates are updated annually or more frequently if conditions are warranted based on the Company’s credit monitoring process. The following table reflects the carrying value of non-impaired fixed rate and variable rate mortgage loans summarized by debt service coverage ratio distribution. ($ in millions) June 30, 2015 December 31, 2014 Debt service coverage ratio distribution Fixed rate mortgage loans Variable rate mortgage loans Total Fixed rate mortgage loans Variable rate mortgage loans Total Below 1.0 $ 87 $ — $ 87 $ 110 $ — $ 110 1.0 - 1.25 444 — 444 424 — 424 1.26 - 1.50 1,185 1 1,186 1,167 1 1,168 Above 1.50 2,598 19 2,617 2,450 20 2,470 Total non-impaired mortgage loans $ 4,314 $ 20 $ 4,334 $ 4,151 $ 21 $ 4,172 Mortgage loans with a debt service coverage ratio below 1.0 that are not considered impaired primarily relate to instances where the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable term, the decrease in cash flows from the properties is considered temporary, or there are other risk mitigating circumstances such as additional collateral, escrow balances or borrower guarantees. The net carrying value of impaired mortgage loans is as follows: ($ in millions) June 30, 2015 December 31, 2014 Impaired mortgage loans with a valuation allowance $ 9 $ 16 Impaired mortgage loans without a valuation allowance — — Total impaired mortgage loans $ 9 $ 16 Valuation allowance on impaired mortgage loans $ 7 $ 8 The average balance of impaired loans was $13 million and $36 million for the six months ended June 30, 2015 and 2014 , respectively. The rollforward of the valuation allowance on impaired mortgage loans is as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Beginning balance $ 8 $ 9 $ 8 $ 21 Net decrease in valuation allowance — — — (4 ) Charge offs (1 ) — (1 ) (8 ) Ending balance $ 7 $ 9 $ 7 $ 9 Payments on all loans were current as of June 30, 2015 and December 31, 2014.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets and liabilities recorded on the Condensed Consolidated Statements of Financial Position at fair value are categorized in the fair value hierarchy based on the observability of inputs to the valuation techniques as follows: Level 1: Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company can access. Level 2: Assets and liabilities whose values are based on the following: (a) Quoted prices for similar assets or liabilities in active markets; (b) Quoted prices for identical or similar assets or liabilities in markets that are not active; or (c) Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability. Level 3: Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs reflect the Company’s estimates of the assumptions that market participants would use in valuing the assets and liabilities. The availability of observable inputs varies by instrument. In situations where fair value is based on internally developed pricing models or inputs that are unobservable in the market, the determination of fair value requires more judgment. The degree of judgment exercised by the Company in determining fair value is typically greatest for instruments categorized in Level 3. In many instances, valuation inputs used to measure fair value fall into different levels of the fair value hierarchy. The category level in the fair value hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments. The Company is responsible for the determination of fair value and the supporting assumptions and methodologies. The Company gains assurance that assets and liabilities are appropriately valued through the execution of various processes and controls designed to ensure the overall reasonableness and consistent application of valuation methodologies, including inputs and assumptions, and compliance with accounting standards. For fair values received from third parties or internally estimated, the Company’s processes and controls are designed to ensure that the valuation methodologies are appropriate and consistently applied, the inputs and assumptions are reasonable and consistent with the objective of determining fair value, and the fair values are accurately recorded. For example, on a continuing basis, the Company assesses the reasonableness of individual fair values that have stale security prices or that exceed certain thresholds as compared to previous fair values received from valuation service providers or brokers or derived from internal models. The Company performs procedures to understand and assess the methodologies, processes and controls of valuation service providers. In addition, the Company may validate the reasonableness of fair values by comparing information obtained from valuation service providers or brokers to other third party valuation sources for selected securities. The Company performs ongoing price validation procedures such as back-testing of actual sales, which corroborate the various inputs used in internal models to market observable data. When fair value determinations are expected to be more variable, the Company validates them through reviews by members of management who have relevant expertise and who are independent of those charged with executing investment transactions. The Company has two types of situations where investments are classified as Level 3 in the fair value hierarchy. The first is where specific inputs significant to the fair value estimation models are not market observable. This primarily occurs in the Company’s use of broker quotes to value certain securities where the inputs have not been corroborated to be market observable, and the use of valuation models that use significant non-market observable inputs. The second situation where the Company classifies securities in Level 3 is where quotes continue to be received from independent third-party valuation service providers and all significant inputs are market observable; however, there has been a significant decrease in the volume and level of activity for the asset when compared to normal market activity such that the degree of market observability has declined to a point where categorization as a Level 3 measurement is considered appropriate. The indicators considered in determining whether a significant decrease in the volume and level of activity for a specific asset has occurred include the level of new issuances in the primary market, trading volume in the secondary market, the level of credit spreads over historical levels, applicable bid-ask spreads, and price consensus among market participants and other pricing sources. Certain assets are not carried at fair value on a recurring basis, including investments such as mortgage loans, limited partnership interests, bank loans and policy loans. Accordingly, such investments are only included in the fair value hierarchy disclosure when the investment is subject to remeasurement at fair value after initial recognition and the resulting remeasurement is reflected in the condensed consolidated financial statements. In addition, derivatives embedded in fixed income securities are not disclosed in the hierarchy as free-standing derivatives since they are presented with the host contracts in fixed income securities. In determining fair value, the Company principally uses the market approach which generally utilizes market transaction data for the same or similar instruments. To a lesser extent, the Company uses the income approach which involves determining fair values from discounted cash flow methodologies. For the majority of Level 2 and Level 3 valuations, a combination of the market and income approaches is used. Summary of significant valuation techniques for assets and liabilities measured at fair value on a recurring basis Level 1 measurements • Fixed income securities: Comprise certain U.S. Treasury fixed income securities. Valuation is based on unadjusted quoted prices for identical assets in active markets that the Company can access. • Equity securities: Comprise actively traded, exchange-listed equity securities. Valuation is based on unadjusted quoted prices for identical assets in active markets that the Company can access. • Short-term: Comprise U.S. Treasury bills valued based on unadjusted quoted prices for identical assets in active markets that the Company can access and actively traded money market funds that have daily quoted net asset values for identical assets that the Company can access. • Separate account assets: Comprise actively traded mutual funds that have daily quoted net asset values for identical assets that the Company can access. Net asset values for the actively traded mutual funds in which the separate account assets are invested are obtained daily from the fund managers. Level 2 measurements • Fixed income securities: U.S. government and agencies: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. Municipal: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. Corporate, including privately placed: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. Also included are privately placed securities valued using a discounted cash flow model that is widely accepted in the financial services industry and uses market observable inputs and inputs derived principally from, or corroborated by, observable market data. The primary inputs to the discounted cash flow model include an interest rate yield curve, as well as published credit spreads for similar assets in markets that are not active that incorporate the credit quality and industry sector of the issuer. Foreign government: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. ABS and RMBS: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, prepayment speeds, collateral performance and credit spreads. Certain ABS are valued based on non-binding broker quotes whose inputs have been corroborated to be market observable. CMBS: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, collateral performance and credit spreads. Redeemable preferred stock: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, underlying stock prices and credit spreads. • Equity securities : The primary inputs to the valuation include quoted prices or quoted net asset values for identical or similar assets in markets that are not active. • Short-term: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. For certain short-term investments, amortized cost is used as the best estimate of fair value. • Other investments: Free-standing exchange listed derivatives that are not actively traded are valued based on quoted prices for identical instruments in markets that are not active. OTC derivatives, including interest rate swaps, foreign currency swaps, foreign exchange forward contracts, certain options and certain credit default swaps, are valued using models that rely on inputs such as interest rate yield curves, currency rates, and counterparty credit spreads that are observable for substantially the full term of the contract. The valuation techniques underlying the models are widely accepted in the financial services industry and do not involve significant judgment. Level 3 measurements • Fixed income securities: Municipal: Comprise municipal bonds that are not rated by third party credit rating agencies but are rated by the National Association of Insurance Commissioners (“NAIC”). The primary inputs to the valuation of these municipal bonds include quoted prices for identical or similar assets in markets that exhibit less liquidity relative to those markets supporting Level 2 fair value measurements, contractual cash flows, benchmark yields and credit spreads. Also included are municipal bonds valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable. Also includes auction rate securities (“ARS”) primarily backed by student loans that have become illiquid due to failures in the auction market and are valued using a discounted cash flow model that is widely accepted in the financial services industry and uses significant non-market observable inputs, including the anticipated date liquidity will return to the market. Corporate, including privately placed: Primarily valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable. Also included are equity-indexed notes which are valued using a discounted cash flow model that is widely accepted in the financial services industry and uses significant non-market observable inputs, such as volatility. Other inputs include an interest rate yield curve, as well as published credit spreads for similar assets that incorporate the credit quality and industry sector of the issuer. ABS, RMBS and CMBS: Valued based on non-binding broker quotes received from brokers who are familiar with the investments and where the inputs have not been corroborated to be market observable. • Equity securities: The primary inputs to the valuation include quoted prices or quoted net asset values for identical or similar assets in markets that exhibit less liquidity relative to those markets supporting Level 2 fair value measurements. • Other investments: Certain OTC derivatives, such as interest rate caps, certain credit default swaps and certain options (including swaptions), are valued using models that are widely accepted in the financial services industry. These are categorized as Level 3 as a result of the significance of non-market observable inputs such as volatility. Other primary inputs include interest rate yield curves and credit spreads. • Contractholder funds: Derivatives embedded in certain life and annuity contracts are valued internally using models widely accepted in the financial services industry that determine a single best estimate of fair value for the embedded derivatives within a block of contractholder liabilities. The models primarily use stochastically determined cash flows based on the contractual elements of embedded derivatives, projected option cost and applicable market data, such as interest rate yield curves and equity index volatility assumptions. These are categorized as Level 3 as a result of the significance of non-market observable inputs. Assets and liabilities measured at fair value on a non-recurring basis Mortgage loans written-down to fair value in connection with recognizing impairments are valued based on the fair value of the underlying collateral less costs to sell. Limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments are valued using net asset values. The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2015 . ($ in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Counterparty and cash collateral netting Balance as of June 30, 2015 Assets Fixed income securities: U.S. government and agencies $ 3,048 $ 883 $ 5 $ 3,936 Municipal — 8,379 215 8,594 Corporate — 41,691 626 42,317 Foreign government — 1,324 — 1,324 ABS — 1,956 120 2,076 RMBS — 1,082 1 1,083 CMBS — 547 28 575 Redeemable preferred stock — 25 — 25 Total fixed income securities 3,048 55,887 995 59,930 Equity securities 3,661 231 108 4,000 Short-term investments 446 2,340 35 2,821 Other investments: Free-standing derivatives — 74 2 $ (16 ) 60 Separate account assets 4,121 — — 4,121 Other assets — — 1 1 Total recurring basis assets 11,276 58,532 1,141 (16 ) 70,933 Non-recurring basis (1) — — 9 9 Total assets at fair value $ 11,276 $ 58,532 $ 1,150 $ (16 ) $ 70,942 % of total assets at fair value 15.9 % 82.5 % 1.6 % — % 100 % Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (315 ) $ (315 ) Other liabilities: Free-standing derivatives (1 ) (14 ) (9 ) $ 5 (19 ) Total liabilities at fair value $ (1 ) $ (14 ) $ (324 ) $ 5 $ (334 ) % of total liabilities at fair value 0.3 % 4.2 % 97.0 % (1.5 )% 100 % _______________ (1) Includes $ 9 million of other investments written-down to fair value in connection with recognizing other-than-temporary impairments. The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2014 . ($ in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Counterparty and cash collateral netting Balance as of December 31, 2014 Assets Fixed income securities: U.S. government and agencies $ 3,240 $ 1,082 $ 6 $ 4,328 Municipal — 8,227 270 8,497 Corporate — 41,253 891 42,144 Foreign government — 1,645 — 1,645 ABS — 3,782 196 3,978 RMBS — 1,206 1 1,207 CMBS — 592 23 615 Redeemable preferred stock — 26 — 26 Total fixed income securities 3,240 57,813 1,387 62,440 Equity securities 3,787 234 83 4,104 Short-term investments 692 1,843 5 2,540 Other investments: Free-standing derivatives — 95 2 $ (5 ) 92 Separate account assets 4,396 — — 4,396 Other assets 2 — 1 3 Total recurring basis assets 12,117 59,985 1,478 (5 ) 73,575 Non-recurring basis (1) — — 9 9 Total assets at fair value $ 12,117 $ 59,985 $ 1,487 $ (5 ) $ 73,584 % of total assets at fair value 16.5 % 81.5 % 2.0 % — % 100 % Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (323 ) $ (323 ) Other liabilities: Free-standing derivatives (1 ) (50 ) (9 ) $ 22 (38 ) Total liabilities at fair value $ (1 ) $ (50 ) $ (332 ) $ 22 $ (361 ) % of total liabilities at fair value 0.3 % 13.8 % 92.0 % (6.1 )% 100 % _______________ (1) Includes $6 million of mortgage loans and $3 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments. The following table summarizes quantitative information about the significant unobservable inputs used in Level 3 fair value measurements. ($ in millions) Fair value Valuation technique Unobservable input Range Weighted average June 30, 2015 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (270 ) Stochastic cash flow model Projected option cost 1.0 - 2.2% 1.76% December 31, 2014 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (278 ) Stochastic cash flow model Projected option cost 1.0 - 2.0% 1.76% If the projected option cost increased (decreased), it would result in a higher (lower) liability fair value. As of June 30, 2015 and December 31, 2014 , Level 3 fair value measurements include $719 million and $1.03 billion , respectively, of fixed income securities valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable and $121 million and $169 million , respectively, of municipal fixed income securities that are not rated by third party credit rating agencies. The Company does not develop the unobservable inputs used in measuring fair value; therefore, these are not included in the table above. However, an increase (decrease) in credit spreads for fixed income securities valued based on non-binding broker quotes would result in a lower (higher) fair value, and an increase (decrease) in the credit rating of municipal bonds that are not rated by third party credit rating agencies would result in a higher (lower) fair value. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the three months ended June 30, 2015 . ($ in millions) Total gains (losses) included in: Balance as of March 31, 2015 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: U.S. government and agencies $ 5 $ — $ — $ — $ — Municipal 238 2 (6 ) — (2 ) Corporate 878 3 2 — (208 ) ABS 137 (1 ) 2 — (11 ) RMBS 1 — — — — CMBS 28 — — — — Total fixed income securities 1,287 4 (2 ) — (221 ) Equity securities 93 1 2 — — Short-term investments 10 — — — — Free-standing derivatives, net (7 ) 1 — — — Other assets 1 — — — — Total recurring Level 3 assets $ 1,384 $ 6 $ — $ — $ (221 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (326 ) $ 9 $ — $ — $ — Total recurring Level 3 liabilities $ (326 ) $ 9 $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2015 Assets Fixed income securities: U.S. government and agencies $ — $ — $ — $ — $ 5 Municipal — (16 ) — (1 ) 215 Corporate — — — (49 ) 626 ABS — (5 ) — (2 ) 120 RMBS — — — — 1 CMBS — — — — 28 Total fixed income securities — (21 ) — (52 ) 995 Equity securities 12 — — — 108 Short-term investments 25 — — — 35 Free-standing derivatives, net — — — (1 ) (7 ) (2) Other assets — — — — 1 Total recurring Level 3 assets $ 37 $ (21 ) $ — $ (53 ) $ 1,132 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ — $ 2 $ (315 ) Total recurring Level 3 liabilities $ — $ — $ — $ 2 $ (315 ) _____________ (1) The effect to net income totals $15 million and is reported in the Condensed Consolidated Statements of Operations as follows: $2 million in realized capital gains and losses, $4 million in net investment income and $9 million in interest credited to contractholder funds. (2) Comprises $2 million of assets and $9 million of liabilities. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the six months ended June 30, 2015 . ($ in millions) Total gains (losses) included in: Balance as of December 31, 2014 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: U.S. government and agencies $ 6 $ — $ — $ — $ — Municipal 270 2 (4 ) — (2 ) Corporate 891 — (6 ) 5 (208 ) ABS 196 (2 ) 2 12 (84 ) RMBS 1 — — — — CMBS 23 — — — — Total fixed income securities 1,387 — (8 ) 17 (294 ) Equity securities 83 1 4 — — Short-term investments 5 — — — — Free-standing derivatives, net (7 ) 1 — — — Other assets 1 — — — — Total recurring Level 3 assets $ 1,469 $ 2 $ (4 ) $ 17 $ (294 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (323 ) $ 5 $ — $ — $ — Total recurring Level 3 liabilities $ (323 ) $ 5 $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2015 Assets Fixed income securities: U.S. government and agencies $ — $ — $ — $ (1 ) $ 5 Municipal — (49 ) — (2 ) 215 Corporate 60 (46 ) — (70 ) 626 ABS 10 (5 ) — (9 ) 120 RMBS — — — — 1 CMBS 5 — — — 28 Total fixed income securities 75 (100 ) — (82 ) 995 Equity securities 20 — — — 108 Short-term investments 30 — — — 35 Free-standing derivatives, net — — — (1 ) (7 ) (2) Other assets — — — — 1 Total recurring Level 3 assets $ 125 $ (100 ) $ — $ (83 ) $ 1,132 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (1 ) $ 4 $ (315 ) Total recurring Level 3 liabilities $ — $ — $ (1 ) $ 4 $ (315 ) _____________ (1) The effect to net income totals $7 million and is reported in the Condensed Consolidated Statements of Operations as follows: $(4) million in realized capital gains and losses, $6 million in net investment income and $5 million in interest credited to contractholder funds. (2) Comprises $2 million of assets and $9 million of liabilities. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the three months ended June 30, 2014 . ($ in millions) Total gains (losses) included in: Balance as of March 31, 2014 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: U.S. government and agencies $ 6 $ — $ — $ — $ — Municipal 335 — 6 — (17 ) Corporate 999 8 9 — (12 ) ABS 174 — 1 — (44 ) RMBS 2 — — — — CMBS 54 — — — — Redeemable preferred stock — — — — — Total fixed income securities 1,570 8 16 — (73 ) Equity securities 17 2 — — — Short-term investments 30 — — — — Free-standing derivatives, net (7 ) 3 — — — Other assets — 1 — — — Assets held for sale 347 — — — — Total recurring Level 3 assets $ 1,957 $ 14 $ 16 $ — $ (73 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (319 ) $ (12 ) $ — $ — $ — Liabilities held for sale (230 ) — — — — Total recurring Level 3 liabilities $ (549 ) $ (12 ) $ — $ — $ — Sold in LBL disposition Purchases/ Issues (2) Sales Settlements Balance as of June 30, 2014 Assets Fixed income securities: U.S. government and agencies $ — $ — $ — $ — $ 6 Municipal — — (17 ) (5 ) 302 Corporate — 16 (24 ) (31 ) 965 ABS — 20 — (9 ) 142 RMBS — — — (1 ) 1 CMBS — 1 — — 55 Redeemable preferred stock — — — — — Total fixed income securities — 37 (41 ) (46 ) 1,471 Equity securities — 2 (2 ) — 19 Short-term investments — 10 (40 ) — — Free-standing derivatives, net — — — (1 ) (5 ) (3) Other assets — — — — 1 Assets held for sale (347 ) — — — — Total recurring Level 3 assets $ (347 ) $ 49 $ (83 ) $ (47 ) $ 1,486 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ (2 ) $ — $ 2 $ (331 ) Liabilities held for sale 230 — — — — Total recurring Level 3 liabilities $ 230 $ (2 ) $ — $ 2 $ (331 ) _____________________ (1) The effect to net income totals $2 million and is reported in the Condensed Consolidated Statements of Operations as follows: $9 million in realized capital gains and losses, $4 million in net investment income, $(10) million in interest credited to contractholder funds and $(1) million in life and annuity contract benefits. (2) Represents purchases for assets and issues for liabilities. (3) Comprises $3 million of assets and $8 million of liabilities. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the six months ended June 30, 2014 . ($ in millions) Total gains (losses) included in: Balance as of December 31, 2013 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: U.S. government and agencies $ 7 $ — $ — $ — $ — Municipal 343 (4 ) 11 — (17 ) Corporate 1,109 13 10 — (37 ) ABS 192 — — — (101 ) RMBS 2 — — — — CMBS 43 — — 5 — Redeemable preferred stock 1 — — — — Total fixed income securities 1,697 9 21 5 (155 ) Equity securities 132 22 (15 ) — — Short-term investments — — — — — Free-standing derivatives, net (5 ) 1 — — — Other assets — 1 — — — Assets held for sale 362 (1 ) 2 4 (2 ) Total recurring Level 3 assets $ 2,186 $ 32 $ 8 $ 9 $ (157 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (307 ) $ (14 ) $ — $ — $ — Liabilities held for sale (246 ) 17 — — — Total recurring Level 3 liabilities $ (553 ) $ 3 $ — $ — $ — Sold in LBL disposition (3) Purchases/ Issues Sales Settlements Balance as of June 30, 2014 Assets Fixed income securities: U.S. government and agencies $ — $ — $ — $ (1 ) $ 6 Municipal — 1 (26 ) (6 ) 302 Corporate — 32 (111 ) (51 ) 965 ABS — 64 — (13 ) 142 RMBS — — — (1 ) 1 CMBS 4 5 (1 ) (1 ) 55 Redeemable preferred stock — — (1 ) — — Total fixed income securities 4 102 (139 ) (73 ) 1,471 Equity securities — 3 (123 ) — 19 Short-term investments — 40 (40 ) — — Free-standing derivatives, net — 2 — (3 ) (5 ) (2) Other assets — — — — 1 Assets held for sale (351 ) — (8 ) (6 ) — Total recurring Level 3 assets $ (347 ) $ 147 $ (310 ) $ (82 ) $ 1,486 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ (13 ) $ — $ 3 $ (331 ) Liabilities held for sale 230 (4 ) — 3 — Total recurring Level 3 liabilities $ 230 $ (17 ) $ — $ 6 $ (331 ) _____________________ (1) The effect to net income totals $35 million and is reported in the Condensed Consolidated Statements of Operations as follows: $29 million in realized capital gains and losses, $6 million in net investment income, $4 million in life and annuity contract benefits and $(4) million in loss on disposition of operations. (2) Comprises $3 million of assets and $8 million of liabilities. (3) Includes transfers from held for sale that took place in first quarter 2014 of $4 million for CMBS and $(4) million for Assets held for sale. Transfers between level categorizations may occur due to changes in the availability of market observable inputs, which generally are caused by changes in market conditions such as liquidity, trading volume or bid-ask spreads. Transfers between level categorizations may also occur due to changes in the valuation source. For example, in situations where a fair value quote is not provided by the Company’s independent third-party valuation service provider and as a result the price is stale or has been replaced with a broker quote whose inputs have not been corroborated to be market observable, the security is transferred into Level 3. Transfers in and out of level categorizations are reported as having occurred at the beginning of the quarter in which the transfer occurred. Therefore, for all transfers into Level 3, all realized and changes in unrealized gains and losses in the quarter of transfer are reflected in the Level 3 rollforward table. There were no transfers between Level 1 and Level 2 during the three months and six months ended June 30, 2015 or 2014 . Transfers into Level 3 during the three months and six months ended June 30, 2015 and 2014 included situations where a fair value quote was not provided by the Company’s independent third-party valuation service provider and as a result the price was stale or had been replaced with a broker quote where the inputs had not been corroborated to be market observable resulting in the security being classified as Level 3. Transfers out of Level 3 during the three months and six months ended June 30, 2015 and 2014 included situations where a broker quote was used in the prior period and a fair value quote became available from the Company’s independent third-party valuation service provider in the current period. A quote utilizing the new pricing source was not available as of the prior period, and any gains or losses related to the change in valuation source for individual securities were not significant. The following table provides the change in unrealized gains and losses included in net income for Level 3 assets and liabilities held as of June 30 . ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Assets Fixed income securities: Municipal $ — $ (1 ) $ (1 ) $ (5 ) Corporate 3 4 5 7 ABS (1 ) — (1 ) — CMBS — — — (1 ) Total fixed income securities 2 3 3 1 Equity securities 1 — — — Free-standing derivatives, net 1 6 1 6 Other assets — 1 — 1 Assets held for sale — — — (1 ) Total recurring Level 3 assets $ 4 $ 10 $ 4 $ 7 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ 9 $ (12 ) $ 5 $ (14 ) Liabilities held for sale — — — 17 Total recurring Level 3 liabilities $ 9 $ (12 ) $ 5 $ 3 The amounts in the table above represent the change in unrealized gains and losses included in net income for the period of time that the asset or liability was determined to be in Level 3. These gains and losses total $13 million for the three months ended June 30, 2015 and are reported as follows: $4 million in net investment income and $9 million in interest credited to contractholder funds. These gains and losses total $(2) million for the three months ended June 30, 2014 and are reported as follows: $3 million in realized capital gains and losses, $4 million in net investment income, $(10) million in interest credited to contractholder funds, $(1) million in life and annuity contract benefits and $2 million in loss on disposition of operations. These gains and losses total $9 million for the six months ended June 30, 2015 and are reported as follows: $(2) million in realized capital gains and losses, $6 million in net investment income and $5 million in interest credited to contractholder funds. These gains and losses total $10 million for the six months ended June 30, 2014 and are reported as follows: $ 6 million in net investment income and $ 4 million in life and annuity contract benefits. Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value. Financial assets ($ in millions) June 30, 2015 December 31, 2014 Carrying value Fair value Carrying value Fair value Mortgage loans $ 4,343 $ 4,537 $ 4,188 $ 4,446 Cost method limited partnerships 1,130 1,482 1,122 1,488 Bank loans 1,763 1,754 1,663 1,638 Agent loans 404 393 368 361 The fair value of mortgage loans is based on discounted contractual cash flows or, if the loans are impaired due to credit re

