The Allstate Corporation (ALL) 10-Q 4 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 20, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-11840
Entity Registrant Name	ALLSTATE CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3871531
Entity Address, Address Line One	2775 Sanders Road
Entity Address, City or Town	Northbrook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60062
City Area Code	847
Local Phone Number	402-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		312,316,158
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000899051
NEW YORK STOCK EXCHANGE, INC. | Common stock par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. | Subordinated Debentures Due 2053 at 5.10 Percent
Document Information [Line Items]
Title of 12(b) Security	5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053
Trading Symbol	ALL.PR.B
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. | Series G Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 5.625% Noncumulative Preferred Stock, Series G
Trading Symbol	ALL PR G
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. | Series H Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series H
Trading Symbol	ALL PR H
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. | Series I Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series I
Trading Symbol	ALL PR I
Security Exchange Name	NYSE
CHICAGO STOCK EXCHANGE, INC | Common stock par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	CHX

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Net investment income	$ 409	$ 942	$ 830	$ 1,590
Realized capital gains (losses)	704	324	242	986
Total revenues	11,197	11,144	21,273	22,134
Costs and expenses
Property and casualty insurance claims and claims expense	5,222	6,356	10,563	12,176
Shelter-in-Place Payback expense	738	0	948	0
Life contract benefits	497	511	998	1,008
Interest credited to contractholder funds	200	156	332	318
Amortization of deferred policy acquisition costs	1,349	1,362	2,750	2,726
Operating costs and expenses	1,451	1,380	2,850	2,760
Pension and other postretirement remeasurement (gains) losses	73	125	391	140
Restructuring and related charges	14	9	19	27
Amortization of purchased intangibles	29	32	57	64
Impairment of purchased intangibles	0	55	0	55
Interest expense	79	82	160	165
Total costs and expenses	9,652	10,068	19,068	19,439
Gain on disposition of operations	1	2	2	3
Income from operations before income tax expense	1,546	1,078	2,207	2,698
Income tax expense	296	227	408	555
Net income	1,250	851	1,799	2,143
Preferred stock dividends	26	30	62	61
Net income applicable to common shareholders	$ 1,224	$ 821	$ 1,737	$ 2,082
Earnings per common share
Net income available to common shareholders per common share - Basic (in dollars per share)	$ 3.90	$ 2.47	$ 5.50	$ 6.27
Weighted average common shares - Basic (in shares)	313.7	332	315.6	332.3
Net income available to common shareholders per common share - Diluted (in dollars per share)	$ 3.86	$ 2.44	$ 5.43	$ 6.17
Weighted average common shares - Diluted (in shares)	317	336.9	319.8	337.2
Property and casualty insurance premiums
Revenues
Premiums Earned, Net	$ 9,223	$ 8,986	$ 18,458	$ 17,788
Life premiums and contract charges
Revenues
Insurance premiums, commissions and fees	604	621	1,221	1,249
Other revenue
Revenues
Insurance premiums, commissions and fees	$ 257	$ 271	$ 522	$ 521

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 1,250	$ 851	$ 1,799	$ 2,143
Changes in:
Unrealized net capital gains and losses	2,072	682	715	1,656
Unrealized foreign currency translation adjustments	9	4	(30)	9
Unamortized pension and other postretirement prior service credit	(11)	(11)	(7)	(23)
Other comprehensive income, after-tax	2,070	675	678	1,642
Comprehensive income	$ 3,320	$ 1,526	$ 2,477	$ 3,785

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Financial Position (unaudited) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Statement of Financial Position [Abstract]
Impairment of purchased intangibles	$ 0	$ 0
Investments
Fixed income securities, at fair value (amortized cost, net $60,534 and $56,293)	64,448	64,448	$ 59,044
Equity securities, at fair value (cost $3,817 and $6,568)	4,212	4,212	8,162
Mortgage loans, net	4,774	4,774	4,817
Limited partnership interests	6,941	6,941	8,078
Short-term investments	5,344	5,344	4,256
Other, net	3,918	3,918	4,005
Total investments	89,637	89,637	88,362
Cash	547	547	338
Premium installment receivables, net	6,367	6,367	6,472
Deferred policy acquisition costs	4,683	4,683	4,699
Reinsurance and indemnification recoverables, net	9,290	9,290	9,211
Accrued investment income	605	605	600
Property and equipment, net	1,100	1,100	1,145
Goodwill	2,544	2,544	2,545
Other assets, net	3,587	3,587	3,534
Separate Accounts	2,906	2,906	3,044
Total assets	121,266	121,266	119,950
Liabilities
Reserve for property and casualty insurance claims and claims expense	27,426	27,426	27,712
Reserve for life-contingent contract benefits	12,471	12,471	12,300
Contractholder funds	17,396	17,396	17,692
Unearned premiums	15,448	15,448	15,343
Claim payments outstanding	882	882	929
Deferred income taxes	842	842	1,154
Other liabilities and accrued expenses	10,275	10,275	9,147
Long-term debt	6,634	6,634	6,631
Separate Accounts	2,906	2,906	3,044
Total liabilities	94,280	94,280	93,952
Commitments and Contingent Liabilities (Note 12)
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand and 92.5 thousand shares issued and outstanding, $2,025 and $2,313 aggregate liquidation preference	1,970	1,970	2,248
Common stock, $.01 par value, 3.0 billion shares authorized and 900 million issued, 313 million and 319 million shares outstanding	9	9	9
Additional capital paid-in	3,541	3,541	3,463
Retained income	49,380	49,380	48,074
Treasury stock, at cost (587 million and 581 million shares)	(30,542)	(30,542)	(29,746)
Unrealized net capital gains and losses:
Unrealized net capital gains and losses on fixed income securities with credit losses	(1)	(1)	70
Other unrealized net capital gains and losses	3,079	3,079	2,094
Unrealized adjustment to DAC, DSI and insurance reserves	(476)	(476)	(277)
Total unrealized net capital gains and losses	2,602	2,602	1,887
Unrealized foreign currency translation adjustments	(89)	(89)	(59)
Unamortized pension and other postretirement prior service credit	115	115	122
Total accumulated other comprehensive income (“AOCI”)	2,628	2,628	1,950
Total shareholders’ equity	26,986	26,986	25,998
Total liabilities and shareholders’ equity	$ 121,266	$ 121,266	$ 119,950

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Fixed income securities, at fair value, amortized cost (in dollars)	$ 60,534	$ 56,293
Equity securities, at fair value, cost (in dollars)	3,817	6,568
Short-term, at fair value, amortized cost (in dollars)	$ 5,343	$ 4,256
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	81,000	92,500
Preferred stock, shares outstanding (in shares)	81,000	92,500
Preferred stock, shares aggregate liquidation preference (in shares)	$ 2,025	$ 2,313
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	900,000,000	900,000,000
Common stock, shares outstanding (in shares)	313,000,000	319,000,000
Treasury Stock, shares (in shares)	587,000,000	581,000,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders’ Equity (unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Preferred stock additional capital paid-in	Common stock par value	Common stock additional capital paid-in	Retained income	Deferred ESOP expense	Treasury stock	Accumulated other comprehensive income (loss)
Balance, beginning of period at Dec. 31, 2018			$ 1,930		$ 3,310	$ 44,033		$ (28,085)	$ 118
Increase (decrease) in equity
Preferred stock redemption			0
Forward contract on accelerated share repurchase agreement					150
Equity incentive plans activity					17
Net income	$ 2,143					2,143
Dividends on common stock (declared per share of $0.54, $0.50, $1.08 and $1.00)						(333)
Dividends on preferred stock						(61)
Shares acquired								(498)
Shares reissued under equity incentive plans, net								83
Change in unrealized net capital gains and losses	1,656								1,656
Change in unrealized foreign currency translation adjustments	9								9
Change in unamortized pension and other postretirement prior service credit	(23)								(23)
Balance, end of period at Jun. 30, 2019	$ 24,476	$ 0	1,930	$ 9	3,477	45,803	$ (3)	(28,500)	1,760
Increase (decrease) in equity
Dividends (in USD per share)	$ 1
Balance, beginning of period at Mar. 31, 2019			1,930		3,291	45,148		(28,042)	1,085
Increase (decrease) in equity
Preferred stock redemption			0
Forward contract on accelerated share repurchase agreement					150
Equity incentive plans activity					36
Net income	$ 851					851
Dividends on common stock (declared per share of $0.54, $0.50, $1.08 and $1.00)						(166)
Dividends on preferred stock						(30)
Shares acquired								(498)
Shares reissued under equity incentive plans, net								40
Change in unrealized net capital gains and losses	682								682
Change in unrealized foreign currency translation adjustments	4								4
Change in unamortized pension and other postretirement prior service credit	(11)								(11)
Balance, end of period at Jun. 30, 2019	$ 24,476	0	1,930	9	3,477	45,803	(3)	(28,500)	1,760
Increase (decrease) in equity
Dividends (in USD per share)	$ 0.5
Balance, beginning of period at Dec. 31, 2019	$ 25,998		2,248		3,463	48,074		(29,746)	1,950
Increase (decrease) in equity
Preferred stock redemption			(278)
Forward contract on accelerated share repurchase agreement					75
Equity incentive plans activity					3
Net income	1,799					1,799
Dividends on common stock (declared per share of $0.54, $0.50, $1.08 and $1.00)						(343)
Dividends on preferred stock						(62)
Shares acquired								(902)
Shares reissued under equity incentive plans, net								106
Change in unrealized net capital gains and losses	715								715
Change in unrealized foreign currency translation adjustments	(30)								(30)
Change in unamortized pension and other postretirement prior service credit	(7)								(7)
Balance, end of period at Jun. 30, 2020	$ 26,986	0	1,970	9	3,541	49,380	0	(30,542)	2,628
Increase (decrease) in equity
Dividends (in USD per share)	$ 1.08
Balance, beginning of period at Mar. 31, 2020			1,970		3,519	48,326		(30,209)	558
Increase (decrease) in equity
Preferred stock redemption			0
Forward contract on accelerated share repurchase agreement					0
Equity incentive plans activity					22
Net income	$ 1,250					1,250
Dividends on common stock (declared per share of $0.54, $0.50, $1.08 and $1.00)						(170)
Dividends on preferred stock						(26)
Shares acquired								(391)
Shares reissued under equity incentive plans, net								58
Change in unrealized net capital gains and losses	2,072								2,072
Change in unrealized foreign currency translation adjustments	9								9
Change in unamortized pension and other postretirement prior service credit	(11)								(11)
Balance, end of period at Jun. 30, 2020	$ 26,986	$ 0	$ 1,970	$ 9	$ 3,541	$ 49,380	$ 0	$ (30,542)	$ 2,628
Increase (decrease) in equity
Dividends (in USD per share)	$ 0.54

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net income	$ 1,799	$ 2,143
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other non-cash items	318	317
Realized capital (gains) losses	(242)	(986)
Pension and other postretirement remeasurement (gains) losses	391	140
Gain on disposition of operations	(2)	(3)
Interest credited to contractholder funds	332	318
Impairment of purchased intangibles	0	55
Changes in:
Policy benefits and other insurance reserves	(594)	211
Unearned premiums	143	214
Deferred policy acquisition costs	(42)	(27)
Premium installment receivables, net	81	(209)
Reinsurance recoverables, net	(56)	235
Income taxes	257	159
Other operating assets and liabilities	491	(505)
Net cash provided by operating activities	2,876	2,062
Proceeds from sales
Fixed income securities	19,952	17,811
Equity securities	6,473	2,098
Limited partnership interests	862	391
Other investments	135	223
Investment collections
Fixed income securities	1,054	1,243
Mortgage loans	156	294
Other investments	81	138
Investment purchases
Fixed income securities	(24,214)	(17,436)
Equity securities	(2,907)	(4,189)
Limited partnership interests	(513)	(672)
Mortgage loans	(196)	(311)
Other investments	(199)	(394)
Change in short-term investments, net	(1,477)	(147)
Purchases of property and equipment, net	(166)	(173)
Acquisition of operations	1	(18)
Net cash used in investing activities	(958)	(1,142)
Cash flows from financing activities
Proceeds from issuance of long-term debt	0	492
Redemption and repayment of long-term debt	0	(317)
Redemption of preferred stock	(288)	0
Contractholder fund deposits	494	504
Contractholder fund withdrawals	(791)	(876)
Dividends paid on common stock	(331)	(324)
Dividends paid on preferred stock	(56)	(61)
Treasury stock purchases	(821)	(332)
Shares reissued under equity incentive plans, net	52	44
Other	32	50
Net cash used in financing activities	(1,709)	(820)
Net increase in cash	209	100
Cash at beginning of period	338	499
Cash at end of period	$ 547	$ 599

General

General	6 Months Ended
	Jun. 30, 2020
General [Abstract]
General	Note 1 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 and casualty insurance company with various property and casualty and life and investment subsidiaries, including Allstate Life Insurance Company (“ALIC”) (collectively referred to as the “Company” or “Allstate”). These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements and notes as of June 30, 2020 and for the three and six month periods ended June 30, 2020 and 2019 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, 2019 . 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. Recent development The Novel Coronavirus Pandemic or COVID-19 (“ Coronavirus ”) resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which have included the implementation of travel restrictions, government-imposed shelter-in-place orders, quarantine periods, social distancing, and restrictions on large gatherings, have caused material disruption to businesses globally, resulting in increased unemployment, a recession and increased economic uncertainty. Some of the restrictions implemented to contain the pandemic have been relaxed, but reduced economic activity, limits on large gatherings and events and higher unemployment continue. Additionally, there is no way of predicting with certainty how long the pandemic might last, including the potential for restrictions being restored or new restrictions being implemented that could result in further economic volatility. Depending on its length and severity, the Coronavirus and the related containment actions may significantly affect the Company’s results of operations, financial condition and liquidity, including sales of new and retention of existing policies, shared economy demand, severity costs, driving behavior and auto frequency, life insurance mortality and hospital and outpatient claim costs, annuity reserves, investment valuations and returns and increases in bad debt and credit allowance exposure. The magnitude and duration of the global pandemic and the impact of actions taken by governmental authorities, businesses and consumers to mitigate health risks create significant uncertainty. The Company will continue to closely monitor and proactively adapt to developments and changing conditions. Currently, it is not possible to reliably estimate the length and severity of the pandemic or its impact to the Company’s operations, but the effects could be material and may continue, emerge, evolve or accelerate into 2021 . Adopted accounting standard Measurement of Credit Losses on Financial Instruments Effective January 1, 2020 the Company adopted new Financial Accounting Standards Board (“FASB”) guidance related to the measurement of credit losses on financial instruments that primarily affected mortgage loans, bank loans and reinsurance recoverables. Upon adoption of the guidance, the Company recorded a total allowance for expected credit losses of $289 million , pre-tax. After consideration of existing valuation allowances maintained prior to adopting the new guidance, the Company increased its valuation allowances for credit losses to conform to the new requirements which resulted in recognizing a cumulative effect decrease in retained income of $88 million , after-tax, at the date of adoption. The measurement of credit losses for available-for-sale fixed income securities measured at fair value is not affected except that credit losses recognized are limited to the amount by which fair value is below amortized cost and the credit loss adjustment is recognized through a valuation allowance which may change over time but once recorded cannot subsequently be reduced to an amount below zero. Previously these credit loss adjustments were recorded as other-than-temporary impairments and were not reversed once recorded. Changes to significant accounting policies Measurement of credit losses The Company carries an allowance for expected credit losses for all financial assets measured at amortized cost and considers past events, current conditions, and reasonable and supportable forecasts and reports the financial assets on the Condensed Consolidated Statements of Financial Position at amortized cost, net of credit loss allowances (“amortized cost, net”). The Company also carries a credit loss allowance for fixed income securities where applicable and, when amortized cost is reported, it is net of credit loss allowances. For additional information, refer to the Investments, Reinsurance recoverables, Indemnification recoverables, or Premium installment receivable topics of this section. The Company also estimates a credit loss allowance for commitments to fund mortgage loans, bank loans and agent loans unless they are unconditionally cancellable by the Company. The related allowance is reported in other liabilities and accrued expenses. Allowance for credit losses ($ in millions) June 30, 2020 March 31, 2020 January 1, 2020 Fixed income securities $ 7 $ 4 $ — Mortgage loans 86 85 45 Other investments Bank loans 76 79 53 Agent loans 5 5 5 Investments 174 173 103 Premium installment receivables 139 96 91 Reinsurance recoverables 74 74 74 Other assets 23 18 18 Assets 410 361 286 C ommitments to fund mortgage loans, bank loans and agent loans 3 4 3 Liabilities 3 4 3 Total $ 413 $ 365 $ 289 Investments Fixed income securities include bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”). MBS includes residential and commercial mortgage-backed securities. Fixed income securities, which may be sold prior to their contractual maturity, are designated as available-for-sale (“AFS”) and are carried at fair value. The difference between amortized cost, net and fair value, net of deferred income taxes and related life and annuity deferred policy acquisition costs (“DAC”), deferred sales inducement costs (“DSI”) and reserves for life-contingent contract benefits, is reflected as a component of AOCI. The Company excludes accrued interest receivable from the amortized cost basis of its AFS fixed income securities. Net investment income for AFS fixed income securities includes the impact of accreting the credit loss allowance for the time value of money. Mortgage loans, bank loans and agent loans are carried at amortized cost, net, which represent the amount expected to be collected. The Company excludes accrued interest receivable from the amortized cost basis of its mortgage, bank and agent loans. Credit loss allowances are estimates of expected credit losses, established for loans upon origination or purchase, and are established considering all relevant information available, including past events, current conditions, and reasonable and supportable forecasts over the life of the loans. Loans are evaluated on a pooled basis when they share similar risk characteristics; otherwise, they are evaluated individually. The changes in the credit loss allowances related to fixed income securities, mortgage loans, bank loans and agent loans are reported in realized capital gains and losses. Realized capital gains and losses on investment sales are determined on a specific identification basis and exclude credit losses already recognized through an allowance. Reinsurance recoverables The Company evaluates reinsurer counterparty credit risk and records reinsurance recoverables net of credit loss allowances. The Company assesses counterparty credit risk for individual reinsurers separately when more relevant or on a pooled basis when shared risk characteristics exist. The evaluation considers the credit quality of the reinsurer and the period over which the recoverable balances are expected to be collected. The Company considers factors including past events, current conditions and reasonable and supportable forecasts in the development of the estimate of credit loss allowances. Allowances for property and casualty and life reinsurance recoverables are established primarily through risk-based evaluations. The property and casualty recoverable evaluation considers the credit rating of the reinsurer, the period over which the reinsurance recoverable balances are expected to be recovered and other relevant factors including historical experience of reinsurer failures. Reinsurers in liquidation or in default status are evaluated individually using the Company’s historical liquidation recovery assumptions and any other relevant information available including the most recent public information related to the financial condition or liquidation status of the reinsurer. For life reinsurance recoverables, the Company uses a probability of default and loss given default model developed independently of the Company to estimate current expected credit losses. The life recoverable evaluation utilizes factors including historical industry factors based on the probability of liquidation, and incorporates current loss given default factors reflective of the industry. The Company monitors the credit ratings of reinsurer counterparties and evaluates the circumstances surrounding credit rating changes as inputs into its credit loss assessments. Uncollectible reinsurance recoverable balances are written off against the allowances when there is no reasonable expectation of recovery. The changes in the allowances are reported in property and casualty insurance claims and claims expense and life contract benefits. Indemnification recoverables The Company participates in various indemnification programs, including industry pools and facilities which are reimbursement mechanisms that assess participating insurers for expected insured claims, reimburse participating insurers for qualifying paid claims and permit participating insurers to recoup amounts assessed directly from insureds. The amounts reported as indemnification recoverables include amounts billed to indemnitors on losses paid as well as estimates of amounts expected to be recovered from indemnitors on insurance liabilities that have been incurred but not yet paid. The design and function of these indemnification programs does not result in the retention of insurance or reinsurance risk by the indemnitor. Based on the Company’s evaluation of these programs on an individual basis, the establishment of credit loss allowances is not warranted at this time. The Company has not experienced any historical credit losses related to its indemnification programs. The Company continues to monitor these programs to determine whether any changes from historical experience have emerged or are expected to emerge or whether there have been any changes in the design or administration of the programs that would require establishment of credit loss allowances. Premium installment receivables Premium installment receivables represent premiums written and not yet collected, net of the credit loss allowance for uncollectible premiums. These receivables are primarily outstanding for one year or less. The Company utilizes historical internal data including aging analyses to estimate allowances under current conditions and for the forecast period. The Company regularly evaluates and updates the data and adjusts its allowance as appropriate. The increase in the provision for credit losses primarily related to customer enrollment in the Allstate Special Payment plan implemented in response to the Coronavirus , starting in March 2020. Rollforward of credit loss allowance for premium installment receivable ($ in millions) Three months ended June 30, 2020 Six months ended June 30, 2020 Beginning balance $ 96 $ 91 Increase in the provision for credit losses 94 136 Write-off of uncollectible premium installment receivable amounts (51 ) (88 ) Ending balance $ 139 $ 139 Pending accounting standards Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued amendments to modify certain disclosure requirements for defined benefit plans. New disclosures include the weighted-average interest crediting rates for cash balance plans and other plans with interest crediting rates and explanations for significant gains and losses related to changes in the benefit obligation during the reporting period. Disclosures to be eliminated include amounts expected to be reclassified out of AOCI and into the income statement in the coming year and the anticipated impact of a one-percentage point change in the assumed health care cost trend rate on service and interest cost and on the accumulated benefit obligation. The amendments are effective for annual reporting periods beginning after December 15, 2020. The impacts of adoption are to the Company’s disclosures only. Accounting for Long-Duration Insurance Contracts In August 2018, the FASB issued guidance revising the accounting for certain long-duration insurance contracts. The new guidance introduces material changes to the measurement of the Company’s reserves for traditional life, life-contingent immediate annuities and certain voluntary accident and health insurance products. Under the new guidance, measurement assumptions, including those for mortality, morbidity and policy terminations, will be required to be reviewed and updated at least annually. The effect of updating measurement assumptions other than the discount rate are required to be measured on a retrospective basis and reported in net income. In addition, reserves under the new guidance are required to be discounted using an upper-medium grade fixed income instrument yield that is updated through OCI at each reporting date. Current GAAP requires the measurement of reserves to utilize assumptions set at policy issuance unless updated current assumptions indicate that recorded reserves are deficient. The new guidance also requires DAC and other capitalized balances currently amortized in proportion to premiums or gross profits to be amortized on a constant level basis over the expected term for all long-duration insurance contracts. DAC will not be subject to loss recognition testing but will be reduced when actual lapse experience exceeds expected experience. The new guidance will no longer require adjustments to DAC and DSI related to unrealized gains and losses on investment securities supporting the related business. All market risk benefit product features will be measured at fair value with changes in fair value recorded in net income with the exception of changes in the fair value attributable to changes in the reporting entity’s own credit risk, which are required to be recognized in OCI. Substantially all of the Company’s market risk benefits relate to variable annuities that are reinsured and therefore these impacts are not expected to be material to the Company. The new guidance is effective for financial statements issued for reporting periods beginning after December 15, 2021, thereby requiring restatement of prior periods presented. Early adoption is permitted. The new guidance will be applied to affected contracts and DAC on the basis of existing carrying amounts at the earliest period presented or retrospectively using actual historical experience as of contract inception. The new guidance for market risk benefits is required to be adopted retrospectively. In July 2020, the FASB exposed for a forty-five day comment period a proposal to delay the effective date of the new guidance for public business entities that are Securities and Exchange Commission (“SEC”) filers to reporting periods beginning after December 15, 2022. If adopted, the proposal would extend the effective date of the new guidance for public business entities that are SEC filers by one year. The proposal also includes a revision to the existing restatement provisions and would allow a one-year transition period instead of the normal two-year transition period if the new guidance is early adopted. The Company is evaluating the anticipated impacts of applying the new guidance to both retained income and AOCI. The requirements of the new guidance represent a material change from existing GAAP, however, the underlying economics of the business and related cash flows are unchanged. The Company anticipates the financial statement impact of adopting the new guidance to be material, largely attributed to the impact of transitioning to a discount rate based on an upper-medium grade fixed income investment yield and updates to mortality assumptions. The Company expects the most significant impacts will occur in the run-off annuity segment. The revised accounting for DAC will be applied prospectively using the new model and any DAC effects existing in AOCI as a result of applying existing GAAP at the date of adoption will be eliminated. Simplifications to the Accounting for Income Taxes In December 2019, the FASB issued amendments to simplify the accounting for income taxes. The amendments eliminate certain exceptions in the existing guidance including those related to intraperiod tax allocation and deferred tax liability recognition when a subsidiary meets the criteria to apply the equity method of accounting. The amendments require recognition of the effect of an enacted change in tax laws or rates in the interim period that includes the enactment date, provide an option to not allocate taxes to a legal entity that is not subject to tax as well as other minor changes. The amendments are effective for interim and annual reporting periods beginning after December 15, 2020. The new guidance specifies which amendments should be applied prospectively, retrospectively, or on a modified retrospective basis through a cumulative-effect adjustment to retained income as of the beginning of the year of adoption. The impact of adoption is not expected to be material to the Company’s results of operations or financial position.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings per Common Share	Note 2 Earnings per Common Share Basic earnings per common share is computed using the weighted average number of common shares outstanding, including vested unissued 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 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. Computation of basic and diluted earnings per common share (In millions, except per share data) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Numerator: Net income $ 1,250 $ 851 $ 1,799 $ 2,143 Less: Preferred stock dividends 26 30 62 61 Net income applicable to common shareholders $ 1,224 $ 821 $ 1,737 $ 2,082 Denominator: Weighted average common shares outstanding 313.7 332.0 315.6 332.3 Effect of dilutive potential common shares: Stock options 2.1 3.3 2.7 3.2 Restricted stock units (non-participating) and performance stock awards 1.2 1.6 1.5 1.7 Weighted average common and dilutive potential common shares outstanding 317.0 336.9 319.8 337.2 Earnings per common share - Basic $ 3.90 $ 2.47 $ 5.50 $ 6.27 Earnings per common share - Diluted 3.86 2.44 5.43 6.17 Anti-dilutive options excluded from diluted earnings per common share 3.2 4.1 1.4 4.5

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions	Note 3 Acquisitions iCracked On February 12, 2019, the Company acquired iCracked Inc. (“iCracked”) which offers on-site, on-demand repair services for smartphones and tablets in North America, supporting Allstate Protection Plans' (formerly known as SquareTrade) operations. In conjunction with the iCracked acquisition, the Company recorded goodwill of $17 million . Subsequent event On July 7, 2020, the Company entered into a definitive agreement to acquire National General Holdings Corp. (“National General”), a predominantly specialty personal lines insurance holding company serving a wide range of customer segments through a network of independent agents for property and casualty and accident and health products for approximately $4 billion in cash. National General shareholders will receive $32.00 per share in cash from the Company, plus closing dividends expected to be $2.50 per share, providing $34.50 in total value per share. The Company will fund the acquisition by deploying $2.2 billion in combined cash resources at the Company and National General and, subject to market conditions, issuing $1.5 billion of new senior debt. The Company expects to maintain its current $3.00 billion share repurchase program. The transaction is expected to close in early 2021, subject to regulatory approvals, a shareholder vote at National General and other customary closing conditions. National General provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, lender-placed property, supplemental health and other niche insurance products. Upon completion of the transaction, this acquisition will increase the Company’s market share in personal property-liability and expand its independent agent distribution.

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Reportable Segments	Note 4 Reportable Segments Measuring segment profit or loss The measure of segment profit or loss used in evaluating performance is underwriting income for the Allstate Protection and Discontinued Lines and Coverages segments and adjusted net income for the Service Businesses, Allstate Life, Allstate Benefits, Allstate Annuities, and Corporate and Other segments. A reconciliation of these measures to net income applicable to common shareholders is provided below. Underwriting income is calculated as premiums earned and other revenue, less claims and claims expenses (“losses”), Shelter-in-Place Payback expense , amortization of DAC, operating costs and expenses, amortization of purchased intangibles and restructuring and related charges as determined using GAAP. Adjusted net income is net income applicable to common shareholders, excluding: • Realized capital gains and losses, after-tax, except for periodic settlements and accruals on non-hedge derivative instruments, which are reported with realized capital gains and losses but included in adjusted net income • Pension and other postretirement remeasurement gains and losses, after-tax • Valuation changes on embedded derivatives not hedged, after-tax • Amortization of DAC and DSI, to the extent they resulted from the recognition of certain realized capital gains and losses or valuation changes on embedded derivatives not hedged, after-tax • Business combination expenses and the amortization or impairment of purchased intangibles, after-tax • Gain (loss) on disposition of operations, after-tax • Adjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two years Reportable segments revenue information ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Property-Liability Insurance premiums Auto $ 6,173 $ 6,035 $ 12,327 $ 11,965 Homeowners 2,053 1,958 4,091 3,893 Other personal lines 478 462 949 921 Commercial lines 159 226 377 409 Allstate Protection 8,863 8,681 17,744 17,188 Discontinued Lines and Coverages — — — — Total Property-Liability insurance premiums 8,863 8,681 17,744 17,188 Other revenue 182 190 363 366 Net investment income 178 471 380 762 Realized capital gains (losses) 382 256 279 753 Total Property-Liability 9,605 9,598 18,766 19,069 Service Businesses Consumer product protection plans 219 153 425 298 Roadside assistance 44 63 95 126 Finance and insurance products 97 89 194 176 Intersegment premiums and service fees (1) 35 33 73 66 Other revenue 51 48 103 95 Net investment income 11 10 21 19 Realized capital gains (losses) 19 9 (5 ) 17 Total Service Businesses 476 405 906 797 Allstate Life Traditional life insurance premiums 164 156 317 310 Accident and health insurance premiums 1 1 1 1 Interest-sensitive life insurance contract charges 174 176 354 359 Other revenue 24 33 56 60 Net investment income 123 125 251 252 Realized capital gains (losses) 19 1 (12 ) (4 ) Total Allstate Life 505 492 967 978 Allstate Benefits Traditional life insurance premiums 12 10 21 19 Accident and health insurance premiums 225 246 469 496 Interest-sensitive life insurance contract charges 26 28 55 57 Net investment income 20 21 40 40 Realized capital gains (losses) 11 2 (3 ) 6 Total Allstate Benefits 294 307 582 618 Allstate Annuities Fixed annuities contract charges 2 4 4 7 Net investment income 66 296 113 486 Realized capital gains (losses) 245 48 (24 ) 204 Total Allstate Annuities 313 348 93 697 Corporate and Other Net investment income 11 19 25 31 Realized capital gains (losses) 28 8 7 10 Total Corporate and Other 39 27 32 41 Intersegment eliminations (1) (35 ) (33 ) (73 ) (66 ) Consolidated revenues $ 11,197 $ 11,144 $ 21,273 $ 22,134 (1) Intersegment insurance premiums and service fees are primarily related to Arity and Allstate Roadside Services and are eliminated in the condensed consolidated financial statements. Reportable segments financial performance Three months ended June 30, Six months ended June 30, ($ in millions) 2020 2019 2020 2019 Property-Liability Allstate Protection (1) $ 907 $ 370 $ 2,255 $ 1,073 Discontinued Lines and Coverages (3 ) (3 ) (6 ) (6 ) Total underwriting income 904 367 2,249 1,067 Net investment income 178 471 380 762 Income tax expense on operations (209 ) (179 ) (512 ) (381 ) Realized capital gains (losses), after-tax 299 204 217 597 Property-Liability net income applicable to common shareholders 1,172 863 2,334 2,045 Service Businesses Adjusted net income 38 16 75 27 Realized capital gains (losses), after-tax 15 6 (4 ) 13 Amortization of purchased intangibles, after-tax (21 ) (25 ) (42 ) (49 ) Impairment of purchased intangibles, after-tax — (43 ) — (43 ) Service Businesses net income (loss) applicable to common shareholders 32 (46 ) 29 (52 ) Allstate Life Adjusted net income 72 68 152 141 Realized capital gains (losses), after-tax 16 — (9 ) (4 ) Valuation changes on embedded derivatives not hedged, after-tax (35 ) — (23 ) — DAC and DSI amortization related to realized capital gains and losses, after-tax 11 (1 ) 8 (3 ) Allstate Life net income applicable to common shareholders 64 67 128 134 Allstate Benefits Adjusted net income 5 37 29 68 Realized capital gains (losses), after-tax 7 2 (3 ) 5 Allstate Benefits net income applicable to common shareholders 12 39 26 73 Allstate Annuities Adjusted net (loss) income (111 ) 52 (250 ) 27 Realized capital gains (losses), after-tax 194 37 (19 ) 161 Valuation changes on embedded derivatives not hedged, after-tax (6 ) (2 ) (4 ) (5 ) Gain on disposition of operations, after-tax 1 1 2 2 Allstate Annuities net income (loss) applicable to common shareholders 78 88 (271 ) 185 Corporate and Other Adjusted net loss (99 ) (98 ) (206 ) (201 ) Realized capital gains (losses), after-tax 23 7 6 8 Pension and other postretirement remeasurement gains (losses), after-tax (58 ) (99 ) (309 ) (110 ) Corporate and Other net loss applicable to common shareholders (134 ) (190 ) (509 ) (303 ) Consolidated net income applicable to common shareholders $ 1,224 $ 821 $ 1,737 $ 2,082 (1) Due to the significant declines in the number of auto accidents caused by mandated stay-at-home orders, other pandemic containment actions and reduced economic activity, auto and commercial lines customers received a Shelter-in-Place Payback of $948 million with $210 million recognized in first quarter 2020 and $738 million recognized in second quarter 2020.

Investments

Investments	6 Months Ended
	Jun. 30, 2020
Investments [Abstract]
Investments	Note 5 Investments Portfolio composition ($ in millions) June 30, 2020 December 31, 2019 Fixed income securities, at fair value $ 64,448 $ 59,044 Equity securities, at fair value 4,212 8,162 Mortgage loans, net 4,774 4,817 Limited partnership interests 6,941 8,078 Short-term investments, at fair value 5,344 4,256 Other, net 3,918 4,005 Total $ 89,637 $ 88,362 Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities ($ in millions) Amortized cost, net Gross unrealized Fair value Gains Losses June 30, 2020 U.S. government and agencies $ 3,312 $ 208 $ (1 ) $ 3,519 Municipal 8,579 712 (6 ) 9,285 Corporate 46,797 3,227 (284 ) 49,740 Foreign government 915 46 — 961 ABS 779 4 (24 ) 759 MBS 152 32 — 184 Total fixed income securities $ 60,534 $ 4,229 $ (315 ) $ 64,448 December 31, 2019 U.S. government and agencies $ 4,971 $ 141 $ (26 ) $ 5,086 Municipal 8,080 551 (11 ) 8,620 Corporate 41,090 2,035 (47 ) 43,078 Foreign government 968 16 (5 ) 979 ABS 860 8 (6 ) 862 MBS 324 96 (1 ) 419 Total fixed income securities $ 56,293 $ 2,847 $ (96 ) $ 59,044 Scheduled maturities for fixed income securities ($ in millions) June 30, 2020 Amortized cost, net Fair value Due in one year or less $ 3,300 $ 3,343 Due after one year through five years 24,971 26,036 Due after five years through ten years 21,627 23,204 Due after ten years 9,705 10,922 59,603 63,505 ABS and MBS 931 943 Total $ 60,534 $ 64,448 Actual maturities may differ from those scheduled as a result of calls and make-whole payments by the issuers. ABS and MBS are shown separately because of potential prepayment of principal prior to contractual maturity dates. Net investment income ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Fixed income securities $ 531 $ 543 $ 1,056 $ 1,081 Equity securities 31 68 37 98 Mortgage loans 51 54 111 107 Limited partnership interests (220 ) 254 (412 ) 263 Short-term investments 2 26 19 52 Other 62 67 125 130 Investment income, before expense 457 1,012 936 1,731 Investment expense (48 ) (70 ) (106 ) (141 ) Net investment income $ 409 $ 942 $ 830 $ 1,590 Realized capital gains (losses) by asset type ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Fixed income securities $ 187 $ 79 $ 562 $ 143 Equity securities 480 178 (270 ) 731 Mortgage loans — — (41 ) — Limited partnership interests 33 21 (83 ) 93 Derivatives 18 22 106 (24 ) Other (14 ) 24 (32 ) 43 Realized capital gains (losses) $ 704 $ 324 $ 242 $ 986 Realized capital gains (losses) by transaction type ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Sales $ 179 $ 117 $ 567 $ 212 Credit losses (1) (10 ) (15 ) (89 ) (29 ) Valuation of equity investments (2) 517 200 (342 ) 827 Valuation and settlements of derivative instruments 18 22 106 (24 ) Realized capital gains (losses) $ 704 $ 324 $ 242 $ 986 (1) Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior period other-than-temporary impairment write-downs are now presented as credit losses. (2) Includes valuation of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities. Sales of fixed income securities resulted in gross gains of $304 million and $115 million and gross losses of $113 million and $27 million during the three months ended June 30, 2020 and 2019 , respectively. Sales of fixed income securities resulted in gross gains of $760 million and $241 million and gross losses of $190 million and $87 million during the six months ended June 30, 2020 and 2019 , respectively. The following table presents the net pre-tax appreciation (decline) recognized in net income of equity securities and limited partnership interests carried at fair value that are still held as of June 30, 2020 and 2019 , respectively. Net appreciation (decline) recognized in net income ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Equity securities $ 390 $ 207 $ (45 ) $ 688 Limited partnership interests carried at fair value (54 ) 95 (109 ) 59 Total $ 336 $ 302 $ (154 ) $ 747 Credit losses recognized in net income (1) ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Assets Fixed income securities: Municipal $ (3 ) $ — $ (3 ) $ — Corporate — (7 ) (1 ) (7 ) ABS (2 ) (2 ) (2 ) (3 ) MBS 1 — (2 ) (1 ) Total fixed income securities (4 ) (9 ) (8 ) (11 ) Mortgage loans (1 ) — (41 ) — Limited partnership interests (3 ) (2 ) (10 ) (3 ) Other investments Bank loans (3 ) (4 ) (30 ) (15 ) Total credit losses by asset type $ (11 ) $ (15 ) $ (89 ) $ (29 ) Liabilities Commitments to fund commercial mortgage loans, bank loans and agent loans 1 — — — Total $ (10 ) $ (15 ) $ (89 ) $ (29 ) (1) Due to the adoption of the measurement of credit losses on financial instruments accounting standard, realized capital losses previously reported as other-than-temporary impairment write-downs are now presented as credit losses. Unrealized net capital gains and losses included in AOCI ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) June 30, 2020 Gains Losses Fixed income securities $ 64,448 $ 4,229 $ (315 ) $ 3,914 Short-term investments 5,344 1 — 1 Derivative instruments — — (3 ) (3 ) Equity method of accounting (“EMA”) limited partnerships (1) (8 ) Unrealized net capital gains and losses, pre-tax 3,904 Amounts recognized for: Insurance reserves (2) (319 ) DAC and DSI (3) (284 ) Amounts recognized (603 ) Deferred income taxes (699 ) Unrealized net capital gains and losses, after-tax $ 2,602 December 31, 2019 Fixed income securities $ 59,044 $ 2,847 $ (96 ) $ 2,751 Short-term investments 4,256 — — — Derivative instruments — — (3 ) (3 ) EMA limited partnerships (4 ) Unrealized net capital gains and losses, pre-tax 2,744 Amounts recognized for: Insurance reserves (126 ) DAC and DSI (224 ) Amounts recognized (350 ) Deferred income taxes (507 ) Unrealized net capital gains and losses, after-tax $ 1,887 (1) Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable. (2) 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 lower interest rates, resulting in a premium deficiency. This adjustment primarily relates to structured settlement annuities with life contingencies (a type of immediate fixed annuity). (3) 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. Change in unrealized net capital gains (losses) ($ in millions) Six months ended June 30, 2020 Fixed income securities $ 1,163 Short-term investments 1 Derivative instruments — EMA limited partnerships (4 ) Total 1,160 Amounts recognized for: Insurance reserves (193 ) DAC and DSI (60 ) Amounts recognized (253 ) Deferred income taxes (192 ) Increase in unrealized net capital gains and losses, after-tax $ 715 Carrying value for limited partnership interests ($ in millions) June 30, 2020 December 31, 2019 EMA Fair Value Total EMA Fair Value Total Private equity $ 4,043 $ 1,532 $ 5,575 $ 4,463 $ 1,668 $ 6,131 Real estate 982 130 1,112 899 142 1,041 Other (1) 251 3 254 902 4 906 Total $ 5,276 $ 1,665 $ 6,941 $ 6,264 $ 1,814 $ 8,078 (1) Other consists of certain limited partnership interests where the underlying assets are predominately public equity securities. Short-term investments Short-term investments, including money market funds, commercial paper, U.S. Treasury bills and other short-term investments, are carried at fair value. As of June 30, 2020 and December 31, 2019 , the fair value of short-term investments totaled $5.34 billion and $4.26 billion , respectively. Other investments Other investments primarily consist of bank loans, real estate, policy loans, agent loans and derivatives. Bank loans are primarily senior secured corporate loans and are carried at amortized cost, net. Policy loans are carried at unpaid principal balances. Real estate is carried at cost less accumulated depreciation. Agent loans are loans issued to exclusive Allstate agents and are carried at amortized cost, net. Derivatives are carried at fair value. Other investments by asset type ($ in millions) June 30, 2020 December 31, 2019 Bank loans, net $ 1,118 $ 1,204 Real estate 986 1,005 Policy loans 878 894 Agent loans, net 649 666 Derivatives and other 287 236 Total $ 3,918 $ 4,005 Portfolio monitoring and credit losses Fixed income securities The Company has a comprehensive portfolio monitoring process to identify and evaluate each fixed income security that may require a credit loss allowance . 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, any existing credit loss allowance would be written-off against the amortized cost basis of the asset along with any remaining unrealized losses, with incremental losses 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 based on the best estimate of future cash flows considering past events, current conditions and reasonable and supportable forecasts. The estimated future cash flows are discounted at the security’s current effective rate and is compared to the amortized cost of the security. 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 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, the financial condition and future earnings potential of the issue or issuer, expected defaults, expected recoveries, the value of underlying collateral, origination vintage year, geographic concentration of underlying collateral, available reserves or escrows, current subordination levels, third-party guarantees and other credit enhancements. Other information, such as industry analyst reports and forecasts, 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 Company does not expect to receive cash flows sufficient to recover the entire amortized cost basis of the fixed income security, a credit loss allowance is recorded in earnings for the shortfall in expected cash flows; however, the amortized cost, net of the credit loss allowance, may not be lower than the fair value of the security. The portion of the unrealized loss related to factors other than credit remains classified in AOCI. 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. W hen a security is sold or otherwise disposed or when the security is deemed uncollectible and written off, the Company removes amounts previously recognized in the credit loss allowance. Recoveries after write-offs are recognized when received. Accrued interest excluded from the amortized cost of fixed income securities totaled $538 million as of June 30, 2020 and is reported within the accrued investment income line of the Condensed Consolidated Statements of Financial Position. The Company monitors accrued interest and writes off amounts when they are not expected to be received. The Company’s portfolio monitoring process includes a quarterly review of all securities to identify instances where the fair value of a security compared to its amortized cost is below internally established thresholds. The process also includes the monitoring of other credit loss indicators such as ratings, ratings downgrades and payment defaults. The securities identified, in addition to other securities for which the Company may have a concern, are evaluated for potential credit losses using all reasonably available information relevant to the collectability or recovery of the security. Inherent in the Company’s evaluation of credit losses for these securities are assumptions and estimates about the financial condition and future earnings potential of the issue or issuer. Some of the factors that may be considered in evaluating whether a decline in fair value requires a credit loss allowance are: 1) the financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry specific market conditions and trends, geographic location and implications of rating agency actions and offering prices; 2) the specific reasons that a security is in an unrealized loss position, including overall market conditions which could affect liquidity; and 3) the extent to which the fair value has been less than amortized cost. Rollforward of credit loss allowance for fixed income securities ($ in millions) Three months ended Six months ended June 30, 2020 Beginning balance $ (4 ) $ — Credit losses on securities for which credit losses not previously reported (5 ) (8 ) Net decreases related to credit losses previously reported 1 — Reduction of allowance related to sales 1 1 Ending balance (1) $ (7 ) $ (7 ) (1) Allowance for fixed income securities as of June 30, 2020 comprised $3 million , $1 million , $2 million and $1 million of municipal bonds, corporate bonds, ABS and MBS, respectively. Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position ($ 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, 2020 Fixed income securities U.S. government and agencies 3 $ 20 $ (1 ) — $ — $ — $ (1 ) Municipal 171 343 (6 ) — — — (6 ) Corporate 527 4,326 (232 ) 36 213 (52 ) (284 ) Foreign government 1 1 — — — — — ABS 53 479 (15 ) 16 64 (9 ) (24 ) MBS 28 16 — 85 3 — — Total fixed income securities 783 $ 5,185 $ (254 ) 137 $ 280 $ (61 ) $ (315 ) Investment grade fixed income securities 402 $ 2,253 $ (86 ) 102 $ 114 $ (25 ) $ (111 ) Below investment grade fixed income securities 381 2,932 (168 ) 35 166 (36 ) (204 ) Total fixed income securities 783 $ 5,185 $ (254 ) 137 $ 280 $ (61 ) $ (315 ) December 31, 2019 Fixed income securities U.S. government and agencies 31 $ 1,713 $ (26 ) 10 $ 26 $ — $ (26 ) Municipal 307 576 (9 ) 1 14 (2 ) (11 ) Corporate 186 1,392 (20 ) 65 485 (27 ) (47 ) Foreign government 55 412 (4 ) 6 102 (1 ) (5 ) ABS 36 193 (2 ) 23 160 (4 ) (6 ) MBS 27 15 — 123 14 (1 ) (1 ) Total fixed income securities 642 $ 4,301 $ (61 ) 228 $ 801 $ (35 ) $ (96 ) Investment grade fixed income securities 581 $ 3,878 $ (41 ) 185 $ 594 $ (20 ) $ (61 ) Below investment grade fixed income securities 61 423 (20 ) 43 207 (15 ) (35 ) Total fixed income securities 642 $ 4,301 $ (61 ) 228 $ 801 $ (35 ) $ (96 ) Gross unrealized losses by unrealized loss position and credit quality as of June 30, 2020 ($ in millions) Investment grade Below investment grade Total Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2) $ (82 ) $ (124 ) $ (206 ) Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4) (29 ) (80 ) (109 ) Total unrealized losses $ (111 ) $ (204 ) $ (315 ) (1) Below investment grade fixed income securities include $109 million that have been in an unrealized loss position for less than twelve months. (2) Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses. (3) No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months. (4) 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. 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 S&P Global Ratings (“S&P”), a comparable rating from another nationally recognized rating agency, or a comparable internal rating if an externally provided rating is not available. Market prices for certain securities may have credit spreads which imply higher or lower credit quality than the current third-party rating. Unrealized losses on investment grade securities are principally related to an increase in market yields which may include increased risk-free interest rates and/or wider credit spreads since the time of initial purchase. T he unrealized losses are expected to reverse as the securities approach maturity . ABS and MBS 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, and (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. Municipal bonds in an unrealized loss position were evaluated based on the underlying credit quality of the primary obligor, obligation type and quality of the underlying assets. As of June 30, 2020 , 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. Loans The Company establishes a credit loss allowance for mortgage loans, bank loans and agent loans when they are originated or purchased, and for unfunded commitments unless they are unconditionally cancellable by the Company. The Company uses a probability of default and loss given default model for mortgage loans and bank loans to estimate current expected credit losses that considers all relevant information available including past events, current conditions, and reasonable and supportable forecasts over the life of an asset. The Company also considers such factors as historical losses, expected prepayments and various economic factors. For mortgage loans the Company considers origination vintage year and property level information such as debt service coverage, property type, property location and collateral value. For bank loans the Company considers the credit rating of the borrower, credit spreads and type of loan. After the reasonable and supportable forecast period, the Company’s model reverts to historical loss trends. Given the less complex and homogenous nature of agent loans, the Company estimates current expected credit losses using historical loss experience over the estimated life of the loans, adjusted for current conditions, reasonable and supportable forecasts and expected prepayments. Loans are evaluated on a pooled basis when they share similar risk characteristics. The Company monitors loans through a quarterly credit monitoring process to determine when they no longer share similar risk characteristics and are to be evaluated individually when estimating credit losses. Loans are written off against their corresponding allowances when there is no reasonable expectation of recovery. If a loan recovers after a write-off, the estimate of expected credit losses includes the expected recovery. Accrual of income is suspended for loans that are in default or when full and timely collection of principal and interest payments is not probable. Accrued income receivable is monitored for recoverability and when not expected to be collected is written off through net investment income. Cash receipts on loans on non-accrual status are generally recorded as a reduction of amortized cost-basis of the loan. Accrued interest is excluded from the amortized cost of loans and is reported within the accrued investment income line of the Condensed Consolidated Statements of Financial Position. As of June 30, 2020 , accrued interest totaled $17 million , $5 million and $2 million for mortgage loans, bank loans and agent loans, respectively. Mortgage loans When it is determined a mortgage loan shall be evaluated individually, the Company uses various methods to estimate credit losses on individual loans such as using collateral value less estimated costs to sell where applicable, including when foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. When collateral value is used, the mortgage loans may not have a credit loss allowance when the fair value of the collateral exceeds the loan’s amortized cost. An alternative approach may be utilized to estimate credit losses using the present value of the loan’s expected future repayment cash flows discounted at the loan’s current effective interest rate. Individual loan credit loss allowances are adjusted for subsequent changes in the fair value of the collateral less costs to sell, when applicable, or present value of the loan’s expected future repayment cash flows. Debt service coverage ratio is considered a key credit quality indicator when mortgage loan credit loss allowances are estimated. Debt service coverage ratio represents the amount of estimated cash flow from the property available to the borrower to meet principal and interest payment obligations. Debt service coverage ratio estimates are updated annually or more frequently if conditions are warranted based on the Company’s credit monitoring process. Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination ($ in millions) June 30, 2020 December 31, 2019 2015 and prior 2016 2017 2018 2019 Current Total Total Below 1.0 $ 38 $ — $ 33 $ — $ — $ — $ 71 $ 56 1.0 - 1.25 170 27 36 87 15 30 365 225 1.26 - 1.50 494 27 123 231 369 16 1,260 1,237 Above 1.50 1,299 493 361 369 499 143 3,164 3,302 Amortized cost before allowance $ 2,001 $ 547 $ 553 $ 687 $ 883 $ 189 $ 4,860 $ 4,820 Allowance (1) (86 ) (3 ) Amortized cost, net $ 4,774 $ 4,817 (1) Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior valuation allowance is now presented as an allowance for expected credit losses. Mortgage loans with a debt service coverage ratio below 1.0 that are not considered impaired primarily relate to situations 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 factors such as additional collateral, escrow balances or borrower guarantees. Payments on all mortgage loans were current as of December 31, 2019 and June 30, 2020 , which included short-term loan modifications executed in the second quarter of 2020 that granted temporary partial deferral of payments on $274 million of commercial mortgage loans related to impacts from the Coronavirus. Payments are expected to be recovered over a period of three to twelve months. Rollforward of credit loss allowance for mortgage loans ($ in millions) Three months ended June 30, 2020 Six months ended June 30, 2020 Beginning balance $ (85 ) $ (3 ) Cumulative effect of change in accounting principle — (42 ) Net increases related to credit losses (1 ) (41 ) Ending balance $ (86 ) $ (86 ) Bank loans When it is determined a bank loan shall be evaluated individually, the Company uses various methods to estimate credit losses on individual loans such as the present value of the loan’s expected future repayment cash flows discounted at the loan’s current effective interest rate. Credit ratings of the borrower are considered a key credit quality indicator when bank loan credit loss allowances are estimated. The ratings are updated quarterly and are either received from a nationally recognized rating agency or a comparable internal rating is derived if an externally provided rating is not available. The year of origination is determined to be the year in which the asset is acquired. Bank loans amortized cost by credit rating and year of origination ($ in millions) June 30, 2020 2015 and prior 2016 2017 2018 2019 Current Total BBB $ — $ — $ 9 $ 13 $ 9 $ 12 $ 43 BB 31 2 36 72 64 36 241 B 12 34 142 219 173 104 684 CCC and below 8 32 46 55 59 26 226 Amortized cost before allowance 51 68 233 359 305 178 1,194 Allowance (76 ) Amortized cost, net $ 1,118 Rollforward of credit loss allowance for bank loans ($ in millions) Three months ended June 30, 2020 Six months ended June 30, 2020 Beginning balance $ (79 ) $ — Cumulative effect of change in accounting principle — (53 ) Net increases related to credit losses (3 ) (30 ) Reduction of allowance related to sales 1 2 Write-offs 5 5 Ending balance $ (76 ) $ (76 ) Agent loans The Company also monitors agent loans to determine when they should be removed from the pool and assessed for credit losses individually by using internal credit risk grades that classify the loans into risk categories. The categorization is based on relevant information about the ability of borrowers to service their debt, such as historical payment experience, current business trends, cash flow coverage and collateral quality. Internal credit risk grades are updated annually or more frequently if conditions are warranted based on the Company’s credit monitoring process. As of June 30, 2020 , 86% of agent loans balance represents the top three highest credit quality categories. The allowance for agent loans totaled $5 million as of June 30, 2020 and did not change from January 1, 2020.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Note 6 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: (1) 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. (2) 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, bank loans, agent loans and policy loans. Accordingly, such investments are only included in the fair value hierarchy disclosure when the individual investment’s amortized cost, net is reflected at fair value in the condensed consolidated financial statements. 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 inputs and valuation techniques for Level 2 and Level 3 assets and liabilities measured at fair value on a recurring basis Level 2 measurements • Fixed income securities: U.S. government and agencies, municipal, corporate - public and 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. Corporate - privately placed: Privately placed are 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. Corporate - privately placed also includes redeemable preferred stock that are valued using quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, underlying stock prices and credit spreads. ABS and MBS: 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. Certain ABS are valued based on non-binding broker quotes whose inputs have been corroborated to be market observable. Residential MBS include prepayment speeds as a primary input for valuation. • 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. • 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. Over-the-counter (“OTC”) derivatives, including interest rate swaps, foreign currency swaps, total return 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, implied volatilities, index price levels, currency rates, and 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. 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 and municipal bonds in default valued based on the present value of expected cash flows. Corporate - public and privately placed, ABS and MBS: Primarily valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable. Other inputs for corporate fixed income securities 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. • 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. • Short-term: For certain short-term investments, amortized cost is used as the best estimate of fair value. • 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. Investments excluded from the fair value hierarchy Limited partnerships carried at fair value , which do not have readily determinable fair values, use NAV provided by the investees and are excluded from the fair value hierarchy. These investments are generally not redeemable by the investees and generally cannot be sold withou t approval of the general partner. The Company receives distributions of income and proceeds from the liquidation of the underlying assets of the investees, which usually takes place in years 4-9 of the typical contractual life of 10 - 12 years. As of June 30, 2020 , the Company has commitments to invest $424 million in these limited partnership interests. Assets and liabilities measured at fair value June 30, 2020 ($ 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 Total Assets Fixed income securities: U.S. government and agencies $ 3,146 $ 373 $ — $ 3,519 Municipal — 9,202 83 9,285 Corporate - public — 35,944 67 36,011 Corporate - privately placed — 13,603 126 13,729 Foreign government — 961 — 961 ABS — 709 50 759 MBS — 139 45 184 Total fixed income securities 3,146 60,931 371 64,448 Equity securities 3,481 338 393 4,212 Short-term investments 4,907 427 10 5,344 Other investments: Free-standing derivatives — 229 — $ (43 ) 186 Separate account assets 2,906 — — 2,906 Other assets 2 — — 2 Total recurring basis assets 14,442 61,925 774 (43 ) 77,098 Total assets at fair value $ 14,442 $ 61,925 $ 774 $ (43 ) $ 77,098 % of total assets at fair value 18.7 % 80.3 % 1.0 % — % 100.0 % Investments reported at NAV 1,665 Total $ 78,763 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (488 ) $ (488 ) Other liabilities: Free-standing derivatives — (109 ) — $ 8 (101 ) Total recurring basis liabilities $ — $ (109 ) $ (488 ) $ 8 $ (589 ) % of total liabilities at fair value — % 18.5 % 82.9 % (1.4 )% 100.0 % Assets and liabilities measured at fair value December 31, 2019 ($ 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 Total Assets Fixed income securities: U.S. government and agencies $ 4,689 $ 397 $ — $ 5,086 Municipal — 8,558 62 8,620 Corporate - public — 30,819 61 30,880 Corporate - privately placed — 12,084 114 12,198 Foreign government — 979 — 979 ABS — 797 65 862 MBS — 379 40 419 Total fixed income securities 4,689 54,013 342 59,044 Equity securities 7,407 384 371 8,162 Short-term investments 1,940 2,291 25 4,256 Other investments: Free-standing derivatives — 180 — $ (40 ) 140 Separate account assets 3,044 — — 3,044 Other assets 1 — — 1 Total recurring basis assets 17,081 56,868 738 (40 ) 74,647 Total assets at fair value $ 17,081 $ 56,868 $ 738 $ (40 ) $ 74,647 % of total assets at fair value 22.9 % 76.2 % 1.0 % (0.1 )% 100.0 % Investments reported at NAV 1,814 Total $ 76,461 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (462 ) $ (462 ) Other liabilities: Free-standing derivatives — (84 ) — $ 12 (72 ) Total recurring basis liabilities $ — $ (84 ) $ (462 ) $ 12 $ (534 ) % of total liabilities at fair value — % 15.7 % 86.5 % (2.2 )% 100.0 % 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, 2020 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (442 ) Stochastic cash flow model Projected option cost 1.0 - 4.2% 2.73% December 31, 2019 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (430 ) Stochastic cash flow model Projected option cost 1.0 - 4.2% 2.67% The embedded derivatives are equity-indexed and forward starting options in certain life and annuity products that provide customers with interest crediting rates based on the performance of the S&P 500. If the projected option cost increased (decreased), it would result in a higher (lower) liability fair value. As of June 30, 2020 and December 31, 2019 , Level 3 fair value measurements of fixed income securities total $371 million and $342 million , respectively, and include $116 million and $50 million , respectively, of securities valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable and $35 million and $36 million , respectively, of municipal fixed income securities that are not rated by third-party credit rating agencies. As the Company does not develop the Level 3 fair value unobservable inputs for these fixed income securities, they are not included in the table above. However, an increase (decrease) in credit spreads for fixed income securities valued based on non-binding broker quotes would result in a lower (higher) fair value, and an increase (decrease) in the credit rating of municipal bonds that are not rated by third-party credit rating agencies would result in a higher (lower) fair value. Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2020 Balance as of March 31, 2020 Total gains (losses) included in: Transfers Balance as of June 30, 2020 ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 58 $ 1 $ 2 $ 15 $ — $ 8 $ (1 ) $ — $ — $ 83 Corporate - public 60 — (8 ) — — 15 — — — 67 Corporate - privately placed 88 1 (4 ) 11 — 37 (6 ) — (1 ) 126 ABS 39 1 (2 ) 43 (25 ) 4 (10 ) — — 50 MBS 40 1 (1 ) — — 9 (4 ) — — 45 Total fixed income securities 285 4 (13 ) 69 (25 ) 73 (21 ) — (1 ) 371 Equity securities 342 12 — — — 39 — — — 393 Short-term investments 50 — — — (40 ) — — — — 10 Total recurring Level 3 assets 677 16 (13 ) 69 (65 ) 112 (21 ) — (1 ) 774 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts (417 ) (69 ) — — — — — (7 ) 5 (488 ) Total recurring Level 3 liabilities $ (417 ) $ (69 ) $ — $ — $ — $ — $ — $ (7 ) $ 5 $ (488 ) Total Level 3 gains (losses) included in net income for the three months ended June 30, 2020 Net investment income Realized capital gains (losses) Life contract benefits Interest credited to contractholder funds Total Components of net income $ 1 $ 15 $ 10 $ (79 ) $ (53 ) Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2020 Balance as of December 31, 2019 Total gains (losses) included in: Transfers Balance as of June 30, 2020 ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 62 $ 1 $ 2 $ 14 $ — $ 8 $ (2 ) $ — $ (2 ) $ 83 Corporate - public 61 — (8 ) — — 15 — — (1 ) 67 Corporate - privately placed 114 1 (5 ) 11 (25 ) 38 (6 ) — (2 ) 126 ABS 65 — (3 ) 55 (49 ) 19 (10 ) — (27 ) 50 MBS 40 1 (1 ) — — 10 (4 ) — (1 ) 45 Total fixed income securities 342 3 (15 ) 80 (74 ) 90 (22 ) — (33 ) 371 Equity securities 371 (18 ) — — — 40 — — — 393 Short-term investments 25 — — — (25 ) 10 — — — 10 Total recurring Level 3 assets 738 (15 ) (15 ) 80 (99 ) 140 (22 ) — (33 ) 774 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts (462 ) (21 ) — — — — — (15 ) 10 (488 ) Total recurring Level 3 liabilities $ (462 ) $ (21 ) $ — $ — $ — $ — $ — $ (15 ) $ 10 $ (488 ) Total Level 3 gains (losses) included in net income for the six months ended June 30, 2020 Net investment income Realized capital gains (losses) Life contract benefits Interest credited to contractholder funds Total Components of net income $ (23 ) $ 8 $ (14 ) $ (7 ) $ (36 ) Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2019 Balance as of March 31, 2019 Total gains (losses) included in: Transfers Balance as of June 30, 2019 ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 68 $ — $ 1 $ — $ (5 ) $ — $ (1 ) $ — $ — $ 63 Corporate - public 90 — 1 — (40 ) — (5 ) — — 46 Corporate - privately placed 90 1 — — (2 ) 1 — — (1 ) 89 ABS 87 — — 1 (68 ) 46 (12 ) — (1 ) 53 MBS 35 — — 1 — — — — (1 ) 35 Total fixed income securities 370 1 2 2 (115 ) 47 (18 ) — (3 ) 286 Equity securities 303 10 — — — 20 (14 ) — — 319 Short-term investments 40 — — — — 5 (40 ) — — 5 Free-standing derivatives, net 1 (1 ) — — — — — — — — Total recurring Level 3 assets 714 10 2 2 (115 ) 72 (72 ) — (3 ) 610 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts (251 ) (12 ) — (175 ) — — — — 1 (437 ) Total recurring Level 3 liabilities $ (251 ) $ (12 ) $ — $ (175 ) $ — $ — $ — $ — $ 1 $ (437 ) Total Level 3 gains (losses) included in net income for the three months ended June 30, 2019 Net investment income Realized capital gains (losses) Life contract benefits Interest credited to contractholder funds Total Components of net income $ 5 $ 5 $ (5 ) $ (7 ) $ (2 ) Rollforward of Level 3 assets and liabilities held at fair value during the six months period ended June 30, 2019 Balance as of December 31, 2018 Total gains (losses) included in: Transfers Balance as of June 30, 2019 ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 70 $ — $ 2 $ — $ (5 ) $ — $ (3 ) $ — $ (1 ) $ 63 Corporate - public 70 — 2 — (40 ) 20 (5 ) — (1 ) 46 Corporate - privately placed 90 (1 ) 2 15 (2 ) 1 (13 ) — (3 ) 89 ABS 69 — — 1 (115 ) 124 (22 ) — (4 ) 53 MBS 26 — — 4 — 6 — — (1 ) 35 Total fixed income securities 325 (1 ) 6 20 (162 ) 151 (43 ) — (10 ) 286 Equity securities 341 38 — — — 22 (82 ) — — 319 Short-term investments 30 — — — — 15 (40 ) — — 5 Free-standing derivatives, net 1 (1 ) — — — — — — — — Total recurring Level 3 assets 697 36 6 20 (162 ) 188 (165 ) — (10 ) 610 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts (224 ) (40 ) — (175 ) — — — — 2 (437 ) Total recurring Level 3 liabilities $ (224 ) $ (40 ) $ — $ (175 ) $ — $ — $ — $ — $ 2 $ (437 ) Total Level 3 gains (losses) included in net income for the six months ended June 30, 2019 Net investment income Realized capital gains (losses) Life contract benefits Interest credited to contractholder funds Total Components of net income $ 5 $ 31 $ 3 $ (43 ) $ (4 ) Transfers into Level 3 during the three and six months ended June 30, 2020 and 2019 included situations where a 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 into Level 3 during 2019 also included derivatives embedded in equity-indexed universal life contracts due to refinements in the valuation modeling resulting in an increase in significance of non-market observable inputs. Transfers out of Level 3 during the three and six months ended June 30, 2020 and 2019 included situations where a broker quote was used in the prior period and a 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. Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of June 30, ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Assets Fixed income securities: Municipal $ 1 $ — $ 1 $ — Corporate — — 1 — Total fixed income securities 1 — 2 — Equity securities $ 12 $ 10 $ (18 ) $ 14 Free-standing derivatives, net — (1 ) — (1 ) Total recurring Level 3 assets $ 13 $ 9 $ (16 ) $ 13 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (69 ) $ (12 ) $ (21 ) $ (40 ) Total recurring Level 3 liabilities (69 ) (12 ) (21 ) (40 ) Total included in net income $ (56 ) $ (3 ) $ (37 ) $ (27 ) Components of net income Net investment income $ — $ 5 $ (23 ) $ 5 Realized capital gains (losses) 13 4 7 8 Life contract benefits 10 (5 ) (14 ) 3 Interest credited to contractholder funds (79 ) (7 ) (7 ) (43 ) Total included in net income $ (56 ) $ (3 ) $ (37 ) $ (27 ) Assets Municipal $ 2 $ 2 Corporate - public (8 ) (7 ) Corporate - privately placed (3 ) (5 ) ABS (3 ) (3 ) Changes in unrealized net capital gains and losses reported in OCI (1) $ (12 ) $ (13 ) (1) Effective January 1, 2020, the Company adopted the fair value accounting standard that prospectively requires the disclosure of valuation changes reported in OCI. Financial instruments not carried at fair value ($ in millions) June 30, 2020 December 31, 2019 Financial assets Fair value level Amortized cost, net Fair value Amortized cost, net Fair value Mortgage loans Level 3 $ 4,774 $ 5,073 $ 4,817 $ 5,012 Bank loans Level 3 1,118 1,107 1,204 1,185 Agent loans Level 3 649 658 666 664 Financial liabilities Fair value level Carrying value (1) Fair value Carrying value (1) Fair value Contractholder funds on investment contracts Level 3 $ 8,080 $ 9,318 $ 8,438 $ 9,158 Long-term debt Level 2 6,634 8,037 6,631 7,738 Liability for collateral Level 2 1,381 1,381 1,829 1,829 (1) Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 7 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. Asset replication refers to the “synthetic” creation of assets through the use of derivatives. The Company replicates fixed income securities using a combination of a credit default swap, index total return swap, options, or a foreign currency forward contract and one or more highly rated fixed income securities, primarily investment grade host bonds, to synthetically replicate the economic characteristics of one or more cash market securities. The Company replicates equity securities using futures, index total return swaps, and options to increase equity exposure. 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. Fixed income index total return swaps are used to offset valuation losses in the fixed income portfolio during periods of declining market values. Credit default swaps are typically used to mitigate the credit risk within the Property-Liability fixed income portfolio. Equity index total return swaps, futures and options are used by Property-Liability to offset valuation losses in the equity portfolio during periods of declining equity market values. In addition, equity futures are used to hedge the market risk related to deferred compensation liability contracts. Forward contracts are primarily used by Property-Liability to hedge foreign currency risk associated with holding foreign currency denominated investments and foreign operations. Asset-liability management is a risk management practice that is principally employed by Allstate Life and Allstate Annuities 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. Fixed income index total return swaps are used to offset valuation losses in the portfolio during periods of declining market values. Credit default swaps are typically used to mitigate the credit risk within the Allstate Life and Allstate Annuities fixed income portfolios. Futures and options are used for hedging the equity exposure contained in equity indexed life and annuity product contracts that offer equity returns to contractholders. In addition, the Company uses equity index total return swaps, options and futures to offset valuation losses in the equity portfolio during periods of declining equity market values. Foreign currency swaps and forwards are primarily used to reduce the foreign currency risk associated with holding foreign currency denominated investments. 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 returns linked to equity indices to contractholders. 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. The Company designates 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. The fair value of the hedged liability is reported in contractholder funds in the Condensed Consolidated Statements of Financial Position. The impact from results of the fair value hedge is reported in interest credited to contractholder funds in the Condensed Consolidated Statements of Operations. 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 those derivatives which qualify and have been designated as fair value accounting hedges, net income includes the changes in the fair value of both the derivative instrument and the hedged risk. For cash flow hedges, gains and losses are amortized from AOCI 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. Summary of the volume and fair value positions of derivative instruments as of June 30, 2020 ($ 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 fair value accounting hedging instruments Other Other assets $ 2 n/a $ — $ — $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Futures Other assets — 1,358 — — — Equity and index contracts Options Other investments — 8,038 175 175 — Futures Other assets — 1,267 2 2 — Total return index contracts Total return swap agreements – fixed income Other investments 50 n/a 1 1 — Total return swap agreements – equity index Other investments 7 n/a — — — Foreign currency contracts Foreign currency forwards Other investments 161 n/a 9 10 (1 ) Credit default contracts Credit default swaps – buying protection Other investments 88 n/a — 2 (2 ) Credit default swaps – selling protection Other investments 752 n/a 9 9 — Subtotal 1,058 10,663 196 199 (3 ) Total asset derivatives $ 1,060 10,663 $ 196 $ 199 $ (3 ) Liability derivatives Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other liabilities & accrued expenses $ 33 n/a $ — $ — $ — Futures Other liabilities & accrued expenses — 1,266 — — — Equity and index contracts Options Other liabilities & accrued expenses — 7,881 (100 ) — (100 ) Futures Other liabilities & accrued expenses — 401 — — — Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 588 n/a 28 32 (4 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 133 n/a (26 ) — (26 ) Guaranteed withdrawal benefits Contractholder funds 180 n/a (20 ) — (20 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,774 n/a (442 ) — (442 ) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 56 n/a (2 ) — (2 ) Credit default swaps – selling protection Other liabilities & accrued expenses 7 n/a — — — Total liability derivatives 2,771 9,548 (562 ) $ 32 $ (594 ) Total derivatives $ 3,831 20,211 $ (366 ) (1) Volume for OTC and cleared 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) Summary of the volume and fair value positions of derivative instruments as of December 31, 2019 ($ in millions, except number of contracts) Volume Balance sheet location Notional amount Number of contracts Fair value, net Gross asset Gross liability Asset derivatives Derivatives designated as fair value accounting hedging instruments Other Other assets $ 2 n/a $ — $ — $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Futures Other assets — 3,668 — — — Equity and index contracts Options Other investments — 5,539 140 140 — Futures Other assets — 1,533 1 1 — Total return index contracts Total return swap agreements – fixed income Other investments 56 n/a 1 1 — Credit default contracts Credit default swaps – buying protection Other investments 17 n/a — — — Subtotal 73 10,740 142 142 — Total asset derivatives $ 75 10,740 $ 142 $ 142 $ — Liability derivatives Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other liabilities & accrued expenses $ 34 n/a $ — $ — $ — Futures Other liabilities & accrued expenses — 1,089 — — — Equity and index contracts Options Other liabilities & accrued expenses — 5,400 (68 ) — (68 ) Futures Other liabilities & accrued expenses — 3 — — — Total return index contracts Total return swap agreements – fixed income Other liabilities & accrued expenses 119 n/a — — — Total return swap agreements – equity index Other liabilities & accrued expenses 187 n/a 11 11 — Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 745 n/a 19 28 (9 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 161 n/a (18 ) — (18 ) Guaranteed withdrawal benefits Contractholder funds 205 n/a (14 ) — (14 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,791 n/a (430 ) — (430 ) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 152 n/a (7 ) — (7 ) Credit default swaps – selling protection Other liabilities & accrued expenses 9 n/a — — — Total liability derivatives 3,403 6,492 (507 ) $ 39 $ (546 ) Total derivatives $ 3,478 17,232 $ (365 ) Gross and net amounts for OTC derivatives (1) ($ 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, 2020 Asset derivatives $ 45 $ (35 ) $ (8 ) $ 2 $ — $ 2 Liability derivatives (9 ) 35 (27 ) (1 ) — (1 ) December 31, 2019 Asset derivatives $ 40 $ (39 ) $ (1 ) $ — $ — $ — Liability derivatives (16 ) 39 (27 ) (4 ) — (4 ) (1) All OTC derivatives are subject to enforceable master netting agreements. Gains (losses) from valuation and settlements reported on derivatives not designated as accounting hedges ($ in millions) Realized capital gains (losses) Life contract benefits Interest credited to contractholder funds Operating costs and expenses Total gain (loss) recognized in net income on derivatives Three months ended June 30, 2020 Interest rate contracts $ 1 $ — $ — $ — $ 1 Equity and index contracts 2 — 32 31 65 Embedded derivative financial instruments — 10 (81 ) — (71 ) Foreign currency contracts (5 ) — — — (5 ) Credit default contracts 12 — — — 12 Total return swaps - fixed income 7 — — — 7 Total return swaps - equity index 1 — — — 1 Total $ 18 $ 10 $ (49 ) $ 31 $ 10 Six months ended June 30, 2020 Interest rate contracts $ 40 $ — $ — $ — $ 40 Equity and index contracts 30 — (18 ) (14 ) (2 ) Embedded derivative financial instruments — (14 ) (12 ) — (26 ) Foreign currency contracts 31 — — — 31 Credit default contracts 4 — — — 4 Total return swaps - fixed income (2 ) — — — (2 ) Total return swaps - equity index 3 — — — 3 Total $ 106 $ (14 ) $ (30 ) $ (14 ) $ 48 Three months ended June 30, 2019 Interest rate contracts $ 19 $ — $ — $ — $ 19 Equity and index contracts (17 ) — 11 5 (1 ) Embedded derivative financial instruments — (5 ) (6 ) — (11 ) Foreign currency contracts 5 — — — 5 Credit default contracts (1 ) — — — (1 ) Total return swaps - fixed income 8 — — — 8 Total return swaps - equity index 8 — — — 8 Total $ 22 $ (5 ) $ 5 $ 5 $ 27 Six months ended June 30, 2019 Interest rate contracts $ 26 $ — $ — $ — $ 26 Equity and index contracts (88 ) — 42 26 (20 ) Embedded derivative financial instruments — 3 (41 ) — (38 ) Foreign currency contracts 10 — — — 10 Credit default contracts (5 ) — — — (5 ) Total return swaps - fixed income 10 — — — 10 Total return swaps - equity index 23 — — — 23 Total $ (24 ) $ 3 $ 1 $ 26 $ 6 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, 2020 , counterparties pledged $36 million in collateral to the Company, and the Company pledged $1 million in cash and securities to counterparties which includes $1 million of collateral posted under MNAs for contracts containing credit-risk-contingent provisions that are in a liability position. The Company has not incurred any losses on derivative financial instruments due to counterparty nonperformance. Other derivatives, including futures and certain option contracts, are traded on organized exchanges which require margin deposits and guarantee the execution of trades, thereby mitigating any potential credit risk. Counterparty credit exposure represents the Company’s potential loss if all of the counterparties concurrently fail to perform under the contractual terms of the contracts and all collateral, if any, becomes worthless. This exposure is measured by the fair value of OTC derivative contracts with a positive fair value at the reporting date reduced by the effect, if any, of legally enforceable master netting agreements. OTC derivatives counterparty credit exposure by counterparty credit rating ($ in millions) June 30, 2020 December 31, 2019 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+ 4 $ 744 $ 30 $ 1 6 $ 868 $ 29 $ — A 1 187 6 — — — — — Total 5 $ 931 $ 36 $ 1 6 $ 868 $ 29 $ — (1) Allstate uses the lower of S&P’s or Moody’s long-term debt issuer ratings. (2) Only OTC derivatives with a net positive fair value are included for each counterparty. For certain exchange traded and cleared derivatives, margin deposits are required as well as daily cash settlements of margin accounts. As of June 30, 2020 , the Company pledged $66 million and received $8 million in the form of margin deposits. Market risk is the risk that the Company will incur losses due to adverse changes in market rates and prices. Market risk exists for all of the derivative financial instruments the Company currently holds, as these instruments may become less valuable due to adverse changes in market conditions. To limit this risk, the Company’s senior management has established risk control limits. In addition, changes in fair value of the derivative financial instruments that the Company uses for risk management purposes are generally offset by the change in the fair value or cash flows of the hedged risk component of the related assets, liabilities or forecasted transactions. Certain of the Company’s derivative transactions contain credit-risk-contingent termination events and cross-default provisions. Credit-risk-contingent termination events allow the counterparties to terminate the derivative agreement or a specific trade on certain dates if AIC’s financial strength credit ratings by Moody’s or S&P fall below a certain level. Credit-risk-contingent cross-default provisions allow the counterparties to terminate the derivative agreement if the Company defaults by pre-determined threshold amounts on certain debt instruments. The following summarizes the fair value of derivative instruments with termination, cross-default or collateral credit-risk-contingent features that are in a liability position, as well as the fair value of assets and collateral that are netted against the liability in accordance with provisions within legally enforceable MNAs. ($ in millions) June 30, 2020 December 31, 2019 Gross liability fair value of contracts containing credit-risk-contingent features $ 9 $ 16 Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs (8 ) (11 ) Collateral posted under MNAs for contracts containing credit-risk-contingent features (1 ) (3 ) Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently $ — $ 2 Credit derivatives - selling protection A credit default swap (“CDS”) 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. CDS notional amounts by credit rating and fair value of protection sold ($ in millions) Notional amount AAA AA A BBB BB and lower Total Fair value June 30, 2020 Single name Corporate debt $ — $ — $ — $ — $ 9 $ 9 $ — Index Corporate debt 6 12 156 498 78 750 9 Total $ 6 $ 12 $ 156 $ 498 $ 87 $ 759 $ 9 December 31, 2019 Single name Corporate debt $ — $ — $ — $ — $ 9 $ 9 $ — Total $ — $ — $ — $ — $ 9 $ 9 $ — 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 and Casual