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivatives for risk reduction and to increase investment portfolio returns through asset replication. Risk reduction activity is focused on managing the risks with certain assets and liabilities arising from the potential adverse impacts from changes in risk-free interest rates, changes in equity market valuations, increases in credit spreads and foreign currency fluctuations. Property-Liability may use interest rate swaps, swaptions, futures and options to manage the interest rate risks of existing investments. These instruments are utilized to change the duration of the portfolio in order to offset the economic effect that interest rates would otherwise have on the fair value of its fixed income securities. Equity index futures and options are used by Property-Liability to offset valuation losses in the equity portfolio during periods of declining equity market values. Credit default swaps are typically used to mitigate the credit risk within the Property-Liability fixed income portfolio. Property-Liability uses equity futures to hedge the market risk related to deferred compensation liability contracts and forward contracts to hedge foreign currency risk associated with holding foreign currency denominated investments and foreign operations. Asset-liability management is a risk management strategy that is principally employed by Allstate Financial to balance the respective interest-rate sensitivities of its assets and liabilities. Depending upon the attributes of the assets acquired and liabilities issued, derivative instruments such as interest rate swaps, caps, swaptions and futures are utilized to change the interest rate characteristics of existing assets and liabilities to ensure the relationship is maintained within specified ranges and to reduce exposure to rising or falling interest rates. Allstate Financial uses futures and options for hedging the equity exposure contained in its equity indexed life and annuity product contracts that offer equity returns to contractholders. In addition, Allstate Financial uses interest rate swaps to hedge interest rate risk inherent in funding agreements. Allstate Financial uses foreign currency swaps and forwards primarily to reduce the foreign currency risk associated with holding foreign currency denominated investments. Credit default swaps are typically used to mitigate the credit risk within the Allstate Financial fixed income portfolio. The Company may also use derivatives to manage the risk associated with corporate actions, including the sale of a business. During 2014, swaptions were utilized to hedge the expected proceeds from the disposition of Lincoln Benefit Life Company (“LBL”). Asset replication refers to the “synthetic” creation of assets through the use of derivatives and primarily investment grade host bonds to replicate securities that are either unavailable in the cash markets or more economical to acquire in synthetic form. The Company replicates fixed income securities using a combination of a credit default swap and one or more highly rated fixed income securities to synthetically replicate the economic characteristics of one or more cash market securities. The Company also has derivatives embedded in non-derivative host contracts that are required to be separated from the host contracts and accounted for at fair value with changes in fair value of embedded derivatives reported in net income. The Company’s primary embedded derivatives are equity options in life and annuity product contracts, which provide equity returns to contractholders; conversion options in fixed income securities, which provide the Company with the right to convert the instrument into a predetermined number of shares of common stock; credit default swaps in synthetic collateralized debt obligations, which provide enhanced coupon rates as a result of selling credit protection; and equity-indexed notes containing equity call options, which provide a coupon payout that is determined using one or more equity-based indices. When derivatives meet specific criteria, they may be designated as accounting hedges and accounted for as fair value, cash flow, foreign currency fair value or foreign currency cash flow hedges. Allstate Financial designates certain of its interest rate and foreign currency swap contracts and certain investment risk transfer reinsurance agreements as fair value hedges when the hedging instrument is highly effective in offsetting the risk of changes in the fair value of the hedged item. Allstate Financial designates certain of its foreign currency swap contracts as cash flow hedges when the hedging instrument is highly effective in offsetting the exposure of variations in cash flows for the hedged risk that could affect net income. Amounts are reclassified to net investment income or realized capital gains and losses as the hedged item affects net income. The notional amounts specified in the contracts are used to calculate the exchange of contractual payments under the agreements and are generally not representative of the potential for gain or loss on these agreements. However, the notional amounts specified in credit default swaps where the Company has sold credit protection represent the maximum amount of potential loss, assuming no recoveries. Fair value, which is equal to the carrying value, is the estimated amount that the Company would receive or pay to terminate the derivative contracts at the reporting date. The carrying value amounts for OTC derivatives are further adjusted for the effects, if any, of enforceable master netting agreements and are presented on a net basis, by counterparty agreement, in the Condensed Consolidated Statements of Financial Position. For certain exchange traded and cleared derivatives, margin deposits are required as well as daily cash settlements of margin accounts. As of June 30, 2015 , the Company pledged $38 million of cash and securities as margin deposits. For those derivatives which qualify for fair value hedge accounting, net income includes the changes in the fair value of both the derivative instrument and the hedged risk, and therefore reflects any hedging ineffectiveness. For cash flow hedges, gains and losses are amortized from accumulated other comprehensive income and are reported in net income in the same period the forecasted transactions being hedged impact net income. Non-hedge accounting is generally used for “portfolio” level hedging strategies where the terms of the individual hedged items do not meet the strict homogeneity requirements to permit the application of hedge accounting. For non-hedge derivatives, net income includes changes in fair value and accrued periodic settlements, when applicable. With the exception of non-hedge derivatives used for asset replication and non-hedge embedded derivatives, all of the Company’s derivatives are evaluated for their ongoing effectiveness as either accounting hedge or non-hedge derivative financial instruments on at least a quarterly basis. The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Condensed Consolidated Statement of Financial Position as of June 30, 2015 . ($ in millions, except number of contracts) Volume (1) Balance sheet location Notional amount Number of contracts Fair value, net Gross asset Gross liability Asset derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other investments $ 18 n/a $ 3 $ 3 $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other investments 152 n/a 2 2 — Financial futures contracts Other assets — 950 — — — Equity and index contracts Options and warrants (2) Other investments — 3,110 55 55 — Financial futures contracts Other assets — 541 — — — Foreign currency contracts Foreign currency forwards Other investments 320 n/a 2 5 (3 ) Embedded derivative financial instruments Other embedded derivative financial instruments Other investments 1,000 n/a — — — Credit default contracts Credit default swaps - buying protection Other investments 58 n/a — 1 (1 ) Credit default swaps - selling protection Other investments 145 n/a 2 2 — Other contracts Other contracts Other assets 3 n/a 1 1 — Subtotal 1,678 4,601 62 66 (4 ) Total asset derivatives $ 1,696 4,601 $ 65 $ 69 $ (4 ) Liability derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other liabilities & accrued expenses $ 56 n/a $ 4 $ 4 $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate swap agreements Other liabilities & accrued expenses 85 n/a 1 1 — Equity and index contracts Options and futures Other liabilities & accrued expenses — 6,057 (6 ) — (6 ) Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 538 n/a 1 2 (1 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 558 n/a (31 ) — (31 ) Guaranteed withdrawal benefits Contractholder funds 383 n/a (13 ) — (13 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,786 n/a (270 ) — (270 ) Other embedded derivative financial instruments Contractholder funds 85 n/a (1 ) — (1 ) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 230 n/a (4 ) — (4 ) Credit default swaps – selling protection Other liabilities & accrued expenses 135 n/a (8 ) 1 (9 ) Subtotal 3,800 6,057 (331 ) 4 (335 ) Total liability derivatives 3,856 6,057 (327 ) $ 8 $ (335 ) Total derivatives $ 5,552 10,658 $ (262 ) __________________ (1) Volume for OTC derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable) (2) In addition to the number of contracts presented in the table, the Company held 220 stock rights and warrants. Stock rights and warrants can be converted to cash upon sale of those instruments or exercised for shares of common stock. The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Consolidated Statement of Financial Position as of December 31, 2014 . ($ in millions, except number of contracts) Volume (1) Balance sheet location Notional amount Number of contracts Fair value, net Gross asset Gross liability Asset derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other investments $ 85 n/a $ 3 $ 3 $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other investments 163 n/a 2 2 — Equity and index contracts Options and warrants (2) Other investments — 3,225 83 83 — Financial futures contracts Other assets — 2,204 2 2 — Foreign currency contracts Foreign currency forwards Other investments 471 n/a (15 ) 1 (16 ) Embedded derivative financial instruments Other embedded derivative financial instruments Other investments 1,000 n/a — — — Credit default contracts Credit default swaps - buying protection Other investments 29 n/a — — — Credit default swaps - selling protection Other investments 100 n/a 2 2 — Other contracts Other contracts Other assets 3 n/a 1 1 — Subtotal 1,766 5,429 75 91 (16 ) Total asset derivatives $ 1,851 5,429 $ 78 $ 94 $ (16 ) Liability derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other liabilities & accrued expenses $ 50 n/a $ (1 ) $ — $ (1 ) Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate swap agreements Other liabilities & accrued expenses 85 n/a 1 1 — Interest rate cap agreements Other liabilities & accrued expenses 11 n/a — — — Financial futures contracts Other liabilities & accrued expenses — 700 — — — Equity and index contracts Options and futures Other liabilities & accrued expenses — 3,960 (23 ) — (23 ) Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 228 n/a (1 ) 2 (3 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 615 n/a (32 ) — (32 ) Guaranteed withdrawal benefits Contractholder funds 425 n/a (13 ) — (13 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,786 n/a (278 ) — (278 ) Other embedded derivative financial instruments Contractholder funds 85 n/a — — — Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 420 n/a (6 ) 1 (7 ) Credit default swaps – selling protection Other liabilities & accrued expenses 205 n/a (8 ) 2 (10 ) Subtotal 3,860 4,660 (360 ) 6 (366 ) Total liability derivatives 3,910 4,660 (361 ) $ 6 $ (367 ) Total derivatives $ 5,761 10,089 $ (283 ) __________________ (1) Volume for OTC derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable) (2) In addition to the number of contracts presented in the table, the Company held 220 stock rights and warrants. Stock rights and warrants can be converted to cash upon sale of those instruments or exercised for shares of common stock. The following table provides gross and net amounts for the Company’s OTC derivatives, all of which are subject to enforceable master netting agreements. ($ in millions) Offsets Gross amount Counter-party netting Cash collateral (received) pledged Net amount on balance sheet Securities collateral (received) pledged Net amount June 30, 2015 Asset derivatives $ 19 $ (12 ) $ (4 ) $ 3 $ — $ 3 Liability derivatives (16 ) 12 (7 ) (11 ) 8 (3 ) December 31, 2014 Asset derivatives $ 12 $ (22 ) $ 17 $ 7 $ (4 ) $ 3 Liability derivatives (35 ) 22 — (13 ) 8 (5 ) The following table provides a summary of the impacts of the Company’s foreign currency contracts in cash flow hedging relationships. Amortization of net gains from accumulated other comprehensive income related to cash flow hedges is expected to be a gain of $3 million during the next twelve months. There was no hedge ineffectiveness reported in realized gains and losses for the three months and six months ended June 30, 2015 or 2014 . ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (Loss) gain recognized in OCI on derivatives during the period $ (1 ) $ (2 ) $ 7 $ (4 ) Gain (loss) recognized in OCI on derivatives during the term of the hedging relationship 3 (19 ) 3 (19 ) Loss reclassified from AOCI into income (net investment income) (1 ) — (1 ) (1 ) (Loss) gain reclassified from AOCI into income (realized capital gains and losses) — (2 ) 3 (2 ) The following tables present gains and losses from valuation and settlements reported on derivatives not designated as accounting hedging instruments in the Condensed Consolidated Statements of Operations. For the three months and six months ended June 30, 2015 and 2014 , the Company had no derivatives used in fair value hedging relationships. ($ in millions) Realized capital gains and losses Life and annuity contract benefits Interest credited to contractholder funds Operating costs and expenses Loss on disposition of operations Total gain (loss) recognized in net income on derivatives Three months ended June 30, 2015 Interest rate contracts $ 2 $ — $ — $ — $ — $ 2 Equity and index contracts — — — 1 — 1 Embedded derivative financial instruments — — 11 — — 11 Foreign currency contracts 3 — — 12 — 15 Other contracts — — 1 — — 1 Total $ 5 $ — $ 12 $ 13 $ — $ 30 Six months ended June 30, 2015 Interest rate contracts $ 2 $ — $ — $ — $ — $ 2 Equity and index contracts (5 ) — 4 4 — 3 Embedded derivative financial instruments — — 8 — — 8 Foreign currency contracts (20 ) — — 3 — (17 ) Other contracts — — 1 — — 1 Total $ (23 ) $ — $ 13 $ 7 $ — $ (3 ) Three months ended June 30, 2014 Interest rate contracts $ (4 ) $ — $ — $ — $ — $ (4 ) Equity and index contracts (8 ) — 12 6 — 10 Embedded derivative financial instruments — (1 ) (10 ) — — (11 ) Foreign currency contracts 5 — — 2 — 7 Credit default contracts 2 — — — — 2 Other contracts — — 1 — — 1 Total $ (5 ) $ (1 ) $ 3 $ 8 $ — $ 5 Six months ended June 30, 2014 Interest rate contracts $ (8 ) $ — $ — $ — $ (4 ) $ (12 ) Equity and index contracts (11 ) — 21 7 — 17 Embedded derivative financial instruments — 4 (11 ) — — (7 ) Foreign currency contracts (1 ) — — 3 — 2 Credit default contracts 3 — — — — 3 Other contracts — — 1 — — 1 Total $ (17 ) $ 4 $ 11 $ 10 $ (4 ) $ 4 The Company manages its exposure to credit risk by utilizing highly rated counterparties, establishing risk control limits, executing legally enforceable master netting agreements (“MNAs”) and obtaining collateral where appropriate. The Company uses MNAs for OTC derivative transactions that permit either party to net payments due for transactions and collateral is either pledged or obtained when certain predetermined exposure limits are exceeded. As of June 30, 2015 , counterparties pledged $11 million in cash and securities to the Company, and the Company pledged $8 million in cash and securities to counterparties which includes $7 million of collateral posted under MNAs for contracts containing credit-risk-contingent provisions that are in a liability position and $1 million of collateral posted under MNAs for contracts without credit-risk-contingent liabilities. The Company has not incurred any losses on derivative financial instruments due to counterparty nonperformance. Other derivatives, including futures and certain option contracts, are traded on organized exchanges which require margin deposits and guarantee the execution of trades, thereby mitigating any potential credit risk. Counterparty credit exposure represents the Company’s potential loss if all of the counterparties concurrently fail to perform under the contractual terms of the contracts and all collateral, if any, becomes worthless. This exposure is measured by the fair value of OTC derivative contracts with a positive fair value at the reporting date reduced by the effect, if any, of legally enforceable master netting agreements. The following table summarizes the counterparty credit exposure by counterparty credit rating as it relates to the Company’s OTC derivatives. ($ in millions) June 30, 2015 December 31, 2014 Rating (1) Number of counter- parties Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) Number of counter- parties Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) A+ 1 $ 98 $ 3 $ 1 1 $ 164 $ 2 $ 1 A 4 887 8 2 3 118 3 2 A- 2 69 2 — 1 8 — — BBB+ 1 11 — — 1 11 — — BBB — — — — 1 52 — — Total 8 $ 1,065 $ 13 $ 3 7 $ 353 $ 5 $ 3 _______________ (1) Rating is the lower of S&P or Moody’s ratings. (2) Only OTC derivatives with a net positive fair value are included for each counterparty. Market risk is the risk that the Company will incur losses due to adverse changes in market rates and prices. Market risk exists for all of the derivative financial instruments the Company currently holds, as these instruments may become less valuable due to adverse changes in market conditions. To limit this risk, the Company’s senior management has established risk control limits. In addition, changes in fair value of the derivative financial instruments that the Company uses for risk management purposes are generally offset by the change in the fair value or cash flows of the hedged risk component of the related assets, liabilities or forecasted transactions. Certain of the Company’s derivative instruments contain credit-risk-contingent termination events, cross-default provisions and credit support annex agreements. Credit-risk-contingent termination events allow the counterparties to terminate the derivative agreement or a specific trade on certain dates if AIC’s, ALIC’s or Allstate Life Insurance Company of New York’s (“ALNY”) financial strength credit ratings by Moody’s or S&P fall below a certain level. Credit-risk-contingent cross-default provisions allow the counterparties to terminate the derivative agreement if the Company defaults by pre-determined threshold amounts on certain debt instruments. Credit-risk-contingent credit support annex agreements specify the amount of collateral the Company must post to counterparties based on AIC’s, ALIC’s or ALNY’s financial strength credit ratings by Moody’s or S&P, or in the event AIC, ALIC or ALNY are no longer rated by either Moody’s or S&P. The following summarizes the fair value of derivative instruments with termination, cross-default or collateral credit-risk-contingent features that are in a liability position, as well as the fair value of assets and collateral that are netted against the liability in accordance with provisions within legally enforceable MNAs. ($ in millions) June 30, 2015 December 31, 2014 Gross liability fair value of contracts containing credit-risk-contingent features $ 14 $ 16 Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs (5 ) (4 ) Collateral posted under MNAs for contracts containing credit-risk-contingent features (7 ) (7 ) Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently $ 2 $ 5 Credit derivatives - selling protection Free-standing credit default swaps (“CDS”) are utilized for selling credit protection against a specified credit event. A credit default swap is a derivative instrument, representing an agreement between two parties to exchange the credit risk of a specified entity (or a group of entities), or an index based on the credit risk of a group of entities (all commonly referred to as the “reference entity” or a portfolio of “reference entities”), in return for a periodic premium. In selling protection, CDS are used to replicate fixed income securities and to complement the cash market when credit exposure to certain issuers is not available or when the derivative alternative is less expensive than the cash market alternative. CDS typically have a five -year term. The following table shows the CDS notional amounts by credit rating and fair value of protection sold. ($ in millions) Notional amount AA A BBB BB and lower Total Fair value June 30, 2015 Single name Corporate debt $ 20 $ 15 $ 65 $ — $ 100 $ 1 First-to-default Basket Municipal — 100 — — 100 (8 ) Index Corporate debt 1 20 52 7 80 1 Total $ 21 $ 135 $ 117 $ 7 $ 280 $ (6 ) December 31, 2014 Single name Corporate debt $ 20 $ 15 $ 90 $ — $ 125 $ 1 First-to-default Basket Municipal — 100 — — 100 (9 ) Index Corporate debt — 22 52 6 80 2 Total $ 20 $ 137 $ 142 $ 6 $ 305 $ (6 ) In selling protection with CDS, the Company sells credit protection on an identified single name, a basket of names in a first-to-default (“FTD”) structure or credit derivative index (“CDX”) that is generally investment grade, and in return receives periodic premiums through expiration or termination of the agreement. With single name CDS, this premium or credit spread generally corresponds to the difference between the yield on the reference entity’s public fixed maturity cash instruments and swap rates at the time the agreement is executed. With a FTD basket, because of the additional credit risk inherent in a basket of named reference entities, the premium generally corresponds to a high proportion of the sum of the credit spreads of the names in the basket and the correlation between the names. CDX is utilized to take a position on multiple (generally 125 ) reference entities. Credit events are typically defined as bankruptcy, failure to pay, or restructuring, depending on the nature of the reference entities. If a credit event occurs, the Company settles with the counterparty, either through physical settlement or cash settlement. In a physical settlement, a reference asset is delivered by the buyer of protection to the Company, in exchange for cash payment at par, whereas in a cash settlement, the Company pays the difference between par and the prescribed value of the reference asset. When a credit event occurs in a single name or FTD basket (for FTD, the first credit event occurring for any one name in the basket), the contract terminates at the time of settlement. For CDX, the reference entity’s name incurring the credit event is removed from the index while the contract continues until expiration. The maximum payout on a CDS is the contract notional amount. A physical settlement may afford the Company with recovery rights as the new owner of the asset. The Company monitors risk associated with credit derivatives through individual name credit limits at both a credit derivative and a combined cash instrument/credit derivative level. The ratings of individual names for which protection has been sold are also monitored.

Reserve for Property-Liability

Reserve for Property-Liability Insurance Claims and Claims Expense	6 Months Ended
	Jun. 30, 2015
Reserve for Property-Liability Insurance Claims and Claims Expense
Reserve for Property-Liability Insurance Claims and Claims Expense	Reserve for Property-Liability Insurance Claims and Claims Expense The Company establishes reserves for claims and claims expense on reported and unreported claims of insured losses. The Company’s reserving process takes into account known facts and interpretations of circumstances and factors including the Company’s experience with similar cases, actual claims paid, historical trends involving claim payment patterns and pending levels of unpaid claims, loss management programs, product mix and contractual terms, changes in law and regulation, judicial decisions, and economic conditions. In the normal course of business, the Company may also supplement its claims processes by utilizing third party adjusters, appraisers, engineers, inspectors, and other professionals and information sources to assess and settle catastrophe and non-catastrophe related claims. The effects of inflation are implicitly considered in the reserving process. Because reserves are estimates of unpaid portions of losses that have occurred, including incurred but not reported (“IBNR”) losses, the establishment of appropriate reserves, including reserves for catastrophes, is an inherently uncertain and complex process. The ultimate cost of losses may vary materially from recorded amounts, which are based on management’s best estimates. The highest degree of uncertainty is associated with reserves for losses incurred in the current reporting period as it contains the greatest proportion of losses that have not been reported or settled. The Company regularly updates its reserve estimates as new information becomes available and as events unfold that may affect the resolution of unsettled claims. Changes in prior year reserve estimates, which may be material, are reported in property-liability insurance claims and claims expense in the Condensed Consolidated Statements of Operations in the period such changes are determined. Management believes that the reserve for property-liability insurance claims and claims expense, net of reinsurance recoverables, is appropriately established in the aggregate and adequate to cover the ultimate net cost of reported and unreported claims arising from losses which had occurred by the date of the Condensed Consolidated Statements of Financial Position based on available facts, technology, laws and regulations.

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2015
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance Property-liability insurance premiums earned and life and annuity premiums and contract charges have been reduced by reinsurance ceded amounts shown in the following table. ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Property-liability insurance premiums earned $ 251 $ 262 $ 511 $ 520 Life and annuity premiums and contract charges 85 84 170 237 Property-liability insurance claims and claims expense, life and annuity contract benefits and interest credited to contractholder funds have been reduced by the reinsurance ceded amounts shown in the following table. ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Property-liability insurance claims and claims expense $ 229 $ 120 $ 334 $ 218 Life and annuity contract benefits 50 79 127 205 Interest credited to contractholder funds 7 9 13 15

Company Restructuring

Company Restructuring	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Company Restructuring	Company Restructuring The Company undertakes various programs to reduce expenses. These programs generally involve a reduction in staffing levels, and in certain cases, office closures. Restructuring and related charges include employee termination and relocation benefits, and post-exit rent expenses in connection with these programs, and non-cash charges resulting from pension benefit payments made to agents in connection with the reorganization of Allstate’s multiple agency programs to a single exclusive agency program. The expenses related to these activities are included in the Condensed Consolidated Statements of Operations as restructuring and related charges, and totaled $19 million and $4 million during the three months ended June 30, 2015 and 2014 , respectively, and $23 million and $10 million during the six months ended June 30, 2015 and 2014 , respectively. The following table presents changes in the restructuring liability during the six months ended June 30, 2015 . ($ in millions) Employee costs Exit costs Total liability Balance as of December 31, 2014 $ 3 $ 1 $ 4 Expense incurred 14 — 14 Adjustments to liability — — — Payments applied against liability (1 ) — (1 ) Balance as of June 30, 2015 $ 16 $ 1 $ 17 The payments applied against the liability for employee costs primarily reflect severance costs, and the payments for exit costs generally consist of post-exit rent expenses and contract termination penalties. As of June 30, 2015 , the cumulative amount incurred to date for active programs totaled $83 million for employee costs and $50 million for exit costs.