Reserve for Property and Casualty Insurance Claims and Claims Expense	6 Months Ended
	Jun. 30, 2020
Reserve for Property-Liability Insurance Claims and Claims Expense [Abstract]
Reserve for Property and Liability Insurance Claims and Claims Expense	Note 8 Reserve for Property and Casualty 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. When the Company experiences changes in the mix or type of claims or changing claim settlement pa tterns, it may need to apply actuarial judgment in the determination and selection of development factors to be more reflective of the new trends. For example, t he Coronavirus has had a significant impact on driving patterns and auto frequency that may lead to historical development trends being less predictive of future loss development. Generally, the initial reserves for a new accident year are established based on actual claim frequency and severity assumptions for different business segments, lines and coverages based on historical relationships to relevant inflation indicators. Reserves for prior accident years are statistically determined using several different actu arial estimation methods. Changes in auto claim frequency may result from changes in mix of business, the rate of distracted driving, miles driven or other macroeconomic factors. Changes in auto current year claim severity are generally influenced by inflation in the medical and auto repair sectors of the economy and the effectiveness and efficiency of claim practices. The Company mitigates these effects through various loss management programs. When such changes in claim data occur, actuarial judgment is used to determine appropriate development factors to establish reserves. As part of the reserving process, 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, Discontinued Lines and Coverages and reinsurance and indemnification recoverables, 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 initial reporting period as it contains the greatest proportion of losses that have not been reported or settled. The Company also has uncertainty in the Discontinued Lines and Coverages reserves that are based on events long since passed and are complicated by lack of historical data, legal interpretations, unresolved legal issues and legislative intent based on establishment of facts. 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 and casualty 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 and casualty insurance claims and claims expense, net of 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. Allstate’s reserves for asbestos claims were $779 million and $810 million , net of recoverables of $347 million and $362 million , as of June 30, 2020 and December 31, 2019 , respectively. Reserves for environmental claims were $171 million and $179 million , net of recoverables of $38 million and $40 million , as of June 30, 2020 and December 31, 2019 , respectively. Rollforward of the reserve for property and casualty insurance claims and claims expense Six months ended June 30, ($ in millions) 2020 2019 Balance as of January 1 $ 27,712 $ 27,423 Less recoverables (1) (6,912 ) (7,155 ) Net balance as of January 1 20,800 20,268 Incurred claims and claims expense related to: Current year 10,566 12,250 Prior years (3 ) (74 ) Total incurred 10,563 12,176 Claims and claims expense paid related to: Current year (5,777 ) (6,125 ) Prior years (5,173 ) (5,237 ) Total paid (10,950 ) (11,362 ) Net balance as of June 30 20,413 21,082 Plus recoverables 7,013 7,023 Balance as of June 30 $ 27,426 $ 28,105 (1) Recoverables comprises reinsurance and indemnification recoverables. Incurred claims and claims expense represents the sum of paid losses, claim adjustment expenses and reserve changes in the period. This expense included losses from catastrophes of $1.40 billion and $1.75 billion in the six months ended June 30, 2020 and 2019 , respectively, net of recoverables. Catastrophes are an inherent risk of the property and casualty insurance business that have contributed to, and will continue to contribute to, material year-to-year fluctuations in the Company’s results of operations and financial position. Prior year reserve reestimates included in claims and claims expense (1) Six months ended June 30, Non-catastrophes losses Catastrophes losses Total ($ in millions) 2020 2019 2020 2019 2020 2019 Auto $ (26 ) $ (151 ) $ (15 ) $ (7 ) $ (41 ) $ (158 ) Homeowners (3 ) — 19 57 16 57 Other personal lines (6 ) 2 (2 ) 6 (8 ) 8 Commercial lines 24 17 3 — 27 17 Discontinued Lines and Coverages 4 5 — — 4 5 Service Businesses (1 ) (3 ) — — (1 ) (3 ) Total prior year reserve reestimates $ (8 ) $ (130 ) $ 5 $ 56 $ (3 ) $ (74 ) (1) Favorable reserve reestimates are shown in parentheses. California wildfire subrogation subsequent event On June 20, 2020, the United States Bankruptcy Court for the Northern District of California confirmed PG&E Corporation’s and Pacific Gas and Electric Company’s (together, "PG&E") Chapter 11 Plan of Reorganization. The Plan of Reorganization included an agreement to resolve insurance subrogation claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire for $11 billion . Allstate is one of the insurance companies that is party to the agreement with subrogating insurers. On July 1, 2020, PG&E emerged from Chapter 11 and funded the subrogation trust from which distributions will be made to the insurers. Insurers have five years from the effective date of the Plan of Reorganization to submit proof of paid losses to the trust prior to the final distribution. The Company expects to recognize a favorable impact of approximately $400 million to $450 million , pre-tax, net of expenses and adjustments to reinsurance, in the third quarter 2020, which will be reflected as prior year catastrophe reserve reestimates in the Condensed Consolidated Statement of Operations. On July 24, 2020, the Company received an initial distribution from the trust representing approximately 80%

Reinsurance and indemnification

Reinsurance and indemnification	6 Months Ended
	Jun. 30, 2020
Reinsurance Disclosures [Abstract]
Reinsurance and indemnification	Note 9 Reinsurance and indemnification Effects of reinsurance ceded and indemnification programs on property and casualty premiums earned and life premiums and contract charges ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Property and casualty insurance premiums earned $ (279 ) $ (287 ) $ (568 ) $ (547 ) Life premiums and contract charges (67 ) (69 ) (111 ) (132 ) Effects of reinsurance ceded and indemnification programs on property and casualty insurance claims and claims expense, life contract benefits and interest credited to contractholder funds ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Property and casualty insurance claims and claims expense $ (210 ) $ (158 ) $ (341 ) $ (249 ) Life contract benefits (45 ) 5 (136 ) (18 ) Interest credited to contractholder funds (7 ) (5 ) (12 ) (8 ) Reinsurance and indemnification recoverables Reinsurance and indemnification recoverables, net ($ in millions) June 30, 2020 December 31, 2019 Property and casualty Paid and due from reinsurers and indemnitors $ 86 $ 112 Unpaid losses estimated (including IBNR) 7,014 6,912 Total property and casualty $ 7,100 $ 7,024 Annuities 1,367 1,305 Life insurance 737 794 Other 86 88 Total $ 9,290 $ 9,211 Rollforward of credit loss allowance for reinsurance recoverables ($ in millions) Three months ended June 30, 2020 Six months ended June 30, 2020 Property and casualty (1) (2) Beginning balance $ (59 ) $ (60 ) Decrease in the provision for credit losses — 1 Ending balance $ (59 ) $ (59 ) Annuities, life insurance and other Beginning balance $ (15 ) $ (14 ) (Increase) decrease in the provision for credit losses — (1 ) Ending balance $ (15 ) $ (15 ) (1) Primarily related to discontinued lines and coverages reinsurance ceded. (2) Indemnification recoverables are considered collectible based on the industry pool and facility enabling legislation. Allstate Life - Scottish Re (U.S.), Inc. The Company had $62 million and $70 million of life reinsurance recoverables, net of an allowance for estimated uncollectible amounts, related to Scottish Re (U.S.), Inc. as of June 30, 2020 and December 31, 2019 . On December 14, 2018, the Delaware Insurance Commissioner placed Scottish Re (U.S.), Inc. under regulatory supervision. On March 6, 2019, the Chancery Court of the State of Delaware entered a Rehabilitation and Injunction Order (the “Rehabilitation Order”) in response to a petition filed by the Insurance Commissioner (the “Petition”). The Company joined in a joint motion filed on behalf of several affected parties asking the court to allow a specified amount of offsetting claim payments and losses against premiums remitted to Scottish Re (U.S.), Inc. The Company also filed a separate motion related to the reimbursement of claim payments where Scottish Re (U.S.), Inc. is also acting as administrator. The Court has not yet ruled on either of these motions. In the interim, the Company and several other affected parties have been permitted to exercise certain setoff rights while the parties address any potential disputes. On June 30, 2020, pursuant to the Petition, Scottish Re (U.S.) submitted a proposed Plan of Rehabilitation for consideration by the Court. The Company continues to monitor Scottish Re (U.S.), Inc. for future developments and will reevaluate its allowance for uncollectible amounts as new information becomes available.

Capital Structure

Capital Structure	6 Months Ended
	Jun. 30, 2020
Capital Structure
Capital Structure	Note 10 Capital Structure Redemption of preferred stock On January 15, 2020, the Company redeemed all 11,500 shares of its Fixed Rate Noncumulative Preferred Stock, Series A, par value $1.00 per share and liquidation preference $25,000 per share and the corresponding depositary shares. The total redemption payment was $288 million , using the proceeds from the issuance of the Fixed Rate Noncumulative Perpetual Preferred Stock, Series I, on November 8, 2019. In the first quarter of 2020, the Company recognized $10 million of original issuance costs in preferred stock dividends on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Shareholders’ Equity as a result of the preferred stock redemption.

Company Restructuring

Company Restructuring	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Company Restructuring	Note 11 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 primarily include the following costs related to these programs: • Employee - severance and relocation benefits • Exit - contract termination penalties The expenses related to these activities are included in the Condensed Consolidated Statements of Operations as restructuring and related charges and totaled $14 million and $9 million during the three months ended June 30, 2020 and 2019 , respectively, and $19 million and $27 million during the six months ended June 30, 2020 and 2019 , respectively. Restructuring expenses in 2020 are primarily related to actions designed to modify business practices and deliver services more efficiently and effectively. Restructuring activity during the period ($ in millions) Employee costs Exit costs Total liability Restructuring liability as of December 31, 2019 $ 14 $ 8 $ 22 Expense incurred 17 2 19 Payments (6 ) (2 ) (8 ) Restructuring liability as of June 30, 2020 $ 25 $ 8 $ 33 As of June 30, 2020 , the cumulative amount incurred to date for active programs related to employee severance, relocation benefits and exit expenses totaled $119 million for employee costs and $10 million

Guarantees and Contingent Liabi

Guarantees and Contingent Liabilities	6 Months Ended
	Jun. 30, 2020
Guarantees and Contingent Liabilities
Guarantees and Contingent Liabilities	Note 12 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. The Company routinely reviews its exposure to assessments from these plans, facilities and government programs. Underwriting results related to these arrangements, which tend to be adverse, have been immaterial to the Company’s results of operations in the last two years. 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 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 Lincoln Benefit Life Company 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. The aggregate liability balance related to all guarantees was not material as of June 30, 2020 . 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, prescribe rules or guidelines on how affiliates compete in the marketplace, 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 agency and broker compensation, regulate the nature of and amount of investments, impose fines and penalties for unintended errors or mistakes, impose additional regulations regarding cybersecurity and privacy, 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, international agencies, and other organizations, including but not limited to the SEC, the Financial Industry Regulatory Authority, the U.S. Equal Employment Opportunity Commission, 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; changes in assigned judges; differences or developments in applicable laws and judicial interpretations; judges reconsidering prior rulings; the length of time before many of these matters might be resolved by settlement, through litigation, or otherwise; adjustments with respect to anticipated trial schedules and other proceedings; developments in similar actions against other companies; 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 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 $75 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 and in the Company’s judgment, a loss, in excess of amounts accrued, if any, is not probable. 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 The Company is managing various disputes in Florida that raise challenges to the Company’s practices, processes, and procedures relating to claims for personal injury protection benefits under Florida auto policies. Medical providers continue to pursue litigation under various theories that challenge the amounts that the Company pays under the personal injury protection coverage, seeking additional benefit payments, as well as applicable interest, penalties and fees. There are two pending class actions, Pierce v. Allstate Insurance Company, et al. (Broward County, Fla. filed August 2013), the class settlement of which has received preliminary approval, and Revival Chiropractic v. Allstate Insurance Company, et al. (M.D. Fla. filed January 2019), regarding which a class has not been certified, as well as litigation involving individual plaintiffs. The Company is vigorously asserting both procedural and substantive defenses to lawsuits involving issues of unsettled Florida law. The Company is defending putative class actions in various courts that raise challenges to the Company’s depreciation practices in homeowner property claims. In these lawsuits, plaintiffs generally allege that, when calculating actual cash value, the costs of “non-materials” such as labor, general contractor’s overhead and profit, and sales tax should not be subject to depreciation. The Company is currently defending the following lawsuits on this issue: Perry v. Allstate Indemnity Company, et al. (N.D. Ohio filed May 2016); Lado v. Allstate Vehicle and Property Insurance Company (S.D. Ohio filed March 2020); Maniaci v. Allstate Insurance Company (N.D. Ohio filed March 2020); Ferguson-Luke v. Allstate Property and Casualty Insurance Company (N.D. Ohio filed April 2020); Brasher v. Allstate Indemnity Company (N.D. Ala. filed February 2018); Huey v. Allstate Vehicle and Property Insurance Company (N.D. Miss. filed October 2019); Floyd, et al. v. Allstate Indemnity Company et al. (D.S.C. filed January 2020); Clark v. Allstate Vehicle and Property Insurance Company (Circuit Court of Independence Co., Ark. filed February 2016); Thaxton v. Allstate Indemnity Company (Madison Co., Ill. filed July 2020). No classes have been certified in any of these matters. Other proceedings The stockholder derivative actions described below are disclosed pursuant to SEC disclosure requirements for these types of matters. The putative class action alleging violations of the federal securities laws is disclosed because it involves similar allegations to those made in the stockholder derivative actions. Biefeldt / IBEW Consolidated Action. Two separately filed stockholder derivative actions have been consolidated into a single proceeding that is pending in the Circuit Court for Cook County, Illinois, Chancery Division. The original complaint in the first-filed of those actions, Biefeldt v. Wilson, et al. , was filed on August 3, 2017, in that court by a plaintiff alleging that she is a stockholder of the Company. On June 29, 2018, the court granted defendants’ motion to dismiss that complaint for failure to make a pre-suit demand on the Allstate Board but granted plaintiff permission to file an amended complaint. The original complaint in IBEW Local No. 98 Pension Fund v. Wilson, et al. , was filed on April 12, 2018, in the same court by another plaintiff alleging to be a stockholder of the Company. After the court issued its dismissal decision in the Biefeldt action, plaintiffs agreed to consolidate the two actions and filed a consolidated amended complaint naming as defendants the Company’s chairman, president and chief executive officer, its former president, and certain present or former members of the board of directors. In that complaint, plaintiffs allege that the directors and officer defendants breached their fiduciary duties to the Company in connection with allegedly material misstatements or omissions concerning the Company’s automobile insurance claim frequency statistics and the reasons for a claim frequency increase for Allstate brand auto insurance between October 2014 and August 3, 2015. The factual allegations are substantially similar to those at issue in In re The Allstate Corp. Securities Litigation . Plaintiffs further allege that a senior officer and several outside directors engaged in stock option exercises allegedly while in possession of material nonpublic information. Plaintiffs seek, on behalf of the Company, an unspecified amount of damages and various forms of equitable relief. Defendants moved to dismiss the consolidated complaint on September 24, 2018 for failure to make a demand on the Allstate Board. On May 14, 2019, the court granted defendants’ motion to dismiss the complaint, but allowed plaintiffs leave to file a second consolidated amended complaint which they filed on September 17, 2019. Defendants moved to dismiss the complaint on November 1, 2019 for failure to make a demand on the Allstate Board. That motion is fully briefed and scheduled for hearing on August 27, 2020. In Sundquist v. Wilson, et al ., another plaintiff alleging to be a stockholder of the Company filed a stockholder derivative complaint in the United States District Court for the Northern District of Illinois on May 21, 2018. Plaintiff seeks, on behalf of the Company, an unspecified amount of damages and various forms of equitable relief. The complaint names as defendants the Company’s chairman, president and chief executive officer, its former president, its former vice chairman, and certain present or former members of the board of directors. The complaint alleges breaches of fiduciary duty based on allegations similar to those asserted in In re The Allstate Corp. Securities Litigation as well as state law “misappropriation” claims based on stock option transactions by the Company’s chairman, president and chief executive officer, its former vice chairman, and certain members of the board of directors. Defendants moved to dismiss and/or stay the complaint on August 7, 2018. On December 4, 2018, the court granted defendants’ motion and stayed the case pending the final resolution of the consolidated Biefeldt/IBEW matter. Mims v. Wilson, et al., is an additional stockholder derivative action filed on February 12, 2020 in the United States District Court for the Northern District of Illinois. Plaintiff alleges that she previously made a demand on the Allstate board of directors and seeks, on behalf of the Company, an unspecified amount of damages and various forms of equitable relief. The complaint names as defendants the Company’s chairman, president and chief executive officer, its former president, its former vice chairman, and certain present or former members of the board of directors. The complaint alleges breaches of fiduciary duty and unjust enrichment based on allegations similar to those asserted in In re The Allstate Corp. Securities Litigation . On February 20, 2020, the Allstate board of directors appointed a special committee to investigate the allegations in plaintiff’s demand. The Company’s response to the complaint, and the responses of the individual defendants, are due on August 24, 2020. In re The Allstate Corp. Securities Litigation is a certified class action filed on November 11, 2016 in the United States District Court for the Northern District of Illinois against the Company and two of its officers asserting claims under the federal securities laws. Plaintiffs allege that they purchased Allstate common stock during the class period and suffered damages as the result of the conduct alleged. Plaintiffs seek an unspecified amount of damages, costs, attorney’s fees, and other relief as the court deems appropriate. Plaintiffs allege that the Company and certain senior officers made allegedly material misstatements or omissions concerning claim frequency statistics and the reasons for a claim frequency increase for Allstate brand auto insurance between October 2014 and August 3, 2015. Plaintiffs’ further allege that a senior officer engaged in stock option exercises during that time allegedly while in possession of material nonpublic information about Allstate brand auto insurance claim frequency. The Company, its chairman, president and chief executive officer, and its former president are the named defendants. After the court denied their motion to dismiss on February 27, 2018, defendants answered the complaint, denying plaintiffs’ allegations that there was any misstatement or omission or other misconduct. On June 22, 2018, plaintiffs filed their motion for class certification. The court allowed the lead plaintiffs to amend their complaint to add the City of Providence Employee Retirement System as a proposed class representative and on September 12, 2018, the amended complaint was filed. On March 26, 2019, the court granted plaintiffs’ motion for class certification and certified a class consisting of all persons who purchased Allstate common stock between October 29, 2014 and August 3, 2015. On April 9, 2019, defendants filed with the Seventh Circuit Court of Appeals a petition for permission to appeal this ruling pursuant to Federal Rule of Civil Procedure 23 (f) and the Court of Appeals granted that petition on April 25, 2019. On July 16, 2020, the Court of Appeals vacated the class certification order and remanded the matter for further consideration by the district court. Discovery in this matter is scheduled to conclude on September 4, 2020.

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Benefit Plans	Note 13 Benefit Plans Components of net cost (benefit) for pension and other postretirement plans Three months ended June 30, Six months ended June 30, ($ in millions) 2020 2019 2020 2019 Pension benefits Service cost $ 25 $ 28 $ 53 $ 56 Interest cost 56 62 112 127 Expected return on plan assets (95 ) (101 ) (199 ) (194 ) Amortization of prior service credit (14 ) (14 ) (28 ) (28 ) Costs and expenses (28 ) (25 ) (62 ) (39 ) Remeasurement of projected benefit obligation 672 344 556 731 Remeasurement of plan assets (623 ) (225 ) (189 ) (616 ) Remeasurement (gains) losses 49 119 367 115 Pension net cost $ 21 $ 94 $ 305 $ 76 Postretirement benefits Service cost $ 2 $ 2 $ 3 $ 4 Interest cost 3 3 6 7 Amortization of prior service credit (1 ) (1 ) (2 ) (2 ) Costs and expenses 4 4 7 9 Remeasurement of projected benefit obligation 24 6 24 25 Remeasurement of plan assets — — — — Remeasurement (gains) losses 24 6 24 25 Postretirement net cost $ 28 $ 10 $ 31 $ 34 Pension and postretirement benefits Costs and expenses $ (24 ) $ (21 ) $ (55 ) $ (30 ) Remeasurement (gains) losses 73 125 391 140 Total net cost $ 49 $ 104 $ 336 $ 110 D ifferences between expected and actual returns on plan assets and changes in assumptions affect the Company’s pension and other postretirement obligations, plan assets and expenses. Pension and postretirement benefits remeasurement gains and losses Three months ended June 30, Six months ended June 30, ($ in millions) 2020 2019 2020 2019 Remeasurement of projected benefit obligation (gains) losses: Discount rate $ 433 $ 228 $ 397 $ 493 Other assumptions 263 122 183 263 Remeasurement of plan assets (gains) losses (623 ) (225 ) (189 ) (616 ) Remeasurement (gains) losses $ 73 $ 125 $ 391 $ 140 The losses for the second quarter and first six months of 2020 primarily related to a decrease in the discount rate and changes in actuarial assumptions, partially offset by favorable asset performance compared to the expected return on plan assets. The weighted average discount rate used to measure the benefit obligation decreased to 2.74% at June 30, 2020 compared to 3.37% at March 31, 2020 and 3.31% at December 31, 2019 resulting in losses for the second quarter and first six months of 2020. The decrease in discount rates was primarily driven by a tightening in credit spreads in the second quarter as well as lower projected yields. The losses for the second quarter and first six months of 2020 due to changes in actuarial assumptions that affect pension and other postretirement obligations primarily related to a decrease in lump sum interest rates. The second quarter of 2020 also included losses that resulted from recognizing participant experience different from demographic assumptions for mortality, terminations and retirements and the percentage of employees taking lump sum distributions. For the second quarter of 2020 , the actual return on plan assets was higher than the expected return due to stronger equity market performance compared to the first quarter and tightening of credit spreads which increased the fair value of fixed income investments. For the first six months of 2020 , the actual return on plan assets was higher

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note 14 Supplemental Cash Flow Information Non-cash investing activities include $24 million and $179 million related to mergers and exchanges completed with equity securities, fixed income securities and limited partnerships, and modifications of other investments for the six months ended June 30, 2020 and 2019 , respectively. Non-cash financing activities include $56 million and $48 million related to the issuance of Allstate common shares for vested equity awards for the six months ended June 30, 2020 and 2019 , respectively. Cash flows used in operating activities in the Condensed Consolidated Statements of Cash Flows include cash paid for operating leases related to amounts included in the measurement of lease liabilities of $78 million and $76 million for the six months ended June 30, 2020 and 2019 , respectively. Non-cash operating activities include $52 million and $521 million related to right-of-use (“ROU”) assets obtained in exchange for lease obligations for the six months ended June 30, 2020 and 2019 , respectively. Non-cash operating activities related to ROU assets obtained in exchange for lease obligations for the six months ended June 30, 2019 include the impact of $488 million related to the adoption of the accounting for leases standard. Liabilities for collateral received in conjunction with the Company’s securities lending program and over-the-counter and cleared derivatives are reported in other liabilities and accrued expenses or other investments. The accompanying cash flows are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, as follows: ($ in millions) Six months ended June 30, 2020 2019 Net change in proceeds managed Net change in fixed income securities $ — $ 80 Net change in short-term investments 456 (493 ) Operating cash flow provided (used) $ 456 $ (413 ) Net change in cash (8 ) — Net change in proceeds managed $ 448 $ (413 ) Cash flows from operating activities Net change in liabilities Liabilities for collateral, beginning of period $ (1,829 ) $ (1,458 ) Liabilities for collateral, end of period (1,381 ) (1,871 ) Operating cash flow (used) provided $ (448 ) $ 413

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other Comprehensive Income	Note 15 Other Comprehensive Income Components of other comprehensive income (loss) on a pre-tax and after-tax basis ($ in millions) Three months ended June 30, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 2,796 $ (590 ) $ 2,206 $ 921 $ (194 ) $ 727 Less: reclassification adjustment of realized capital gains and losses 169 (35 ) 134 57 (12 ) 45 Unrealized net capital gains and losses 2,627 (555 ) 2,072 864 (182 ) 682 Unrealized foreign currency translation adjustments 11 (2 ) 9 5 (1 ) 4 Unamortized pension and other postretirement prior service credit (1) (14 ) 3 (11 ) (14 ) 3 (11 ) Other comprehensive income (loss) $ 2,624 $ (554 ) $ 2,070 $ 855 $ (180 ) $ 675 Six months ended June 30, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 1,363 $ (288 ) $ 1,075 $ 2,208 $ (467 ) $ 1,741 Less: reclassification adjustment of realized capital gains and losses 456 (96 ) 360 108 (23 ) 85 Unrealized net capital gains and losses 907 (192 ) 715 2,100 (444 ) 1,656 Unrealized foreign currency translation adjustments (38 ) 8 (30 ) 11 (2 ) 9 Unamortized pension and other postretirement prior service credit (1) (8 ) 1 (7 ) (29 ) 6 (23 ) Other comprehensive income (loss) $ 861 $ (183 ) $ 678 $ 2,082 $ (440 ) $ 1,642 (1)

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2020
General [Abstract]
Basis of presentation	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 and casualty insurance company with various property and casualty and life and investment subsidiaries, including Allstate Life Insurance Company (“ALIC”) (collectively referred to as the “Company” or “Allstate”). These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements and notes as of June 30, 2020 and for the three and six month periods ended June 30, 2020 and 2019 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, 2019 . 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.
New Accounting Pronouncements	Adopted accounting standard Measurement of Credit Losses on Financial Instruments Effective January 1, 2020 the Company adopted new Financial Accounting Standards Board (“FASB”) guidance related to the measurement of credit losses on financial instruments that primarily affected mortgage loans, bank loans and reinsurance recoverables. Upon adoption of the guidance, the Company recorded a total allowance for expected credit losses of $289 million , pre-tax. After consideration of existing valuation allowances maintained prior to adopting the new guidance, the Company increased its valuation allowances for credit losses to conform to the new requirements which resulted in recognizing a cumulative effect decrease in retained income of $88 million , after-tax, at the date of adoption. The measurement of credit losses for available-for-sale fixed income securities measured at fair value is not affected except that credit losses recognized are limited to the amount by which fair value is below amortized cost and the credit loss adjustment is recognized through a valuation allowance which may change over time but once recorded cannot subsequently be reduced to an amount below zero. Previously these credit loss adjustments were recorded as other-than-temporary impairments and were not reversed once recorded. Changes to significant accounting policies Measurement of credit losses The Company carries an allowance for expected credit losses for all financial assets measured at amortized cost and considers past events, current conditions, and reasonable and supportable forecasts and reports the financial assets on the Condensed Consolidated Statements of Financial Position at amortized cost, net of credit loss allowances (“amortized cost, net”). The Company also carries a credit loss allowance for fixed income securities where applicable and, when amortized cost is reported, it is net of credit loss allowances. For additional information, refer to the Investments, Reinsurance recoverables, Indemnification recoverables, or Premium installment receivable topics of this section. The Company also estimates a credit loss allowance for commitments to fund mortgage loans, bank loans and agent loans unless they are unconditionally cancellable by the Company. The related allowance is reported in other liabilities and accrued expenses. Allowance for credit losses ($ in millions) June 30, 2020 March 31, 2020 January 1, 2020 Fixed income securities $ 7 $ 4 $ — Mortgage loans 86 85 45 Other investments Bank loans 76 79 53 Agent loans 5 5 5 Investments 174 173 103 Premium installment receivables 139 96 91 Reinsurance recoverables 74 74 74 Other assets 23 18 18 Assets 410 361 286 C ommitments to fund mortgage loans, bank loans and agent loans 3 4 3 Liabilities 3 4 3 Total $ 413 $ 365 $ 289 Investments Fixed income securities include bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”). MBS includes residential and commercial mortgage-backed securities. Fixed income securities, which may be sold prior to their contractual maturity, are designated as available-for-sale (“AFS”) and are carried at fair value. The difference between amortized cost, net and fair value, net of deferred income taxes and related life and annuity deferred policy acquisition costs (“DAC”), deferred sales inducement costs (“DSI”) and reserves for life-contingent contract benefits, is reflected as a component of AOCI. The Company excludes accrued interest receivable from the amortized cost basis of its AFS fixed income securities. Net investment income for AFS fixed income securities includes the impact of accreting the credit loss allowance for the time value of money. Mortgage loans, bank loans and agent loans are carried at amortized cost, net, which represent the amount expected to be collected. The Company excludes accrued interest receivable from the amortized cost basis of its mortgage, bank and agent loans. Credit loss allowances are estimates of expected credit losses, established for loans upon origination or purchase, and are established considering all relevant information available, including past events, current conditions, and reasonable and supportable forecasts over the life of the loans. Loans are evaluated on a pooled basis when they share similar risk characteristics; otherwise, they are evaluated individually. The changes in the credit loss allowances related to fixed income securities, mortgage loans, bank loans and agent loans are reported in realized capital gains and losses. Realized capital gains and losses on investment sales are determined on a specific identification basis and exclude credit losses already recognized through an allowance. Reinsurance recoverables The Company evaluates reinsurer counterparty credit risk and records reinsurance recoverables net of credit loss allowances. The Company assesses counterparty credit risk for individual reinsurers separately when more relevant or on a pooled basis when shared risk characteristics exist. The evaluation considers the credit quality of the reinsurer and the period over which the recoverable balances are expected to be collected. The Company considers factors including past events, current conditions and reasonable and supportable forecasts in the development of the estimate of credit loss allowances. Allowances for property and casualty and life reinsurance recoverables are established primarily through risk-based evaluations. The property and casualty recoverable evaluation considers the credit rating of the reinsurer, the period over which the reinsurance recoverable balances are expected to be recovered and other relevant factors including historical experience of reinsurer failures. Reinsurers in liquidation or in default status are evaluated individually using the Company’s historical liquidation recovery assumptions and any other relevant information available including the most recent public information related to the financial condition or liquidation status of the reinsurer. For life reinsurance recoverables, the Company uses a probability of default and loss given default model developed independently of the Company to estimate current expected credit losses. The life recoverable evaluation utilizes factors including historical industry factors based on the probability of liquidation, and incorporates current loss given default factors reflective of the industry. The Company monitors the credit ratings of reinsurer counterparties and evaluates the circumstances surrounding credit rating changes as inputs into its credit loss assessments. Uncollectible reinsurance recoverable balances are written off against the allowances when there is no reasonable expectation of recovery. The changes in the allowances are reported in property and casualty insurance claims and claims expense and life contract benefits. Indemnification recoverables The Company participates in various indemnification programs, including industry pools and facilities which are reimbursement mechanisms that assess participating insurers for expected insured claims, reimburse participating insurers for qualifying paid claims and permit participating insurers to recoup amounts assessed directly from insureds. The amounts reported as indemnification recoverables include amounts billed to indemnitors on losses paid as well as estimates of amounts expected to be recovered from indemnitors on insurance liabilities that have been incurred but not yet paid. The design and function of these indemnification programs does not result in the retention of insurance or reinsurance risk by the indemnitor. Based on the Company’s evaluation of these programs on an individual basis, the establishment of credit loss allowances is not warranted at this time. The Company has not experienced any historical credit losses related to its indemnification programs. The Company continues to monitor these programs to determine whether any changes from historical experience have emerged or are expected to emerge or whether there have been any changes in the design or administration of the programs that would require establishment of credit loss allowances. Premium installment receivables Premium installment receivables represent premiums written and not yet collected, net of the credit loss allowance for uncollectible premiums. These receivables are primarily outstanding for one year or less. The Company utilizes historical internal data including aging analyses to estimate allowances under current conditions and for the forecast period. The Company regularly evaluates and updates the data and adjusts its allowance as appropriate. The increase in the provision for credit losses primarily related to customer enrollment in the Allstate Special Payment plan implemented in response to the Coronavirus , starting in March 2020. Rollforward of credit loss allowance for premium installment receivable ($ in millions) Three months ended June 30, 2020 Six months ended June 30, 2020 Beginning balance $ 96 $ 91 Increase in the provision for credit losses 94 136 Write-off of uncollectible premium installment receivable amounts (51 ) (88 ) Ending balance $ 139 $ 139 Pending accounting standards Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued amendments to modify certain disclosure requirements for defined benefit plans. New disclosures include the weighted-average interest crediting rates for cash balance plans and other plans with interest crediting rates and explanations for significant gains and losses related to changes in the benefit obligation during the reporting period. Disclosures to be eliminated include amounts expected to be reclassified out of AOCI and into the income statement in the coming year and the anticipated impact of a one-percentage point change in the assumed health care cost trend rate on service and interest cost and on the accumulated benefit obligation. The amendments are effective for annual reporting periods beginning after December 15, 2020. The impacts of adoption are to the Company’s disclosures only. Accounting for Long-Duration Insurance Contracts In August 2018, the FASB issued guidance revising the accounting for certain long-duration insurance contracts. The new guidance introduces material changes to the measurement of the Company’s reserves for traditional life, life-contingent immediate annuities and certain voluntary accident and health insurance products. Under the new guidance, measurement assumptions, including those for mortality, morbidity and policy terminations, will be required to be reviewed and updated at least annually. The effect of updating measurement assumptions other than the discount rate are required to be measured on a retrospective basis and reported in net income. In addition, reserves under the new guidance are required to be discounted using an upper-medium grade fixed income instrument yield that is updated through OCI at each reporting date. Current GAAP requires the measurement of reserves to utilize assumptions set at policy issuance unless updated current assumptions indicate that recorded reserves are deficient. The new guidance also requires DAC and other capitalized balances currently amortized in proportion to premiums or gross profits to be amortized on a constant level basis over the expected term for all long-duration insurance contracts. DAC will not be subject to loss recognition testing but will be reduced when actual lapse experience exceeds expected experience. The new guidance will no longer require adjustments to DAC and DSI related to unrealized gains and losses on investment securities supporting the related business. All market risk benefit product features will be measured at fair value with changes in fair value recorded in net income with the exception of changes in the fair value attributable to changes in the reporting entity’s own credit risk, which are required to be recognized in OCI. Substantially all of the Company’s market risk benefits relate to variable annuities that are reinsured and therefore these impacts are not expected to be material to the Company. The new guidance is effective for financial statements issued for reporting periods beginning after December 15, 2021, thereby requiring restatement of prior periods presented. Early adoption is permitted. The new guidance will be applied to affected contracts and DAC on the basis of existing carrying amounts at the earliest period presented or retrospectively using actual historical experience as of contract inception. The new guidance for market risk benefits is required to be adopted retrospectively. In July 2020, the FASB exposed for a forty-five day comment period a proposal to delay the effective date of the new guidance for public business entities that are Securities and Exchange Commission (“SEC”) filers to reporting periods beginning after December 15, 2022. If adopted, the proposal would extend the effective date of the new guidance for public business entities that are SEC filers by one year. The proposal also includes a revision to the existing restatement provisions and would allow a one-year transition period instead of the normal two-year transition period if the new guidance is early adopted. The Company is evaluating the anticipated impacts of applying the new guidance to both retained income and AOCI. The requirements of the new guidance represent a material change from existing GAAP, however, the underlying economics of the business and related cash flows are unchanged. The Company anticipates the financial statement impact of adopting the new guidance to be material, largely attributed to the impact of transitioning to a discount rate based on an upper-medium grade fixed income investment yield and updates to mortality assumptions. The Company expects the most significant impacts will occur in the run-off annuity segment. The revised accounting for DAC will be applied prospectively using the new model and any DAC effects existing in AOCI as a result of applying existing GAAP at the date of adoption will be eliminated. Simplifications to the Accounting for Income Taxes In December 2019, the FASB issued amendments to simplify the accounting for income taxes. The amendments eliminate certain exceptions in the existing guidance including those related to intraperiod tax allocation and deferred tax liability recognition when a subsidiary meets the criteria to apply the equity method of accounting. The amendments require recognition of the effect of an enacted change in tax laws or rates in the interim period that includes the enactment date, provide an option to not allocate taxes to a legal entity that is not subject to tax as well as other minor changes. The amendments are effective for interim and annual reporting periods beginning after December 15, 2020. The new guidance specifies which amendments should be applied prospectively, retrospectively, or on a modified retrospective basis through a cumulative-effect adjustment to retained income as of the beginning of the year of adoption. The impact of adoption is not expected to be material to the Company’s results of operations or financial position.
Fair Value Measurement	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: (1) 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. (2) 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, bank loans, agent loans and policy loans. Accordingly, such investments are only included in the fair value hierarchy disclosure when the individual investment’s amortized cost, net is reflected at fair value in the condensed consolidated financial statements. 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 inputs and valuation techniques for Level 2 and Level 3 assets and liabilities measured at fair value on a recurring basis Level 2 measurements • Fixed income securities: U.S. government and agencies, municipal, corporate - public and 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. Corporate - privately placed: Privately placed are 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. Corporate - privately placed also includes redeemable preferred stock that are valued using quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, underlying stock prices and credit spreads. ABS and MBS: 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. Certain ABS are valued based on non-binding broker quotes whose inputs have been corroborated to be market observable. Residential MBS include prepayment speeds as a primary input for valuation. • 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. • 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. Over-the-counter (“OTC”) derivatives, including interest rate swaps, foreign currency swaps, total return 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, implied volatilities, index price levels, currency rates, and 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. 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 and municipal bonds in default valued based on the present value of expected cash flows. Corporate - public and privately placed, ABS and MBS: Primarily valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable. Other inputs for corporate fixed income securities 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. • 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. • Short-term: For certain short-term investments, amortized cost is used as the best estimate of fair value. • 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. Investments excluded from the fair value hierarchy Limited partnerships carried at fair value , which do not have readily determinable fair values, use NAV provided by the investees and are excluded from the fair value hierarchy. These investments are generally not redeemable by the investees and generally cannot be sold withou t approval of the general partner. The Company receives distributions of income and proceeds from the liquidation of the underlying assets of the investees, which usually takes place in years 4-9 of the typical contractual life of 10 - 12