Guarantees and Contingent Liabi

Guarantees and Contingent Liabilities	6 Months Ended
	Jun. 30, 2015
Guarantees and Contingent Liabilities
Guarantees and Contingent Liabilities	Guarantees and Contingent Liabilities Shared markets and state facility assessments The Company is required to participate in assigned risk plans, reinsurance facilities and joint underwriting associations in various states that provide insurance coverage to individuals or entities that otherwise are unable to purchase such coverage from private insurers. Underwriting results related to these arrangements, which tend to be adverse, have been immaterial to the Company’s results of operations. Because of the Company’s participation, it may be exposed to losses that surpass the capitalization of these facilities and/or assessments from these facilities. Guarantees The Company provides residual value guarantees on Company leased automobiles. If all outstanding leases were terminated effective June 30, 2015 , the Company’s maximum obligation pursuant to these guarantees, assuming the automobiles have no residual value, would be $41 million as of June 30, 2015 . The remaining term of each residual value guarantee is equal to the term of the underlying lease that ranges from less than 1 year to 3 years . Historically, the Company has not made any material payments pursuant to these guarantees. The Company owns certain investments that obligate the Company to exchange credit risk or to forfeit principal due, depending on the nature or occurrence of specified credit events for the reference entities. In the event all such specified credit events were to occur, the Company’s maximum amount at risk on these investments, as measured by the amount of the aggregate initial investment, was $4 million as of June 30, 2015 . The obligations associated with these investments expire at various dates on or before March 11, 2018. In the normal course of business, the Company provides standard indemnifications to contractual counterparties in connection with numerous transactions, including acquisitions and divestitures. The types of indemnifications typically provided include indemnifications for breaches of representations and warranties, taxes and certain other liabilities, such as third party lawsuits. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business based on an assessment that the risk of loss would be remote. The terms of the indemnifications vary in duration and nature. In many cases, the maximum obligation is not explicitly stated and the contingencies triggering the obligation to indemnify have not occurred and are not expected to occur. Consequently, the maximum amount of the obligation under such indemnifications is not determinable. Historically, the Company has not made any material payments pursuant to these obligations. Related to the sale of LBL on April 1, 2014, ALIC agreed to indemnify Resolution Life Holdings, Inc. in connection with certain representations, warranties and covenants of ALIC, and certain liabilities specifically excluded from the transaction, subject to specific contractual limitations regarding ALIC’s maximum obligation. Management does not believe these indemnifications will have a material effect on results of operations, cash flows or financial position of the Company. Related to the disposal through reinsurance of substantially all of Allstate Financial’s variable annuity business to Prudential in 2006, the Company and its consolidated subsidiaries, ALIC and ALNY, have agreed to indemnify Prudential for certain pre-closing contingent liabilities (including extra-contractual liabilities of ALIC and ALNY and liabilities specifically excluded from the transaction) that ALIC and ALNY have agreed to retain. In addition, the Company, ALIC and ALNY will each indemnify Prudential for certain post-closing liabilities that may arise from the acts of ALIC, ALNY and their agents, including certain liabilities arising from ALIC’s and ALNY’s provision of transition services. The reinsurance agreements contain no limitations or indemnifications with regard to insurance risk transfer, and transferred all of the future risks and responsibilities for performance on the underlying variable annuity contracts to Prudential, including those related to benefit guarantees. Management does not believe this agreement will have a material effect on results of operations, cash flows or financial position of the Company. The aggregate liability balance related to all guarantees was not material as of June 30, 2015 . Regulation and Compliance The Company is subject to extensive laws, regulations, administrative directives, and regulatory actions. From time to time, regulatory authorities or legislative bodies seek to influence and restrict premium rates, require premium refunds to policyholders, require reinstatement of terminated policies, restrict the ability of insurers to cancel or non-renew policies, require insurers to continue to write new policies or limit their ability to write new policies, limit insurers’ ability to change coverage terms or to impose underwriting standards, impose additional regulations regarding agent and broker compensation, regulate the nature of and amount of investments, impose fines and penalties for unintended errors or mistakes, and otherwise expand overall regulation of insurance products and the insurance industry. In addition, the Company is subject to laws and regulations administered and enforced by federal agencies and other organizations, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulation Authority, the U.S. Equal Employment Opportunity Commission (“EEOC”), and the U.S. Department of Justice. The Company has established procedures and policies to facilitate compliance with laws and regulations, to foster prudent business operations, and to support financial reporting. The Company routinely reviews its practices to validate compliance with laws and regulations and with internal procedures and policies. As a result of these reviews, from time to time the Company may decide to modify some of its procedures and policies. Such modifications, and the reviews that led to them, may be accompanied by payments being made and costs being incurred. The ultimate changes and eventual effects of these actions on the Company’s business, if any, are uncertain. Legal and regulatory proceedings and inquiries The Company and certain subsidiaries are involved in a number of lawsuits, regulatory inquiries, and other legal proceedings arising out of various aspects of its business. Background These matters raise difficult and complicated factual and legal issues and are subject to many uncertainties and complexities, including the underlying facts of each matter; novel legal issues; variations between jurisdictions in which matters are being litigated, heard, or investigated; differences in applicable laws and judicial interpretations; the length of time before many of these matters might be resolved by settlement, through litigation, or otherwise; the fact that some of the lawsuits are putative class actions in which a class has not been certified and in which the purported class may not be clearly defined; the fact that some of the lawsuits involve multi-state class actions in which the applicable law(s) for the claims at issue is in dispute and therefore unclear; and the current challenging legal environment faced by corporations and insurance companies. The outcome of these matters may be affected by decisions, verdicts, and settlements, and the timing of such decisions, verdicts, and settlements, in other individual and class action lawsuits that involve the Company, other insurers, or other entities and by other legal, governmental, and regulatory actions that involve the Company, other insurers, or other entities. The outcome may also be affected by future state or federal legislation, the timing or substance of which cannot be predicted. In the lawsuits, plaintiffs seek a variety of remedies which may include equitable relief in the form of injunctive and other remedies and monetary relief in the form of contractual and extra-contractual damages. In some cases, the monetary damages sought may include punitive or treble damages. Often specific information about the relief sought, such as the amount of damages, is not available because plaintiffs have not requested specific relief in their pleadings. When specific monetary demands are made, they are often set just below a state court jurisdictional limit in order to seek the maximum amount available in state court, regardless of the specifics of the case, while still avoiding the risk of removal to federal court. In Allstate’s experience, monetary demands in pleadings bear little relation to the ultimate loss, if any, to the Company. In connection with regulatory examinations and proceedings, government authorities may seek various forms of relief, including penalties, restitution, and changes in business practices. The Company may not be advised of the nature and extent of relief sought until the final stages of the examination or proceeding. Accrual and disclosure policy The Company reviews its lawsuits, regulatory inquiries, and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for such matters at management’s best estimate when the Company assesses that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company does not establish accruals for such matters when the Company does not believe both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company’s assessment of whether a loss is reasonably possible or probable is based on its assessment of the ultimate outcome of the matter following all appeals. The Company does not include potential recoveries in its estimates of reasonably possible or probable losses. Legal fees are expensed as incurred. The Company continues to monitor its lawsuits, regulatory inquiries, and other legal proceedings for further developments that would make the loss contingency both probable and estimable, and accordingly accruable, or that could affect the amount of accruals that have been previously established. There may continue to be exposure to loss in excess of any amount accrued. Disclosure of the nature and amount of an accrual is made when there have been sufficient legal and factual developments such that the Company’s ability to resolve the matter would not be impaired by the disclosure of the amount of accrual. When the Company assesses it is reasonably possible or probable that a loss has been incurred, it discloses the matter. When it is possible to estimate the reasonably possible loss or range of loss above the amount accrued, if any, for the matters disclosed, that estimate is aggregated and disclosed. Disclosure is not required when an estimate of the reasonably possible loss or range of loss cannot be made. For certain of the matters described below in the “Claims related proceedings” and “Other proceedings” subsections, the Company is able to estimate the reasonably possible loss or range of loss above the amount accrued, if any. In determining whether it is possible to estimate the reasonably possible loss or range of loss, the Company reviews and evaluates the disclosed matters, in conjunction with counsel, in light of potentially relevant factual and legal developments. These developments may include information learned through the discovery process, rulings on dispositive motions, settlement discussions, information obtained from other sources, experience from managing these and other matters, and other rulings by courts, arbitrators or others. When the Company possesses sufficient appropriate information to develop an estimate of the reasonably possible loss or range of loss above the amount accrued, if any, that estimate is aggregated and disclosed below. There may be other disclosed matters for which a loss is probable or reasonably possible but such an estimate is not possible. Disclosure of the estimate of the reasonably possible loss or range of loss above the amount accrued, if any, for any individual matter would only be considered when there have been sufficient legal and factual developments such that the Company’s ability to resolve the matter would not be impaired by the disclosure of the individual estimate. The Company currently estimates that the aggregate range of reasonably possible loss in excess of the amount accrued, if any, for the disclosed matters where such an estimate is possible is zero to $675 million , pre-tax. This disclosure is not an indication of expected loss, if any. Under accounting guidance, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” This estimate is based upon currently available information and is subject to significant judgment and a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimate will change from time to time, and actual results may vary significantly from the current estimate. The estimate does not include matters or losses for which an estimate is not possible. Therefore, this estimate represents an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Company’s maximum possible loss exposure. Information is provided below regarding the nature of all of the disclosed matters and, where specified, the amount, if any, of plaintiff claims associated with these loss contingencies. Due to the complexity and scope of the matters disclosed in the “Claims related proceedings” and “Other proceedings” subsections below and the many uncertainties that exist, the ultimate outcome of these matters cannot be predicted. In the event of an unfavorable outcome in one or more of these matters, the ultimate liability may be in excess of amounts currently accrued, if any, and may be material to the Company’s operating results or cash flows for a particular quarterly or annual period. However, based on information currently known to it, management believes that the ultimate outcome of all matters described below, as they are resolved over time, is not likely to have a material effect on the financial position of the Company. Claims related proceedings Allstate is a defendant in a class action lawsuit in Montana state court challenging aspects of its claim handling practices in Montana. The plaintiff alleges that the Company adjusts claims made by individuals who do not have attorneys in a manner that unfairly resulted in lower payments compared to claimants who were represented by attorneys. In January 2012, the court certified a class of Montana claimants who were not represented by attorneys with respect to the resolution of auto accident claims. The court certified the class to cover an indefinite period that commences in the mid-1990’s. The certified claims include claims for declaratory judgment, injunctive relief and punitive damages in an unspecified amount. Injunctive relief may include a claim process by which unrepresented claimants could request that their claims be readjusted. No compensatory damages are sought on behalf of the class. The Company appealed the order certifying the class. In August 2013, the Montana Supreme Court affirmed in part, and reversed in part, the lower court’s order granting plaintiff’s motion for class certification and remanded the case for trial. The Company petitioned for rehearing of the Montana Supreme Court’s decision, which the Court denied. In January 2014, the Company timely filed a petition for a writ of certiorari with the U.S. Supreme Court seeking review of the Montana Supreme Court’s decision. On May 5, 2014, the U.S. Supreme Court denied the petition for a writ of certiorari. The case continued in Montana state court. The state trial court scheduled trial for November, 2016 and ordered the parties to mediation by May 15, 2015. On June 15, 2015, the Montana District Court preliminarily approved a settlement of this class action. A final settlement hearing is scheduled to be held September 22, 2015. The costs associated with the settlement are not expected to be material. The Company is litigating two class action cases in California in which the plaintiffs allege off-the-clock wage and hour claims. One case, involving two classes, is pending in Los Angeles Superior Court and was filed in December 2007. In this case, one class includes auto field physical damage adjusters employed in the state of California from January 1, 2005 to the date of final judgment, to the extent the Company failed to pay for off-the-clock work to those adjusters who performed certain duties prior to their first assignments. The other class includes all non-exempt employees in California from December 19, 2006 until January 2010 who received pay statements from Allstate which allegedly did not comply with California law. The other case was filed in the U.S. District Court for the Central District of California in September 2010. In April 2012, the trial court certified the class, and Allstate appealed to the Ninth Circuit Court of Appeals. On September 3, 2014, the Ninth Circuit affirmed the trial court’s decision to certify the class, and Allstate filed a motion for rehearing en banc. Allstate’s motion for rehearing en banc was denied and on January 27, 2015, Allstate filed a petition for a Writ of Certiorari with the U.S. Supreme Court. On June 15, 2015, the Supreme Court denied Allstate’s petition for a writ of certiorari. The case is scheduled for trial in May 2016. In addition to off-the-clock claims, the plaintiffs in this case allege other California Labor Code violations resulting from purported unpaid overtime. The class in this case includes all adjusters in the state of California, except auto field adjusters, from September 29, 2006 to final judgment. Plaintiffs in both cases seek recovery of unpaid compensation, liquidated damages, penalties, and attorneys’ fees and costs. In addition to the California class actions, a case was filed in the U.S. District Court for the Eastern District of New York alleging that no-fault claim adjusters have been improperly classified as exempt employees under New York Labor Law and the Fair Labor Standards Act. The case was filed in April 2011, and the plaintiffs are seeking unpaid wages, liquidated damages, injunctive relief, compensatory and punitive damages, and attorneys’ fees. On September 16, 2014, the court certified a class of no-fault adjusters under New York Labor Law and refused to decertify a Fair Labor Standards Act class of no-fault adjusters. In the Company’s judgment, a loss is not probable. Other proceedings The Company is defending certain matters in the U.S. District Court for the Eastern District of Pennsylvania relating to the Company’s agency program reorganization announced in 1999. The current focus in these matters relates to a release of claims signed by the vast majority of the former agents whose employment contracts were terminated in the reorganization program. These matters include the following: Romero I: In 2001, approximately 32 former employee agents, on behalf of a putative class of approximately 6,300 former employee agents, filed a putative class action alleging claims for age discrimination under the Age Discrimination in Employment Act (“ADEA”), interference with benefits under ERISA, breach of contract, and breach of fiduciary duty. Plaintiffs also assert a claim for a declaratory judgment that the release of claims constitutes unlawful retaliation and should be set aside. Plaintiffs seek broad but unspecified “make whole relief,” including back pay, compensatory and punitive damages, liquidated damages, lost investment capital, attorneys’ fees and costs, and equitable relief, including reinstatement to employee agent status with all attendant benefits. Romero II : A putative nationwide class action was also filed in 2001 by former employee agents alleging various violations of ERISA (“ Romero II ”). This action has been consolidated with Romero I. The Romero II plaintiffs, most of whom are also plaintiffs in Romero I, are challenging certain amendments to the Agents Pension Plan and seek to have service as exclusive agent independent contractors count toward eligibility for benefits under the Agents Pension Plan. Plaintiffs seek broad but unspecified “make whole” or other equitable relief, including loss of benefits as a result of their conversion to exclusive agent independent contractor status or retirement from the Company between November 1, 1999 and December 31, 2000. They also seek repeal of the challenged amendments to the Agents Pension Plan with all attendant benefits revised and recalculated for thousands of former employee agents, and attorneys’ fees and costs. The court granted the Company’s initial motion to dismiss the complaint. The Third Circuit Court of Appeals reversed that dismissal and remanded for further proceedings. Romero I and II consolidated proceedings: In 2004, the court ruled that the release was voidable and certified classes of agents, including a mandatory class of agents who had signed the release, for purposes of effectuating the court’s declaratory judgment that the release was voidable. In 2007, the court vacated its ruling and granted the Company’s motion for summary judgment on all claims. Plaintiffs appealed and in July 2009, the U.S. Court of Appeals for the Third Circuit vacated the trial court’s entry of summary judgment in the Company’s favor, remanded the case to the trial court for additional discovery, and instructed the trial court to first address the validity of the release after additional discovery. Following the completion of discovery limited to the validity of the release, the parties filed cross motions for summary judgment with respect to the validity of the release. On February 28, 2014, the trial court denied plaintiffs’ and the Company’s motions for summary judgment, concluding that the question of whether the releases were knowingly and voluntarily signed under a totality of circumstances test raised disputed issues of fact to be resolved at trial. Among other things, the court also held that the release, if valid, would bar all claims in Romero I and II. On May 23, 2014, plaintiffs moved to certify a class as to certain issues relating to the validity of the release. The court denied plaintiffs’ class certification motion on October 6, 2014, stating, among other things, that individual factors and circumstances must be considered to determine whether each release signer entered into the release knowingly and voluntarily. The court entered an order on December 11, 2014, (a) stating that the court’s October 6, 2014 denial of class certification as to release-related issues did not resolve whether issues relating to the merits of plaintiffs’ claims may be subject to class certification at a later time, and (b) holding that the court’s October 6, 2014 order restarted the running of the statute of limitation for any former employee agent who wished to challenge the validity of the release. In an order entered January 7, 2015, the court denied reconsideration of its December 11, 2014 order and clarified that all statutes of limitations to challenge the release would resume running on March 2, 2015. Since the Court’s January 7 order, a total of 459 additional individual plaintiffs have filed separate lawsuits similar to Romero I or sought to intervene in the Romero I action. Trial proceedings have commenced to determine the question of whether the releases of the original named plaintiffs in Romero I and II were knowingly and voluntarily signed. The first trial of ten plaintiffs was completed on June 17, 2015, with the jury reaching verdicts finding that two plaintiffs signed their releases knowingly and voluntarily and eight plaintiffs did not sign their releases knowingly and voluntarily. This result is not yet final and may be subject to further proceedings. The remaining two trials for the original Romero I and II plaintiffs are scheduled to occur in the fourth quarter of 2015. No other trials are currently scheduled and the Court has not yet addressed a schedule for deciding the validity of the release signed by the new plaintiffs. Based on the trial court’s February 28, 2014 order in Romero I and II, if the validity of the release is decided in favor of the Company for any plaintiff, that would preclude any damages or other relief being awarded to that plaintiff. If the validity of the release is decided in favor of a plaintiff, further proceedings with respect to the merits of that plaintiff’s claims relating to the reorganization would have to occur before there could be any determination of liability or award of damages in either Romero I or Romero II. The final resolution of these matters is subject to various uncertainties and complexities including how individual trials, post trial motions and possible appeals with respect to the validity of the release will be resolved. Depending upon how these issues are resolved, the Company may or may not have to address the merits of plaintiffs’ claims relating to the reorganization and amendments to the Agents Pension Plan described herein. In the Company’s judgment, a loss is not probable. EEOC I: In 2001, the EEOC filed suit alleging that Allstate’s use of a release in the reorganization constituted retaliation under federal civil rights laws. The EEOC’s suit was consolidated with Romero I and Romero II . On March 13, 2014, the trial court denied EEOC’s motion for summary judgment and granted Allstate’s motion for summary judgment and entered final judgment in favor of Allstate. The EEOC appealed this decision to the Third Circuit Court of Appeals, which affirmed the trial court’s final judgment in Allstate’s favor on February 13, 2015. The EEOC did not seek further review with the U.S. Supreme Court and, therefore, EEOC I is now fully concluded. Asbestos and environmental Allstate’s reserves for asbestos claims were $977 million and $1.01 billion , net of reinsurance recoverables of $464 million and $478 million , as of June 30, 2015 and December 31, 2014 , respectively. Reserves for environmental claims were $190 million and $203 million , net of reinsurance recoverables of $61 million and $64 million , as of June 30, 2015 and December 31, 2014 , respectively. Approximately 55% and 57% of the total net asbestos and environmental reserves as of June 30, 2015 and December 31, 2014 , respectively, were for incurred but not reported estimated losses. Management believes its net loss reserves for asbestos, environmental and other discontinued lines exposures are appropriately established based on available facts, technology, laws and regulations. However, establishing net loss reserves for asbestos, environmental and other discontinued lines claims is subject to uncertainties that are much greater than those presented by other types of claims. The ultimate cost of losses may vary materially from recorded amounts, which are based on management’s best estimate. Among the complications are lack of historical data, long reporting delays, uncertainty as to the number and identity of insureds with potential exposure and unresolved legal issues regarding policy coverage; unresolved legal issues regarding the determination, availability and timing of exhaustion of policy limits; plaintiffs’ evolving and expanding theories of liability; availability and collectability of recoveries from reinsurance; retrospectively determined premiums and other contractual agreements; estimates of the extent and timing of any contractual liability; the impact of bankruptcy protection sought by various asbestos producers and other asbestos defendants; and other uncertainties. There are also complex legal issues concerning the interpretation of various insurance policy provisions and whether those losses are covered, or were ever intended to be covered, and could be recoverable through retrospectively determined premium, reinsurance or other contractual agreements. Courts have reached different and sometimes inconsistent conclusions as to when losses are deemed to have occurred and which policies provide coverage; what types of losses are covered; whether there is an insurer obligation to defend; how policy limits are determined; how policy exclusions and conditions are applied and interpreted; and whether clean-up costs represent insured property damage. Management believes these issues are not likely to be resolved in the near future, and the ultimate costs may vary materially from the amounts currently recorded resulting in material changes in loss reserves. In addition, while the Company believes that improved actuarial techniques and databases have assisted in its ability to estimate asbestos, environmental, and other discontinued lines net loss reserves, these refinements may subsequently prove to be inadequate indicators of the extent of probable losses. Due to the uncertainties and factors described above, management believes it is not practicable to develop a meaningful range for any such additional net loss reserves that may be required.