General (Tables)

General (Tables)	6 Months Ended
	Jun. 30, 2020
General [Abstract]
Allowance for credit loss	Allowance for credit losses ($ in millions) June 30, 2020 March 31, 2020 January 1, 2020 Fixed income securities $ 7 $ 4 $ — Mortgage loans 86 85 45 Other investments Bank loans 76 79 53 Agent loans 5 5 5 Investments 174 173 103 Premium installment receivables 139 96 91 Reinsurance recoverables 74 74 74 Other assets 23 18 18 Assets 410 361 286 C ommitments to fund mortgage loans, bank loans and agent loans 3 4 3 Liabilities 3 4 3 Total $ 413 $ 365 $ 289 Rollforward of credit loss allowance for premium installment receivable ($ in millions) Three months ended June 30, 2020 Six months ended June 30, 2020 Beginning balance $ 96 $ 91 Increase in the provision for credit losses 94 136 Write-off of uncollectible premium installment receivable amounts (51 ) (88 ) Ending balance $ 139 $ 139 Rollforward of credit loss allowance for mortgage loans ($ in millions) Three months ended June 30, 2020 Six months ended June 30, 2020 Beginning balance $ (85 ) $ (3 ) Cumulative effect of change in accounting principle — (42 ) Net increases related to credit losses (1 ) (41 ) Ending balance $ (86 ) $ (86 ) Rollforward of credit loss allowance for fixed income securities ($ in millions) Three months ended Six months ended June 30, 2020 Beginning balance $ (4 ) $ — Credit losses on securities for which credit losses not previously reported (5 ) (8 ) Net decreases related to credit losses previously reported 1 — Reduction of allowance related to sales 1 1 Ending balance (1) $ (7 ) $ (7 ) (1) Allowance for fixed income securities as of June 30, 2020 comprised $3 million , $1 million , $2 million and $1 million of municipal bonds, corporate bonds, ABS and MBS, respectively. Rollforward of credit loss allowance for bank loans ($ in millions) Three months ended June 30, 2020 Six months ended June 30, 2020 Beginning balance $ (79 ) $ — Cumulative effect of change in accounting principle — (53 ) Net increases related to credit losses (3 ) (30 ) Reduction of allowance related to sales 1 2 Write-offs 5 5 Ending balance $ (76 ) $ (76 )

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per common share	Computation of basic and diluted earnings per common share (In millions, except per share data) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Numerator: Net income $ 1,250 $ 851 $ 1,799 $ 2,143 Less: Preferred stock dividends 26 30 62 61 Net income applicable to common shareholders $ 1,224 $ 821 $ 1,737 $ 2,082 Denominator: Weighted average common shares outstanding 313.7 332.0 315.6 332.3 Effect of dilutive potential common shares: Stock options 2.1 3.3 2.7 3.2 Restricted stock units (non-participating) and performance stock awards 1.2 1.6 1.5 1.7 Weighted average common and dilutive potential common shares outstanding 317.0 336.9 319.8 337.2 Earnings per common share - Basic $ 3.90 $ 2.47 $ 5.50 $ 6.27 Earnings per common share - Diluted 3.86 2.44 5.43 6.17 Anti-dilutive options excluded from diluted earnings per common share 3.2 4.1 1.4 4.5

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of business segments revenue disclosures	Reportable segments revenue information ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Property-Liability Insurance premiums Auto $ 6,173 $ 6,035 $ 12,327 $ 11,965 Homeowners 2,053 1,958 4,091 3,893 Other personal lines 478 462 949 921 Commercial lines 159 226 377 409 Allstate Protection 8,863 8,681 17,744 17,188 Discontinued Lines and Coverages — — — — Total Property-Liability insurance premiums 8,863 8,681 17,744 17,188 Other revenue 182 190 363 366 Net investment income 178 471 380 762 Realized capital gains (losses) 382 256 279 753 Total Property-Liability 9,605 9,598 18,766 19,069 Service Businesses Consumer product protection plans 219 153 425 298 Roadside assistance 44 63 95 126 Finance and insurance products 97 89 194 176 Intersegment premiums and service fees (1) 35 33 73 66 Other revenue 51 48 103 95 Net investment income 11 10 21 19 Realized capital gains (losses) 19 9 (5 ) 17 Total Service Businesses 476 405 906 797 Allstate Life Traditional life insurance premiums 164 156 317 310 Accident and health insurance premiums 1 1 1 1 Interest-sensitive life insurance contract charges 174 176 354 359 Other revenue 24 33 56 60 Net investment income 123 125 251 252 Realized capital gains (losses) 19 1 (12 ) (4 ) Total Allstate Life 505 492 967 978 Allstate Benefits Traditional life insurance premiums 12 10 21 19 Accident and health insurance premiums 225 246 469 496 Interest-sensitive life insurance contract charges 26 28 55 57 Net investment income 20 21 40 40 Realized capital gains (losses) 11 2 (3 ) 6 Total Allstate Benefits 294 307 582 618 Allstate Annuities Fixed annuities contract charges 2 4 4 7 Net investment income 66 296 113 486 Realized capital gains (losses) 245 48 (24 ) 204 Total Allstate Annuities 313 348 93 697 Corporate and Other Net investment income 11 19 25 31 Realized capital gains (losses) 28 8 7 10 Total Corporate and Other 39 27 32 41 Intersegment eliminations (1) (35 ) (33 ) (73 ) (66 ) Consolidated revenues $ 11,197 $ 11,144 $ 21,273 $ 22,134 (1) Intersegment insurance premiums and service fees are primarily related to Arity and Allstate Roadside Services and are eliminated in the condensed consolidated financial statements.
Schedule of business segments net income disclosures	Reportable segments financial performance Three months ended June 30, Six months ended June 30, ($ in millions) 2020 2019 2020 2019 Property-Liability Allstate Protection (1) $ 907 $ 370 $ 2,255 $ 1,073 Discontinued Lines and Coverages (3 ) (3 ) (6 ) (6 ) Total underwriting income 904 367 2,249 1,067 Net investment income 178 471 380 762 Income tax expense on operations (209 ) (179 ) (512 ) (381 ) Realized capital gains (losses), after-tax 299 204 217 597 Property-Liability net income applicable to common shareholders 1,172 863 2,334 2,045 Service Businesses Adjusted net income 38 16 75 27 Realized capital gains (losses), after-tax 15 6 (4 ) 13 Amortization of purchased intangibles, after-tax (21 ) (25 ) (42 ) (49 ) Impairment of purchased intangibles, after-tax — (43 ) — (43 ) Service Businesses net income (loss) applicable to common shareholders 32 (46 ) 29 (52 ) Allstate Life Adjusted net income 72 68 152 141 Realized capital gains (losses), after-tax 16 — (9 ) (4 ) Valuation changes on embedded derivatives not hedged, after-tax (35 ) — (23 ) — DAC and DSI amortization related to realized capital gains and losses, after-tax 11 (1 ) 8 (3 ) Allstate Life net income applicable to common shareholders 64 67 128 134 Allstate Benefits Adjusted net income 5 37 29 68 Realized capital gains (losses), after-tax 7 2 (3 ) 5 Allstate Benefits net income applicable to common shareholders 12 39 26 73 Allstate Annuities Adjusted net (loss) income (111 ) 52 (250 ) 27 Realized capital gains (losses), after-tax 194 37 (19 ) 161 Valuation changes on embedded derivatives not hedged, after-tax (6 ) (2 ) (4 ) (5 ) Gain on disposition of operations, after-tax 1 1 2 2 Allstate Annuities net income (loss) applicable to common shareholders 78 88 (271 ) 185 Corporate and Other Adjusted net loss (99 ) (98 ) (206 ) (201 ) Realized capital gains (losses), after-tax 23 7 6 8 Pension and other postretirement remeasurement gains (losses), after-tax (58 ) (99 ) (309 ) (110 ) Corporate and Other net loss applicable to common shareholders (134 ) (190 ) (509 ) (303 ) Consolidated net income applicable to common shareholders $ 1,224 $ 821 $ 1,737 $ 2,082 (1) Due to the significant declines in the number of auto accidents caused by mandated stay-at-home orders, other pandemic containment actions and reduced economic activity, auto and commercial lines customers received a Shelter-in-Place Payback of $948 million with $210 million recognized in first quarter 2020 and $738 million recognized in second quarter 2020.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Investments [Abstract]
Portfolio composition	Portfolio composition ($ in millions) June 30, 2020 December 31, 2019 Fixed income securities, at fair value $ 64,448 $ 59,044 Equity securities, at fair value 4,212 8,162 Mortgage loans, net 4,774 4,817 Limited partnership interests 6,941 8,078 Short-term investments, at fair value 5,344 4,256 Other, net 3,918 4,005 Total $ 89,637 $ 88,362
Schedule for fixed income securities at amortized cost, gross unrealized gains and losses and fair value	Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities ($ in millions) Amortized cost, net Gross unrealized Fair value Gains Losses June 30, 2020 U.S. government and agencies $ 3,312 $ 208 $ (1 ) $ 3,519 Municipal 8,579 712 (6 ) 9,285 Corporate 46,797 3,227 (284 ) 49,740 Foreign government 915 46 — 961 ABS 779 4 (24 ) 759 MBS 152 32 — 184 Total fixed income securities $ 60,534 $ 4,229 $ (315 ) $ 64,448 December 31, 2019 U.S. government and agencies $ 4,971 $ 141 $ (26 ) $ 5,086 Municipal 8,080 551 (11 ) 8,620 Corporate 41,090 2,035 (47 ) 43,078 Foreign government 968 16 (5 ) 979 ABS 860 8 (6 ) 862 MBS 324 96 (1 ) 419 Total fixed income securities $ 56,293 $ 2,847 $ (96 ) $ 59,044
Schedule for fixed income securities based on contractual maturities	Scheduled maturities for fixed income securities ($ in millions) June 30, 2020 Amortized cost, net Fair value Due in one year or less $ 3,300 $ 3,343 Due after one year through five years 24,971 26,036 Due after five years through ten years 21,627 23,204 Due after ten years 9,705 10,922 59,603 63,505 ABS and MBS 931 943 Total $ 60,534 $ 64,448
Schedule of net investment income	Net investment income ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Fixed income securities $ 531 $ 543 $ 1,056 $ 1,081 Equity securities 31 68 37 98 Mortgage loans 51 54 111 107 Limited partnership interests (220 ) 254 (412 ) 263 Short-term investments 2 26 19 52 Other 62 67 125 130 Investment income, before expense 457 1,012 936 1,731 Investment expense (48 ) (70 ) (106 ) (141 ) Net investment income $ 409 $ 942 $ 830 $ 1,590 Realized capital gains (losses) by asset type ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Fixed income securities $ 187 $ 79 $ 562 $ 143 Equity securities 480 178 (270 ) 731 Mortgage loans — — (41 ) — Limited partnership interests 33 21 (83 ) 93 Derivatives 18 22 106 (24 ) Other (14 ) 24 (32 ) 43 Realized capital gains (losses) $ 704 $ 324 $ 242 $ 986
Schedule of realized capital gains and losses by asset type	Realized capital gains (losses) by asset type ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Fixed income securities $ 187 $ 79 $ 562 $ 143 Equity securities 480 178 (270 ) 731 Mortgage loans — — (41 ) — Limited partnership interests 33 21 (83 ) 93 Derivatives 18 22 106 (24 ) Other (14 ) 24 (32 ) 43 Realized capital gains (losses) $ 704 $ 324 $ 242 $ 986 Realized capital gains (losses) by transaction type ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Sales $ 179 $ 117 $ 567 $ 212 Credit losses (1) (10 ) (15 ) (89 ) (29 ) Valuation of equity investments (2) 517 200 (342 ) 827 Valuation and settlements of derivative instruments 18 22 106 (24 ) Realized capital gains (losses) $ 704 $ 324 $ 242 $ 986
Schedule of realized capital gains and losses by transaction type	Realized capital gains (losses) by transaction type ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Sales $ 179 $ 117 $ 567 $ 212 Credit losses (1) (10 ) (15 ) (89 ) (29 ) Valuation of equity investments (2) 517 200 (342 ) 827 Valuation and settlements of derivative instruments 18 22 106 (24 ) Realized capital gains (losses) $ 704 $ 324 $ 242 $ 986 (1) Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior period other-than-temporary impairment write-downs are now presented as credit losses. (2)
Valuation changes included in net income for investments	The following table presents the net pre-tax appreciation (decline) recognized in net income of equity securities and limited partnership interests carried at fair value that are still held as of June 30, 2020 and 2019 , respectively. Net appreciation (decline) recognized in net income ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Equity securities $ 390 $ 207 $ (45 ) $ 688 Limited partnership interests carried at fair value (54 ) 95 (109 ) 59 Total $ 336 $ 302 $ (154 ) $ 747 Credit losses recognized in net income (1) ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Assets Fixed income securities: Municipal $ (3 ) $ — $ (3 ) $ — Corporate — (7 ) (1 ) (7 ) ABS (2 ) (2 ) (2 ) (3 ) MBS 1 — (2 ) (1 ) Total fixed income securities (4 ) (9 ) (8 ) (11 ) Mortgage loans (1 ) — (41 ) — Limited partnership interests (3 ) (2 ) (10 ) (3 ) Other investments Bank loans (3 ) (4 ) (30 ) (15 ) Total credit losses by asset type $ (11 ) $ (15 ) $ (89 ) $ (29 ) Liabilities Commitments to fund commercial mortgage loans, bank loans and agent loans 1 — — — Total $ (10 ) $ (15 ) $ (89 ) $ (29 )
Schedule of credit losses on fixed income securities recognized in earnings	Credit losses recognized in net income (1) ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Assets Fixed income securities: Municipal $ (3 ) $ — $ (3 ) $ — Corporate — (7 ) (1 ) (7 ) ABS (2 ) (2 ) (2 ) (3 ) MBS 1 — (2 ) (1 ) Total fixed income securities (4 ) (9 ) (8 ) (11 ) Mortgage loans (1 ) — (41 ) — Limited partnership interests (3 ) (2 ) (10 ) (3 ) Other investments Bank loans (3 ) (4 ) (30 ) (15 ) Total credit losses by asset type $ (11 ) $ (15 ) $ (89 ) $ (29 ) Liabilities Commitments to fund commercial mortgage loans, bank loans and agent loans 1 — — — Total $ (10 ) $ (15 ) $ (89 ) $ (29 ) (1) Due to the adoption of the measurement of credit losses on financial instruments accounting standard, realized capital losses previously reported as other-than-temporary impairment write-downs are now presented as credit losses.
Schedule of unrealized net capital gains and losses	Unrealized net capital gains and losses included in AOCI ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) June 30, 2020 Gains Losses Fixed income securities $ 64,448 $ 4,229 $ (315 ) $ 3,914 Short-term investments 5,344 1 — 1 Derivative instruments — — (3 ) (3 ) Equity method of accounting (“EMA”) limited partnerships (1) (8 ) Unrealized net capital gains and losses, pre-tax 3,904 Amounts recognized for: Insurance reserves (2) (319 ) DAC and DSI (3) (284 ) Amounts recognized (603 ) Deferred income taxes (699 ) Unrealized net capital gains and losses, after-tax $ 2,602 December 31, 2019 Fixed income securities $ 59,044 $ 2,847 $ (96 ) $ 2,751 Short-term investments 4,256 — — — Derivative instruments — — (3 ) (3 ) EMA limited partnerships (4 ) Unrealized net capital gains and losses, pre-tax 2,744 Amounts recognized for: Insurance reserves (126 ) DAC and DSI (224 ) Amounts recognized (350 ) Deferred income taxes (507 ) Unrealized net capital gains and losses, after-tax $ 1,887 (1) Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable. (2) 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 lower interest rates, resulting in a premium deficiency. This adjustment primarily relates to structured settlement annuities with life contingencies (a type of immediate fixed annuity). (3) 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.
Schedule of change in unrealized net capital gains and losses	Change in unrealized net capital gains (losses) ($ in millions) Six months ended June 30, 2020 Fixed income securities $ 1,163 Short-term investments 1 Derivative instruments — EMA limited partnerships (4 ) Total 1,160 Amounts recognized for: Insurance reserves (193 ) DAC and DSI (60 ) Amounts recognized (253 ) Deferred income taxes (192 ) Increase in unrealized net capital gains and losses, after-tax $ 715
Carrying value for limited partnership interests	Carrying value for limited partnership interests ($ in millions) June 30, 2020 December 31, 2019 EMA Fair Value Total EMA Fair Value Total Private equity $ 4,043 $ 1,532 $ 5,575 $ 4,463 $ 1,668 $ 6,131 Real estate 982 130 1,112 899 142 1,041 Other (1) 251 3 254 902 4 906 Total $ 5,276 $ 1,665 $ 6,941 $ 6,264 $ 1,814 $ 8,078 (1) Other consists of certain limited partnership interests where the underlying assets are predominately public equity securities.
Schedule of gross unrealized losses and fair value of available for sale securities by length of time	Gross unrealized losses and fair value by type and length of time held 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, 2020 Fixed income securities U.S. government and agencies 3 $ 20 $ (1 ) — $ — $ — $ (1 ) Municipal 171 343 (6 ) — — — (6 ) Corporate 527 4,326 (232 ) 36 213 (52 ) (284 ) Foreign government 1 1 — — — — — ABS 53 479 (15 ) 16 64 (9 ) (24 ) MBS 28 16 — 85 3 — — Total fixed income securities 783 $ 5,185 $ (254 ) 137 $ 280 $ (61 ) $ (315 ) Investment grade fixed income securities 402 $ 2,253 $ (86 ) 102 $ 114 $ (25 ) $ (111 ) Below investment grade fixed income securities 381 2,932 (168 ) 35 166 (36 ) (204 ) Total fixed income securities 783 $ 5,185 $ (254 ) 137 $ 280 $ (61 ) $ (315 ) December 31, 2019 Fixed income securities U.S. government and agencies 31 $ 1,713 $ (26 ) 10 $ 26 $ — $ (26 ) Municipal 307 576 (9 ) 1 14 (2 ) (11 ) Corporate 186 1,392 (20 ) 65 485 (27 ) (47 ) Foreign government 55 412 (4 ) 6 102 (1 ) (5 ) ABS 36 193 (2 ) 23 160 (4 ) (6 ) MBS 27 15 — 123 14 (1 ) (1 ) Total fixed income securities 642 $ 4,301 $ (61 ) 228 $ 801 $ (35 ) $ (96 ) Investment grade fixed income securities 581 $ 3,878 $ (41 ) 185 $ 594 $ (20 ) $ (61 ) Below investment grade fixed income securities 61 423 (20 ) 43 207 (15 ) (35 ) Total fixed income securities 642 $ 4,301 $ (61 ) 228 $ 801 $ (35 ) $ (96 )
Carrying value of non-impaired fixed and variable rate mortgage loans by debt service coverage ratio distribution	Gross unrealized losses by unrealized loss position and credit quality as of June 30, 2020 ($ in millions) Investment grade Below investment grade Total Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2) $ (82 ) $ (124 ) $ (206 ) Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4) (29 ) (80 ) (109 ) Total unrealized losses $ (111 ) $ (204 ) $ (315 ) (1) Below investment grade fixed income securities include $109 million that have been in an unrealized loss position for less than twelve months. (2) Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses. (3) No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months. (4) Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Schedule of other investments by type	Other investments by asset type ($ in millions) June 30, 2020 December 31, 2019 Bank loans, net $ 1,118 $ 1,204 Real estate 986 1,005 Policy loans 878 894 Agent loans, net 649 666 Derivatives and other 287 236 Total $ 3,918 $ 4,005
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination	Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination ($ in millions) June 30, 2020 December 31, 2019 2015 and prior 2016 2017 2018 2019 Current Total Total Below 1.0 $ 38 $ — $ 33 $ — $ — $ — $ 71 $ 56 1.0 - 1.25 170 27 36 87 15 30 365 225 1.26 - 1.50 494 27 123 231 369 16 1,260 1,237 Above 1.50 1,299 493 361 369 499 143 3,164 3,302 Amortized cost before allowance $ 2,001 $ 547 $ 553 $ 687 $ 883 $ 189 $ 4,860 $ 4,820 Allowance (1) (86 ) (3 ) Amortized cost, net $ 4,774 $ 4,817 (1) Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior valuation allowance is now presented as an allowance for expected credit losses.
Allowance for credit loss	Allowance for credit losses ($ in millions) June 30, 2020 March 31, 2020 January 1, 2020 Fixed income securities $ 7 $ 4 $ — Mortgage loans 86 85 45 Other investments Bank loans 76 79 53 Agent loans 5 5 5 Investments 174 173 103 Premium installment receivables 139 96 91 Reinsurance recoverables 74 74 74 Other assets 23 18 18 Assets 410 361 286 C ommitments to fund mortgage loans, bank loans and agent loans 3 4 3 Liabilities 3 4 3 Total $ 413 $ 365 $ 289 Rollforward of credit loss allowance for premium installment receivable ($ in millions) Three months ended June 30, 2020 Six months ended June 30, 2020 Beginning balance $ 96 $ 91 Increase in the provision for credit losses 94 136 Write-off of uncollectible premium installment receivable amounts (51 ) (88 ) Ending balance $ 139 $ 139 Rollforward of credit loss allowance for mortgage loans ($ in millions) Three months ended June 30, 2020 Six months ended June 30, 2020 Beginning balance $ (85 ) $ (3 ) Cumulative effect of change in accounting principle — (42 ) Net increases related to credit losses (1 ) (41 ) Ending balance $ (86 ) $ (86 ) Rollforward of credit loss allowance for fixed income securities ($ in millions) Three months ended Six months ended June 30, 2020 Beginning balance $ (4 ) $ — Credit losses on securities for which credit losses not previously reported (5 ) (8 ) Net decreases related to credit losses previously reported 1 — Reduction of allowance related to sales 1 1 Ending balance (1) $ (7 ) $ (7 ) (1) Allowance for fixed income securities as of June 30, 2020 comprised $3 million , $1 million , $2 million and $1 million of municipal bonds, corporate bonds, ABS and MBS, respectively. Rollforward of credit loss allowance for bank loans ($ in millions) Three months ended June 30, 2020 Six months ended June 30, 2020 Beginning balance $ (79 ) $ — Cumulative effect of change in accounting principle — (53 ) Net increases related to credit losses (3 ) (30 ) Reduction of allowance related to sales 1 2 Write-offs 5 5 Ending balance $ (76 ) $ (76 )
Bank loans amortized cost by credit quality and year of origination	Bank loans amortized cost by credit rating and year of origination ($ in millions) June 30, 2020 2015 and prior 2016 2017 2018 2019 Current Total BBB $ — $ — $ 9 $ 13 $ 9 $ 12 $ 43 BB 31 2 36 72 64 36 241 B 12 34 142 219 173 104 684 CCC and below 8 32 46 55 59 26 226 Amortized cost before allowance 51 68 233 359 305 178 1,194 Allowance (76 ) Amortized cost, net $ 1,118