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Benefit Plans	Benefit Plans The components of net periodic cost for the Company’s pension and postretirement benefit plans are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Pension benefits Service cost $ 28 $ 24 $ 57 $ 48 Interest cost 64 64 128 128 Expected return on plan assets (106 ) (100 ) (212 ) (199 ) Amortization of: Prior service credit (14 ) (14 ) (28 ) (29 ) Net actuarial loss 48 28 96 57 Settlement loss 6 11 12 22 Net periodic pension cost $ 26 $ 13 $ 53 $ 27 Postretirement benefits Service cost $ 3 $ 2 $ 6 $ 5 Interest cost 5 5 11 11 Amortization of: Prior service credit (5 ) (5 ) (11 ) (11 ) Net actuarial gain (2 ) (5 ) (4 ) (11 ) Net periodic postretirement cost (credit) $ 1 $ (3 ) $ 2 $ (6 )

Reporting Segments

Reporting Segments	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Reporting Segments	Reporting Segments Summarized revenue data for each of the Company’s reportable segments are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Property-Liability Property-liability insurance premiums Auto $ 5,086 $ 4,824 $ 10,065 $ 9,536 Homeowners 1,775 1,714 3,536 3,411 Other personal lines 423 414 843 826 Commercial lines 128 121 253 231 Other business lines 137 131 278 264 Allstate Protection 7,549 7,204 14,975 14,268 Discontinued Lines and Coverages — — — — Total property-liability insurance premiums 7,549 7,204 14,975 14,268 Net investment income 292 351 650 663 Realized capital gains and losses 49 250 77 303 Total Property-Liability 7,890 7,805 15,702 15,234 Allstate Financial Life and annuity premiums and contract charges Traditional life insurance 131 125 263 252 Immediate annuities with life contingencies — — — 5 Accident and health insurance 195 187 391 382 Total life and annuity premiums 326 312 654 639 Interest-sensitive life insurance 207 202 413 476 Fixed annuities 3 4 6 10 Total contract charges 210 206 419 486 Total life and annuity premiums and contract charges 536 518 1,073 1,125 Net investment income 489 538 973 1,178 Realized capital gains and losses 59 (10 ) 170 (9 ) Total Allstate Financial 1,084 1,046 2,216 2,294 Corporate and Other Service fees 1 1 2 3 Net investment income 8 9 16 16 Total Corporate and Other before reclassification of service fees 9 10 18 19 Reclassification of service fees (1) (1 ) (1 ) (2 ) (3 ) Total Corporate and Other 8 9 16 16 Consolidated revenues $ 8,982 $ 8,860 $ 17,934 $ 17,544 _______________ (1) For presentation in the Condensed Consolidated Statements of Operations, service fees of the Corporate and Other segment are reclassified to operating costs and expenses. Summarized financial performance data for each of the Company’s reportable segments are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Property-Liability Underwriting income Allstate Protection $ (8 ) $ 192 $ 461 $ 567 Discontinued Lines and Coverages (2 ) (3 ) (4 ) (6 ) Total underwriting income (10 ) 189 457 561 Net investment income 292 351 650 663 Income tax expense on operations (92 ) (185 ) (397 ) (410 ) Realized capital gains and losses, after-tax 31 161 49 195 Gain on disposition of operations, after-tax 1 38 1 38 Property-Liability net income available to common shareholders 222 554 760 1,047 Allstate Financial Life and annuity premiums and contract charges 536 518 1,073 1,125 Net investment income 489 538 973 1,178 Periodic settlements and accruals on non-hedge derivative instruments — (1 ) — (1 ) Contract benefits and interest credited to contractholder funds (637 ) (621 ) (1,270 ) (1,400 ) Operating costs and expenses and amortization of deferred policy acquisition costs (180 ) (177 ) (372 ) (369 ) Restructuring and related charges (2 ) (1 ) (2 ) (3 ) Income tax expense on operations (67 ) (91 ) (129 ) (176 ) Operating income 139 165 273 354 Realized capital gains and losses, after-tax 38 (6 ) 110 (6 ) Valuation changes on embedded derivatives that are not hedged, after-tax 4 (3 ) (1 ) (14 ) DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (2 ) — (2 ) — Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax — 1 — 1 Loss on disposition of operations, after-tax — (12 ) (1 ) (28 ) Change in accounting for investments in qualified affordable housing projects, after-tax — — (17 ) — Allstate Financial net income available to common shareholders 179 145 362 307 Corporate and Other Service fees (1) 1 1 2 3 Net investment income 8 9 16 16 Operating costs and expenses (1) (83 ) (95 ) (162 ) (192 ) Income tax benefit on operations 28 32 54 64 Preferred stock dividends (29 ) (31 ) (58 ) (44 ) Operating loss (75 ) (84 ) (148 ) (153 ) Realized capital gains and losses, after-tax — (1 ) — — Corporate and Other net loss available to common shareholders (75 ) (85 ) (148 ) (153 ) Consolidated net income available to common shareholders $ 326 $ 614 $ 974 $ 1,201 _______________ (1) For presentation in the Condensed Consolidated Statements of Operations, service fees of the Corporate and Other segment are reclassified to operating costs and expenses.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other Comprehensive Income	Other Comprehensive Income The components of other comprehensive (loss) income on a pre-tax and after-tax basis are as follows: ($ in millions) Three months ended June 30, 2015 2014 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ (1,003 ) $ 350 $ (653 ) $ 322 $ (112 ) $ 210 Less: reclassification adjustment of realized capital gains and losses 100 (35 ) 65 232 (81 ) 151 Unrealized net capital gains and losses (1,103 ) 385 (718 ) 90 (31 ) 59 Unrealized foreign currency translation adjustments (13 ) 4 (9 ) 20 (7 ) 13 Unrecognized pension and other postretirement benefit cost arising during the period (3 ) 2 (1 ) (4 ) 2 (2 ) Less: reclassification adjustment of net periodic cost recognized in operating costs and expenses (33 ) 12 (21 ) (15 ) 5 (10 ) Unrecognized pension and other postretirement benefit cost 30 (10 ) 20 11 (3 ) 8 Other comprehensive (loss) income $ (1,086 ) $ 379 $ (707 ) $ 121 $ (41 ) $ 80 Six months ended June 30, 2015 2014 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ (528 ) $ 184 $ (344 ) $ 1,039 $ (363 ) $ 676 Less: reclassification adjustment of realized capital gains and losses 251 (88 ) 163 265 (93 ) 172 Unrealized net capital gains and losses (779 ) 272 (507 ) 774 (270 ) 504 Unrealized foreign currency translation adjustments (55 ) 19 (36 ) (5 ) 2 (3 ) Unrecognized pension and other postretirement benefit cost arising during the period 8 (1 ) 7 — 1 1 Less: reclassification adjustment of net periodic cost recognized in operating costs and expenses (65 ) 23 (42 ) (28 ) 10 (18 ) Unrecognized pension and other postretirement benefit cost 73 (24 ) 49 28 (9 ) 19 Other comprehensive (loss) income $ (761 ) $ 267 $ (494 ) $ 797 $ (277 ) $ 520

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per common share	The computation of basic and diluted earnings per common share is presented in the following table. ($ in millions, except per share data) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Numerator: Net income $ 355 $ 645 $ 1,032 $ 1,245 Less: Preferred stock dividends 29 31 58 44 Net income available to common shareholders $ 326 $ 614 $ 974 $ 1,201 Denominator: Weighted average common shares outstanding 407.0 434.3 411.4 440.4 Effect of dilutive potential common shares: Stock options 4.2 4.8 4.5 4.6 Restricted stock units (non-participating) and performance stock awards 1.4 1.6 1.7 1.8 Weighted average common and dilutive potential common shares outstanding 412.6 440.7 417.6 446.8 Earnings per common share - Basic $ 0.80 $ 1.41 $ 2.37 $ 2.73 Earnings per common share - Diluted $ 0.79 $ 1.39 $ 2.33 $ 2.69

Supplemental Cash Flow Inform22

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information from collateralized securities received	The accompanying cash flows are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, which are as follows: ($ in millions) Six months ended June 30, 2015 2014 Net change in proceeds managed Net change in short-term investments $ 34 $ (284 ) Operating cash flow provided (used) 34 (284 ) Net change in cash (3 ) 1 Net change in proceeds managed $ 31 $ (283 ) Net change in liabilities Liabilities for collateral, beginning of period $ (782 ) $ (624 ) Liabilities for collateral, end of period (751 ) (907 ) Operating cash flow (used) provided $ (31 ) $ 283

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Schedule for fixed income securities at amortized cost, gross unrealized gains and losses and fair value	The amortized cost, gross unrealized gains and losses and fair value for fixed income securities are as follows: ($ in millions) Amortized cost Gross unrealized Fair value Gains Losses June 30, 2015 U.S. government and agencies $ 3,827 $ 110 $ (1 ) $ 3,936 Municipal 8,111 519 (36 ) 8,594 Corporate 41,153 1,524 (360 ) 42,317 Foreign government 1,258 67 (1 ) 1,324 Asset-backed securities (“ABS”) 2,081 21 (26 ) 2,076 Residential mortgage-backed securities (“RMBS”) 982 113 (12 ) 1,083 Commercial mortgage-backed securities (“CMBS”) 538 39 (2 ) 575 Redeemable preferred stock 21 4 — 25 Total fixed income securities $ 57,971 $ 2,397 $ (438 ) $ 59,930 December 31, 2014 U.S. government and agencies $ 4,192 $ 139 $ (3 ) $ 4,328 Municipal 7,877 645 (25 ) 8,497 Corporate 40,386 1,998 (240 ) 42,144 Foreign government 1,543 102 — 1,645 ABS 3,971 38 (31 ) 3,978 RMBS 1,108 112 (13 ) 1,207 CMBS 573 44 (2 ) 615 Redeemable preferred stock 22 4 — 26 Total fixed income securities $ 59,672 $ 3,082 $ (314 ) $ 62,440
Schedule for fixed income securities based on contractual maturities	The scheduled maturities for fixed income securities are as follows as of June 30, 2015 : ($ in millions) Amortized cost Fair value Due in one year or less $ 4,446 $ 4,491 Due after one year through five years 25,081 25,705 Due after five years through ten years 17,248 17,605 Due after ten years 7,595 8,395 54,370 56,196 ABS, RMBS and CMBS 3,601 3,734 Total $ 57,971 $ 59,930
Schedule of net investment income	Net investment income is as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Fixed income securities $ 567 $ 584 $ 1,135 $ 1,289 Equity securities 31 35 54 63 Mortgage loans 57 71 112 152 Limited partnership interests 118 195 316 337 Short-term investments 3 3 4 4 Other 49 44 94 86 Investment income, before expense 825 932 1,715 1,931 Investment expense (36 ) (34 ) (76 ) (74 ) Net investment income $ 789 $ 898 $ 1,639 $ 1,857
Schedule of realized capital gains and losses by asset type	Realized capital gains and losses by asset type are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Fixed income securities $ 60 $ 62 $ 140 $ 98 Equity securities 48 239 126 261 Mortgage loans 1 (2 ) 1 1 Limited partnership interests (3 ) (51 ) 3 (49 ) Derivatives 5 (7 ) (20 ) (19 ) Other (3 ) (1 ) (3 ) 2 Realized capital gains and losses $ 108 $ 240 $ 247 $ 294
Schedule of realized capital gains and losses by transaction type	Realized capital gains and losses by transaction type are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Impairment write-downs $ (11 ) $ (6 ) $ (30 ) $ (22 ) Change in intent write-downs (32 ) (39 ) (62 ) (104 ) Net other-than-temporary impairment losses recognized in earnings (43 ) (45 ) (92 ) (126 ) Sales 146 290 362 437 Valuation and settlements of derivative instruments 5 (5 ) (23 ) (17 ) Realized capital gains and losses $ 108 $ 240 $ 247 $ 294
Schedule of other-than-temporary impairment losses by asset type	Other-than-temporary impairment losses by asset type are as follows: ($ in millions) Three months ended June 30, 2015 Three months ended June 30, 2014 Gross Included in OCI Net Gross Included in OCI Net Fixed income securities: Municipal $ — $ — $ — $ (1 ) $ — $ (1 ) Corporate (5 ) 4 (1 ) — — — ABS (3 ) — (3 ) (2 ) — (2 ) RMBS — — — 6 (1 ) 5 Total fixed income securities (8 ) 4 (4 ) 3 (1 ) 2 Equity securities (36 ) — (36 ) (21 ) — (21 ) Limited partnership interests — — — (26 ) — (26 ) Other (3 ) — (3 ) — — — Other-than-temporary impairment losses $ (47 ) $ 4 $ (43 ) $ (44 ) $ (1 ) $ (45 ) Six months ended June 30, 2015 Six months ended June 30, 2014 Gross Included in OCI Net Gross Included in OCI Net Fixed income securities: Municipal $ (4 ) $ 4 $ — $ (6 ) $ — $ (6 ) Corporate (10 ) 4 (6 ) — — — ABS (4 ) 1 (3 ) (3 ) — (3 ) RMBS 1 (1 ) — 6 (2 ) 4 Total fixed income securities (17 ) 8 (9 ) (3 ) (2 ) (5 ) Equity securities (75 ) — (75 ) (86 ) — (86 ) Mortgage loans — — — 4 — 4 Limited partnership interests (5 ) — (5 ) (39 ) — (39 ) Other $ (3 ) $ — $ (3 ) — — — Other-than-temporary impairment losses $ (100 ) $ 8 $ (92 ) $ (124 ) $ (2 ) $ (126 )
Schedule of other-than-temporary impairment losses on fixed income securities included in Accumulated Other Comprehensive Income	The amounts exclude $224 million and $233 million as of June 30, 2015 and December 31, 2014 , respectively, of net unrealized gains related to changes in valuation of the fixed income securities subsequent to the impairment measurement date. ($ in millions) June 30, 2015 December 31, 2014 Municipal $ (9 ) $ (8 ) Corporate (4 ) — ABS (3 ) (2 ) RMBS (106 ) (108 ) CMBS (6 ) (5 ) Total $ (128 ) $ (123 )
Schedule of credit losses on fixed income securities recognized in earnings	Rollforwards of the cumulative credit losses recognized in earnings for fixed income securities held as of the end of the period are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Beginning balance $ (378 ) $ (493 ) $ (380 ) $ (513 ) Additional credit loss for securities previously other-than-temporarily impaired (2 ) 4 (3 ) (1 ) Additional credit loss for securities not previously other-than-temporarily impaired (2 ) (2 ) (6 ) (3 ) Reduction in credit loss for securities disposed or collected 8 7 14 33 Reduction in credit loss for securities the Company has made the decision to sell or more likely than not will be required to sell — — — — Change in credit loss due to accretion of increase in cash flows 2 1 3 1 Reduction in credit loss for securities sold in Lincoln Benefit Life Company (“LBL”) disposition — 59 — 59 Ending balance $ (372 ) $ (424 ) $ (372 ) $ (424 )
Schedule of unrealized net capital gains and losses	Unrealized net capital gains and losses included in accumulated other comprehensive income are as follows: ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) June 30, 2015 Gains Losses Fixed income securities $ 59,930 $ 2,397 $ (438 ) $ 1,959 Equity securities 4,000 413 (62 ) 351 Short-term investments 2,821 — — — Derivative instruments (1) 7 7 (4 ) 3 Equity method (“EMA”) limited partnerships (2) (5 ) Unrealized net capital gains and losses, pre-tax 2,308 Amounts recognized for: Insurance reserves (3) — DAC and DSI (4) (121 ) Amounts recognized (121 ) Deferred income taxes (768 ) Unrealized net capital gains and losses, after-tax $ 1,419 _______________ (1) Included in the fair value of derivative instruments are $3 million classified as assets and $(4) million classified as liabilities. (2) Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ other comprehensive income. Fair value and gross unrealized gains and losses are not applicable. (3) The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at current lower interest rates, resulting in a premium deficiency. Although the Company evaluates premium deficiencies on the combined performance of life insurance and immediate annuities with life contingencies, the adjustment primarily relates to structured settlement annuities with life contingencies, in addition to annuity buy-outs and certain payout annuities with life contingencies. (4) The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized. ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) December 31, 2014 Gains Losses Fixed income securities $ 62,440 $ 3,082 $ (314 ) $ 2,768 Equity securities 4,104 467 (55 ) 412 Short-term investments 2,540 — — — Derivative instruments (1) 2 3 (5 ) (2 ) EMA limited partnerships (5 ) Unrealized net capital gains and losses, pre-tax 3,173 Amounts recognized for: Insurance reserves (28 ) DAC and DSI (179 ) Amounts recognized (207 ) Deferred income taxes (1,040 ) Unrealized net capital gains and losses, after-tax $ 1,926 _______________ (1) Included in the fair value of derivative instruments are $3 million classified as assets and $1 million classified as liabilities.
Schedule of change in unrealized net capital gains and losses	The change in unrealized net capital gains and losses for the six months ended June 30, 2015 is as follows: ($ in millions) Fixed income securities $ (809 ) Equity securities (61 ) Derivative instruments 5 Total (865 ) Amounts recognized for: Insurance reserves 28 DAC and DSI 58 Amounts recognized 86 Deferred income taxes 272 Decrease in unrealized net capital gains and losses, after-tax $ (507 )
Schedule of gross unrealized losses and fair value of available for sale securities by length of time	The following table summarizes the gross unrealized losses and fair value of fixed income and equity securities by the length of time that individual securities have been in a continuous unrealized loss position. ($ in millions) Less than 12 months 12 months or more Total unrealized losses Number of issues Fair value Unrealized losses Number of issues Fair value Unrealized losses June 30, 2015 Fixed income securities U.S. government and agencies 16 $ 761 $ (1 ) — $ — $ — $ (1 ) Municipal 473 1,472 (23 ) 9 60 (13 ) (36 ) Corporate 954 11,790 (274 ) 65 616 (86 ) (360 ) Foreign government 10 53 (1 ) — — — (1 ) ABS 56 801 (10 ) 22 253 (16 ) (26 ) RMBS 81 51 (1 ) 177 146 (11 ) (12 ) CMBS 7 31 — 1 3 (2 ) (2 ) Total fixed income securities 1,597 14,959 (310 ) 274 1,078 (128 ) (438 ) Equity securities 251 753 (61 ) 1 13 (1 ) (62 ) Total fixed income and equity securities 1,848 $ 15,712 $ (371 ) 275 $ 1,091 $ (129 ) $ (500 ) Investment grade fixed income securities 1,225 $ 10,917 $ (158 ) 206 $ 670 $ (69 ) $ (227 ) Below investment grade fixed income securities 372 4,042 (152 ) 68 408 (59 ) (211 ) Total fixed income securities 1,597 $ 14,959 $ (310 ) 274 $ 1,078 $ (128 ) $ (438 ) December 31, 2014 Fixed income securities U.S. government and agencies 21 $ 1,501 $ (3 ) — $ — $ — $ (3 ) Municipal 252 1,008 (9 ) 19 116 (16 ) (25 ) Corporate 576 7,545 (147 ) 119 1,214 (93 ) (240 ) Foreign government 2 13 — 1 19 — — ABS 81 1,738 (11 ) 26 315 (20 ) (31 ) RMBS 75 70 (1 ) 188 156 (12 ) (13 ) CMBS 8 33 — 3 32 (2 ) (2 ) Total fixed income securities 1,015 11,908 (171 ) 356 1,852 (143 ) (314 ) Equity securities 258 866 (53 ) 1 11 (2 ) (55 ) Total fixed income and equity securities 1,273 $ 12,774 $ (224 ) 357 $ 1,863 $ (145 ) $ (369 ) Investment grade fixed income securities 754 $ 9,951 $ (71 ) 281 $ 1,444 $ (87 ) $ (158 ) Below investment grade fixed income securities 261 1,957 (100 ) 75 408 (56 ) (156 ) Total fixed income securities 1,015 $ 11,908 $ (171 ) 356 $ 1,852 $ (143 ) $ (314 )
Carrying value of non-impaired fixed and variable rate mortgage loans by debt service coverage ratio distribution	The following table reflects the carrying value of non-impaired fixed rate and variable rate mortgage loans summarized by debt service coverage ratio distribution. ($ in millions) June 30, 2015 December 31, 2014 Debt service coverage ratio distribution Fixed rate mortgage loans Variable rate mortgage loans Total Fixed rate mortgage loans Variable rate mortgage loans Total Below 1.0 $ 87 $ — $ 87 $ 110 $ — $ 110 1.0 - 1.25 444 — 444 424 — 424 1.26 - 1.50 1,185 1 1,186 1,167 1 1,168 Above 1.50 2,598 19 2,617 2,450 20 2,470 Total non-impaired mortgage loans $ 4,314 $ 20 $ 4,334 $ 4,151 $ 21 $ 4,172
Net carrying value of impaired mortgage loans	The net carrying value of impaired mortgage loans is as follows: ($ in millions) June 30, 2015 December 31, 2014 Impaired mortgage loans with a valuation allowance $ 9 $ 16 Impaired mortgage loans without a valuation allowance — — Total impaired mortgage loans $ 9 $ 16 Valuation allowance on impaired mortgage loans $ 7 $ 8
Valuation allowance on impaired mortgage loans	The rollforward of the valuation allowance on impaired mortgage loans is as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Beginning balance $ 8 $ 9 $ 8 $ 21 Net decrease in valuation allowance — — — (4 ) Charge offs (1 ) — (1 ) (8 ) Ending balance $ 7 $ 9 $ 7 $ 9
Schedule of mortgage loans, past due	Payments on all loans were current as of June 30, 2015 and December 31, 2014.