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities that are measured at fair value on a recurring and non-recurring basis	Assets and liabilities measured at fair value June 30, 2020 ($ 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 Total Assets Fixed income securities: U.S. government and agencies $ 3,146 $ 373 $ — $ 3,519 Municipal — 9,202 83 9,285 Corporate - public — 35,944 67 36,011 Corporate - privately placed — 13,603 126 13,729 Foreign government — 961 — 961 ABS — 709 50 759 MBS — 139 45 184 Total fixed income securities 3,146 60,931 371 64,448 Equity securities 3,481 338 393 4,212 Short-term investments 4,907 427 10 5,344 Other investments: Free-standing derivatives — 229 — $ (43 ) 186 Separate account assets 2,906 — — 2,906 Other assets 2 — — 2 Total recurring basis assets 14,442 61,925 774 (43 ) 77,098 Total assets at fair value $ 14,442 $ 61,925 $ 774 $ (43 ) $ 77,098 % of total assets at fair value 18.7 % 80.3 % 1.0 % — % 100.0 % Investments reported at NAV 1,665 Total $ 78,763 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (488 ) $ (488 ) Other liabilities: Free-standing derivatives — (109 ) — $ 8 (101 ) Total recurring basis liabilities $ — $ (109 ) $ (488 ) $ 8 $ (589 ) % of total liabilities at fair value — % 18.5 % 82.9 % (1.4 )% 100.0 % Assets and liabilities measured at fair value December 31, 2019 ($ 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 Total Assets Fixed income securities: U.S. government and agencies $ 4,689 $ 397 $ — $ 5,086 Municipal — 8,558 62 8,620 Corporate - public — 30,819 61 30,880 Corporate - privately placed — 12,084 114 12,198 Foreign government — 979 — 979 ABS — 797 65 862 MBS — 379 40 419 Total fixed income securities 4,689 54,013 342 59,044 Equity securities 7,407 384 371 8,162 Short-term investments 1,940 2,291 25 4,256 Other investments: Free-standing derivatives — 180 — $ (40 ) 140 Separate account assets 3,044 — — 3,044 Other assets 1 — — 1 Total recurring basis assets 17,081 56,868 738 (40 ) 74,647 Total assets at fair value $ 17,081 $ 56,868 $ 738 $ (40 ) $ 74,647 % of total assets at fair value 22.9 % 76.2 % 1.0 % (0.1 )% 100.0 % Investments reported at NAV 1,814 Total $ 76,461 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (462 ) $ (462 ) Other liabilities: Free-standing derivatives — (84 ) — $ 12 (72 ) Total recurring basis liabilities $ — $ (84 ) $ (462 ) $ 12 $ (534 ) % of total liabilities at fair value — % 15.7 % 86.5 % (2.2 )% 100.0 %
Summary of quantitative information about the significant unobservable inputs	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, 2020 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (442 ) Stochastic cash flow model Projected option cost 1.0 - 4.2% 2.73% December 31, 2019 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (430 ) Stochastic cash flow model Projected option cost 1.0 - 4.2% 2.67%
Schedule of the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis	Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2020 Balance as of March 31, 2020 Total gains (losses) included in: Transfers Balance as of June 30, 2020 ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 58 $ 1 $ 2 $ 15 $ — $ 8 $ (1 ) $ — $ — $ 83 Corporate - public 60 — (8 ) — — 15 — — — 67 Corporate - privately placed 88 1 (4 ) 11 — 37 (6 ) — (1 ) 126 ABS 39 1 (2 ) 43 (25 ) 4 (10 ) — — 50 MBS 40 1 (1 ) — — 9 (4 ) — — 45 Total fixed income securities 285 4 (13 ) 69 (25 ) 73 (21 ) — (1 ) 371 Equity securities 342 12 — — — 39 — — — 393 Short-term investments 50 — — — (40 ) — — — — 10 Total recurring Level 3 assets 677 16 (13 ) 69 (65 ) 112 (21 ) — (1 ) 774 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts (417 ) (69 ) — — — — — (7 ) 5 (488 ) Total recurring Level 3 liabilities $ (417 ) $ (69 ) $ — $ — $ — $ — $ — $ (7 ) $ 5 $ (488 ) Total Level 3 gains (losses) included in net income for the three months ended June 30, 2020 Net investment income Realized capital gains (losses) Life contract benefits Interest credited to contractholder funds Total Components of net income $ 1 $ 15 $ 10 $ (79 ) $ (53 ) Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2020 Balance as of December 31, 2019 Total gains (losses) included in: Transfers Balance as of June 30, 2020 ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 62 $ 1 $ 2 $ 14 $ — $ 8 $ (2 ) $ — $ (2 ) $ 83 Corporate - public 61 — (8 ) — — 15 — — (1 ) 67 Corporate - privately placed 114 1 (5 ) 11 (25 ) 38 (6 ) — (2 ) 126 ABS 65 — (3 ) 55 (49 ) 19 (10 ) — (27 ) 50 MBS 40 1 (1 ) — — 10 (4 ) — (1 ) 45 Total fixed income securities 342 3 (15 ) 80 (74 ) 90 (22 ) — (33 ) 371 Equity securities 371 (18 ) — — — 40 — — — 393 Short-term investments 25 — — — (25 ) 10 — — — 10 Total recurring Level 3 assets 738 (15 ) (15 ) 80 (99 ) 140 (22 ) — (33 ) 774 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts (462 ) (21 ) — — — — — (15 ) 10 (488 ) Total recurring Level 3 liabilities $ (462 ) $ (21 ) $ — $ — $ — $ — $ — $ (15 ) $ 10 $ (488 ) Total Level 3 gains (losses) included in net income for the six months ended June 30, 2020 Net investment income Realized capital gains (losses) Life contract benefits Interest credited to contractholder funds Total Components of net income $ (23 ) $ 8 $ (14 ) $ (7 ) $ (36 ) Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2019 Balance as of March 31, 2019 Total gains (losses) included in: Transfers Balance as of June 30, 2019 ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 68 $ — $ 1 $ — $ (5 ) $ — $ (1 ) $ — $ — $ 63 Corporate - public 90 — 1 — (40 ) — (5 ) — — 46 Corporate - privately placed 90 1 — — (2 ) 1 — — (1 ) 89 ABS 87 — — 1 (68 ) 46 (12 ) — (1 ) 53 MBS 35 — — 1 — — — — (1 ) 35 Total fixed income securities 370 1 2 2 (115 ) 47 (18 ) — (3 ) 286 Equity securities 303 10 — — — 20 (14 ) — — 319 Short-term investments 40 — — — — 5 (40 ) — — 5 Free-standing derivatives, net 1 (1 ) — — — — — — — — Total recurring Level 3 assets 714 10 2 2 (115 ) 72 (72 ) — (3 ) 610 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts (251 ) (12 ) — (175 ) — — — — 1 (437 ) Total recurring Level 3 liabilities $ (251 ) $ (12 ) $ — $ (175 ) $ — $ — $ — $ — $ 1 $ (437 ) Total Level 3 gains (losses) included in net income for the three months ended June 30, 2019 Net investment income Realized capital gains (losses) Life contract benefits Interest credited to contractholder funds Total Components of net income $ 5 $ 5 $ (5 ) $ (7 ) $ (2 ) Rollforward of Level 3 assets and liabilities held at fair value during the six months period ended June 30, 2019 Balance as of December 31, 2018 Total gains (losses) included in: Transfers Balance as of June 30, 2019 ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 70 $ — $ 2 $ — $ (5 ) $ — $ (3 ) $ — $ (1 ) $ 63 Corporate - public 70 — 2 — (40 ) 20 (5 ) — (1 ) 46 Corporate - privately placed 90 (1 ) 2 15 (2 ) 1 (13 ) — (3 ) 89 ABS 69 — — 1 (115 ) 124 (22 ) — (4 ) 53 MBS 26 — — 4 — 6 — — (1 ) 35 Total fixed income securities 325 (1 ) 6 20 (162 ) 151 (43 ) — (10 ) 286 Equity securities 341 38 — — — 22 (82 ) — — 319 Short-term investments 30 — — — — 15 (40 ) — — 5 Free-standing derivatives, net 1 (1 ) — — — — — — — — Total recurring Level 3 assets 697 36 6 20 (162 ) 188 (165 ) — (10 ) 610 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts (224 ) (40 ) — (175 ) — — — — 2 (437 ) Total recurring Level 3 liabilities $ (224 ) $ (40 ) $ — $ (175 ) $ — $ — $ — $ — $ 2 $ (437 ) Total Level 3 gains (losses) included in net income for the six months ended June 30, 2019 Net investment income Realized capital gains (losses) Life contract benefits Interest credited to contractholder funds Total Components of net income $ 5 $ 31 $ 3 $ (43 ) $ (4 )
Schedule of gains and losses included in net income for Level 3 assets and liabilities still held at the balance sheet date	Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of June 30, ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Assets Fixed income securities: Municipal $ 1 $ — $ 1 $ — Corporate — — 1 — Total fixed income securities 1 — 2 — Equity securities $ 12 $ 10 $ (18 ) $ 14 Free-standing derivatives, net — (1 ) — (1 ) Total recurring Level 3 assets $ 13 $ 9 $ (16 ) $ 13 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (69 ) $ (12 ) $ (21 ) $ (40 ) Total recurring Level 3 liabilities (69 ) (12 ) (21 ) (40 ) Total included in net income $ (56 ) $ (3 ) $ (37 ) $ (27 ) Components of net income Net investment income $ — $ 5 $ (23 ) $ 5 Realized capital gains (losses) 13 4 7 8 Life contract benefits 10 (5 ) (14 ) 3 Interest credited to contractholder funds (79 ) (7 ) (7 ) (43 ) Total included in net income $ (56 ) $ (3 ) $ (37 ) $ (27 ) Assets Municipal $ 2 $ 2 Corporate - public (8 ) (7 ) Corporate - privately placed (3 ) (5 ) ABS (3 ) (3 ) Changes in unrealized net capital gains and losses reported in OCI (1) $ (12 ) $ (13 ) (1) Effective January 1, 2020, the Company adopted the fair value accounting standard that prospectively requires the disclosure of valuation changes reported in OCI.
Schedule of carrying values and fair value estimates of financial instruments not carried at fair value	Financial instruments not carried at fair value ($ in millions) June 30, 2020 December 31, 2019 Financial assets Fair value level Amortized cost, net Fair value Amortized cost, net Fair value Mortgage loans Level 3 $ 4,774 $ 5,073 $ 4,817 $ 5,012 Bank loans Level 3 1,118 1,107 1,204 1,185 Agent loans Level 3 649 658 666 664 Financial liabilities Fair value level Carrying value (1) Fair value Carrying value (1) Fair value Contractholder funds on investment contracts Level 3 $ 8,080 $ 9,318 $ 8,438 $ 9,158 Long-term debt Level 2 6,634 8,037 6,631 7,738 Liability for collateral Level 2 1,381 1,381 1,829 1,829 (1) Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Volume and fair value positions of derivative instruments and location in the Consolidated Statement of Financial Position	Summary of the volume and fair value positions of derivative instruments as of June 30, 2020 ($ 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 fair value accounting hedging instruments Other Other assets $ 2 n/a $ — $ — $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Futures Other assets — 1,358 — — — Equity and index contracts Options Other investments — 8,038 175 175 — Futures Other assets — 1,267 2 2 — Total return index contracts Total return swap agreements – fixed income Other investments 50 n/a 1 1 — Total return swap agreements – equity index Other investments 7 n/a — — — Foreign currency contracts Foreign currency forwards Other investments 161 n/a 9 10 (1 ) Credit default contracts Credit default swaps – buying protection Other investments 88 n/a — 2 (2 ) Credit default swaps – selling protection Other investments 752 n/a 9 9 — Subtotal 1,058 10,663 196 199 (3 ) Total asset derivatives $ 1,060 10,663 $ 196 $ 199 $ (3 ) Liability derivatives Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other liabilities & accrued expenses $ 33 n/a $ — $ — $ — Futures Other liabilities & accrued expenses — 1,266 — — — Equity and index contracts Options Other liabilities & accrued expenses — 7,881 (100 ) — (100 ) Futures Other liabilities & accrued expenses — 401 — — — Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 588 n/a 28 32 (4 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 133 n/a (26 ) — (26 ) Guaranteed withdrawal benefits Contractholder funds 180 n/a (20 ) — (20 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,774 n/a (442 ) — (442 ) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 56 n/a (2 ) — (2 ) Credit default swaps – selling protection Other liabilities & accrued expenses 7 n/a — — — Total liability derivatives 2,771 9,548 (562 ) $ 32 $ (594 ) Total derivatives $ 3,831 20,211 $ (366 ) (1) Volume for OTC and cleared 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) Summary of the volume and fair value positions of derivative instruments as of December 31, 2019 ($ in millions, except number of contracts) Volume Balance sheet location Notional amount Number of contracts Fair value, net Gross asset Gross liability Asset derivatives Derivatives designated as fair value accounting hedging instruments Other Other assets $ 2 n/a $ — $ — $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Futures Other assets — 3,668 — — — Equity and index contracts Options Other investments — 5,539 140 140 — Futures Other assets — 1,533 1 1 — Total return index contracts Total return swap agreements – fixed income Other investments 56 n/a 1 1 — Credit default contracts Credit default swaps – buying protection Other investments 17 n/a — — — Subtotal 73 10,740 142 142 — Total asset derivatives $ 75 10,740 $ 142 $ 142 $ — Liability derivatives Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other liabilities & accrued expenses $ 34 n/a $ — $ — $ — Futures Other liabilities & accrued expenses — 1,089 — — — Equity and index contracts Options Other liabilities & accrued expenses — 5,400 (68 ) — (68 ) Futures Other liabilities & accrued expenses — 3 — — — Total return index contracts Total return swap agreements – fixed income Other liabilities & accrued expenses 119 n/a — — — Total return swap agreements – equity index Other liabilities & accrued expenses 187 n/a 11 11 — Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 745 n/a 19 28 (9 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 161 n/a (18 ) — (18 ) Guaranteed withdrawal benefits Contractholder funds 205 n/a (14 ) — (14 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,791 n/a (430 ) — (430 ) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 152 n/a (7 ) — (7 ) Credit default swaps – selling protection Other liabilities & accrued expenses 9 n/a — — — Total liability derivatives 3,403 6,492 (507 ) $ 39 $ (546 ) Total derivatives $ 3,478 17,232 $ (365 )
Schedule of gross and net amount for the Company's OTC derivatives subject to enforceable master netting arrangements	Gross and net amounts for OTC derivatives (1) ($ 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, 2020 Asset derivatives $ 45 $ (35 ) $ (8 ) $ 2 $ — $ 2 Liability derivatives (9 ) 35 (27 ) (1 ) — (1 ) December 31, 2019 Asset derivatives $ 40 $ (39 ) $ (1 ) $ — $ — $ — Liability derivatives (16 ) 39 (27 ) (4 ) — (4 ) (1) All OTC derivatives are subject to enforceable master netting agreements.
Gains and losses from valuation, settlements, and hedge ineffectiveness, fair value hedges and derivatives not designated as hedges	Gains (losses) from valuation and settlements reported on derivatives not designated as accounting hedges ($ in millions) Realized capital gains (losses) Life contract benefits Interest credited to contractholder funds Operating costs and expenses Total gain (loss) recognized in net income on derivatives Three months ended June 30, 2020 Interest rate contracts $ 1 $ — $ — $ — $ 1 Equity and index contracts 2 — 32 31 65 Embedded derivative financial instruments — 10 (81 ) — (71 ) Foreign currency contracts (5 ) — — — (5 ) Credit default contracts 12 — — — 12 Total return swaps - fixed income 7 — — — 7 Total return swaps - equity index 1 — — — 1 Total $ 18 $ 10 $ (49 ) $ 31 $ 10 Six months ended June 30, 2020 Interest rate contracts $ 40 $ — $ — $ — $ 40 Equity and index contracts 30 — (18 ) (14 ) (2 ) Embedded derivative financial instruments — (14 ) (12 ) — (26 ) Foreign currency contracts 31 — — — 31 Credit default contracts 4 — — — 4 Total return swaps - fixed income (2 ) — — — (2 ) Total return swaps - equity index 3 — — — 3 Total $ 106 $ (14 ) $ (30 ) $ (14 ) $ 48 Three months ended June 30, 2019 Interest rate contracts $ 19 $ — $ — $ — $ 19 Equity and index contracts (17 ) — 11 5 (1 ) Embedded derivative financial instruments — (5 ) (6 ) — (11 ) Foreign currency contracts 5 — — — 5 Credit default contracts (1 ) — — — (1 ) Total return swaps - fixed income 8 — — — 8 Total return swaps - equity index 8 — — — 8 Total $ 22 $ (5 ) $ 5 $ 5 $ 27 Six months ended June 30, 2019 Interest rate contracts $ 26 $ — $ — $ — $ 26 Equity and index contracts (88 ) — 42 26 (20 ) Embedded derivative financial instruments — 3 (41 ) — (38 ) Foreign currency contracts 10 — — — 10 Credit default contracts (5 ) — — — (5 ) Total return swaps - fixed income 10 — — — 10 Total return swaps - equity index 23 — — — 23 Total $ (24 ) $ 3 $ 1 $ 26 $ 6
Counterparty credit exposure by counterparty credit rating	OTC derivatives counterparty credit exposure by counterparty credit rating ($ in millions) June 30, 2020 December 31, 2019 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+ 4 $ 744 $ 30 $ 1 6 $ 868 $ 29 $ — A 1 187 6 — — — — — Total 5 $ 931 $ 36 $ 1 6 $ 868 $ 29 $ — (1) Allstate uses the lower of S&P’s or Moody’s long-term debt issuer 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	($ in millions) June 30, 2020 December 31, 2019 Gross liability fair value of contracts containing credit-risk-contingent features $ 9 $ 16 Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs (8 ) (11 ) Collateral posted under MNAs for contracts containing credit-risk-contingent features (1 ) (3 ) Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently $ — $ 2
Schedule of derivative CDS notional amount by credit rating and fair value of protection sold	CDS notional amounts by credit rating and fair value of protection sold ($ in millions) Notional amount AAA AA A BBB BB and lower Total Fair value June 30, 2020 Single name Corporate debt $ — $ — $ — $ — $ 9 $ 9 $ — Index Corporate debt 6 12 156 498 78 750 9 Total $ 6 $ 12 $ 156 $ 498 $ 87 $ 759 $ 9 December 31, 2019 Single name Corporate debt $ — $ — $ — $ — $ 9 $ 9 $ — Total $ — $ — $ — $ — $ 9 $ 9 $ —

Reserve for Property and Casu_2

Reserve for Property and Casualty Insurance Claims and Claims Expense (Tables)	6 Months Ended
	Jun. 30, 2020
Reserve for Property-Liability Insurance Claims and Claims Expense [Abstract]
Schedule of liability for unpaid claims and claims adjustment expense	Prior year reserve reestimates included in claims and claims expense (1) Six months ended June 30, Non-catastrophes losses Catastrophes losses Total ($ in millions) 2020 2019 2020 2019 2020 2019 Auto $ (26 ) $ (151 ) $ (15 ) $ (7 ) $ (41 ) $ (158 ) Homeowners (3 ) — 19 57 16 57 Other personal lines (6 ) 2 (2 ) 6 (8 ) 8 Commercial lines 24 17 3 — 27 17 Discontinued Lines and Coverages 4 5 — — 4 5 Service Businesses (1 ) (3 ) — — (1 ) (3 ) Total prior year reserve reestimates $ (8 ) $ (130 ) $ 5 $ 56 $ (3 ) $ (74 ) (1) Favorable reserve reestimates are shown in parentheses. California wildfire subrogation subsequent event On June 20, 2020, the United States Bankruptcy Court for the Northern District of California confirmed PG&E Corporation’s and Pacific Gas and Electric Company’s (together, "PG&E") Chapter 11 Plan of Reorganization. The Plan of Reorganization included an agreement to resolve insurance subrogation claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire for $11 billion . Allstate is one of the insurance companies that is party to the agreement with subrogating insurers. On July 1, 2020, PG&E emerged from Chapter 11 and funded the subrogation trust from which distributions will be made to the insurers. Insurers have five years from the effective date of the Plan of Reorganization to submit proof of paid losses to the trust prior to the final distribution. The Company expects to recognize a favorable impact of approximately $400 million to $450 million , pre-tax, net of expenses and adjustments to reinsurance, in the third quarter 2020, which will be reflected as prior year catastrophe reserve reestimates in the Condensed Consolidated Statement of Operations. On July 24, 2020, the Company received an initial distribution from the trust representing approximately 80% Rollforward of the reserve for property and casualty insurance claims and claims expense Six months ended June 30, ($ in millions) 2020 2019 Balance as of January 1 $ 27,712 $ 27,423 Less recoverables (1) (6,912 ) (7,155 ) Net balance as of January 1 20,800 20,268 Incurred claims and claims expense related to: Current year 10,566 12,250 Prior years (3 ) (74 ) Total incurred 10,563 12,176 Claims and claims expense paid related to: Current year (5,777 ) (6,125 ) Prior years (5,173 ) (5,237 ) Total paid (10,950 ) (11,362 ) Net balance as of June 30 20,413 21,082 Plus recoverables 7,013 7,023 Balance as of June 30 $ 27,426 $ 28,105 (1) Recoverables comprises reinsurance and indemnification recoverables.

Reinsurance and indemnificati_2

Reinsurance and indemnification (Tables)	6 Months Ended
	Jun. 30, 2020
Reinsurance Disclosures [Abstract]
Schedule of reductions to premiums and contract charges due to reinsurance premium ceded amounts	Effects of reinsurance ceded and indemnification programs on property and casualty premiums earned and life premiums and contract charges ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Property and casualty insurance premiums earned $ (279 ) $ (287 ) $ (568 ) $ (547 ) Life premiums and contract charges (67 ) (69 ) (111 ) (132 )
Schedule of reductions to costs and expenses due to reinsurance ceded amounts	Effects of reinsurance ceded and indemnification programs on property and casualty insurance claims and claims expense, life contract benefits and interest credited to contractholder funds ($ in millions) Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Property and casualty insurance claims and claims expense $ (210 ) $ (158 ) $ (341 ) $ (249 ) Life contract benefits (45 ) 5 (136 ) (18 ) Interest credited to contractholder funds (7 ) (5 ) (12 ) (8 )
Schedule of reinsurance recoverable for paid and unpaid claims	Reinsurance and indemnification recoverables, net ($ in millions) June 30, 2020 December 31, 2019 Property and casualty Paid and due from reinsurers and indemnitors $ 86 $ 112 Unpaid losses estimated (including IBNR) 7,014 6,912 Total property and casualty $ 7,100 $ 7,024 Annuities 1,367 1,305 Life insurance 737 794 Other 86 88 Total $ 9,290 $ 9,211

Company Restructuring (Tables)

Company Restructuring (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Schedule of changes in the restructuring liability	Restructuring activity during the period ($ in millions) Employee costs Exit costs Total liability Restructuring liability as of December 31, 2019 $ 14 $ 8 $ 22 Expense incurred 17 2 19 Payments (6 ) (2 ) (8 ) Restructuring liability as of June 30, 2020 $ 25 $ 8 $ 33

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Company's pension and postretirement benefit plans	Components of net cost (benefit) for pension and other postretirement plans Three months ended June 30, Six months ended June 30, ($ in millions) 2020 2019 2020 2019 Pension benefits Service cost $ 25 $ 28 $ 53 $ 56 Interest cost 56 62 112 127 Expected return on plan assets (95 ) (101 ) (199 ) (194 ) Amortization of prior service credit (14 ) (14 ) (28 ) (28 ) Costs and expenses (28 ) (25 ) (62 ) (39 ) Remeasurement of projected benefit obligation 672 344 556 731 Remeasurement of plan assets (623 ) (225 ) (189 ) (616 ) Remeasurement (gains) losses 49 119 367 115 Pension net cost $ 21 $ 94 $ 305 $ 76 Postretirement benefits Service cost $ 2 $ 2 $ 3 $ 4 Interest cost 3 3 6 7 Amortization of prior service credit (1 ) (1 ) (2 ) (2 ) Costs and expenses 4 4 7 9 Remeasurement of projected benefit obligation 24 6 24 25 Remeasurement of plan assets — — — — Remeasurement (gains) losses 24 6 24 25 Postretirement net cost $ 28 $ 10 $ 31 $ 34 Pension and postretirement benefits Costs and expenses $ (24 ) $ (21 ) $ (55 ) $ (30 ) Remeasurement (gains) losses 73 125 391 140 Total net cost $ 49 $ 104 $ 336 $ 110 D ifferences between expected and actual returns on plan assets and changes in assumptions affect the Company’s pension and other postretirement obligations, plan assets and expenses. Pension and postretirement benefits remeasurement gains and losses Three months ended June 30, Six months ended June 30, ($ in millions) 2020 2019 2020 2019 Remeasurement of projected benefit obligation (gains) losses: Discount rate $ 433 $ 228 $ 397 $ 493 Other assumptions 263 122 183 263 Remeasurement of plan assets (gains) losses (623 ) (225 ) (189 ) (616 ) Remeasurement (gains) losses $ 73 $ 125 $ 391 $ 140

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2020
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, as follows: ($ in millions) Six months ended June 30, 2020 2019 Net change in proceeds managed Net change in fixed income securities $ — $ 80 Net change in short-term investments 456 (493 ) Operating cash flow provided (used) $ 456 $ (413 ) Net change in cash (8 ) — Net change in proceeds managed $ 448 $ (413 ) Cash flows from operating activities Net change in liabilities Liabilities for collateral, beginning of period $ (1,829 ) $ (1,458 ) Liabilities for collateral, end of period (1,381 ) (1,871 ) Operating cash flow (used) provided $ (448 ) $ 413

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other comprehensive income (loss) on a pre-tax and after-tax basis	Components of other comprehensive income (loss) on a pre-tax and after-tax basis ($ in millions) Three months ended June 30, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 2,796 $ (590 ) $ 2,206 $ 921 $ (194 ) $ 727 Less: reclassification adjustment of realized capital gains and losses 169 (35 ) 134 57 (12 ) 45 Unrealized net capital gains and losses 2,627 (555 ) 2,072 864 (182 ) 682 Unrealized foreign currency translation adjustments 11 (2 ) 9 5 (1 ) 4 Unamortized pension and other postretirement prior service credit (1) (14 ) 3 (11 ) (14 ) 3 (11 ) Other comprehensive income (loss) $ 2,624 $ (554 ) $ 2,070 $ 855 $ (180 ) $ 675 Six months ended June 30, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 1,363 $ (288 ) $ 1,075 $ 2,208 $ (467 ) $ 1,741 Less: reclassification adjustment of realized capital gains and losses 456 (96 ) 360 108 (23 ) 85 Unrealized net capital gains and losses 907 (192 ) 715 2,100 (444 ) 1,656 Unrealized foreign currency translation adjustments (38 ) 8 (30 ) 11 (2 ) 9 Unamortized pension and other postretirement prior service credit (1) (8 ) 1 (7 ) (29 ) 6 (23 ) Other comprehensive income (loss) $ 861 $ (183 ) $ 678 $ 2,082 $ (440 ) $ 1,642 (1)

General - Additional Informatio

General - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Apr. 01, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Apr. 01, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Credit Loss	$ 413	$ 413		$ 365	$ 289
Stockholders' equity	(26,986)	(26,986)				$ (25,998)	$ (24,476)
Premium installment receivables	139	139		96	91	91
Credit Loss expense	94	136
Writeoffs	51	88
Retained income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ (49,380)	$ (49,380)		$ (48,326)		$ (48,074)	$ (45,803)		$ (45,148)		$ (44,033)
Cumulative effect of change in accounting principle | Retained income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity			$ 0		88			$ 0		$ (21)
Cumulative effect of change in accounting principle | Minimum | Retained income | Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity					$ (88)

General Allowance for Credit Lo

General Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Debt outstanding:
Investments	$ 174	$ 174	$ 173	$ 103
Premium installment receivables	139	139	96	91	$ 91
Reinsurance recoverables	74	74	74	74
Other assets	23	23	18	18
Assets	410	410	361	286
Commitments to fund mortgage loans, bank loans and agent loans	3	3	4	3
Liabilities	3	3	4	3
Total	413	413	365	289
Premium Receivable, Credit Loss Expense (Reversal)	94	136
Writeoffs	(51)	(88)
Fixed income securities
Debt outstanding:
Fixed income securities	7	7	4	0	0
Mortgage loans
Debt outstanding:
Allowance for credit losses	86	86	85	45	$ 3
Bank loans, net
Debt outstanding:
Allowance for credit losses	76	76	79	53
Agent loans, net
Debt outstanding:
Allowance for credit losses	$ 5	$ 5	$ 5	$ 5

Earnings per Common Share - Com

Earnings per Common Share - Computation earnings per common share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income	$ 1,250	$ 851	$ 1,799	$ 2,143
Less: Preferred stock dividends	26	30	62	61
Net income applicable to common shareholders	$ 1,224	$ 821	$ 1,737	$ 2,082
Denominator:
Weighted average common shares outstanding (in shares)	313.7	332	315.6	332.3
Effect of dilutive potential common shares:
Stock options (in shares)	2.1	3.3	2.7	3.2
Restricted stock units (non-participating) and performance stock awards (in shares)	1.2	1.6	1.5	1.7
Weighted average common and dilutive potential common shares outstanding (in shares)	317	336.9	319.8	337.2
Earnings per common share - Basic (in dollars per share)	$ 3.90	$ 2.47	$ 5.50	$ 6.27
Earnings per common share - Diluted (in dollars per share)	$ 3.86	$ 2.44	$ 5.43	$ 6.17
Anti-dilutive options excluded from diluted earnings per common share (in shares)	3.2	4.1	1.4	4.5

Acquisitions (Details)

Acquisitions (Details) - USD ($)	Jan. 01, 2021	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Feb. 12, 2019
Business Acquisition [Line Items]
Goodwill		$ 2,544,000,000		$ 2,545,000,000
Proceeds from issuance of long-term debt		0	$ 492,000,000
Stock repurchase program		$ 3,000,000,000
iCracked
Business Acquisition [Line Items]
Goodwill					$ 17,000,000
Forecast | National General
Business Acquisition [Line Items]
Consideration transferred	$ 4,000,000,000
Share price, cash (in USD per share)	$ 32
Share price, dividend (in USD per share)	2.50
Share price (in USD per share)	$ 34.50
Cash to acquire businesses	$ 2,200,000,000
Proceeds from issuance of long-term debt	$ 1,500,000,000