Fair Value of Assets and Liab24

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities that are measured at fair value on a recurring and non-recurring basis	The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2015 . ($ in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Counterparty and cash collateral netting Balance as of June 30, 2015 Assets Fixed income securities: U.S. government and agencies $ 3,048 $ 883 $ 5 $ 3,936 Municipal — 8,379 215 8,594 Corporate — 41,691 626 42,317 Foreign government — 1,324 — 1,324 ABS — 1,956 120 2,076 RMBS — 1,082 1 1,083 CMBS — 547 28 575 Redeemable preferred stock — 25 — 25 Total fixed income securities 3,048 55,887 995 59,930 Equity securities 3,661 231 108 4,000 Short-term investments 446 2,340 35 2,821 Other investments: Free-standing derivatives — 74 2 $ (16 ) 60 Separate account assets 4,121 — — 4,121 Other assets — — 1 1 Total recurring basis assets 11,276 58,532 1,141 (16 ) 70,933 Non-recurring basis (1) — — 9 9 Total assets at fair value $ 11,276 $ 58,532 $ 1,150 $ (16 ) $ 70,942 % of total assets at fair value 15.9 % 82.5 % 1.6 % — % 100 % Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (315 ) $ (315 ) Other liabilities: Free-standing derivatives (1 ) (14 ) (9 ) $ 5 (19 ) Total liabilities at fair value $ (1 ) $ (14 ) $ (324 ) $ 5 $ (334 ) % of total liabilities at fair value 0.3 % 4.2 % 97.0 % (1.5 )% 100 % _______________ (1) Includes $ 9 million of other investments written-down to fair value in connection with recognizing other-than-temporary impairments. The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2014 . ($ in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Counterparty and cash collateral netting Balance as of December 31, 2014 Assets Fixed income securities: U.S. government and agencies $ 3,240 $ 1,082 $ 6 $ 4,328 Municipal — 8,227 270 8,497 Corporate — 41,253 891 42,144 Foreign government — 1,645 — 1,645 ABS — 3,782 196 3,978 RMBS — 1,206 1 1,207 CMBS — 592 23 615 Redeemable preferred stock — 26 — 26 Total fixed income securities 3,240 57,813 1,387 62,440 Equity securities 3,787 234 83 4,104 Short-term investments 692 1,843 5 2,540 Other investments: Free-standing derivatives — 95 2 $ (5 ) 92 Separate account assets 4,396 — — 4,396 Other assets 2 — 1 3 Total recurring basis assets 12,117 59,985 1,478 (5 ) 73,575 Non-recurring basis (1) — — 9 9 Total assets at fair value $ 12,117 $ 59,985 $ 1,487 $ (5 ) $ 73,584 % of total assets at fair value 16.5 % 81.5 % 2.0 % — % 100 % Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (323 ) $ (323 ) Other liabilities: Free-standing derivatives (1 ) (50 ) (9 ) $ 22 (38 ) Total liabilities at fair value $ (1 ) $ (50 ) $ (332 ) $ 22 $ (361 ) % of total liabilities at fair value 0.3 % 13.8 % 92.0 % (6.1 )% 100 % _______________ (1) Includes $6 million of mortgage loans and $3 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments.
Summary of quantitative information about the significant unobservable inputs	The following table summarizes quantitative information about the significant unobservable inputs used in Level 3 fair value measurements. ($ in millions) Fair value Valuation technique Unobservable input Range Weighted average June 30, 2015 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (270 ) Stochastic cash flow model Projected option cost 1.0 - 2.2% 1.76% December 31, 2014 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (278 ) Stochastic cash flow model Projected option cost 1.0 - 2.0% 1.76%
Schedule of the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis	The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the three months ended June 30, 2015 . ($ in millions) Total gains (losses) included in: Balance as of March 31, 2015 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: U.S. government and agencies $ 5 $ — $ — $ — $ — Municipal 238 2 (6 ) — (2 ) Corporate 878 3 2 — (208 ) ABS 137 (1 ) 2 — (11 ) RMBS 1 — — — — CMBS 28 — — — — Total fixed income securities 1,287 4 (2 ) — (221 ) Equity securities 93 1 2 — — Short-term investments 10 — — — — Free-standing derivatives, net (7 ) 1 — — — Other assets 1 — — — — Total recurring Level 3 assets $ 1,384 $ 6 $ — $ — $ (221 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (326 ) $ 9 $ — $ — $ — Total recurring Level 3 liabilities $ (326 ) $ 9 $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2015 Assets Fixed income securities: U.S. government and agencies $ — $ — $ — $ — $ 5 Municipal — (16 ) — (1 ) 215 Corporate — — — (49 ) 626 ABS — (5 ) — (2 ) 120 RMBS — — — — 1 CMBS — — — — 28 Total fixed income securities — (21 ) — (52 ) 995 Equity securities 12 — — — 108 Short-term investments 25 — — — 35 Free-standing derivatives, net — — — (1 ) (7 ) (2) Other assets — — — — 1 Total recurring Level 3 assets $ 37 $ (21 ) $ — $ (53 ) $ 1,132 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ — $ 2 $ (315 ) Total recurring Level 3 liabilities $ — $ — $ — $ 2 $ (315 ) _____________ (1) The effect to net income totals $15 million and is reported in the Condensed Consolidated Statements of Operations as follows: $2 million in realized capital gains and losses, $4 million in net investment income and $9 million in interest credited to contractholder funds. (2) Comprises $2 million of assets and $9 million of liabilities. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the six months ended June 30, 2015 . ($ in millions) Total gains (losses) included in: Balance as of December 31, 2014 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: U.S. government and agencies $ 6 $ — $ — $ — $ — Municipal 270 2 (4 ) — (2 ) Corporate 891 — (6 ) 5 (208 ) ABS 196 (2 ) 2 12 (84 ) RMBS 1 — — — — CMBS 23 — — — — Total fixed income securities 1,387 — (8 ) 17 (294 ) Equity securities 83 1 4 — — Short-term investments 5 — — — — Free-standing derivatives, net (7 ) 1 — — — Other assets 1 — — — — Total recurring Level 3 assets $ 1,469 $ 2 $ (4 ) $ 17 $ (294 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (323 ) $ 5 $ — $ — $ — Total recurring Level 3 liabilities $ (323 ) $ 5 $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2015 Assets Fixed income securities: U.S. government and agencies $ — $ — $ — $ (1 ) $ 5 Municipal — (49 ) — (2 ) 215 Corporate 60 (46 ) — (70 ) 626 ABS 10 (5 ) — (9 ) 120 RMBS — — — — 1 CMBS 5 — — — 28 Total fixed income securities 75 (100 ) — (82 ) 995 Equity securities 20 — — — 108 Short-term investments 30 — — — 35 Free-standing derivatives, net — — — (1 ) (7 ) (2) Other assets — — — — 1 Total recurring Level 3 assets $ 125 $ (100 ) $ — $ (83 ) $ 1,132 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (1 ) $ 4 $ (315 ) Total recurring Level 3 liabilities $ — $ — $ (1 ) $ 4 $ (315 ) _____________ (1) The effect to net income totals $7 million and is reported in the Condensed Consolidated Statements of Operations as follows: $(4) million in realized capital gains and losses, $6 million in net investment income and $5 million in interest credited to contractholder funds. (2) Comprises $2 million of assets and $9 million of liabilities. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the three months ended June 30, 2014 . ($ in millions) Total gains (losses) included in: Balance as of March 31, 2014 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: U.S. government and agencies $ 6 $ — $ — $ — $ — Municipal 335 — 6 — (17 ) Corporate 999 8 9 — (12 ) ABS 174 — 1 — (44 ) RMBS 2 — — — — CMBS 54 — — — — Redeemable preferred stock — — — — — Total fixed income securities 1,570 8 16 — (73 ) Equity securities 17 2 — — — Short-term investments 30 — — — — Free-standing derivatives, net (7 ) 3 — — — Other assets — 1 — — — Assets held for sale 347 — — — — Total recurring Level 3 assets $ 1,957 $ 14 $ 16 $ — $ (73 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (319 ) $ (12 ) $ — $ — $ — Liabilities held for sale (230 ) — — — — Total recurring Level 3 liabilities $ (549 ) $ (12 ) $ — $ — $ — Sold in LBL disposition Purchases/ Issues (2) Sales Settlements Balance as of June 30, 2014 Assets Fixed income securities: U.S. government and agencies $ — $ — $ — $ — $ 6 Municipal — — (17 ) (5 ) 302 Corporate — 16 (24 ) (31 ) 965 ABS — 20 — (9 ) 142 RMBS — — — (1 ) 1 CMBS — 1 — — 55 Redeemable preferred stock — — — — — Total fixed income securities — 37 (41 ) (46 ) 1,471 Equity securities — 2 (2 ) — 19 Short-term investments — 10 (40 ) — — Free-standing derivatives, net — — — (1 ) (5 ) (3) Other assets — — — — 1 Assets held for sale (347 ) — — — — Total recurring Level 3 assets $ (347 ) $ 49 $ (83 ) $ (47 ) $ 1,486 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ (2 ) $ — $ 2 $ (331 ) Liabilities held for sale 230 — — — — Total recurring Level 3 liabilities $ 230 $ (2 ) $ — $ 2 $ (331 ) _____________________ (1) The effect to net income totals $2 million and is reported in the Condensed Consolidated Statements of Operations as follows: $9 million in realized capital gains and losses, $4 million in net investment income, $(10) million in interest credited to contractholder funds and $(1) million in life and annuity contract benefits. (2) Represents purchases for assets and issues for liabilities. (3) Comprises $3 million of assets and $8 million of liabilities.
Schedule of gains and losses included in net income for Level 3 assets and liabilities still held at the balance sheet date	The following table provides the change in unrealized gains and losses included in net income for Level 3 assets and liabilities held as of June 30 . ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Assets Fixed income securities: Municipal $ — $ (1 ) $ (1 ) $ (5 ) Corporate 3 4 5 7 ABS (1 ) — (1 ) — CMBS — — — (1 ) Total fixed income securities 2 3 3 1 Equity securities 1 — — — Free-standing derivatives, net 1 6 1 6 Other assets — 1 — 1 Assets held for sale — — — (1 ) Total recurring Level 3 assets $ 4 $ 10 $ 4 $ 7 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ 9 $ (12 ) $ 5 $ (14 ) Liabilities held for sale — — — 17 Total recurring Level 3 liabilities $ 9 $ (12 ) $ 5 $ 3
Schedule of carrying values and fair value estimates of financial instruments not carried at fair value	Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value. Financial assets ($ in millions) June 30, 2015 December 31, 2014 Carrying value Fair value Carrying value Fair value Mortgage loans $ 4,343 $ 4,537 $ 4,188 $ 4,446 Cost method limited partnerships 1,130 1,482 1,122 1,488 Bank loans 1,763 1,754 1,663 1,638 Agent loans 404 393 368 361 ($ in millions) June 30, 2015 December 31, 2014 Carrying value Fair value Carrying value Fair value Contractholder funds on investment contracts $ 13,118 $ 13,680 $ 13,734 $ 14,390 Long-term debt 5,186 5,707 5,194 5,835 Liability for collateral 751 751 782 782

Derivative Financial Instrume25

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Volume and fair value positions of derivative instruments and location in the Consolidated Statement of Financial Position	The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Condensed Consolidated Statement of Financial Position as of June 30, 2015 . ($ in millions, except number of contracts) Volume (1) Balance sheet location Notional amount Number of contracts Fair value, net Gross asset Gross liability Asset derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other investments $ 18 n/a $ 3 $ 3 $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other investments 152 n/a 2 2 — Financial futures contracts Other assets — 950 — — — Equity and index contracts Options and warrants (2) Other investments — 3,110 55 55 — Financial futures contracts Other assets — 541 — — — Foreign currency contracts Foreign currency forwards Other investments 320 n/a 2 5 (3 ) Embedded derivative financial instruments Other embedded derivative financial instruments Other investments 1,000 n/a — — — Credit default contracts Credit default swaps - buying protection Other investments 58 n/a — 1 (1 ) Credit default swaps - selling protection Other investments 145 n/a 2 2 — Other contracts Other contracts Other assets 3 n/a 1 1 — Subtotal 1,678 4,601 62 66 (4 ) Total asset derivatives $ 1,696 4,601 $ 65 $ 69 $ (4 ) Liability derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other liabilities & accrued expenses $ 56 n/a $ 4 $ 4 $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate swap agreements Other liabilities & accrued expenses 85 n/a 1 1 — Equity and index contracts Options and futures Other liabilities & accrued expenses — 6,057 (6 ) — (6 ) Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 538 n/a 1 2 (1 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 558 n/a (31 ) — (31 ) Guaranteed withdrawal benefits Contractholder funds 383 n/a (13 ) — (13 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,786 n/a (270 ) — (270 ) Other embedded derivative financial instruments Contractholder funds 85 n/a (1 ) — (1 ) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 230 n/a (4 ) — (4 ) Credit default swaps – selling protection Other liabilities & accrued expenses 135 n/a (8 ) 1 (9 ) Subtotal 3,800 6,057 (331 ) 4 (335 ) Total liability derivatives 3,856 6,057 (327 ) $ 8 $ (335 ) Total derivatives $ 5,552 10,658 $ (262 ) __________________ (1) Volume for OTC derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable) (2) In addition to the number of contracts presented in the table, the Company held 220 stock rights and warrants. Stock rights and warrants can be converted to cash upon sale of those instruments or exercised for shares of common stock. The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Consolidated Statement of Financial Position as of December 31, 2014 . ($ in millions, except number of contracts) Volume (1) Balance sheet location Notional amount Number of contracts Fair value, net Gross asset Gross liability Asset derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other investments $ 85 n/a $ 3 $ 3 $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other investments 163 n/a 2 2 — Equity and index contracts Options and warrants (2) Other investments — 3,225 83 83 — Financial futures contracts Other assets — 2,204 2 2 — Foreign currency contracts Foreign currency forwards Other investments 471 n/a (15 ) 1 (16 ) Embedded derivative financial instruments Other embedded derivative financial instruments Other investments 1,000 n/a — — — Credit default contracts Credit default swaps - buying protection Other investments 29 n/a — — — Credit default swaps - selling protection Other investments 100 n/a 2 2 — Other contracts Other contracts Other assets 3 n/a 1 1 — Subtotal 1,766 5,429 75 91 (16 ) Total asset derivatives $ 1,851 5,429 $ 78 $ 94 $ (16 ) Liability derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other liabilities & accrued expenses $ 50 n/a $ (1 ) $ — $ (1 ) Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate swap agreements Other liabilities & accrued expenses 85 n/a 1 1 — Interest rate cap agreements Other liabilities & accrued expenses 11 n/a — — — Financial futures contracts Other liabilities & accrued expenses — 700 — — — Equity and index contracts Options and futures Other liabilities & accrued expenses — 3,960 (23 ) — (23 ) Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 228 n/a (1 ) 2 (3 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 615 n/a (32 ) — (32 ) Guaranteed withdrawal benefits Contractholder funds 425 n/a (13 ) — (13 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,786 n/a (278 ) — (278 ) Other embedded derivative financial instruments Contractholder funds 85 n/a — — — Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 420 n/a (6 ) 1 (7 ) Credit default swaps – selling protection Other liabilities & accrued expenses 205 n/a (8 ) 2 (10 ) Subtotal 3,860 4,660 (360 ) 6 (366 ) Total liability derivatives 3,910 4,660 (361 ) $ 6 $ (367 ) Total derivatives $ 5,761 10,089 $ (283 ) __________________ (1) Volume for OTC derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable) (2) In addition to the number of contracts presented in the table, the Company held 220 stock rights and warrants. Stock rights and warrants can be converted to cash upon sale of those instruments or exercised for shares of common stock.
Schedule of gross and net amount for the Company's OTC derivatives subject to enforceable master netting arrangements	The following table provides gross and net amounts for the Company’s OTC derivatives, all of which are subject to enforceable master netting agreements. ($ in millions) Offsets Gross amount Counter-party netting Cash collateral (received) pledged Net amount on balance sheet Securities collateral (received) pledged Net amount June 30, 2015 Asset derivatives $ 19 $ (12 ) $ (4 ) $ 3 $ — $ 3 Liability derivatives (16 ) 12 (7 ) (11 ) 8 (3 ) December 31, 2014 Asset derivatives $ 12 $ (22 ) $ 17 $ 7 $ (4 ) $ 3 Liability derivatives (35 ) 22 — (13 ) 8 (5 )
Impacts on operations and AOCI from foreign currency contracts, cash flow hedges	There was no hedge ineffectiveness reported in realized gains and losses for the three months and six months ended June 30, 2015 or 2014 . ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (Loss) gain recognized in OCI on derivatives during the period $ (1 ) $ (2 ) $ 7 $ (4 ) Gain (loss) recognized in OCI on derivatives during the term of the hedging relationship 3 (19 ) 3 (19 ) Loss reclassified from AOCI into income (net investment income) (1 ) — (1 ) (1 ) (Loss) gain reclassified from AOCI into income (realized capital gains and losses) — (2 ) 3 (2 )
Gains and losses from valuation, settlements, and hedge ineffectiveness, fair value hedges and derivatives not designated as hedges	For the three months and six months ended June 30, 2015 and 2014 , the Company had no derivatives used in fair value hedging relationships. ($ in millions) Realized capital gains and losses Life and annuity contract benefits Interest credited to contractholder funds Operating costs and expenses Loss on disposition of operations Total gain (loss) recognized in net income on derivatives Three months ended June 30, 2015 Interest rate contracts $ 2 $ — $ — $ — $ — $ 2 Equity and index contracts — — — 1 — 1 Embedded derivative financial instruments — — 11 — — 11 Foreign currency contracts 3 — — 12 — 15 Other contracts — — 1 — — 1 Total $ 5 $ — $ 12 $ 13 $ — $ 30 Six months ended June 30, 2015 Interest rate contracts $ 2 $ — $ — $ — $ — $ 2 Equity and index contracts (5 ) — 4 4 — 3 Embedded derivative financial instruments — — 8 — — 8 Foreign currency contracts (20 ) — — 3 — (17 ) Other contracts — — 1 — — 1 Total $ (23 ) $ — $ 13 $ 7 $ — $ (3 ) Three months ended June 30, 2014 Interest rate contracts $ (4 ) $ — $ — $ — $ — $ (4 ) Equity and index contracts (8 ) — 12 6 — 10 Embedded derivative financial instruments — (1 ) (10 ) — — (11 ) Foreign currency contracts 5 — — 2 — 7 Credit default contracts 2 — — — — 2 Other contracts — — 1 — — 1 Total $ (5 ) $ (1 ) $ 3 $ 8 $ — $ 5 Six months ended June 30, 2014 Interest rate contracts $ (8 ) $ — $ — $ — $ (4 ) $ (12 ) Equity and index contracts (11 ) — 21 7 — 17 Embedded derivative financial instruments — 4 (11 ) — — (7 ) Foreign currency contracts (1 ) — — 3 — 2 Credit default contracts 3 — — — — 3 Other contracts — — 1 — — 1 Total $ (17 ) $ 4 $ 11 $ 10 $ (4 ) $ 4
Counterparty credit exposure by counterparty credit rating	The following table summarizes the counterparty credit exposure by counterparty credit rating as it relates to the Company’s OTC derivatives. ($ in millions) June 30, 2015 December 31, 2014 Rating (1) Number of counter- parties Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) Number of counter- parties Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) A+ 1 $ 98 $ 3 $ 1 1 $ 164 $ 2 $ 1 A 4 887 8 2 3 118 3 2 A- 2 69 2 — 1 8 — — BBB+ 1 11 — — 1 11 — — BBB — — — — 1 52 — — Total 8 $ 1,065 $ 13 $ 3 7 $ 353 $ 5 $ 3 _______________ (1) Rating is the lower of S&P or Moody’s ratings. (2) Only OTC derivatives with a net positive fair value are included for each counterparty.
Derivative instruments with credit features in a liability position, including fair value of assets and collateral netted against the liability	The following summarizes the fair value of derivative instruments with termination, cross-default or collateral credit-risk-contingent features that are in a liability position, as well as the fair value of assets and collateral that are netted against the liability in accordance with provisions within legally enforceable MNAs. ($ in millions) June 30, 2015 December 31, 2014 Gross liability fair value of contracts containing credit-risk-contingent features $ 14 $ 16 Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs (5 ) (4 ) Collateral posted under MNAs for contracts containing credit-risk-contingent features (7 ) (7 ) Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently $ 2 $ 5
CDS notional amounts by credit rating and fair value of protection sold	The following table shows the CDS notional amounts by credit rating and fair value of protection sold. ($ in millions) Notional amount AA A BBB BB and lower Total Fair value June 30, 2015 Single name Corporate debt $ 20 $ 15 $ 65 $ — $ 100 $ 1 First-to-default Basket Municipal — 100 — — 100 (8 ) Index Corporate debt 1 20 52 7 80 1 Total $ 21 $ 135 $ 117 $ 7 $ 280 $ (6 ) December 31, 2014 Single name Corporate debt $ 20 $ 15 $ 90 $ — $ 125 $ 1 First-to-default Basket Municipal — 100 — — 100 (9 ) Index Corporate debt — 22 52 6 80 2 Total $ 20 $ 137 $ 142 $ 6 $ 305 $ (6 )

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2015
Reinsurance Disclosures [Abstract]
Schedule of reductions to premiums and contract charges due to reinsurance premium ceded amounts	Property-liability insurance premiums earned and life and annuity premiums and contract charges have been reduced by reinsurance ceded amounts shown in the following table. ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Property-liability insurance premiums earned $ 251 $ 262 $ 511 $ 520 Life and annuity premiums and contract charges 85 84 170 237
Schedule of reductions to costs and expenses due to reinsurance ceded amounts	Property-liability insurance claims and claims expense, life and annuity contract benefits and interest credited to contractholder funds have been reduced by the reinsurance ceded amounts shown in the following table. ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Property-liability insurance claims and claims expense $ 229 $ 120 $ 334 $ 218 Life and annuity contract benefits 50 79 127 205 Interest credited to contractholder funds 7 9 13 15

Company Restructuring (Tables)

Company Restructuring (Tables)	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Schedule of changes in the restructuring liability	The following table presents changes in the restructuring liability during the six months ended June 30, 2015 . ($ in millions) Employee costs Exit costs Total liability Balance as of December 31, 2014 $ 3 $ 1 $ 4 Expense incurred 14 — 14 Adjustments to liability — — — Payments applied against liability (1 ) — (1 ) Balance as of June 30, 2015 $ 16 $ 1 $ 17

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Company's pension and postretirement benefit plans	The components of net periodic cost for the Company’s pension and postretirement benefit plans are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Pension benefits Service cost $ 28 $ 24 $ 57 $ 48 Interest cost 64 64 128 128 Expected return on plan assets (106 ) (100 ) (212 ) (199 ) Amortization of: Prior service credit (14 ) (14 ) (28 ) (29 ) Net actuarial loss 48 28 96 57 Settlement loss 6 11 12 22 Net periodic pension cost $ 26 $ 13 $ 53 $ 27 Postretirement benefits Service cost $ 3 $ 2 $ 6 $ 5 Interest cost 5 5 11 11 Amortization of: Prior service credit (5 ) (5 ) (11 ) (11 ) Net actuarial gain (2 ) (5 ) (4 ) (11 ) Net periodic postretirement cost (credit) $ 1 $ (3 ) $ 2 $ (6 )

Reporting Segments (Tables)

Reporting Segments (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of business segments revenue disclosures	Summarized revenue data for each of the Company’s reportable segments are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Property-Liability Property-liability insurance premiums Auto $ 5,086 $ 4,824 $ 10,065 $ 9,536 Homeowners 1,775 1,714 3,536 3,411 Other personal lines 423 414 843 826 Commercial lines 128 121 253 231 Other business lines 137 131 278 264 Allstate Protection 7,549 7,204 14,975 14,268 Discontinued Lines and Coverages — — — — Total property-liability insurance premiums 7,549 7,204 14,975 14,268 Net investment income 292 351 650 663 Realized capital gains and losses 49 250 77 303 Total Property-Liability 7,890 7,805 15,702 15,234 Allstate Financial Life and annuity premiums and contract charges Traditional life insurance 131 125 263 252 Immediate annuities with life contingencies — — — 5 Accident and health insurance 195 187 391 382 Total life and annuity premiums 326 312 654 639 Interest-sensitive life insurance 207 202 413 476 Fixed annuities 3 4 6 10 Total contract charges 210 206 419 486 Total life and annuity premiums and contract charges 536 518 1,073 1,125 Net investment income 489 538 973 1,178 Realized capital gains and losses 59 (10 ) 170 (9 ) Total Allstate Financial 1,084 1,046 2,216 2,294 Corporate and Other Service fees 1 1 2 3 Net investment income 8 9 16 16 Total Corporate and Other before reclassification of service fees 9 10 18 19 Reclassification of service fees (1) (1 ) (1 ) (2 ) (3 ) Total Corporate and Other 8 9 16 16 Consolidated revenues $ 8,982 $ 8,860 $ 17,934 $ 17,544 _______________ (1) For presentation in the Condensed Consolidated Statements of Operations, service fees of the Corporate and Other segment are reclassified to operating costs and expenses.
Schedule of business segments net income disclosures	Summarized financial performance data for each of the Company’s reportable segments are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Property-Liability Underwriting income Allstate Protection $ (8 ) $ 192 $ 461 $ 567 Discontinued Lines and Coverages (2 ) (3 ) (4 ) (6 ) Total underwriting income (10 ) 189 457 561 Net investment income 292 351 650 663 Income tax expense on operations (92 ) (185 ) (397 ) (410 ) Realized capital gains and losses, after-tax 31 161 49 195 Gain on disposition of operations, after-tax 1 38 1 38 Property-Liability net income available to common shareholders 222 554 760 1,047 Allstate Financial Life and annuity premiums and contract charges 536 518 1,073 1,125 Net investment income 489 538 973 1,178 Periodic settlements and accruals on non-hedge derivative instruments — (1 ) — (1 ) Contract benefits and interest credited to contractholder funds (637 ) (621 ) (1,270 ) (1,400 ) Operating costs and expenses and amortization of deferred policy acquisition costs (180 ) (177 ) (372 ) (369 ) Restructuring and related charges (2 ) (1 ) (2 ) (3 ) Income tax expense on operations (67 ) (91 ) (129 ) (176 ) Operating income 139 165 273 354 Realized capital gains and losses, after-tax 38 (6 ) 110 (6 ) Valuation changes on embedded derivatives that are not hedged, after-tax 4 (3 ) (1 ) (14 ) DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (2 ) — (2 ) — Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax — 1 — 1 Loss on disposition of operations, after-tax — (12 ) (1 ) (28 ) Change in accounting for investments in qualified affordable housing projects, after-tax — — (17 ) — Allstate Financial net income available to common shareholders 179 145 362 307 Corporate and Other Service fees (1) 1 1 2 3 Net investment income 8 9 16 16 Operating costs and expenses (1) (83 ) (95 ) (162 ) (192 ) Income tax benefit on operations 28 32 54 64 Preferred stock dividends (29 ) (31 ) (58 ) (44 ) Operating loss (75 ) (84 ) (148 ) (153 ) Realized capital gains and losses, after-tax — (1 ) — — Corporate and Other net loss available to common shareholders (75 ) (85 ) (148 ) (153 ) Consolidated net income available to common shareholders $ 326 $ 614 $ 974 $ 1,201 _______________ (1) For presentation in the Condensed Consolidated Statements of Operations, service fees of the Corporate and Other segment are reclassified to operating costs and expenses.

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other comprehensive income (loss) on a pre-tax and after-tax basis	The components of other comprehensive (loss) income on a pre-tax and after-tax basis are as follows: ($ in millions) Three months ended June 30, 2015 2014 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ (1,003 ) $ 350 $ (653 ) $ 322 $ (112 ) $ 210 Less: reclassification adjustment of realized capital gains and losses 100 (35 ) 65 232 (81 ) 151 Unrealized net capital gains and losses (1,103 ) 385 (718 ) 90 (31 ) 59 Unrealized foreign currency translation adjustments (13 ) 4 (9 ) 20 (7 ) 13 Unrecognized pension and other postretirement benefit cost arising during the period (3 ) 2 (1 ) (4 ) 2 (2 ) Less: reclassification adjustment of net periodic cost recognized in operating costs and expenses (33 ) 12 (21 ) (15 ) 5 (10 ) Unrecognized pension and other postretirement benefit cost 30 (10 ) 20 11 (3 ) 8 Other comprehensive (loss) income $ (1,086 ) $ 379 $ (707 ) $ 121 $ (41 ) $ 80 Six months ended June 30, 2015 2014 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ (528 ) $ 184 $ (344 ) $ 1,039 $ (363 ) $ 676 Less: reclassification adjustment of realized capital gains and losses 251 (88 ) 163 265 (93 ) 172 Unrealized net capital gains and losses (779 ) 272 (507 ) 774 (270 ) 504 Unrealized foreign currency translation adjustments (55 ) 19 (36 ) (5 ) 2 (3 ) Unrecognized pension and other postretirement benefit cost arising during the period 8 (1 ) 7 — 1 1 Less: reclassification adjustment of net periodic cost recognized in operating costs and expenses (65 ) 23 (42 ) (28 ) 10 (18 ) Unrecognized pension and other postretirement benefit cost 73 (24 ) 49 28 (9 ) 19 Other comprehensive (loss) income $ (761 ) $ 267 $ (494 ) $ 797 $ (277 ) $ 520

General General (Details)

General General (Details) $ in Millions	3 Months Ended
	Jun. 30, 2015USD ($)
General
Income Tax Expense, Effect of Adoption, Quantification	$ 45

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income	$ 355	$ 645	$ 1,032	$ 1,245
Less: Preferred stock dividends	29	31	58	44
Net income available to common shareholders	$ 326	$ 614	$ 974	$ 1,201
Denominator:
Weighted average common shares outstanding	407	434.3	411.4	440.4
Effect of dilutive potential common shares:
Stock options (in shares)	4.2	4.8	4.5	4.6
Restricted stock units(non-participating) and performance stock awards (in shares)	1.4	1.6	1.7	1.8
Weighted average common and dilutive potential common shares outstanding	412.6	440.7	417.6	446.8
Earnings per common share - Basic (in dollars per share)	$ 0.80	$ 1.41	$ 2.37	$ 2.73
Earnings per common share - Diluted (in dollars per share)	$ 0.79	$ 1.39	$ 2.33	$ 2.69
Other Earnings Per Share Disclosures
Antidilutive stock options, exercise price exceeds market price (in shares)	2.2	4.5	2.2	4.6
Antidilutive stock options, exercise price exceeds market price, exercise price range, low end of range (in dollars per share)	$ 60.81	$ 48.46	$ 60.81	$ 45.61
Antidilutive stock options, exercise price exceeds market price, exercise price range, high end of range (in dollars per share)	$ 71.29	$ 62.42	$ 71.29	$ 62.42

Supplemental Cash Flow Inform33

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental Cash Flow Information [Abstract]
Non-cash modifications of certain mortgage loans, fixed income securities, limited partnership interests and other investments, as well as mergers completed with equity securities	$ 54	$ 86
Non-cash financing activities related to the issuance of shares for vested restricted stock units	72	45
Net change in proceeds managed
Net change in short-term investments	34	(284)
Operating cash flow provided (used)	34	(284)
Net change in cash	(3)	1
Net change in proceeds managed	31	(283)
Net change in liabilities
Liabilities for collateral, beginning of period	(782)	(624)
Liabilities for collateral, end of period	(751)	(907)
Operating cash flow (used) provided	$ (31)	$ 283

Investments (Details)

Investments (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available for Sale Securities
Amortized cost	$ 57,971	$ 59,672
Gross unrealized gains	2,397	3,082
Gross unrealized losses	(438)	(314)
Fixed income securities:	59,930	62,440
U.S. government and agencies
Schedule of Available for Sale Securities
Amortized cost	3,827	4,192
Gross unrealized gains	110	139
Gross unrealized losses	(1)	(3)
Fixed income securities:	3,936	4,328
Municipal
Schedule of Available for Sale Securities
Amortized cost	8,111	7,877
Gross unrealized gains	519	645
Gross unrealized losses	(36)	(25)
Fixed income securities:	8,594	8,497
Corporate
Schedule of Available for Sale Securities
Amortized cost	41,153	40,386
Gross unrealized gains	1,524	1,998
Gross unrealized losses	(360)	(240)
Fixed income securities:	42,317	42,144
Foreign government
Schedule of Available for Sale Securities
Amortized cost	1,258	1,543
Gross unrealized gains	67	102
Gross unrealized losses	(1)	0
Fixed income securities:	1,324	1,645
Asset-backed securities (“ABS”)
Schedule of Available for Sale Securities
Amortized cost	2,081	3,971
Gross unrealized gains	21	38
Gross unrealized losses	(26)	(31)
Fixed income securities:	2,076	3,978
Residential mortgage-backed securities (“RMBS”)
Schedule of Available for Sale Securities
Amortized cost	982	1,108
Gross unrealized gains	113	112
Gross unrealized losses	(12)	(13)
Fixed income securities:	1,083	1,207
Commercial mortgage-backed securities (“CMBS”)
Schedule of Available for Sale Securities
Amortized cost	538	573
Gross unrealized gains	39	44
Gross unrealized losses	(2)	(2)
Fixed income securities:	575	615
Redeemable preferred stock
Schedule of Available for Sale Securities
Amortized cost	21	22
Gross unrealized gains	4	4
Gross unrealized losses	0	0
Fixed income securities:	$ 25	$ 26

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Amortized cost
Due in one year or less	$ 4,446
Due after one year through five years	25,081
Due after five years through ten years	17,248
Due after ten years	7,595
Subtotal	54,370
ABS, RMBS and CMBS	3,601
Amortized cost	57,971	$ 59,672
Fair value
Due in one year or less	4,491
Due after one year through five years	25,705
Due after five years through ten years	17,605
Due after ten years	8,395
Subtotal	56,196
ABS, RMBS and CMBS	3,734
Total fixed income securities	$ 59,930	$ 62,440

Investments (Details 3)

Investments (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Investment Income:
Investment income, before expense	$ 825	$ 932	$ 1,715	$ 1,931
Investment expense	(36)	(34)	(76)	(74)
Net investment income	789	898	1,639	1,857
Fixed income securities
Net Investment Income:
Investment income, before expense	567	584	1,135	1,289
Equity securities
Net Investment Income:
Investment income, before expense	31	35	54	63
Mortgage loans
Net Investment Income:
Investment income, before expense	57	71	112	152
Limited partnership interests
Net Investment Income:
Investment income, before expense	118	195	316	337
Short-term investments
Net Investment Income:
Investment income, before expense	3	3	4	4
Other
Net Investment Income:
Investment income, before expense	$ 49	$ 44	$ 94	$ 86

Investments (Details 4)

Investments (Details 4) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Realized capital gains and losses by asset type
Realized capital gains and losses	$ 108	$ 240	$ 247	$ 294
Fixed income securities
Realized capital gains and losses by asset type
Realized capital gains and losses	60	62	140	98
Equity securities
Realized capital gains and losses by asset type
Realized capital gains and losses	48	239	126	261
Mortgage loans
Realized capital gains and losses by asset type
Realized capital gains and losses	1	(2)	1	1
Limited partnership interests
Realized capital gains and losses by asset type
Realized capital gains and losses	(3)	(51)	3	(49)
Derivatives
Realized capital gains and losses by asset type
Realized capital gains and losses	5	(7)	(20)	(19)
Other
Realized capital gains and losses by asset type
Realized capital gains and losses	$ (3)	$ (1)	$ (3)	$ 2

Investments (Details 5)

Investments (Details 5) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investments [Abstract]
Impairment write-downs	$ (11)	$ (6)	$ (30)	$ (22)
Change in intent write-downs	(32)	(39)	(62)	(104)
Net OTTI losses recognized in earnings	(43)	(45)	(92)	(126)
Sales	146	290	362	437
Valuation and settlements of derivative instruments	5	(5)	(23)	(17)
Total realized capital gains and losses	108	240	247	294
Fixed income and equity securities
Schedule of Available for Sale Securities
Gross gains on sales of fixed income securities	194	347	471	513
Gross loss on sales of fixed income securities	$ 46	$ 27	$ 121	$ 63

Investments (Details 6)

Investments (Details 6) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other-than-temporary impairment losses by asset type
Other-than-temporary impairment losses	$ (47)	$ (44)	$ (100)	$ (124)
Included in OCI	4	(1)	8	(2)
Net OTTI losses recognized in earnings	(43)	(45)	(92)	(126)
Fixed income securities
Other-than-temporary impairment losses by asset type
Other-than-temporary impairment losses	(8)	3	(17)	(3)
Included in OCI	4	(1)	8	(2)
Net OTTI losses recognized in earnings	(4)	2	(9)	(5)
Municipal
Other-than-temporary impairment losses by asset type
Other-than-temporary impairment losses	0	(1)	(4)	(6)
Included in OCI	0	0	4	0
Net OTTI losses recognized in earnings	0	(1)	0	(6)
Corporate
Other-than-temporary impairment losses by asset type
Other-than-temporary impairment losses	(5)	0	(10)	0
Included in OCI	4	0	4	0
Net OTTI losses recognized in earnings	(1)	0	(6)	0
Asset-backed securities (“ABS”)
Other-than-temporary impairment losses by asset type
Other-than-temporary impairment losses	(3)	(2)	(4)	(3)
Included in OCI	0	0	1	0
Net OTTI losses recognized in earnings	(3)	(2)	(3)	(3)
Residential mortgage-backed securities (“RMBS”)
Other-than-temporary impairment losses by asset type
Other-than-temporary impairment losses	0	6	1	6
Included in OCI	0	(1)	(1)	(2)
Net OTTI losses recognized in earnings	0	5	0	4
Equity securities
Other-than-temporary impairment losses by asset type
Other-than-temporary impairment losses	(36)	(21)	(75)	(86)
Included in OCI	0	0	0	0
Net OTTI losses recognized in earnings	(36)	(21)	(75)	(86)
Mortgage loans
Other-than-temporary impairment losses by asset type
Other-than-temporary impairment losses			0	4
Included in OCI			0	0
Net OTTI losses recognized in earnings			0	4
Limited partnership interests
Other-than-temporary impairment losses by asset type
Other-than-temporary impairment losses	0	(26)	(5)	(39)
Included in OCI	0	0	0	0
Net OTTI losses recognized in earnings	0	(26)	(5)	(39)
Other
Other-than-temporary impairment losses by asset type
Other-than-temporary impairment losses	(3)	0	(3)	0
Included in OCI	0	0	0	0
Net OTTI losses recognized in earnings	$ (3)	$ 0	$ (3)	$ 0

Investments (Details 7)

Investments (Details 7) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Investments [Abstract]
Net unrealized gains related to changes in valuation of fixed income securities subsequent to impairment measurement date	$ 224	$ 233
Other-than Impairment Losses Included in Accumulated Other Comprehensive Income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	(128)	(123)
Municipal
Other-than Impairment Losses Included in Accumulated Other Comprehensive Income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	(9)	(8)
Corporate
Other-than Impairment Losses Included in Accumulated Other Comprehensive Income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	(4)	0
Asset-backed securities (“ABS”)
Other-than Impairment Losses Included in Accumulated Other Comprehensive Income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	(3)	(2)
Residential mortgage-backed securities (“RMBS”)
Other-than Impairment Losses Included in Accumulated Other Comprehensive Income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	(106)	(108)
Commercial mortgage-backed securities (“CMBS”)
Other-than Impairment Losses Included in Accumulated Other Comprehensive Income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	$ (6)	$ (5)

Investments (Details 8)

Investments (Details 8) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Credit Losses on Fixed Income Securities
Beginning balance	$ (378)	$ (493)	$ (380)	$ (513)
Additional credit loss for securities previously other-than-temporarily impaired	(2)	4	(3)	(1)
Additional credit loss for securities not previously other-than-temporarily impaired	(2)	(2)	(6)	(3)
Reduction in credit loss for securities disposed or collected	8	7	14	33
Reduction in credit loss for securities the Company has made the decision to sell or more likely than not will be required to sell	0	0	0	0
Change in credit loss due to accretion of increase in cash flows	2	1	3	1
Ending balance	(372)	(424)	(372)	(424)
Linco in Benefit Life Company [Member]
Credit Losses on Fixed Income Securities
Reduction in credit loss for securities disposed or collected	$ 0	$ 59	$ 0	$ 59

Investments (Details 9)

Investments (Details 9) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair value
Fixed income securities:	$ 59,930	$ 62,440
Equity securities	4,000	4,104
Short-term investments	2,821	2,540
Derivative instruments	7	2
Gross unrealized Gains
Fixed income securities	2,397	3,082
Equity securities	413	467
Short-term investments	0	0
Derivative instruments	7	3
Gross unrealized Losses
Fixed income securities	(438)	(314)
Equity securities	(62)	(55)
Short-term investments	0	0
Derivative instruments	(4)	(5)
Unrealized net gains (losses)
Fixed income securities	1,959	2,768
Equity securities	351	412
Short-term investments	0	0
Derivative instruments	3	(2)
EMA limited partnerships	(5)	(5)
Unrealized net capital gains and losses, pre-tax	2,308	3,173
Amount recognized for:
Insurance reserves	0	(28)
DAC and DSI	(121)	(179)
Amounts recognized	(121)	(207)
Deferred income taxes	(768)	(1,040)
Total unrealized net capital gains and losses	1,419	1,926
Fair value of derivative securities classified as assets, with unrealized net gains (losses) in AOCI	3	3
Fair value of derivative securities classified as liabilities, with unrealized net gains (losses) in AOCI	$ (4)	$ 1

Investments (Details 10)

Investments (Details 10) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	$ (865)
Amount recognized for:
Insurance reserves	28
DAC and DSI	58
Amounts recognized	86
Deferred income taxes	272
Decrease in unrealized net capital gains and losses, after-tax	(507)
Fixed income securities
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	(809)
Equity securities
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	(61)
Derivatives
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	$ 5

Investments (Details 11)

Investments (Details 11) $ in Millions	Jun. 30, 2015USD ($)contract	Dec. 31, 2014USD ($)contract
Fixed income and equity securities
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	1,848	1,273
Fair value, continuous unrealized loss position for less than 12 months	$ 15,712	$ 12,774
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (371)	$ (224)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	275	357
Fair value, continuous unrealized loss position for 12 months or more	$ 1,091	$ 1,863
Unrealized losses, continuous unrealized loss position for 12 months or more	(129)	(145)
Total unrealized losses
Total unrealized losses	$ (500)	$ (369)
Fixed income securities
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	1,597	1,015
Fair value, continuous unrealized loss position for less than 12 months	$ 14,959	$ 11,908
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (310)	$ (171)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	274	356
Fair value, continuous unrealized loss position for 12 months or more	$ 1,078	$ 1,852
Unrealized losses, continuous unrealized loss position for 12 months or more	(128)	(143)
Total unrealized losses
Total unrealized losses	$ (438)	$ (314)
U.S. government and agencies
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	16	21
Fair value, continuous unrealized loss position for less than 12 months	$ 761	$ 1,501
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (1)	$ (3)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	0	0
Fair value, continuous unrealized loss position for 12 months or more	$ 0	$ 0
Unrealized losses, continuous unrealized loss position for 12 months or more	0	0
Total unrealized losses
Total unrealized losses	$ (1)	$ (3)
Municipal
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	473	252
Fair value, continuous unrealized loss position for less than 12 months	$ 1,472	$ 1,008
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (23)	$ (9)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	9	19
Fair value, continuous unrealized loss position for 12 months or more	$ 60	$ 116
Unrealized losses, continuous unrealized loss position for 12 months or more	(13)	(16)
Total unrealized losses
Total unrealized losses	$ (36)	$ (25)
Corporate
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	954	576
Fair value, continuous unrealized loss position for less than 12 months	$ 11,790	$ 7,545
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (274)	$ (147)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	65	119
Fair value, continuous unrealized loss position for 12 months or more	$ 616	$ 1,214
Unrealized losses, continuous unrealized loss position for 12 months or more	(86)	(93)
Total unrealized losses
Total unrealized losses	$ (360)	$ (240)
Foreign government
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	10	2
Fair value, continuous unrealized loss position for less than 12 months	$ 53	$ 13
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (1)	$ 0
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	0	1
Fair value, continuous unrealized loss position for 12 months or more	$ 0	$ 19
Unrealized losses, continuous unrealized loss position for 12 months or more	0	0
Total unrealized losses
Total unrealized losses	$ (1)	$ 0
Asset-backed securities (“ABS”)
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	56	81
Fair value, continuous unrealized loss position for less than 12 months	$ 801	$ 1,738
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (10)	$ (11)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	22	26
Fair value, continuous unrealized loss position for 12 months or more	$ 253	$ 315
Unrealized losses, continuous unrealized loss position for 12 months or more	(16)	(20)
Total unrealized losses
Total unrealized losses	$ (26)	$ (31)
Residential mortgage-backed securities (“RMBS”)
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	81	75
Fair value, continuous unrealized loss position for less than 12 months	$ 51	$ 70
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (1)	$ (1)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	177	188
Fair value, continuous unrealized loss position for 12 months or more	$ 146	$ 156
Unrealized losses, continuous unrealized loss position for 12 months or more	(11)	(12)
Total unrealized losses
Total unrealized losses	$ (12)	$ (13)
Commercial mortgage-backed securities (“CMBS”)
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	7	8
Fair value, continuous unrealized loss position for less than 12 months	$ 31	$ 33
Unrealized losses, continuous unrealized loss position for less than 12 months	$ 0	$ 0
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	1	3
Fair value, continuous unrealized loss position for 12 months or more	$ 3	$ 32
Unrealized losses, continuous unrealized loss position for 12 months or more	(2)	(2)
Total unrealized losses
Total unrealized losses	$ (2)	$ (2)
Investment grade fixed income securities
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	1,225	754
Fair value, continuous unrealized loss position for less than 12 months	$ 10,917	$ 9,951
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (158)	$ (71)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	206	281
Fair value, continuous unrealized loss position for 12 months or more	$ 670	$ 1,444
Unrealized losses, continuous unrealized loss position for 12 months or more	(69)	(87)
Total unrealized losses
Total unrealized losses	$ (227)	$ (158)
Below investment grade fixed income securities
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	372	261
Fair value, continuous unrealized loss position for less than 12 months	$ 4,042	$ 1,957
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (152)	$ (100)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	68	75
Fair value, continuous unrealized loss position for 12 months or more	$ 408	$ 408
Unrealized losses, continuous unrealized loss position for 12 months or more	(59)	(56)
Total unrealized losses
Total unrealized losses	$ (211)	$ (156)
Equity securities
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | contract	251	258
Fair value, continuous unrealized loss position for less than 12 months	$ 753	$ 866
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (61)	$ (53)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more | contract	1	1
Fair value, continuous unrealized loss position for 12 months or more	$ 13	$ 11
Unrealized losses, continuous unrealized loss position for 12 months or more	(1)	(2)
Total unrealized losses
Total unrealized losses	$ (62)	$ (55)

Investments (Details 12)

Investments (Details 12) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Other details of unrealized loss
Unrealized losses related to securities with unrealized loss position less than 20% of cost or amortized cost	$ (411)
Unrealized losses related to securities with unrealized loss position greater than or equal to 20% of cost or amortized cost	(89)
Limited partnership interests	4,536	$ 4,527
Investment grade fixed income securities
Other details of unrealized loss
Unrealized losses related to securities with unrealized loss position less than 20% of cost or amortized cost	(195)
Unrealized losses related to securities with unrealized loss position greater than or equal to 20% of cost or amortized cost	(32)
Below investment grade fixed income securities
Other details of unrealized loss
Unrealized losses related to securities with unrealized loss position greater than or equal to 20% of cost or amortized cost	(49)
Unrealized losses related to securities with unrealized loss position greater than 20% of cost or amortized cost, unrealized loss position of 12 or more consecutive months	6
Below Investment Grade Equity Securities [Member]
Other details of unrealized loss
Unrealized losses related to securities with unrealized loss position greater than or equal to 20% of cost or amortized cost	(8)
Equity-method limited partnerships
Other details of unrealized loss
Limited partnership interests	3,410	3,410
Carrying value
Other details of unrealized loss
Cost Method Investments	1,130	1,122
Carrying value | Cost-method Investments
Other details of unrealized loss
Cost Method Investments	$ 1,130	$ 1,120

Investments (Details 13)

Investments (Details 13) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014
Carrying value of non-impaired mortgage loans, summarized by debt service coverage ratio distribution
Total					$ 4,343	$ 4,188
Mortgage loans, non-impaired
Carrying value of non-impaired mortgage loans, summarized by debt service coverage ratio distribution
Fixed rate mortgage loans					4,314	4,151
Variable rate mortgage loans					20	21
Total					4,334	4,172
Net carrying value of impaired mortgage loans
Impaired mortgage loans with a valuation allowance					9	16
Impaired mortgage loans without a valuation allowance					0	0
Total impaired mortgage loans					9	16
Valuation allowance on impaired mortgage loans	$ 8	$ 9	$ 8	$ 21	7	8
Average carrying value and interest income recognized on impaired mortgage loans
Average impaired mortgage loans			13	36
Rollforward of the valuation allowance on impaired mortgage loans
Beginning balance	8	9	8	21
Net decrease in valuation allowance	0	0	0	(4)
Charge offs	(1)	0	(1)	(8)
Ending balance	$ 7	$ 9	$ 7	$ 9
Mortgage loans, non-impaired | Below 1.0
Carrying value of non-impaired mortgage loans, summarized by debt service coverage ratio distribution
Fixed rate mortgage loans					87	110
Variable rate mortgage loans					0	0
Total					87	110
Mortgage loans, non-impaired | 1.0 - 1.25
Carrying value of non-impaired mortgage loans, summarized by debt service coverage ratio distribution
Fixed rate mortgage loans					444	424
Variable rate mortgage loans					0	0
Total					444	424
Mortgage loans, non-impaired | 1.26 - 1.50
Carrying value of non-impaired mortgage loans, summarized by debt service coverage ratio distribution
Fixed rate mortgage loans					1,185	1,167
Variable rate mortgage loans					1	1
Total					1,186	1,168
Mortgage loans, non-impaired | Above 1.50
Carrying value of non-impaired mortgage loans, summarized by debt service coverage ratio distribution
Fixed rate mortgage loans					2,598	2,450
Variable rate mortgage loans					19	20
Total					$ 2,617	$ 2,470