Reportable Segments - Revenue i

Reportable Segments - Revenue information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information
Net investment income	$ 409	$ 942	$ 830	$ 1,590
Realized capital gains (losses)	704	324	242	986
Total revenues	11,197	11,144	21,273	22,134
Other revenue
Segment Reporting Information
Insurance premiums, commissions and fees	257	271	522	521
Property-Liability
Segment Reporting Information
Premiums Earned, Net	8,863	8,681	17,744	17,188
Net investment income	178	471	380	762
Realized capital gains (losses)	382	256	279	753
Total revenues	9,605	9,598	18,766	19,069
Property-Liability | Auto
Segment Reporting Information
Premiums Earned, Net	6,173	6,035	12,327	11,965
Property-Liability | Homeowners
Segment Reporting Information
Premiums Earned, Net	2,053	1,958	4,091	3,893
Property-Liability | Other personal lines
Segment Reporting Information
Premiums Earned, Net	478	462	949	921
Property-Liability | Commercial lines
Segment Reporting Information
Premiums Earned, Net	159	226	377	409
Allstate Protection
Segment Reporting Information
Premiums Earned, Net	8,863	8,681	17,744	17,188
Discontinued Lines and Coverages
Segment Reporting Information
Premiums Earned, Net	0	0	0	0
Service Businesses
Segment Reporting Information
Intersegment premiums and service fees	35	33	73	66
Net investment income	11	10	21	19
Realized capital gains (losses)	19	9	(5)	17
Total revenues	476	405	906	797
Service Businesses | Consumer product protection plans
Segment Reporting Information
Insurance premiums, commissions and fees	219	153	425	298
Service Businesses | Roadside assistance
Segment Reporting Information
Insurance premiums, commissions and fees	44	63	95	126
Service Businesses | Finance and insurance products
Segment Reporting Information
Insurance premiums, commissions and fees	97	89	194	176
Allstate Life
Segment Reporting Information
Net investment income	123	125	251	252
Realized capital gains (losses)	19	1	(12)	(4)
Total revenues	505	492	967	978
Allstate Life | Traditional life insurance premiums
Segment Reporting Information
Insurance premiums, commissions and fees	164	156	317	310
Allstate Life | Accident and health insurance premiums
Segment Reporting Information
Insurance premiums, commissions and fees	1	1	1	1
Allstate Life | Interest-sensitive life insurance contract charges
Segment Reporting Information
Insurance premiums, commissions and fees	174	176	354	359
Allstate Benefits
Segment Reporting Information
Net investment income	20	21	40	40
Realized capital gains (losses)	11	2	(3)	6
Total revenues	294	307	582	618
Allstate Benefits | Traditional life insurance premiums
Segment Reporting Information
Insurance premiums, commissions and fees	12	10	21	19
Allstate Benefits | Accident and health insurance premiums
Segment Reporting Information
Insurance premiums, commissions and fees	225	246	469	496
Allstate Benefits | Interest-sensitive life insurance contract charges
Segment Reporting Information
Insurance premiums, commissions and fees	26	28	55	57
Allstate Annuities
Segment Reporting Information
Net investment income	66	296	113	486
Realized capital gains (losses)	245	48	(24)	204
Total revenues	313	348	93	697
Allstate Annuities | Fixed annuities contract charges
Segment Reporting Information
Insurance premiums, commissions and fees	2	4	4	7
Operating Segments | Property-Liability
Segment Reporting Information
Insurance premiums, commissions and fees	182	190	363	366
Operating Segments | Service Businesses
Segment Reporting Information
Insurance premiums, commissions and fees	51	48	103	95
Operating Segments | Allstate Life
Segment Reporting Information
Insurance premiums, commissions and fees	24	33	56	60
Operating Segments | Corporate and Other
Segment Reporting Information
Net investment income	11	19	25	31
Realized capital gains (losses)	28	8	7	10
Total revenues	39	27	32	41
Intersegment Eliminations
Segment Reporting Information
Total revenues	$ (35)	$ (33)	$ (73)	$ (66)

Reportable Segments - Financial

Reportable Segments - Financial performance (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information
Net investment income	$ 409		$ 942	$ 830	$ 1,590
Net income applicable to common shareholders	1,224		821	1,737	2,082
Shelter-in-Place Payback expense	738	$ 210	0	948	0
Allstate Protection
Segment Reporting Information
Underwriting income (loss)	907		370	2,255	1,073
Discontinued Lines and Coverages
Segment Reporting Information
Underwriting income (loss)	(3)		(3)	(6)	(6)
Property-Liability
Segment Reporting Information
Underwriting income (loss)	904		367	2,249	1,067
Net investment income	178		471	380	762
Income tax expense on operations	(209)		(179)	(512)	(381)
Realized capital gains (losses), after-tax	299		204	217	597
Net income applicable to common shareholders	1,172		863	2,334	2,045
Service Businesses
Segment Reporting Information
Net investment income	11		10	21	19
Realized capital gains (losses), after-tax	15		6	(4)	13
Adjusted net income	38		16	75	27
Amortization of purchased intangibles, after-tax	(21)		(25)	(42)	(49)
Impairment of purchased intangibles, after-tax	0		(43)	0	(43)
Net income applicable to common shareholders	32		(46)	29	(52)
Allstate Life
Segment Reporting Information
Net investment income	123		125	251	252
Realized capital gains (losses), after-tax	16		0	(9)	(4)
Adjusted net income	72		68	152	141
Valuation changes on embedded derivatives not hedged, after-tax	(35)		0	(23)	0
DAC and DSI amortization related to realized capital gains and losses, after-tax	11		(1)	8	(3)
Net income applicable to common shareholders	64		67	128	134
Allstate Benefits
Segment Reporting Information
Net investment income	20		21	40	40
Realized capital gains (losses), after-tax	7		2	(3)	5
Adjusted net income	5		37	29	68
Net income applicable to common shareholders	12		39	26	73
Allstate Annuities
Segment Reporting Information
Net investment income	66		296	113	486
Realized capital gains (losses), after-tax	194		37	(19)	161
Adjusted net income	(111)		52	(250)	27
Valuation changes on embedded derivatives not hedged, after-tax	(6)		(2)	(4)	(5)
Gain on disposition of operations, after-tax	1		1	2	2
Net income applicable to common shareholders	78		88	(271)	185
Corporate and Other
Segment Reporting Information
Realized capital gains (losses), after-tax	23		7	6	8
Adjusted net income	(99)		(98)	(206)	(201)
Pension and other postretirement remeasurement gains (losses), after-tax	(58)		(99)	(309)	(110)
Net income applicable to common shareholders	$ (134)		$ (190)	$ (509)	$ (303)

Investments - Portfolio composi

Investments - Portfolio composition (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Investments [Abstract]
Fixed income securities:	$ 64,448	$ 59,044
Equity securities	4,212	8,162
Mortgage loans, net	4,774	4,817
Limited partnership interests	6,941	8,078
Short-term investments	5,344	4,256
Other, net	3,918	4,005
Total investments	$ 89,637	$ 88,362

Investments - Amortized cost, g

Investments - Amortized cost, gross unrealized gains and losses and fair value for fixed income securities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Schedule of Available for Sale Securities
Amortized cost	$ 60,534	$ 56,293
Gross unrealized, Gains	4,229	2,847
Gross unrealized, Losses	(315)	(96)
Fair value	64,448	59,044
U.S. government and agencies
Schedule of Available for Sale Securities
Amortized cost	3,312	4,971
Gross unrealized, Gains	208	141
Gross unrealized, Losses	(1)	(26)
Fair value	3,519	5,086
Municipal
Schedule of Available for Sale Securities
Amortized cost	8,579	8,080
Gross unrealized, Gains	712	551
Gross unrealized, Losses	(6)	(11)
Fair value	9,285	8,620
Corporate
Schedule of Available for Sale Securities
Amortized cost	46,797	41,090
Gross unrealized, Gains	3,227	2,035
Gross unrealized, Losses	(284)	(47)
Fair value	49,740	43,078
Foreign government
Schedule of Available for Sale Securities
Amortized cost	915	968
Gross unrealized, Gains	46	16
Gross unrealized, Losses	0	(5)
Fair value	961	979
ABS
Schedule of Available for Sale Securities
Amortized cost	779	860
Gross unrealized, Gains	4	8
Gross unrealized, Losses	(24)	(6)
Fair value	759	862
MBS
Schedule of Available for Sale Securities
Amortized cost	152	324
Gross unrealized, Gains	32	96
Gross unrealized, Losses	0	(1)
Fair value	$ 184	$ 419

Investments - Scheduled maturit

Investments - Scheduled maturities for fixed income securities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Amortized cost, net
Due in one year or less	$ 3,300
Due after one year through five years	24,971
Due after five years through ten years	21,627
Due after ten years	9,705
Subtotal	59,603
ABS and MBS	931
Amortized cost	60,534	$ 56,293
Fair value
Due in one year or less	3,343
Due after one year through five years	26,036
Due after five years through ten years	23,204
Due after ten years	10,922
Subtotal	63,505
ABS and MBS	943
Total fixed income securities	$ 64,448	$ 59,044

Investments - Net investment in

Investments - Net investment income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Investment Income:
Investment income, before expense	$ 457	$ 1,012	$ 936	$ 1,731
Investment expense	(48)	(70)	(106)	(141)
Net investment income	409	942	830	1,590
Fixed income securities
Net Investment Income:
Investment income, before expense	531	543	1,056	1,081
Equity securities
Net Investment Income:
Investment income, before expense	31	68	37	98
Mortgage loans
Net Investment Income:
Investment income, before expense	51	54	111	107
Limited partnership interests
Net Investment Income:
Limited partnership interests	(220)	254	(412)	263
Short-term investments
Net Investment Income:
Investment income, before expense	2	26	19	52
Other
Net Investment Income:
Investment income, before expense	$ 62	$ 67	$ 125	$ 130

Investments - Realized capital

Investments - Realized capital gains and losses by asset type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Realized capital gains and losses by asset type
Realized capital gains (losses)	$ 704	$ 324	$ 242	$ 986
Fixed income securities
Realized capital gains and losses by asset type
Realized capital gains (losses)	187	79	562	143
Equity securities
Realized capital gains and losses by asset type
Realized capital gains (losses)	480	178	(270)	731
Mortgage loans
Realized capital gains and losses by asset type
Realized capital gains (losses)	0	0	(41)	0
Limited partnership interests
Realized capital gains and losses by asset type
Realized capital gains (losses)	33	21	(83)	93
Derivatives
Realized capital gains and losses by asset type
Realized capital gains (losses)	18	22	106	(24)
Other
Realized capital gains and losses by asset type
Realized capital gains (losses)	$ (14)	$ 24	$ (32)	$ 43

Investments - Realized capita_2

Investments - Realized capital gains and losses by transaction type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments [Abstract]
Sales	$ 179	$ 117	$ 567	$ 212
Credit losses	(10)	(15)	(89)	(29)
Valuation of equity investments	517	200	(342)	827
Valuation and settlements of derivative instruments	18	22	106	(24)
Realized capital gains and losses	$ 704	$ 324	$ 242	$ 986

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule of Investments [Line Items]
Net investment income	$ 409	$ 942	$ 830	$ 1,590
Accrued investment income	605		605		$ 600
Gross gains on fixed income securities	304	115	760	241
Gross loss on fixed income securities	(113)	$ (27)	(190)	$ (87)
Limited partnership interests	6,941		6,941		8,078
Short-term investments	5,344		5,344		4,256
Fixed income securities
Schedule of Investments [Line Items]
Accrued investment income	538		538
Unrealized losses related to securities with unrealized loss position greater than or equal to 20% of cost or amortized cost	(109)		(109)
Mortgage loans
Schedule of Investments [Line Items]
Accrued investment income	17		17
Agent loans, net
Schedule of Investments [Line Items]
Accrued investment income	$ 2		$ 2
High credit quality, percentage	86.00%		86.00%
Allowance	$ (5)		$ (5)
Bank loans, net
Schedule of Investments [Line Items]
Accrued investment income	5		5
EMA limited partnerships
Schedule of Investments [Line Items]
Limited partnership interests	5,276		5,276		6,264
Limited partnership interests
Schedule of Investments [Line Items]
Limited partnership interests	1,665		1,665		1,814
Mortgage loans
Schedule of Investments [Line Items]
Loan modifications	274
Allowance	(86)		(86)		(3)
Other investments
Schedule of Investments [Line Items]
Limited partnership interests	254		254		906
Other investments | EMA limited partnerships
Schedule of Investments [Line Items]
Limited partnership interests	251		251		902
Other investments | Limited partnership interests
Schedule of Investments [Line Items]
Limited partnership interests	$ 3		$ 3		$ 4

Investments - Net appreciation

Investments - Net appreciation (decline) recognized in net income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Realized capital gains and losses by asset type
Net appreciation (decline) recognized in net income	$ 336	$ 302	$ (154)	$ 747
Equity securities
Realized capital gains and losses by asset type
Net appreciation (decline) recognized in net income	390	207	(45)	688
Limited partnership interests
Realized capital gains and losses by asset type
Net appreciation (decline) recognized in net income	$ (54)	$ 95	$ (109)	$ 59

Investments - OTTI losses by as

Investments - OTTI losses by asset type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Realized capital gains and losses by asset type
Total credit losses by asset type	$ (11)	$ (15)	$ (89)	$ (29)
Commitments to fund commercial mortgage loans, bank loans and agent loans	1	0	0	0
Total	(10)	(15)	(89)	(29)
Municipal
Realized capital gains and losses by asset type
Total	(3)	0	(3)	0
Corporate
Realized capital gains and losses by asset type
Total	0	(7)	(1)	(7)
ABS
Realized capital gains and losses by asset type
Total	(2)	(2)	(2)	(3)
MBS
Realized capital gains and losses by asset type
Total	1	0	(2)	(1)
Fixed income securities
Realized capital gains and losses by asset type
Total	(4)	(9)	(8)	(11)
Mortgage loans
Realized capital gains and losses by asset type
Net increases related to credit losses	(1)	0	(41)	0
Limited partnership interests
Realized capital gains and losses by asset type
Limited partnership interests	(3)	(2)	(10)	(3)
Bank loans, net
Realized capital gains and losses by asset type
Net increases related to credit losses	$ (3)	$ (4)	$ (30)	$ (15)

Investments - Rollforward of cr

Investments - Rollforward of credit loss allowance for fixed income securities (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jan. 01, 2020
Credit Losses on Fixed Income Securities
Net decreases related to credit losses previously reported	$ 1	$ 0
Reduction of allowance related to sales	1	1
Fixed income securities
Credit Losses on Fixed Income Securities
Beginning balance	(4)	0
Credit losses on securities for which credit losses not previously reported	(5)	(8)
Ending balance	(7)	(7)
Fixed income securities	4	0	$ 0
Municipal
Credit Losses on Fixed Income Securities
Ending balance	(3)	(3)
Fixed income securities	3	3
Corporate
Credit Losses on Fixed Income Securities
Ending balance	(1)	(1)
Fixed income securities	1	1
ABS
Credit Losses on Fixed Income Securities
Ending balance	(2)	(2)
Fixed income securities	2	2
MBS
Credit Losses on Fixed Income Securities
Ending balance	(1)	(1)
Fixed income securities	$ 1	$ 1

Investments - Unrealized net ca

Investments - Unrealized net capital gains and losses included in AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fair value
Fixed income securities:	$ 64,448	$ 59,044
Short-term investments	5,344	4,256
Derivative instruments	0	0
Gross unrealized Gains
Fixed income securities	4,229	2,847
Short-term investments	1	0
Derivative instruments	0	0
Gross unrealized Losses
Fixed income securities	(315)	(96)
Short-term investments	0	0
Derivative instruments	(3)	(3)
Unrealized net gains (losses)
Fixed income securities	3,914	2,751
Short-term investments	1	0
Derivative instruments	(3)	(3)
Equity method of accounting (“EMA”) limited partnerships	(8)	(4)
Unrealized net capital gains and losses, pre-tax	3,904	2,744
Amount recognized for:
Insurance reserves	(319)	(126)
DAC and DSI	(284)	(224)
Amounts recognized	(603)	(350)
Deferred income taxes	(699)	(507)
Total unrealized net capital gains and losses	$ 2,602	$ 1,887

Investments - Change in unreali

Investments - Change in unrealized net capital gains and losses (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	$ 1,160
Amount recognized for:
Insurance reserves	(193)
DAC and DSI	(60)
Amounts recognized	(253)
Deferred income taxes	(192)
Increase in unrealized net capital gains and losses, after-tax	715
Fixed income securities
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	1,163
Short-term investments
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	1
Derivative instruments
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	0
EMA limited partnerships
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	$ (4)

Investments - Carrying value fo

Investments - Carrying value for limited partnership interests (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	$ 6,941	$ 8,078
EMA limited partnerships
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	5,276	6,264
Limited partnership interests
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	1,665	1,814
Private equity
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	5,575	6,131
Private equity | EMA limited partnerships
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	4,043	4,463
Private equity | Limited partnership interests
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	1,532	1,668
Other investments
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	254	906
Other investments | EMA limited partnerships
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	251	902
Other investments | Limited partnership interests
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	3	4
Real estate
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	1,112	1,041
Real estate | EMA limited partnerships
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	982	899
Real estate | Limited partnership interests
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	$ 130	$ 142

Investments - Gross unrealized

Investments - Gross unrealized losses and fair value by the type and length of time held in continuous unrealized loss position (Details) $ in Millions	Jun. 30, 2020USD ($)contract	Dec. 31, 2019USD ($)contract
Total unrealized losses
Total unrealized losses	$ (1)
U.S. government and agencies
Less than 12 months
Number of issues | contract	3	31
Fair value	$ 20	$ 1,713
Unrealized losses	$ (1)	$ (26)
12 months or more
Number of issues | contract	0	10
Fair value	$ 0	$ 26
Unrealized losses	$ 0	0
Total unrealized losses
Total unrealized losses		$ (26)
Municipal
Less than 12 months
Number of issues | contract	171	307
Fair value	$ 343	$ 576
Unrealized losses	$ (6)	$ (9)
12 months or more
Number of issues | contract	0	1
Fair value	$ 0	$ 14
Unrealized losses	0	(2)
Total unrealized losses
Total unrealized losses	$ (6)	$ (11)
Corporate
Less than 12 months
Number of issues | contract	527	186
Fair value	$ 4,326	$ 1,392
Unrealized losses	$ (232)	$ (20)
12 months or more
Number of issues | contract	36	65
Fair value	$ 213	$ 485
Unrealized losses	(52)	(27)
Total unrealized losses
Total unrealized losses	$ (284)	$ (47)
Foreign government
Less than 12 months
Number of issues | contract	1	55
Fair value	$ 1	$ 412
Unrealized losses	$ 0	$ (4)
12 months or more
Number of issues | contract	0	6
Fair value	$ 0	$ 102
Unrealized losses	0	(1)
Total unrealized losses
Total unrealized losses	$ 0	$ (5)
ABS
Less than 12 months
Number of issues | contract	53	36
Fair value	$ 479	$ 193
Unrealized losses	$ (15)	$ (2)
12 months or more
Number of issues | contract	16	23
Fair value	$ 64	$ 160
Unrealized losses	(9)	(4)
Total unrealized losses
Total unrealized losses	$ (24)	$ (6)
MBS
Less than 12 months
Number of issues | contract	28	27
Fair value	$ 16	$ 15
Unrealized losses	$ 0	$ 0
12 months or more
Number of issues | contract	85	123
Fair value	$ 3	$ 14
Unrealized losses	0	(1)
Total unrealized losses
Total unrealized losses	$ 0	$ (1)
Fixed income securities
Less than 12 months
Number of issues | contract	783	642
Fair value	$ 5,185	$ 4,301
Unrealized losses	$ (254)	$ (61)
12 months or more
Number of issues | contract	137	228
Fair value	$ 280	$ 801
Unrealized losses	(61)	(35)
Total unrealized losses
Total unrealized losses	$ (315)	$ (96)
Investment grade fixed income securities
Less than 12 months
Number of issues | contract	402	581
Fair value	$ 2,253	$ 3,878
Unrealized losses	$ (86)	$ (41)
12 months or more
Number of issues | contract	102	185
Fair value	$ 114	$ 594
Unrealized losses	(25)	(20)
Total unrealized losses
Total unrealized losses	$ (111)	$ (61)
Below investment grade fixed income securities
Less than 12 months
Number of issues | contract	381	61
Fair value	$ 2,932	$ 423
Unrealized losses	$ (168)	$ (20)
12 months or more
Number of issues | contract	35	43
Fair value	$ 166	$ 207
Unrealized losses	(36)	(15)
Total unrealized losses
Total unrealized losses	$ (204)	$ (35)

Investments Investments - Gross

Investments Investments - Gross unrealized losses by unrealized loss position and credit quality (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Total unrealized losses	$ (1)
Investment grade fixed income securities
Schedule of Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)	(82)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost	(29)
Total unrealized losses	(111)	$ (61)
Below investment grade fixed income securities
Schedule of Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)	(124)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost	(80)
Total unrealized losses	(204)	(35)
Unrealized losses having loss of less than twenty percent, less than 12 months	(109)
Fixed income securities
Schedule of Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)	(206)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost	(109)
Total unrealized losses	$ (315)	$ (96)

Investments - Commercial mortga

Investments - Commercial mortgage loans amortized cost by debt service coverage ratio distribution and year of acquisition (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Impaired [Line Items]
Amortized cost, net	$ 4,774	$ 4,817

Investments - Other investments

Investments - Other investments by type (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Other, net	$ 3,918	$ 4,005
Bank loans, net
Schedule of Investments [Line Items]
Other, net	1,118	1,204
Real estate
Schedule of Investments [Line Items]
Other, net	986	1,005
Policy loans
Schedule of Investments [Line Items]
Other, net	878	894
Agent loans, net
Schedule of Investments [Line Items]
Other, net	649	666
Derivatives and other
Schedule of Investments [Line Items]
Other, net	$ 287	$ 236

Investments Investments - Mortg

Investments Investments - Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Mortgage loans, net	$ 4,774	$ 4,817
Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	4,860	4,820
Allowance	(86)	(3)
Mortgage loans, net	4,774	4,817
Below 1.0 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	71	56
1.0 - 1.25 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	365	225
1.26 - 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	1,260	1,237
Above 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	3,164	$ 3,302
2015 and prior | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	2,001
2015 and prior | Below 1.0 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	38
2015 and prior | 1.0 - 1.25 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	170
2015 and prior | 1.26 - 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	494
2015 and prior | Above 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	1,299
2016 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	547
2016 | Below 1.0 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
2016 | 1.0 - 1.25 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	27
2016 | 1.26 - 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	27
2016 | Above 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	493
2017 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	553
2017 | Below 1.0 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	33
2017 | 1.0 - 1.25 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	36
2017 | 1.26 - 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	123
2017 | Above 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	361
2018 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	687
2018 | Below 1.0 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
2018 | 1.0 - 1.25 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	87
2018 | 1.26 - 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	231
2018 | Above 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	369
2019 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	883
2019 | Below 1.0 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
2019 | 1.0 - 1.25 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	15
2019 | 1.26 - 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	369
2019 | Above 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	499
Current | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	189
Current | Below 1.0 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Current | 1.0 - 1.25 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	30
Current | 1.26 - 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	16
Current | Above 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	$ 143

Investments Investments - Rollf

Investments Investments - Rollforward of credit loss allowance for mortgage loans (Details) - Mortgage loans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (85)		$ (3)
Net increases related to credit losses	(1)	$ 0	(41)	$ 0
Ending balance	$ (86)		(86)
Cumulative effect of change in accounting principle
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ (42)

Investments Investments - Bank

Investments Investments - Bank loans amortized cost by credit quality and year of acquisition (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Schedule of Available for Sale Securities
Amortized cost, net	$ 4,774	$ 4,817
Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	1,194
Allowance	(76)
Amortized cost, net	1,118
2015 and prior | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	51
2016 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	68
2017 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	233
2018 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	359
2019 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	305
Current | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	178
BBB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	43
BBB | 2015 and prior | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	0
BBB | 2016 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	0
BBB | 2017 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	9
BBB | 2018 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	13
BBB | 2019 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	9
BBB | Current | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	12
BB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	241
BB | 2015 and prior | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	31
BB | 2016 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	2
BB | 2017 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	36
BB | 2018 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	72
BB | 2019 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	64
BB | Current | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	36
B | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	684
B | 2015 and prior | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	12
B | 2016 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	34
B | 2017 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	142
B | 2018 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	219
B | 2019 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	173
B | Current | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	104
CCC and below | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	226
CCC and below | 2015 and prior | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	8
CCC and below | 2016 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	32
CCC and below | 2017 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	46
CCC and below | 2018 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	55
CCC and below | 2019 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	59
CCC and below | Current | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	$ 26

Investments Investments - Rol_2

Investments Investments - Rollforward of credit loss allowance for bank loans (Details) - Bank loans, net - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Debt and Equity Securities, FV-NI [Line Items]
Beginning balance	$ (79)	$ 0
Net increases related to credit losses	(3)	(30)
Reduction of allowance related to sales	1	2
Write-offs	5	5
Ending balance	$ (76)	(76)
Cumulative effect of change in accounting principle
Debt and Equity Securities, FV-NI [Line Items]
Beginning balance		$ (53)

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair value of assets and liabilities measured on recurring and non-recurring basis
Fair value	$ 64,448	$ 59,044
Significant unobservable inputs (Level 3)
Fair value of assets and liabilities measured on recurring and non-recurring basis
Assets at fair value	774	738
Recurring | Significant unobservable inputs (Level 3)
Fair value of assets and liabilities measured on recurring and non-recurring basis
Fair value	371	342
Assets at fair value	774	738
Fixed Income Securities Valued Based on Nonbinding Broker Quotes
Fair value of assets and liabilities measured on recurring and non-recurring basis
Assets at fair value	116	50
Municipal Not Rated by Third Party Credit Rating Agencies
Fair value of assets and liabilities measured on recurring and non-recurring basis
Assets at fair value	35	$ 36
Limited partnership interests
Fair value of assets and liabilities measured on recurring and non-recurring basis
Commitments to invest in limited partnership interests	$ 424
Limited partnership interests | Minimum
Fair value of assets and liabilities measured on recurring and non-recurring basis
Investment assets, useful life	10 years
Limited partnership interests | Maximum
Fair value of assets and liabilities measured on recurring and non-recurring basis
Investment assets, useful life	12 years