Fair Value of Assets and Liab47

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Assets
Fixed income securities:	$ 59,930	$ 62,440
Equity securities	4,000	4,104
Short-term investments	2,821	2,540
Other investments: Free-standing derivatives	2		$ 3
Separate account assets	4,121	4,396
Counterparty and cash collateral netting	$ (16)	$ (5)
% of total assets at fair value	0.00%	0.00%
Other liabilities:
Other liabilities: Free-standing derivatives	$ (9)		$ (8)
Counterparty and cash collateral netting	$ 5	$ 22
Counterparty and cash collateral netting as a percent of liabilities measured at fair value	(1.50%)	(6.10%)
U.S. government and agencies
Assets
Fixed income securities:	$ 3,936	$ 4,328
Municipal
Assets
Fixed income securities:	8,594	8,497
Corporate
Assets
Fixed income securities:	42,317	42,144
Foreign government
Assets
Fixed income securities:	1,324	1,645
Asset-backed securities (“ABS”)
Assets
Fixed income securities:	2,076	3,978
Residential mortgage-backed securities (“RMBS”)
Assets
Fixed income securities:	1,083	1,207
Commercial mortgage-backed securities (“CMBS”)
Assets
Fixed income securities:	575	615
Redeemable preferred stock
Assets
Fixed income securities:	25	26
Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	$ 11,276	12,117
% of total assets at fair value	15.90%
Other liabilities:
Total liabilities at fair value	$ (1)	$ (1)
Liabilities as a percent of liabilities measured at fair value	0.30%	0.30%
Significant other observable inputs (Level 2)
Assets
Total assets at fair value	$ 58,532	$ 59,985
% of total assets at fair value	82.50%	81.50%
Other liabilities:
Total liabilities at fair value	$ (14)	$ (50)
Liabilities as a percent of liabilities measured at fair value	4.20%	13.80%
Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	$ 1,150	$ 1,487
% of total assets at fair value	1.60%	2.00%
Other liabilities:
Total liabilities at fair value	$ (324)	$ (332)
Liabilities as a percent of liabilities measured at fair value	97.00%	92.00%
Recurring
Assets
Other investments: Free-standing derivatives, Counterparty and cash collateral netting	$ (16)	$ (5)
Other liabilities:
Counterparty and cash collateral netting	5	22
Recurring | Quoted prices in active markets for identical assets (Level 1)
Assets
Fixed income securities:	3,048	3,240
Equity securities	3,661	3,787
Short-term investments	446	692
Other investments: Free-standing derivatives	0	0
Separate account assets	4,121	4,396
Other assets	0	2
Total assets at fair value	11,276	$ 12,117
% of total assets at fair value		16.50%
Other liabilities:
Other liabilities: Free-standing derivatives	(1)	$ (1)
Recurring | Quoted prices in active markets for identical assets (Level 1) | U.S. government and agencies
Assets
Fixed income securities:	3,048	3,240
Recurring | Quoted prices in active markets for identical assets (Level 1) | Municipal
Assets
Fixed income securities:	0	0
Recurring | Quoted prices in active markets for identical assets (Level 1) | Corporate
Assets
Fixed income securities:	0	0
Recurring | Quoted prices in active markets for identical assets (Level 1) | Foreign government
Assets
Fixed income securities:	0	0
Recurring | Quoted prices in active markets for identical assets (Level 1) | Asset-backed securities (“ABS”)
Assets
Fixed income securities:	0	0
Recurring | Quoted prices in active markets for identical assets (Level 1) | Residential mortgage-backed securities (“RMBS”)
Assets
Fixed income securities:	0	0
Recurring | Quoted prices in active markets for identical assets (Level 1) | Commercial mortgage-backed securities (“CMBS”)
Assets
Fixed income securities:	0	0
Recurring | Quoted prices in active markets for identical assets (Level 1) | Redeemable preferred stock
Assets
Fixed income securities:	0	0
Recurring | Significant other observable inputs (Level 2)
Assets
Fixed income securities:	55,887	57,813
Equity securities	231	234
Short-term investments	2,340	1,843
Other investments: Free-standing derivatives	74	95
Separate account assets	0	0
Other assets	0	0
Total assets at fair value	58,532	59,985
Other liabilities:
Other liabilities: Free-standing derivatives	(14)	(50)
Recurring | Significant other observable inputs (Level 2) | U.S. government and agencies
Assets
Fixed income securities:	883	1,082
Recurring | Significant other observable inputs (Level 2) | Municipal
Assets
Fixed income securities:	8,379	8,227
Recurring | Significant other observable inputs (Level 2) | Corporate
Assets
Fixed income securities:	41,691	41,253
Recurring | Significant other observable inputs (Level 2) | Foreign government
Assets
Fixed income securities:	1,324	1,645
Recurring | Significant other observable inputs (Level 2) | Asset-backed securities (“ABS”)
Assets
Fixed income securities:	1,956	3,782
Recurring | Significant other observable inputs (Level 2) | Residential mortgage-backed securities (“RMBS”)
Assets
Fixed income securities:	1,082	1,206
Recurring | Significant other observable inputs (Level 2) | Commercial mortgage-backed securities (“CMBS”)
Assets
Fixed income securities:	547	592
Recurring | Significant other observable inputs (Level 2) | Redeemable preferred stock
Assets
Fixed income securities:	25	26
Recurring | Significant unobservable inputs (Level 3)
Assets
Fixed income securities:	995	1,387
Equity securities	108	83
Short-term investments	35	5
Other investments: Free-standing derivatives	2	2
Separate account assets	0	0
Other assets	1	1
Total assets at fair value	1,141	1,478
Other liabilities:
Other liabilities: Free-standing derivatives	(9)	(9)
Recurring | Significant unobservable inputs (Level 3) | U.S. government and agencies
Assets
Fixed income securities:	5	6
Recurring | Significant unobservable inputs (Level 3) | Municipal
Assets
Fixed income securities:	215	270
Recurring | Significant unobservable inputs (Level 3) | Corporate
Assets
Fixed income securities:	626	891
Recurring | Significant unobservable inputs (Level 3) | Foreign government
Assets
Fixed income securities:	0	0
Recurring | Significant unobservable inputs (Level 3) | Asset-backed securities (“ABS”)
Assets
Fixed income securities:	120	196
Recurring | Significant unobservable inputs (Level 3) | Residential mortgage-backed securities (“RMBS”)
Assets
Fixed income securities:	1	1
Recurring | Significant unobservable inputs (Level 3) | Commercial mortgage-backed securities (“CMBS”)
Assets
Fixed income securities:	28	23
Recurring | Significant unobservable inputs (Level 3) | Redeemable preferred stock
Assets
Fixed income securities:	0	0
Non-recurring | Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	0	0
Non-recurring | Significant other observable inputs (Level 2)
Assets
Total assets at fair value	0	0
Non-recurring | Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	9	9
Derivatives embedded in life and annuity contracts | Recurring | Quoted prices in active markets for identical assets (Level 1)
Contract holder funds:
Contractholder funds: Derivatives embedded in life and annuity contracts	0	0
Derivatives embedded in life and annuity contracts | Recurring | Significant other observable inputs (Level 2)
Contract holder funds:
Contractholder funds: Derivatives embedded in life and annuity contracts	0	0
Derivatives embedded in life and annuity contracts | Recurring | Significant unobservable inputs (Level 3)
Contract holder funds:
Contractholder funds: Derivatives embedded in life and annuity contracts	(315)	(323)
Estimate of Fair Value Measurement [Member]
Fair value of assets and liabilities measured on recurring and non-recurring basis
Other Investments, Fair Value Disclosure	9
Assets
Total assets at fair value	$ 70,942	$ 73,584
% of total assets at fair value	100.00%	100.00%
Mortgage loans		$ 6
Limited partnership interests		3
Other liabilities:
Total liabilities at fair value	$ (334)	$ (361)
Liabilities as a percent of liabilities measured at fair value	100.00%	100.00%
Estimate of Fair Value Measurement [Member] | Recurring
Assets
Fixed income securities:	$ 59,930	$ 62,440
Equity securities	4,000	4,104
Short-term investments	2,821	2,540
Other investments: Free-standing derivatives	60	92
Separate account assets	4,121	4,396
Other assets	1	3
Total assets at fair value	70,933	73,575
Other liabilities:
Other liabilities: Free-standing derivatives	(19)	(38)
Estimate of Fair Value Measurement [Member] | Recurring | U.S. government and agencies
Assets
Fixed income securities:	3,936	4,328
Estimate of Fair Value Measurement [Member] | Recurring | Municipal
Assets
Fixed income securities:	8,594	8,497
Estimate of Fair Value Measurement [Member] | Recurring | Corporate
Assets
Fixed income securities:	42,317	42,144
Estimate of Fair Value Measurement [Member] | Recurring | Foreign government
Assets
Fixed income securities:	1,324	1,645
Estimate of Fair Value Measurement [Member] | Recurring | Asset-backed securities (“ABS”)
Assets
Fixed income securities:	2,076	3,978
Estimate of Fair Value Measurement [Member] | Recurring | Residential mortgage-backed securities (“RMBS”)
Assets
Fixed income securities:	1,083	1,207
Estimate of Fair Value Measurement [Member] | Recurring | Commercial mortgage-backed securities (“CMBS”)
Assets
Fixed income securities:	575	615
Estimate of Fair Value Measurement [Member] | Recurring | Redeemable preferred stock
Assets
Fixed income securities:	25	26
Estimate of Fair Value Measurement [Member] | Non-recurring
Assets
Total assets at fair value	9	9
Estimate of Fair Value Measurement [Member] | Derivatives embedded in life and annuity contracts | Recurring
Contract holder funds:
Contractholder funds: Derivatives embedded in life and annuity contracts	$ (315)	$ (323)

Fair Value of Assets and Liab48

Fair Value of Assets and Liabilities (Details 2) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Derivatives embedded in life and annuity contracts - Equity-indexed and forward starting options | Stochastic cash flow model
Quantitative information about the significant unobservable inputs
Fair value	$ (270)	$ (278)
Weighted average projected option cost (as a percent)	1.76%	1.76%
Derivatives embedded in life and annuity contracts - Equity-indexed and forward starting options | Minimum | Stochastic cash flow model
Quantitative information about the significant unobservable inputs
Projected option cost (as a percent)	1.00%	1.00%
Derivatives embedded in life and annuity contracts - Equity-indexed and forward starting options | Maximum | Stochastic cash flow model
Quantitative information about the significant unobservable inputs
Projected option cost (as a percent)	2.20%	2.00%
Fixed income securities - non-binding broker quotes
Quantitative information about the significant unobservable inputs
Fair value	$ 719	$ 1,030
Municipal - not rated by third party credit rating agencies
Quantitative information about the significant unobservable inputs
Fair value	$ 121	$ 169

Fair Value of Assets and Liab49

Fair Value of Assets and Liabilities (Details 3) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	$ 1,384	$ 1,957	$ 2,186	$ 1,469	$ 2,186
Total gains (losses) included in: net income	6	14		2	32
Total gains (losses) included in: OCI	0	16		(4)	8
Transfers into Level 3	0	0		17	9
Transfers out of Level 3	(221)	(73)		(294)	(157)
Sold in LBL disposition		(347)			(347)
Purchases	37			125
Purchases/Issues	0	49		0	147
Sales	(21)	(83)		(100)	(310)
Settlements	(53)	(47)		(83)	(82)
Balance at end of period	1,132	1,486	1,957	1,132	1,486
Fair Value Liabilities Measured on Recurring Basis Unobservable Input Reconciliation Calculation
Balance at the beginning of the period	(326)	(549)	(553)	(323)	(553)
Total gains (losses) included in: net income	9	(12)		5	3
Total gains (losses) included in: OCI	0	0		0	0
Transfers into Level 3	0	0		0	0
Transfers out of Level 3	0	0		0	0
Sold in LBL disposition		230			230
Purchases	0			0
Purchases/ Issues		(2)			(17)
Sales	0	0		0	0
Issues	0			1
Settlements	2	2		4	6
Balance at the end of the period	(315)	(331)	(549)	(315)	(331)
Fair value assets and liabilities measured on recurring basis, gain (loss) included in earnings
Total realized and unrealized gains (losses) included in net income, recurring Level 3 assets and liabilities	15	2		7	35
Other investments: Free-standing derivatives	2	3		2	3
Free-standing derivatives, liabilities	9	8		9	8
Realized capital gains and losses
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Total gains (losses) included in: net income	(2)	(9)		(4)	(29)
Fair value assets and liabilities measured on recurring basis, gain (loss) included in earnings
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		3		(2)
Net investment income
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Total gains (losses) included in: net income	(4)	(4)		6	(6)
Fair value assets and liabilities measured on recurring basis, gain (loss) included in earnings
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	4	4		6	6
Interest credited to contractholder funds
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Total gains (losses) included in: net income	(9)	10		5
Fair value assets and liabilities measured on recurring basis, gain (loss) included in earnings
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	9	(10)		5
Life and annuity contract benefits
Fair value assets and liabilities measured on recurring basis, gain (loss) included in earnings
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(1)			4
Discontinued Operations [Member]
Fair value assets and liabilities measured on recurring basis, gain (loss) included in earnings
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)					(4)
Loss on disposition of operations
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Total gains (losses) included in: net income				2
Collateralized Mortgage Backed Securities [Member]
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Sold in LBL disposition			4
Fixed income securities
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	1,287	1,570	1,697	1,387	1,697
Total gains (losses) included in: net income	4	8		0	9
Total gains (losses) included in: OCI	(2)	16		(8)	21
Transfers into Level 3	0	0		17	5
Transfers out of Level 3	(221)	(73)		(294)	(155)
Sold in LBL disposition		0			4
Purchases	0			75
Purchases/Issues	0	37		0	102
Sales	(21)	(41)		(100)	(139)
Settlements	(52)	(46)		(82)	(73)
Balance at end of period	995	1,471	1,570	995	1,471
U.S. government and agencies
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	5	6	7	6	7
Total gains (losses) included in: net income	0	0		0	0
Total gains (losses) included in: OCI	0	0		0	0
Transfers into Level 3	0	0		0	0
Transfers out of Level 3	0	0		0	0
Sold in LBL disposition		0			0
Purchases	0			0
Purchases/Issues	0	0		0	0
Sales	0	0		0	0
Settlements	0	0		(1)	(1)
Balance at end of period	5	6	6	5	6
Municipal
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	238	335	343	270	343
Total gains (losses) included in: net income	2	0		2	(4)
Total gains (losses) included in: OCI	(6)	6		(4)	11
Transfers into Level 3	0	0		0	0
Transfers out of Level 3	(2)	(17)		(2)	(17)
Sold in LBL disposition		0			0
Purchases	0			0
Purchases/Issues	0	0		0	1
Sales	(16)	(17)		(49)	(26)
Settlements	(1)	(5)		(2)	(6)
Balance at end of period	215	302	335	215	302
Corporate
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	878	999	1,109	891	1,109
Total gains (losses) included in: net income	3	8		0	13
Total gains (losses) included in: OCI	2	9		(6)	10
Transfers into Level 3	0	0		5	0
Transfers out of Level 3	(208)	(12)		(208)	(37)
Sold in LBL disposition		0			0
Purchases	0			60
Purchases/Issues	0	16		0	32
Sales	0	(24)		(46)	(111)
Settlements	(49)	(31)		(70)	(51)
Balance at end of period	626	965	999	626	965
Asset-backed securities (“ABS”)
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	137	174	192	196	192
Total gains (losses) included in: net income	(1)	0		(2)	0
Total gains (losses) included in: OCI	2	1		2	0
Transfers into Level 3	0	0		12	0
Transfers out of Level 3	(11)	(44)		(84)	(101)
Sold in LBL disposition		0			0
Purchases	0			10
Purchases/Issues	0	20		0	64
Sales	(5)	0		(5)	0
Settlements	(2)	(9)		(9)	(13)
Balance at end of period	120	142	174	120	142
Residential mortgage-backed securities (“RMBS”)
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	1	2	2	1	2
Total gains (losses) included in: net income	0	0		0	0
Total gains (losses) included in: OCI	0	0		0	0
Transfers into Level 3	0	0		0	0
Transfers out of Level 3	0	0		0	0
Sold in LBL disposition		0			0
Purchases	0			0
Purchases/Issues	0	0		0	0
Sales	0	0		0	0
Settlements	0	(1)		0	(1)
Balance at end of period	1	1	2	1	1
Commercial mortgage-backed securities (“CMBS”)
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	28	54	43	23	43
Total gains (losses) included in: net income	0	0		0	0
Total gains (losses) included in: OCI	0	0		0	0
Transfers into Level 3	0	0		0	5
Transfers out of Level 3	0	0		0	0
Sold in LBL disposition		0			4
Purchases	0			5
Purchases/Issues	0	1		0	5
Sales	0	0		0	(1)
Settlements	0	0		0	(1)
Balance at end of period	28	55	54	28	55
Redeemable preferred stock
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period		0	1		1
Total gains (losses) included in: net income		0			0
Total gains (losses) included in: OCI		0			0
Transfers into Level 3		0			0
Transfers out of Level 3		0			0
Sold in LBL disposition		0			0
Purchases/Issues		0			0
Sales		0			(1)
Settlements		0			0
Balance at end of period		0	0		0
Equity securities
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	93	17	132	83	132
Total gains (losses) included in: net income	1	2		1	22
Total gains (losses) included in: OCI	2	0		4	(15)
Transfers into Level 3	0	0		0	0
Transfers out of Level 3	0	0		0	0
Sold in LBL disposition		0			0
Purchases	12			20
Purchases/Issues	0	2		0	3
Sales	0	(2)		0	(123)
Settlements	0	0		0	0
Balance at end of period	108	19	17	108	19
Short-term investments
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	10	30	0	5	0
Total gains (losses) included in: net income	0	0		0	0
Total gains (losses) included in: OCI	0	0		0	0
Transfers into Level 3	0	0		0	0
Transfers out of Level 3	0	0		0	0
Sold in LBL disposition		0			0
Purchases	25			30
Purchases/Issues	0	10		0	40
Sales	0	(40)		0	(40)
Settlements	0	0		0	0
Balance at end of period	35	0	30	35	0
Free-standing derivatives, net
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	(7)	(7)	(5)	(7)	(5)
Total gains (losses) included in: net income	1	3		1	1
Total gains (losses) included in: OCI	0	0		0	0
Transfers into Level 3	0	0		0	0
Transfers out of Level 3	0	0		0	0
Sold in LBL disposition		0			0
Purchases	0			0
Purchases/Issues	0	0		0	2
Sales	0	0		0	0
Settlements	(1)	(1)		(1)	(3)
Balance at end of period	(7)	(5)	(7)	(7)	(5)
Other assets
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	1	0	0	1	0
Total gains (losses) included in: net income	0	1		0	1
Total gains (losses) included in: OCI	0	0		0	0
Transfers into Level 3	0	0		0	0
Transfers out of Level 3	0	0		0	0
Sold in LBL disposition		0			0
Purchases	0			0
Purchases/Issues	0	0		0	0
Sales	0	0		0	0
Settlements	0	0		0	0
Balance at end of period	1	1	0	1	1
Assets held for sale
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period		347	362		362
Total gains (losses) included in: net income		0			(1)
Total gains (losses) included in: OCI		0			2
Transfers into Level 3		0			4
Transfers out of Level 3		0			(2)
Sold in LBL disposition		(347)	(4)		(351)
Purchases/Issues		0			0
Sales		0			(8)
Settlements		0			(6)
Balance at end of period		0	347		0
Liabilities held for sale
Fair Value Liabilities Measured on Recurring Basis Unobservable Input Reconciliation Calculation
Balance at the beginning of the period		(230)	(246)		(246)
Total gains (losses) included in: net income	0	0		0	17
Total gains (losses) included in: OCI		0			0
Transfers into Level 3		0			0
Transfers out of Level 3		0			0
Sold in LBL disposition		230			230
Purchases/ Issues		0			(4)
Sales		0			0
Settlements		0			3
Balance at the end of the period		0	(230)		0
Derivatives embedded in life and annuity contracts
Fair Value Liabilities Measured on Recurring Basis Unobservable Input Reconciliation Calculation
Balance at the beginning of the period	(326)	(319)	(307)	(323)	(307)
Total gains (losses) included in: net income	9	(12)		5	(14)
Total gains (losses) included in: OCI	0	0		0	0
Transfers into Level 3	0	0		0	0
Transfers out of Level 3	0	0		0	0
Sold in LBL disposition		0			0
Purchases	0			0
Purchases/ Issues		(2)			(13)
Sales	0	0		0	0
Issues	0			1
Settlements	2	2		4	3
Balance at the end of the period	(315)	$ (331)	$ (319)	(315)	$ (331)
Significant unobservable inputs (Level 3) | Recurring
Fair value assets and liabilities measured on recurring basis, gain (loss) included in earnings
Other investments: Free-standing derivatives	2			2		$ 2
Free-standing derivatives, liabilities	$ 9			$ 9		$ 9

Fair Value of Assets and Liab50

Fair Value of Assets and Liabilities (Details 4) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Liabilities Measured on Recurring Basis Unobservable Input Reconciliation Calculation
Balance at the beginning of the period	$ (326)	$ (549)	$ (323)	$ (553)
Total gains (losses) included in: net income	9	(12)	5	3
Transfer to held for sale		230		230
Purchases/Issues		(2)		(17)
Settlements	2	2	4	6
Balance at the end of the period	(315)	(331)	(315)	(331)
Derivatives embedded in life and annuity contracts
Fair Value Liabilities Measured on Recurring Basis Unobservable Input Reconciliation Calculation
Balance at the beginning of the period	(326)	(319)	(323)	(307)
Total gains (losses) included in: net income	9	(12)	5	(14)
Transfer to held for sale		0		0
Purchases/Issues		(2)		(13)
Settlements	2	2	4	3
Balance at the end of the period	(315)	(331)	(315)	(331)
Liabilities held for sale
Fair Value Liabilities Measured on Recurring Basis Unobservable Input Reconciliation Calculation
Balance at the beginning of the period		(230)		(246)
Total gains (losses) included in: net income	$ 0	0	$ 0	17
Transfer to held for sale		230		230
Purchases/Issues		0		(4)
Settlements		0		3
Balance at the end of the period		$ 0		$ 0

Fair Value of Assets and Liab51

Fair Value of Assets and Liabilities (Details 5) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings	$ 4	$ 10	$ 4	$ 7
Total realized and unrealized gains (losses) included in net income, recurring Level 3 assets and liabilities	15	2	7	35
Gains (losses) for Level 3 liabilities still held at the balance sheet date, included in earnings	9	(12)	5	3
Realized capital gains and losses
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		3	(2)
Net investment income
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	4	4	6	6
Interest credited to contractholder funds
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	9	(10)	5
Life and annuity contract benefits
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(1)		4
Discontinued Operations [Member]
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)				(4)
Gain (Loss) on Investments [Member]
Gains (losses) included in net income for Level 3 assets and liabilities:
Total realized and unrealized gains (losses) included in net income, recurring Level 3 assets and liabilities	13	(2)	9	10
Derivatives embedded in life and annuity contracts
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 liabilities still held at the balance sheet date, included in earnings	9	(12)	5	(14)
Liabilities held for sale
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 liabilities still held at the balance sheet date, included in earnings	0	0	0	17
Fixed income securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings	2	3	3	1
Municipal
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings	0	(1)	(1)	(5)
Corporate
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings	3	4	5	7
ABS
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings	(1)	0	(1)	0
Commercial mortgage-backed securities (“CMBS”)
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings	0	0	0	(1)
Equity securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings	1	0	0	0
Free-standing derivatives, net
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings	1	6	1	6
Other assets
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings	0	1	0	1
Assets held for sale
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings	$ 0	$ 0	$ 0	$ (1)

Fair Value of Assets and Liab52

Fair Value of Assets and Liabilities (Details 6) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Financial assets
Mortgage loans	$ 4,343	$ 4,188
Financial liabilities
Long-term debt	5,186	5,194
Liability for collateral	751	782	$ 907	$ 624
Carrying value
Financial assets
Mortgage loans	4,343	4,188
Cost method limited partnerships	1,130	1,122
Bank loans	1,763	1,663
Agent loans	404	368
Financial liabilities
Contract holder funds on investment contracts	13,118	13,734
Long-term debt	5,186	5,194
Liability for collateral	751	782
Estimate of Fair Value Measurement [Member]
Financial assets
Mortgage loans	4,537	4,446
Cost method limited partnerships	1,482	1,488
Bank loans	1,754	1,638
Agent loans	393	361
Financial liabilities
Contract holder funds on investment contracts	13,680	14,390
Long-term debt	5,707	5,835
Liability for collateral	$ 751	$ 782

Derivative Financial Instrume53

Derivative Financial Instruments (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)contractshares	Dec. 31, 2014USD ($)contractshares
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Assumed recoveries under sale of credit protection	$ 0
Cash and securities pledged in the form of margin deposits	38
Derivatives, Fair Value
Total asset derivatives, Notional amount	1,696	$ 1,851
Total liability derivatives, Notional amount	3,856	3,910
Total derivatives, Notional amount	$ 5,552	$ 5,761
Total asset derivatives, Number of contracts | contract	4,601	5,429
Total liability derivatives, Number of contracts | contract	6,057	4,660
Total derivatives, Number of contracts | contract	10,658	10,089
Derivative assets net amount on balance sheet	$ 65	$ 78
Asset derivatives, Gross asset	(69)	(94)
Asset derivatives, Gross liability	(4)	(16)
Derivative liabilities net amount on balance sheet	(327)	(361)
Total derivatives, Fair value, net	(262)	(283)
Liability derivatives, Gross asset	8	6
Liability derivatives, Gross liability	$ (335)	$ (367)
Number of stock rights and warrants held by the company related to derivative contracts (in shares) | shares	220	220
Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount	$ 1,678	$ 1,766
Total liability derivatives, Notional amount	$ 3,800	$ 3,860
Total asset derivatives, Number of contracts | contract	4,601	5,429
Total liability derivatives, Number of contracts | contract	6,057	4,660
Derivative assets net amount on balance sheet	$ 62	$ 75
Asset derivatives, Gross asset	(66)	(91)
Asset derivatives, Gross liability	(4)	(16)
Derivative liabilities net amount on balance sheet	(331)	(360)
Liability derivatives, Gross asset	4	6
Liability derivatives, Gross liability	(335)	(366)
Interest rate swap agreements | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount	85	85
Derivative liabilities net amount on balance sheet	1	1
Liability derivatives, Gross asset	1	1
Liability derivatives, Gross liability	0	0
Foreign currency swap agreements | Other investments | Derivatives designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount	18	85
Derivative assets net amount on balance sheet	3	3
Asset derivatives, Gross asset	(3)	(3)
Asset derivatives, Gross liability	0	0
Foreign currency swap agreements | Other liabilities & accrued expenses | Derivatives designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount	56	50
Derivative liabilities net amount on balance sheet	4	(1)
Liability derivatives, Gross asset	4	0
Liability derivatives, Gross liability	0	(1)
Interest rate swaption agreements | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount		11
Derivative liabilities net amount on balance sheet		0
Liability derivatives, Gross asset		0
Liability derivatives, Gross liability		0
Interest rate cap agreements | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount	152	163
Derivative assets net amount on balance sheet	2	2
Asset derivatives, Gross asset	(2)	(2)
Asset derivatives, Gross liability	0	0
Financial futures contracts - Interest rate contracts | Other assets | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount	$ 0
Total asset derivatives, Number of contracts | contract	950
Derivative assets net amount on balance sheet	$ 0
Asset derivatives, Gross asset	0
Asset derivatives, Gross liability	0
Financial futures contracts - Interest rate contracts | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount		$ 0
Total liability derivatives, Number of contracts | contract		700
Derivative liabilities net amount on balance sheet		$ 0
Liability derivatives, Gross asset		0
Liability derivatives, Gross liability		0
Options and futures | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount	$ 0	$ 0
Total liability derivatives, Number of contracts | contract	6,057	3,960
Derivative liabilities net amount on balance sheet	$ (6)	$ (23)
Liability derivatives, Gross asset	0	0
Liability derivatives, Gross liability	(6)	(23)
Options and warrants | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount	$ 0	$ 0
Total asset derivatives, Number of contracts | contract	3,110	3,225
Derivative assets net amount on balance sheet	$ 55	$ 83
Asset derivatives, Gross asset	(55)	(83)
Asset derivatives, Gross liability	0	0
Financial futures contracts - Equity and index contracts | Other assets | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount	$ 0	$ 0
Total asset derivatives, Number of contracts | contract	541	2,204
Derivative assets net amount on balance sheet	$ 0	$ 2
Asset derivatives, Gross asset	0	(2)
Asset derivatives, Gross liability	0	0
Foreign currency forwards | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount	320	471
Derivative assets net amount on balance sheet	2	(15)
Asset derivatives, Gross asset	(5)	(1)
Asset derivatives, Gross liability	(3)	(16)
Foreign currency forwards | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount	538	228
Derivative liabilities net amount on balance sheet	1	(1)
Liability derivatives, Gross asset	2	2
Liability derivatives, Gross liability	(1)	(3)
Guaranteed accumulation benefits | Contractholder funds | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount	558	615
Derivative liabilities net amount on balance sheet	(31)	(32)
Liability derivatives, Gross asset	0	0
Liability derivatives, Gross liability	(31)	(32)
Guaranteed withdrawal benefits | Contractholder funds | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount	383	425
Derivative liabilities net amount on balance sheet	(13)	(13)
Liability derivatives, Gross asset	0	0
Liability derivatives, Gross liability	(13)	(13)
Equity-indexed and forward starting options in life and annuity product contracts | Contractholder funds | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount	1,786	1,786
Derivative liabilities net amount on balance sheet	(270)	(278)
Liability derivatives, Gross asset	0	0
Liability derivatives, Gross liability	(270)	(278)
Other embedded derivative financial instruments | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount	1,000	1,000
Derivative assets net amount on balance sheet	0	0
Asset derivatives, Gross asset	0	0
Asset derivatives, Gross liability	0	0
Other embedded derivative financial instruments | Contractholder funds | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount	85	85
Derivative liabilities net amount on balance sheet	(1)	0
Liability derivatives, Gross asset	0	0
Liability derivatives, Gross liability	(1)	0
Credit default swaps – buying protection | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount	58	29
Derivative assets net amount on balance sheet	0	0
Asset derivatives, Gross asset	(1)	0
Asset derivatives, Gross liability	(1)	0
Credit default swaps – buying protection | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount	230	420
Derivative liabilities net amount on balance sheet	(4)	(6)
Liability derivatives, Gross asset	0	1
Liability derivatives, Gross liability	(4)	(7)
Credit default swaps – selling protection | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount	145	100
Derivative assets net amount on balance sheet	2	2
Asset derivatives, Gross asset	(2)	(2)
Asset derivatives, Gross liability	0	0
Credit default swaps – selling protection | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, Notional amount	135	205
Derivative liabilities net amount on balance sheet	(8)	(8)
Liability derivatives, Gross asset	1	2
Liability derivatives, Gross liability	(9)	(10)
Other contracts | Other assets | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount	3	3
Derivative assets net amount on balance sheet	1	1
Asset derivatives, Gross asset	(1)	(1)
Asset derivatives, Gross liability	$ 0	$ 0

Derivative Financial Instrume54

Derivative Financial Instruments (Details 2) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Asset derivatives
Asset derivatives gross amount	$ 69	$ 94
Asset derivatives, Gross liability	(4)	(16)
Derivative assets net amount on balance sheet	65	78
Liability derivatives
Liability derivatives gross amount	(335)	(367)
Liability derivatives, Gross asset	8	6
Derivative liabilities net amount on balance sheet	(327)	(361)
OTC derivatives
Asset derivatives
Asset derivatives gross amount	19	12
Asset derivatives, Gross liability	(12)	(22)
Derivative asset offsets under cash collateral received	(4)	17
Derivative assets net amount on balance sheet	3	7
Derivative assets pledged under securities collateral	0	(4)
Derivative Asset, Fair Value, Amount Offset Against Collateral	3	3
Liability derivatives
Liability derivatives gross amount	(16)	(35)
Liability derivatives, Gross asset	12	22
Derivative liability offsets under cash collateral pledged	(7)	0
Derivative liabilities net amount on balance sheet	(11)	(13)
Derivative liabilities received under securities collateral	8	8
Derivative Liability, Fair Value, Amount Offset Against Collateral	$ (3)	$ (5)

Derivative Financial Instrume55

Derivative Financial Instruments (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge losses to be reclassified from AOCI during the next twelve months	$ 3		$ 3
Net gain (loss) recognized in earnings during the reporting period representing the amount of the fair value of the hedges' ineffectiveness.	0	$ 0	0	$ 0
Effective portion
Gain (Loss) recognized in OCI on derivatives during the period	(1)	(2)	7	(4)
Loss recognized in OCI on derivatives during the term of the hedging relationship	3	(19)	3	(19)
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	30	5	(3)	4
Net investment income | Cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Derivative Instruments, Gain (Loss)
(Loss) gain reclassified from AOCI into income	(1)	0	(1)	(1)
Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	5	(5)	(23)	(17)
Realized capital gains and losses | Cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Derivative Instruments, Gain (Loss)
(Loss) gain reclassified from AOCI into income	0	(2)	3	(2)
Life and annuity contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	(1)	0	4
Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	12	3	13	11
Operating costs and expenses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	13	8	7	10
Loss on disposition of operations
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	(4)
Interest rate contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	2	(4)	2	(12)
Interest rate contracts | Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	2	(4)	2	(8)
Interest rate contracts | Life and annuity contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Interest rate contracts | Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Interest rate contracts | Operating costs and expenses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Interest rate contracts | Loss on disposition of operations
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	(4)
Equity and index contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1	10	3	17
Equity and index contracts | Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	(8)	(5)	(11)
Equity and index contracts | Life and annuity contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Equity and index contracts | Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	12	4	21
Equity and index contracts | Operating costs and expenses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1	6	4	7
Equity and index contracts | Loss on disposition of operations
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Embedded derivative financial instruments
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	11	(11)	8	(7)
Embedded derivative financial instruments | Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Embedded derivative financial instruments | Life and annuity contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	(1)	0	4
Embedded derivative financial instruments | Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	11	(10)	8	(11)
Embedded derivative financial instruments | Operating costs and expenses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Embedded derivative financial instruments | Loss on disposition of operations
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Foreign currency contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	15	7	(17)	2
Foreign currency contracts | Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	3	5	(20)	(1)
Foreign currency contracts | Life and annuity contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Foreign currency contracts | Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Foreign currency contracts | Operating costs and expenses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	12	2	3	3
Foreign currency contracts | Loss on disposition of operations
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Credit default contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives		2		3
Credit default contracts | Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives		2		3
Credit default contracts | Life and annuity contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives		0		0
Credit default contracts | Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives		0		0
Credit default contracts | Operating costs and expenses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives		0		0
Credit default contracts | Loss on disposition of operations
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives		0		0
Other contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1	1	1	1
Other contracts | Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Other contracts | Life and annuity contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Other contracts | Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1	1	1	1
Other contracts | Operating costs and expenses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Other contracts | Loss on disposition of operations
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	$ 0	$ 0	$ 0	$ 0

Derivative Financial Instrume56

Derivative Financial Instruments (Details 4) $ in Millions	Jun. 30, 2015USD ($)counter-party	Dec. 31, 2014USD ($)counter-party
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash and securities pledged as collateral by counterparties	$ 11
Securities pledged as collateral to counterparties	8
Collateral posted under MNAs, credit-risk-contingent provisions in a liability position	(7)	$ (7)
Collateral posted under MNAs for contracts without credit-risk-contingent liabilities	$ 1
Credit Derivatives
Number of counter- parties | counter-party	8	7
Notional amount	$ 1,065	$ 353
Credit exposure	13	5
Exposure, net of collateral	3	3
Gross liability fair value of contracts containing credit-risk-contingent features	14	16
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(5)	(4)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	(7)	(7)
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$ 2	$ 5
A plus
Credit Derivatives
Number of counter- parties | counter-party	1	1
Notional amount	$ 98	$ 164
Credit exposure	3	2
Exposure, net of collateral	$ 1	$ 1
A
Credit Derivatives
Number of counter- parties | counter-party	4	3
Notional amount	$ 887	$ 118
Credit exposure	8	3
Exposure, net of collateral	$ 2	$ 2
A-
Credit Derivatives
Number of counter- parties | counter-party	2	1
Notional amount	$ 69	$ 8
Credit exposure	2	0
Exposure, net of collateral	$ 0	$ 0
BBB+
Credit Derivatives
Number of counter- parties | counter-party	1	1
Notional amount	$ 11	$ 11
Credit exposure	0	0
Exposure, net of collateral	$ 0	$ 0
BBB
Credit Derivatives
Number of counter- parties | counter-party	0	1
Notional amount	$ 0	$ 52
Credit exposure	0	0
Exposure, net of collateral	$ 0	$ 0

Derivative Financial Instrume57

Derivative Financial Instruments (Details 5) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)entity	Dec. 31, 2014USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Term of credit default swaps (in years)	5 years
The number of reference entities generally included in a CDX index | entity	125
Credit Derivatives
Notional amount	$ 5,552	$ 5,761
Credit default contracts
Credit Derivatives
Notional amount	280	305
Fair value	(6)	(6)
Credit default contracts | Single name | Corporate debt
Credit Derivatives
Notional amount	100	125
Fair value	1	1
Credit default contracts | First-to-default Basket | Municipal
Credit Derivatives
Notional amount	100	100
Fair value	(8)	(9)
Credit default contracts | Index | Corporate debt
Credit Derivatives
Notional amount	80	80
Fair value	1	2
AA | Credit default contracts
Credit Derivatives
Notional amount	21	20
AA | Credit default contracts | Single name | Corporate debt
Credit Derivatives
Notional amount	20	20
AA | Credit default contracts | First-to-default Basket | Municipal
Credit Derivatives
Notional amount	0	0
AA | Credit default contracts | Index | Corporate debt
Credit Derivatives
Notional amount	1	0
A | Credit default contracts
Credit Derivatives
Notional amount	135	137
A | Credit default contracts | Single name | Corporate debt
Credit Derivatives
Notional amount	15	15
A | Credit default contracts | First-to-default Basket | Municipal
Credit Derivatives
Notional amount	100	100
A | Credit default contracts | Index | Corporate debt
Credit Derivatives
Notional amount	20	22
BBB | Credit default contracts
Credit Derivatives
Notional amount	117	142
BBB | Credit default contracts | Single name | Corporate debt
Credit Derivatives
Notional amount	65	90
BBB | Credit default contracts | First-to-default Basket | Municipal
Credit Derivatives
Notional amount	0	0
BBB | Credit default contracts | Index | Corporate debt
Credit Derivatives
Notional amount	52	52
BB and lower | Credit default contracts
Credit Derivatives
Notional amount	7	6
BB and lower | Credit default contracts | Single name | Corporate debt
Credit Derivatives
Notional amount	0	0
BB and lower | Credit default contracts | First-to-default Basket | Municipal
Credit Derivatives
Notional amount	0	0
BB and lower | Credit default contracts | Index | Corporate debt
Credit Derivatives
Notional amount	$ 7	$ 6

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property-liability insurance claims and claims expense
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	$ 229	$ 120	$ 334	$ 218
Life and annuity contract benefits
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	50	79	127	205
Interest credited to contractholder funds
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	7	9	13	15
Property-liability insurance premiums earned
Reductions to premiums and contract charges due to reinsurance premium ceded amounts
Property-liability insurance premiums earned	251	262	511	520
Life and annuity premiums and contract charges
Reductions to premiums and contract charges due to reinsurance premium ceded amounts
Life and annuity premiums and contract charges	$ 85	$ 84	$ 170	$ 237

Company Restructuring (Details)

Company Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Restructuring and Related Activities [Abstract]
Restructuring and related charges	$ 19	$ 4	$ 23	$ 10

Company Restructuring (Details

Company Restructuring (Details 2) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Restructuring Reserve
Balance as of December 31, 2014	$ 4
Expense incurred	14
Adjustments to liability	0
Payments applied against liability	(1)
Balance as of June 30, 2015	17
Employee costs
Restructuring Reserve
Balance as of December 31, 2014	3
Expense incurred	14
Adjustments to liability	0
Payments applied against liability	(1)
Balance as of June 30, 2015	16
Cumulative amount incurred to date for active programs	83
Exit costs
Restructuring Reserve
Balance as of December 31, 2014	1
Expense incurred	0
Adjustments to liability	0
Payments applied against liability	0
Balance as of June 30, 2015	1
Cumulative amount incurred to date for active programs	$ 50

Guarantees and Contingent Lia61

Guarantees and Contingent Liabilities (Details) $ in Millions	Jun. 17, 2015Plaintiff	Jun. 30, 2015USD ($)employeeclaimPlaintiff	Dec. 31, 2014USD ($)
Guarantees:
Limitations or indemnifications of reinsurance agreements		$ 0
Proceedings:
Number of class action cases | claim		2
Number of cases pending | claim		1
Number of former employee agents plaintiffs seek benefits for | employee		6,300
Loss Contingency, Number of Plaintiffs	10	32
Reserves for asbestos claims		$ 977	$ 1,010
Reinsurance recoverables for asbestos claims		464	478
Reserves for environmental claims		190	203
Reinsurance recoverables for environmental claims		$ 61	$ 64
Percentage of net asbestos and environmental reserves that were for incurred but not reported estimated losses		55.00%	57.00%
Minimum
Proceedings:
Loss contingencies, reasonably possible pretax loss exposure in excess of the amount accrued		$ 0
Maximum
Proceedings:
Loss contingencies, reasonably possible pretax loss exposure in excess of the amount accrued		675
Residual guarantee
Guarantees:
Potential leased automobiles residual value		$ 41
Guarantee obligations term, low end of range		1 year
Guarantee obligations term, high end of range		3 years
Maximum amount at risk pursuant to a guarantee		$ 4
Signed Releases Knowingly and Voluntarily [Member] | Judicial Ruling [Member]
Proceedings:
Loss Contingency, Number of Plaintiffs | Plaintiff	2
Did Not Sign Releases Knowingly and Voluntarily [Member] | Judicial Ruling [Member]
Proceedings:
Loss Contingency, Number of Plaintiffs | Plaintiff	8

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension benefits
Components of net periodic cost
Service cost	$ 28	$ 24	$ 57	$ 48
Interest cost	64	64	128	128
Expected return on plan assets	(106)	(100)	(212)	(199)
Amortization of prior service credit	(14)	(14)	(28)	(29)
Amortization of net actuarial loss (gain)	48	28	96	57
Settlement loss	6	11	12	22
Net periodic postretirement cost (credit)	26	13	53	27
Postretirement benefits
Components of net periodic cost
Service cost	3	2	6	5
Interest cost	5	5	11	11
Amortization of prior service credit	(5)	(5)	(11)	(11)
Amortization of net actuarial loss (gain)	(2)	(5)	(4)	(11)
Net periodic postretirement cost (credit)	$ 1	$ (3)	$ 2	$ (6)

Reporting Segments (Details)

Reporting Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information
Property-liability insurance premiums	$ 7,549	$ 7,204	$ 14,975	$ 14,268
Life and annuity premiums and contract charges	536	518	1,073	1,125
Net investment income	789	898	1,639	1,857
Realized capital gains and losses	108	240	247	294
Total revenues	8,982	8,860	17,934	17,544
Property-Liability
Segment Reporting Information
Property-liability insurance premiums	7,549	7,204	14,975	14,268
Net investment income	292	351	650	663
Realized capital gains and losses	49	250	77	303
Total revenues	7,890	7,805	15,702	15,234
Property-Liability | Auto
Segment Reporting Information
Property-liability insurance premiums	5,086	4,824	10,065	9,536
Property-Liability | Homeowners
Segment Reporting Information
Property-liability insurance premiums	1,775	1,714	3,536	3,411
Property-Liability | Other personal lines
Segment Reporting Information
Property-liability insurance premiums	423	414	843	826
Property-Liability | Commercial lines
Segment Reporting Information
Property-liability insurance premiums	128	121	253	231
Property-Liability | Other business lines
Segment Reporting Information
Property-liability insurance premiums	137	131	278	264
Allstate Protection
Segment Reporting Information
Property-liability insurance premiums	7,549	7,204	14,975	14,268
Discontinued Lines and Coverages
Segment Reporting Information
Property-liability insurance premiums	0	0	0	0
Allstate Financial
Segment Reporting Information
Life and annuity premiums and contract charges	536	518	1,073	1,125
Net investment income	489	538	973	1,178
Realized capital gains and losses	59	(10)	170	(9)
Total revenues	1,084	1,046	2,216	2,294
Allstate Financial | Total life and annuity premiums
Segment Reporting Information
Life and annuity premiums and contract charges	326	312	654	639
Allstate Financial | Traditional life insurance
Segment Reporting Information
Life and annuity premiums and contract charges	131	125	263	252
Allstate Financial | Immediate annuities with life contingencies
Segment Reporting Information
Life and annuity premiums and contract charges	0	0	0	5
Allstate Financial | Accident and health insurance
Segment Reporting Information
Life and annuity premiums and contract charges	195	187	391	382
Allstate Financial | Total contract charges
Segment Reporting Information
Life and annuity premiums and contract charges	210	206	419	486
Allstate Financial | Interest-sensitive life insurance
Segment Reporting Information
Life and annuity premiums and contract charges	207	202	413	476
Allstate Financial | Fixed annuities
Segment Reporting Information
Life and annuity premiums and contract charges	3	4	6	10
Corporate and Other
Segment Reporting Information
Service fees	1	1	2	3
Net investment income	8	9	16	16
Total Corporate and Other before reclassification of service fees	9	10	18	19
Reclassification of service fees	(1)	(1)	(2)	(3)
Total revenues	$ 8	$ 9	$ 16	$ 16

Reporting Segments (Details 2)

Reporting Segments (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property-Liability
Net investment income	$ 789	$ 898	$ 1,639	$ 1,857
Allstate Financial
Life and annuity premiums and contract charges	536	518	1,073	1,125
Restructuring and related charges	(19)	(4)	(23)	(10)
Corporate and Other
Net income available to common shareholders	326	614	974	1,201
Property-Liability
Property-Liability
Underwriting income	(10)	189	457	561
Net investment income	292	351	650	663
Realized capital gains and losses, after-tax	31	161	49	195
Allstate Financial
Realized capital gains and losses, after-tax	31	161	49	195
Loss on disposition of operations, after-tax	1	38	1	38
Income tax (expense) benefit on operations	(92)	(185)	(397)	(410)
Corporate and Other
Realized capital gains and losses, after-tax	31	161	49	195
Net income available to common shareholders	222	554	760	1,047
Allstate Protection
Property-Liability
Underwriting income	(8)	192	461	567
Discontinued Lines and Coverages
Property-Liability
Underwriting income	(2)	(3)	(4)	(6)
Allstate Financial
Property-Liability
Net investment income	489	538	973	1,178
Realized capital gains and losses, after-tax	38	(6)	110	(6)
Allstate Financial
Life and annuity premiums and contract charges	536	518	1,073	1,125
Periodic Settlements and Accruals on Non Hedge Derivative Financial Instruments	0	(1)	0	(1)
Contract benefits and interest credited to contractholder funds	(637)	(621)	(1,270)	(1,400)
Operating costs and expenses and amortization of deferred policy acquisition costs	(180)	(177)	(372)	(369)
Restructuring and related charges	(2)	(1)	(2)	(3)
Operating income (loss)	139	165	273	354
Realized capital gains and losses, after-tax	38	(6)	110	(6)
Valuation changes on embedded derivatives that are not hedged, after-tax	4	(3)	(1)	(14)
DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax	(2)	0	(2)	0
Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax	0	1	0	1
Loss on disposition of operations, after-tax	0	(12)	(1)	(28)
Change in accounting for investments in qualified affordable housing projects, after-tax	0	0	(17)	0
Income tax (expense) benefit on operations	(67)	(91)	(129)	(176)
Corporate and Other
Operating income (loss)	139	165	273	354
Realized capital gains and losses, after-tax	38	(6)	110	(6)
Net income available to common shareholders	179	145	362	307
Corporate and Other
Segment Reporting Information
Fees and Commissions	1	1	2	3
Property-Liability
Net investment income	8	9	16	16
Realized capital gains and losses, after-tax	0	(1)	0	0
Allstate Financial
Operating income (loss)	(75)	(84)	(148)	(153)
Realized capital gains and losses, after-tax	0	(1)	0	0
Income tax (expense) benefit on operations	28	32	54	64
Corporate and Other
Operating income (loss)	(75)	(84)	(148)	(153)
Operating costs and expenses	(83)	(95)	(162)	(192)
Preferred stock dividends	(29)	(31)	(58)	(44)
Realized capital gains and losses, after-tax	0	(1)	0	0
Net income available to common shareholders	$ (75)	$ (85)	$ (148)	$ (153)

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pre-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$ (1,003)	$ 322	$ (528)	$ 1,039
Less: reclassification adjustment of realized capital gains and losses	100	232	251	265
Unrealized net capital gains and losses	(1,103)	90	(779)	774
Unrealized foreign currency translation adjustments	(13)	20	(55)	(5)
Unrecognized pension and other postretirement benefit cost arising during the period	(3)	(4)	8	0
Less: reclassification adjustment of net periodic cost recognized in operating costs and expenses	(33)	(15)	(65)	(28)
Unrecognized pension and other postretirement benefit cost	30	11	73	28
Other comprehensive (loss) income	(1,086)	121	(761)	797
Tax
Unrealized net holding gains and losses arising during the period, net of related offsets	350	(112)	184	(363)
Less: reclassification adjustment of realized capital gains and losses	(35)	(81)	(88)	(93)
Unrealized net capital gains and losses	385	(31)	272	(270)
Unrealized foreign currency translation adjustments	4	(7)	19	2
Unrecognized pension and other postretirement benefit cost arising during the period	2	2	(1)	1
Less: reclassification adjustment of net periodic cost recognized in operating costs and expenses	12	5	23	10
Unrecognized pension and other postretirement benefit cost	(10)	(3)	(24)	(9)
Other comprehensive income (loss), Tax	379	(41)	267	(277)
After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	(653)	210	(344)	676
Less: reclassification adjustment of realized capital gains and losses	65	151	163	172
Unrealized net capital gains and losses	(718)	59	(507)	504
Unrealized foreign currency translation adjustments	(9)	13	(36)	(3)
Unrecognized pension and other postretirement benefit cost arising during the period	(1)	(2)	7	1
Less: reclassification adjustment of net periodic cost recognized in operating costs and expenses	(21)	(10)	(42)	(18)
Unrecognized pension and other postretirement benefit cost	20	8	49	19
Other comprehensive (loss) income, after-tax	$ (707)	$ 80	$ (494)	$ 520