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Assets and liabilities measured at fair value on a recurring and non-recurring basis (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets
Fixed income securities:	$ 64,448	$ 59,044
Equity securities	4,212	8,162
Short-term investments	5,344	4,256
Separate account assets	2,906	3,044
Counterparty and cash collateral netting	$ (43)	$ (40)
% of total assets at fair value	0.00%	(0.10%)
Total	$ 78,763	$ 76,461
Liabilities
Counterparty and cash collateral netting	$ 8	$ 12
Counterparty and cash collateral netting as a percent of liabilities measured at fair value	(1.40%)	(2.20%)
U.S. government and agencies
Assets
Fixed income securities:	$ 3,519	$ 5,086
Municipal
Assets
Fixed income securities:	9,285	8,620
Foreign government
Assets
Fixed income securities:	961	979
ABS
Assets
Fixed income securities:	759	862
MBS
Assets
Fixed income securities:	184	419
Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	$ 14,442	$ 17,081
% of total assets at fair value	18.70%	22.90%
Liabilities
Total recurring basis liabilities	$ 0	$ 0
Liabilities as a percent of liabilities measured at fair value	0.00%	0.00%
Significant other observable inputs (Level 2)
Assets
Total assets at fair value	$ 61,925	$ 56,868
% of total assets at fair value	80.30%	76.20%
Liabilities
Total recurring basis liabilities	$ (109)	$ (84)
Liabilities as a percent of liabilities measured at fair value	18.50%	15.70%
Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	$ 774	$ 738
% of total assets at fair value	1.00%	1.00%
Liabilities
Total recurring basis liabilities	$ (488)	$ (462)
Liabilities as a percent of liabilities measured at fair value	82.90%	86.50%
Investments reported at NAV
Assets
Investments reported at NAV	$ 1,665	$ 1,814
Recurring
Assets
Other investments: Free-standing derivatives, Counterparty and cash collateral netting	(43)	(40)
Liabilities
Counterparty and cash collateral netting	8	12
Recurring | Quoted prices in active markets for identical assets (Level 1)
Assets
Fixed income securities:	3,146	4,689
Equity securities	3,481	7,407
Short-term investments	4,907	1,940
Other investments: Free-standing derivatives	0	0
Separate account assets	2,906	3,044
Other assets	2	1
Total assets at fair value	14,442	17,081
Liabilities
Other liabilities: Free-standing derivatives	0	0
Recurring | Quoted prices in active markets for identical assets (Level 1) | U.S. government and agencies
Assets
Fixed income securities:	3,146	4,689
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 - public
Assets
Fixed income securities:	0	0
Recurring | Quoted prices in active markets for identical assets (Level 1) | Corporate - privately placed
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) | ABS
Assets
Fixed income securities:	0	0
Recurring | Quoted prices in active markets for identical assets (Level 1) | MBS
Assets
Fixed income securities:	0	0
Recurring | Significant other observable inputs (Level 2)
Assets
Fixed income securities:	60,931	54,013
Equity securities	338	384
Short-term investments	427	2,291
Other investments: Free-standing derivatives	229	180
Separate account assets	0	0
Other assets	0	0
Total assets at fair value	61,925	56,868
Liabilities
Other liabilities: Free-standing derivatives	(109)	(84)
Recurring | Significant other observable inputs (Level 2) | U.S. government and agencies
Assets
Fixed income securities:	373	397
Recurring | Significant other observable inputs (Level 2) | Municipal
Assets
Fixed income securities:	9,202	8,558
Recurring | Significant other observable inputs (Level 2) | Corporate - public
Assets
Fixed income securities:	35,944	30,819
Recurring | Significant other observable inputs (Level 2) | Corporate - privately placed
Assets
Fixed income securities:	13,603	12,084
Recurring | Significant other observable inputs (Level 2) | Foreign government
Assets
Fixed income securities:	961	979
Recurring | Significant other observable inputs (Level 2) | ABS
Assets
Fixed income securities:	709	797
Recurring | Significant other observable inputs (Level 2) | MBS
Assets
Fixed income securities:	139	379
Recurring | Significant unobservable inputs (Level 3)
Assets
Fixed income securities:	371	342
Equity securities	393	371
Short-term investments	10	25
Other investments: Free-standing derivatives	0	0
Separate account assets	0	0
Other assets		0
Total assets at fair value	774	738
Liabilities
Other liabilities: Free-standing derivatives	0	0
Recurring | Significant unobservable inputs (Level 3) | U.S. government and agencies
Assets
Fixed income securities:	0	0
Recurring | Significant unobservable inputs (Level 3) | Municipal
Assets
Fixed income securities:	83	62
Recurring | Significant unobservable inputs (Level 3) | Corporate - public
Assets
Fixed income securities:	67	61
Recurring | Significant unobservable inputs (Level 3) | Corporate - privately placed
Assets
Fixed income securities:	126	114
Recurring | Significant unobservable inputs (Level 3) | Foreign government
Assets
Fixed income securities:		0
Contractholder funds: Derivatives embedded in life and annuity contracts | Recurring | Quoted prices in active markets for identical assets (Level 1)
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	0	0
Contractholder funds: Derivatives embedded in life and annuity contracts | Recurring | Significant other observable inputs (Level 2)
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	0	0
Contractholder funds: Derivatives embedded in life and annuity contracts | Recurring | Significant unobservable inputs (Level 3)
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	(488)	(462)
Fair value
Assets
Total assets at fair value	$ 77,098	$ 74,647
% of total assets at fair value	100.00%	100.00%
Liabilities
Total recurring basis liabilities	$ (589)	$ (534)
Liabilities as a percent of liabilities measured at fair value	100.00%	100.00%
Fair value | Recurring
Assets
Fixed income securities:	$ 64,448	$ 59,044
Equity securities	4,212	8,162
Short-term investments	5,344	4,256
Other investments: Free-standing derivatives	186	140
Separate account assets	2,906	3,044
Other assets	2	1
Total assets at fair value	77,098	74,647
Liabilities
Other liabilities: Free-standing derivatives	(101)	(72)
Fair value | Recurring | U.S. government and agencies
Assets
Fixed income securities:	3,519	5,086
Fair value | Recurring | Municipal
Assets
Fixed income securities:	9,285	8,620
Fair value | Recurring | Corporate - public
Assets
Fixed income securities:	36,011	30,880
Fair value | Recurring | Corporate - privately placed
Assets
Fixed income securities:	13,729	12,198
Fair value | Recurring | Foreign government
Assets
Fixed income securities:	961	979
Fair value | Recurring | ABS
Assets
Fixed income securities:	759	862
Fair value | Recurring | MBS
Assets
Fixed income securities:	184	419
Fair value | Recurring | Significant unobservable inputs (Level 3)
Assets
Other assets	0
Fair value | Recurring | Significant unobservable inputs (Level 3) | Foreign government
Assets
Fixed income securities:	0
Fair value | Recurring | Significant unobservable inputs (Level 3) | ABS
Assets
Fixed income securities:	50	65
Fair value | Recurring | Significant unobservable inputs (Level 3) | MBS
Assets
Fixed income securities:	45	40
Fair value | Contractholder funds: Derivatives embedded in life and annuity contracts | Recurring
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	(488)	(462)
Fixed Income Securities Valued Based on Nonbinding Broker Quotes
Assets
Total assets at fair value	116	50
Municipal Not Rated by Third Party Credit Rating Agencies
Assets
Total assets at fair value	$ 35	$ 36

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Quantitative information about the significant unobservable inputs used in level 3 fair value measurements (Details) - Equity-indexed and forward starting options in life and annuity product contracts - Significant unobservable inputs (Level 3) $ in Millions	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Quantitative information about the significant unobservable inputs
Fair value	$ (442)	$ (430)
Projected option cost | Weighted Average
Quantitative information about the significant unobservable inputs
Measurement Input	0.0273	0.0267
Projected option cost | Maximum
Quantitative information about the significant unobservable inputs
Measurement Input	0	0.042
Projected option cost | Minimum
Quantitative information about the significant unobservable inputs
Measurement Input	0	0.010

Fair Value of Assets and Liab_6

Fair Value of Assets and Liabilities - Rollforward of level 3 assets and liabilities held at fair value on a recurring basis during the period (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	$ 677	$ 714	$ 738	$ 697
Total gains (losses) included in: net income	16	10	(15)	36
Total gains (losses) included in: OCI	(13)	2	(15)	6
Transfers into Level 3	69	2	80	20
Transfers out of Level 3	(65)	(115)	(99)	(162)
Purchases	112	72	140	188
Sales	(21)	(72)	(22)	(165)
Issues	0	0	0	0
Settlements	(1)	(3)	(33)	(10)
Balance at end of period	774	610	774	610
Fair Value Liabilities Measured on Recurring Basis Unobservable Input Reconciliation Calculation
Balance at the beginning of the period	(417)	(251)	(462)	(224)
Total gains (losses) included in: net income	(69)	(12)	(21)	(40)
Total gains (losses) included in: OCI	0	0	0	0
Transfers into Level 3	0	(175)	0	(175)
Transfers out of Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	(7)	0	(15)	0
Settlements	5	1	10	2
Balance at the end of the period	(488)	(437)	(488)	(437)
Total	(53)	(2)	(36)	(4)
Net investment income
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Total gains (losses) included in: net income	1	5	(23)	5
Realized capital gains and losses
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Total gains (losses) included in: net income	15	5	8	31
Interest credited to contractholder funds
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Total gains (losses) included in: net income	10	(5)	(14)	3
Interest credited to contractholder funds
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Total gains (losses) included in: net income	(79)	(7)	(7)	(43)
Contractholder funds: 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	(417)	(251)	(462)	(224)
Total gains (losses) included in: net income	(69)	(12)	(21)	(40)
Total gains (losses) included in: OCI	0	0	0	0
Transfers into Level 3	0	(175)	0	(175)
Transfers out of Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	(7)	0	(15)	0
Settlements	5	1	10	2
Balance at the end of the period	(488)	(437)	(488)	(437)
Municipal
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	58	68	62	70
Total gains (losses) included in: net income	1	0	1	0
Total gains (losses) included in: OCI	2	1	2	2
Transfers into Level 3	15	0	14	0
Transfers out of Level 3	0	(5)	0	(5)
Purchases	8	0	8	0
Sales	(1)	(1)	(2)	(3)
Issues	0	0	0	0
Settlements	0	0	(2)	(1)
Balance at end of period	83	63	83	63
Corporate - public
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	60	90	61	70
Total gains (losses) included in: net income	0	0	0	0
Total gains (losses) included in: OCI	(8)	1	(8)	2
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	(40)	0	(40)
Purchases	15	0	15	20
Sales	0	(5)	0	(5)
Issues	0	0	0	0
Settlements	0	0	(1)	(1)
Balance at end of period	67	46	67	46
Corporate - privately placed
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	88	90	114	90
Total gains (losses) included in: net income	1	1	1	(1)
Total gains (losses) included in: OCI	(4)	0	(5)	2
Transfers into Level 3	11	0	11	15
Transfers out of Level 3	0	(2)	(25)	(2)
Purchases	37	1	38	1
Sales	(6)	0	(6)	(13)
Issues	0	0	0	0
Settlements	(1)	(1)	(2)	(3)
Balance at end of period	126	89	126	89
ABS
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	39	87	65	69
Total gains (losses) included in: net income	1	0	0	0
Total gains (losses) included in: OCI	(2)	0	(3)	0
Transfers into Level 3	43	1	55	1
Transfers out of Level 3	(25)	(68)	(49)	(115)
Purchases	4	46	19	124
Sales	(10)	(12)	(10)	(22)
Issues	0	0	0	0
Settlements	0	(1)	(27)	(4)
Balance at end of period	50	53	50	53
MBS
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	40	35	40	26
Total gains (losses) included in: net income	1	0	1	0
Total gains (losses) included in: OCI	(1)	0	(1)	0
Transfers into Level 3	0	1	0	4
Transfers out of Level 3	0	0	0	0
Purchases	9	0	10	6
Sales	(4)	0	(4)	0
Issues	0	0	0	0
Settlements	0	(1)	(1)	(1)
Balance at end of period	45	35	45	35
Fixed income securities
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	285	370	342	325
Total gains (losses) included in: net income	4	1	3	(1)
Total gains (losses) included in: OCI	(13)	2	(15)	6
Transfers into Level 3	69	2	80	20
Transfers out of Level 3	(25)	(115)	(74)	(162)
Purchases	73	47	90	151
Sales	(21)	(18)	(22)	(43)
Issues	0	0	0	0
Settlements	(1)	(3)	(33)	(10)
Balance at end of period	371	286	371	286
Equity securities
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	342	303	371	341
Total gains (losses) included in: net income	12	10	(18)	38
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
Purchases	39	20	40	22
Sales	0	(14)	0	(82)
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	393	319	393	319
Short-term investments
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period	50	40	25	30
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	(40)	0	(25)	0
Purchases	0	5	10	15
Sales	0	(40)	0	(40)
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	$ 10	5	$ 10	5
Free-standing derivatives, net
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation Calculation Rollforward
Balance at beginning of period		1		1
Total gains (losses) included in: net income		(1)		(1)
Total gains (losses) included in: OCI		0		0
Transfers into Level 3		0		0
Transfers out of Level 3		0		0
Purchases		0		0
Sales		0		0
Issues		0		0
Settlements		0		0
Balance at end of period		$ 0		$ 0

Fair Value of Assets and Liab_7

Fair Value of Assets and Liabilities - Change in unrealized gains and losses included in net income for level 3 assets and liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gains (losses) included in net income for Level 3 assets and liabilities:
Recurring Level 3 assets	$ 13	$ 9	$ (16)	$ 13
Gains (losses) for Level 3 liabilities still held at the balance sheet date, included in earnings	(69)	(12)	(21)	(40)
Gains (losses) for Level 3 assets and liabilities still held at the balance sheet date, included in earnings	(56)	(3)	(37)	(27)
Changes in unrealized net capital gains and losses reported in OCI	(12)		(13)
Contractholder funds: 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	(69)	(12)	(21)	(40)
Municipal
Gains (losses) included in net income for Level 3 assets and liabilities:
Recurring Level 3 assets	1	0	1	0
Changes in unrealized net capital gains and losses reported in OCI	2		2
Corporate
Gains (losses) included in net income for Level 3 assets and liabilities:
Recurring Level 3 assets	0	0	1	0
Fixed income securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Recurring Level 3 assets	1	0	2	0
Equity securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Recurring Level 3 assets	12	10	(18)	14
Free-standing derivatives, net
Gains (losses) included in net income for Level 3 assets and liabilities:
Recurring Level 3 assets	0	(1)	0	(1)
Corporate - public
Gains (losses) included in net income for Level 3 assets and liabilities:
Changes in unrealized net capital gains and losses reported in OCI	(8)		(7)
Corporate - privately placed
Gains (losses) included in net income for Level 3 assets and liabilities:
Changes in unrealized net capital gains and losses reported in OCI	(3)		(5)
ABS
Gains (losses) included in net income for Level 3 assets and liabilities:
Changes in unrealized net capital gains and losses reported in OCI	(3)		(3)
Net Investment Income
Gains (losses) included in net income for Level 3 assets and liabilities:
Recurring Level 3 assets	0	5	(23)	5
Realized capital gains (losses)
Gains (losses) included in net income for Level 3 assets and liabilities:
Recurring Level 3 assets	13	4	7	8
Life contract benefits
Gains (losses) included in net income for Level 3 assets and liabilities:
Recurring Level 3 assets	10	(5)	(14)	3
Interest credited to contractholder funds
Gains (losses) included in net income for Level 3 assets and liabilities:
Recurring Level 3 assets	$ (79)	$ (7)	$ (7)	$ (43)

Fair Value of Assets and Liab_8

Fair Value of Assets and Liabilities - Carrying values and fair value estimates of financial instruments not carried at fair value (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Financial assets
Mortgage loans, net	$ 4,774	$ 4,817
Financial liabilities
Long-term debt	6,634	6,631
Liability for collateral	1,381	1,829	$ 1,871	$ 1,458
Significant unobservable inputs (Level 3) | Amortized cost, net
Financial assets
Mortgage loans, net	4,774	4,817
Bank loans	1,118	1,204
Agent loans	649	666
Financial liabilities
Contractholder funds on investment contracts	8,080	8,438
Significant unobservable inputs (Level 3) | Fair value
Financial assets
Mortgage loans, net	5,073	5,012
Bank loans	1,107	1,185
Agent loans	658	664
Financial liabilities
Contractholder funds on investment contracts	9,318	9,158
Significant other observable inputs (Level 2) | Amortized cost, net
Financial liabilities
Long-term debt	6,634	6,631
Liability for collateral	1,381	1,829
Significant other observable inputs (Level 2) | Fair value
Financial liabilities
Long-term debt	8,037	7,738
Liability for collateral	$ 1,381	$ 1,829

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash and securities pledged as collateral by counterparties	$ 36
Securities pledged as collateral to counterparties	1
Collateral posted under MNAs for contracts containing credit-risk-contingent features	(1)	$ (3)
Cash and securities pledged in the form of margin deposits	66
Margin deposit liabilities	$ 8
Credit derivative, term	5 years

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of the volume and fair value positions of derivative instruments (Details) $ in Millions	Jun. 30, 2020USD ($)contract	Dec. 31, 2019USD ($)contract
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash and securities pledged in the form of margin deposits	$ 66
Derivatives, Fair Value
Total asset derivatives, notional amount	1,060	$ 75
Total liability derivatives, notional amount	2,771	3,403
Total derivatives, notional amount	$ 3,831	$ 3,478
Total asset derivatives, number of contracts | contract	10,663	10,740
Total liability derivatives, number of contracts | contract	9,548	6,492
Total derivatives, Number of contracts | contract	20,211	17,232
Derivative assets net amount on balance sheet	$ 196	$ 142
Asset derivatives gross amount	199	142
Asset derivatives, gross liability	(3)	0
Derivative liabilities net amount on balance sheet	(562)	(507)
Total derivatives, fair value, net	(366)	(365)
Liability derivatives, gross asset	32	39
Liability derivatives gross amount	(594)	(546)
Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	$ 1,058	$ 73
Total asset derivatives, number of contracts | contract	10,663	10,740
Derivative assets net amount on balance sheet	$ 196	$ 142
Asset derivatives gross amount	199	142
Asset derivatives, gross liability	$ (3)	$ 0
Other assets | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, number of contracts | contract	1,358	3,668
Currency Swap | Other investments | Derivatives designated as fair value accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount		$ 2
Derivative assets net amount on balance sheet		0
Asset derivatives gross amount		0
Asset derivatives, gross liability		0
Interest rate cap agreements | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	$ 33	34
Derivative liabilities net amount on balance sheet	0	0
Liability derivatives, gross asset	0	0
Liability derivatives gross amount	0	0
Futures | Other assets | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	0	0
Derivative assets net amount on balance sheet	0	0
Asset derivatives gross amount	0	0
Asset derivatives, gross liability	0	0
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	1,266	1,089
Derivative liabilities net amount on balance sheet	$ 0	$ 0
Liability derivatives, gross asset	0	0
Liability derivatives gross amount	0	0
Equity and index contracts | 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	7,881	5,400
Derivative liabilities net amount on balance sheet	$ (100)	$ (68)
Liability derivatives, gross asset	0	0
Liability derivatives gross amount	(100)	(68)
Options | 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	8,038	5,539
Derivative assets net amount on balance sheet	$ 175	$ 140
Asset derivatives gross amount	175	140
Asset derivatives, gross liability	0	0
Futures | 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	1,267	1,533
Derivative assets net amount on balance sheet	$ 2	$ 1
Asset derivatives gross amount	2	1
Asset derivatives, gross liability	0	0
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	401	3
Derivative liabilities net amount on balance sheet	$ 0	$ 0
Liability derivatives, gross asset	0	0
Liability derivatives gross amount	0	0
Total return swap agreements – fixed income | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	50	56
Derivative assets net amount on balance sheet	1	1
Asset derivatives gross amount	1	1
Asset derivatives, gross liability	0	0
Total return swap agreements – fixed income | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount		119
Derivative liabilities net amount on balance sheet		0
Liability derivatives, gross asset		0
Liability derivatives gross amount		0
Total return swap agreements – equity index | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	7
Derivative assets net amount on balance sheet	0
Asset derivatives gross amount	0
Asset derivatives, gross liability	0
Total return swap agreements – equity index | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount		187
Derivative liabilities net amount on balance sheet		11
Liability derivatives, gross asset		11
Liability derivatives gross amount		0
Foreign currency forwards | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	161
Derivative assets net amount on balance sheet	9
Asset derivatives gross amount	10
Asset derivatives, gross liability	(1)
Foreign currency forwards | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	588	745
Derivative liabilities net amount on balance sheet	28	19
Liability derivatives, gross asset	32	28
Liability derivatives gross amount	(4)	(9)
Guaranteed accumulation benefits | Contractholder funds | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	133	161
Derivative liabilities net amount on balance sheet	(26)	(18)
Liability derivatives, gross asset	0	0
Liability derivatives gross amount	(26)	(18)
Guaranteed withdrawal benefits | Contractholder funds | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	180	205
Derivative liabilities net amount on balance sheet	(20)	(14)
Liability derivatives, gross asset	0	0
Liability derivatives gross amount	(20)	(14)
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	1,774	1,791
Derivative liabilities net amount on balance sheet	(442)	(430)
Liability derivatives, gross asset	0	0
Liability derivatives gross amount	(442)	(430)
Credit default swaps – buying protection | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	88	17
Derivative assets net amount on balance sheet	0	0
Asset derivatives gross amount	2	0
Asset derivatives, gross liability	(2)	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	56	152
Derivative liabilities net amount on balance sheet	(2)	(7)
Liability derivatives, gross asset	0	0
Liability derivatives gross amount	(2)	(7)
Credit default swaps – selling protection | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	752
Derivative assets net amount on balance sheet	9
Asset derivatives gross amount	9
Asset derivatives, gross liability	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	7	9
Derivative liabilities net amount on balance sheet	0	0
Liability derivatives, gross asset	0	0
Liability derivatives gross amount	0	$ 0
Other | Other assets | Derivatives designated as fair value accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	2
Derivative assets net amount on balance sheet	0
Asset derivatives gross amount	0
Asset derivatives, gross liability	$ 0

Derivative Financial Instrume_5

Derivative Financial Instruments - Gross and net amounts for OTC derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Asset derivatives
Asset derivatives gross amount	$ 199	$ 142
Asset derivatives, gross liability	(3)	0
Derivative assets net amount on balance sheet	196	142
Liability derivatives
Liability derivatives gross amount	(594)	(546)
Liability derivatives, gross asset	32	39
Derivative liabilities net amount on balance sheet	(562)	(507)
OTC derivatives
Asset derivatives
Asset derivatives gross amount	45	40
Asset derivatives, gross liability	(35)	(39)
Derivative, collateral, right to reclaim cash	(8)	(1)
Derivative assets net amount on balance sheet	2	0
Derivative assets received under securities collateral	0	0
Derivative asset, fair value, amount offset against collateral	2	0
Liability derivatives
Liability derivatives gross amount	(9)	(16)
Liability derivatives, gross asset	35	39
Derivative liability offsets under cash collateral pledged	(27)	(27)
Derivative liabilities net amount on balance sheet	(1)	(4)
Derivative liabilities received under securities collateral	0	0
Derivative liability, fair value, amount offset against collateral	$ (1)	$ (4)

Derivative Financial Instrume_6

Derivative Financial Instruments - Gains and losses from valuation and settlements reported on derivatives not designated as accounting hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	$ 10	$ 27	$ 48	$ 6
Realized capital gains (losses)
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	18	22	106	(24)
Life contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	10	(5)	(14)	3
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	(49)	5	(30)	1
Operating costs and expenses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	31	5	(14)	26
Interest rate contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1	19	40	26
Interest rate contracts | Realized capital gains (losses)
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1	19	40	26
Interest rate contracts | Life 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
Equity and index contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	65	(1)	(2)	(20)
Equity and index contracts | Realized capital gains (losses)
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	2	(17)	30	(88)
Equity and index contracts | Life 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	32	11	(18)	42
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	31	5	(14)	26
Embedded derivative financial instruments
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	(71)	(11)	(26)	(38)
Embedded derivative financial instruments | Realized capital gains (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 contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	10	(5)	(14)	3
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	(81)	(6)	(12)	(41)
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
Foreign currency contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	(5)	5	31	10
Foreign currency contracts | Realized capital gains (losses)
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	(5)	5	31	10
Foreign currency contracts | Life 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	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	12	(1)	4	(5)
Credit default contracts | Realized capital gains (losses)
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	12	(1)	4	(5)
Credit default contracts | Life 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
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	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	0	0
Total return swaps - fixed income
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	7	8	(2)	10
Total return swaps - fixed income | Realized capital gains (losses)
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	7	8	(2)	10
Total return swaps - fixed income | Life 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
Total return swaps - fixed income | 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
Total return swaps - fixed income | 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
Total return swaps - equity index
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1	8	3	23
Total return swaps - equity index | Realized capital gains (losses)
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1	8	3	23
Total return swaps - equity index | Life 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
Total return swaps - equity index | 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
Total return swaps - equity index | 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

Derivative Financial Instrume_7

Derivative Financial Instruments - OTC derivatives counterparty credit exposure by counterparty credit rating (Details) $ in Millions	Jun. 30, 2020USD ($)counter-party	Dec. 31, 2019USD ($)counter-party
Credit Derivatives
Number of counter- parties | counter-party	5	6
Notional amount	$ 931	$ 868
Credit exposure	36	29
Exposure, net of collateral	$ 1	$ 0
A plus
Credit Derivatives
Number of counter- parties | counter-party	4	6
Notional amount	$ 744	$ 868
Credit exposure	30	29
Exposure, net of collateral	$ 1	$ 0
A
Credit Derivatives
Number of counter- parties | counter-party	1	0
Notional amount	$ 187	$ 0
Credit exposure	6	0
Exposure, net of collateral	$ 0	$ 0

Derivative Financial Instrume_8

Derivative Financial Instruments - Fair value of instruments with credit-risk-contingent features (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross liability fair value of contracts containing credit-risk-contingent features	$ 9	$ 16
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(8)	(11)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	(1)	(3)
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$ 0	$ 2

Derivative Financial Instrume_9

Derivative Financial Instruments - CDS notional amount by credit rating and fair value of protection sold (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Credit derivative, term	5 years
Notional amount	$ 3,831,000,000	$ 3,478,000,000
Credit default contracts
Derivative [Line Items]
Notional amount	759,000,000	9,000,000
Fair value	9,000,000	0
Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	9,000,000	9,000,000
Fair value	0	0
Corporate debt | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	750,000,000
Fair value	9,000,000
AAA | Credit default contracts
Derivative [Line Items]
Notional amount	6,000,000	0
AAA | Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	0	0
AAA | Corporate debt | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	6,000,000
AA | Credit default contracts
Derivative [Line Items]
Notional amount	12,000,000	0
AA | Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	0	0
AA | Corporate debt | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	12,000,000
A | Credit default contracts
Derivative [Line Items]
Notional amount	156,000,000	0
A | Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	0	0
A | Corporate debt | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	156,000,000
BBB | Credit default contracts
Derivative [Line Items]
Notional amount	498,000,000	0
BBB | Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	0	0
BBB | Corporate debt | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	498,000,000
BB and lower | Credit default contracts
Derivative [Line Items]
Notional amount	87,000,000	9,000,000
BB and lower | Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	9,000,000	$ 9,000,000
BB and lower | Corporate debt | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	$ 78,000,000

Reserve for Property and Casu_3

Reserve for Property and Casualty Insurance Claims and Claims Expense - Narrative (Details) - USD ($) $ in Millions	Jul. 01, 2020	Jun. 30, 2019	Jun. 30, 2020	Jul. 24, 2020	Jun. 20, 2020	Dec. 31, 2019
Increase (decrease) in claims and claims expense
Reserves for asbestos claims			$ 779			$ 810
Reinsurance recoverables for asbestos claims			(347)			(362)
Reserves for environmental claims			171			179
Reinsurance recoverables for environmental claims			(38)			$ (40)
Catastrophe
Increase (decrease) in claims and claims expense
Total incurred		$ (1,750)	$ (1,400)
Fire
Increase (decrease) in claims and claims expense
Catastrophe reinsurance settlement amount					$ 11,000
Subsequent Event
Increase (decrease) in claims and claims expense
Reinsurance expected recovery, percentage				80.00%
Minimum | Subsequent Event | Fire
Increase (decrease) in claims and claims expense
Total incurred	$ 400
Maximum | Subsequent Event | Fire
Increase (decrease) in claims and claims expense
Total incurred	$ 450

Reserve for Property and Casu_4

Reserve for Property and Casualty Insurance Claims and Claims Expense - Rollforward of the reserve for property and casualty insurance claims and claims expense (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Incurred claims and claims expense related to:
Prior years	$ (3)	$ (74)
Property-Liability
Activity in the reserve for property-liability insurance claims and claims expense:
Balance as of January 1	27,712	27,423
Less recoverables	(6,912)	(7,155)
Net balance as of January 1	20,800	20,268
Incurred claims and claims expense related to:
Current year	10,566	12,250
Prior years	(3)	(74)
Total incurred	10,563	12,176
Claims and claims expense paid related to:
Current year	(5,777)	(6,125)
Prior years	(5,173)	(5,237)
Total paid	(10,950)	(11,362)
Net balance as of June 30	20,413	21,082
Plus recoverables	7,013	7,023
Balance as of June 30	$ 27,426	$ 28,105

Reserve for Property and Casu_5

Reserve for Property and Casualty Insurance Claims and Claims Expense Reserve for Property and Casualty Insurance Claims and Claims Expense - Prior year reserve reestimates included in claims and claims expense (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Increase (decrease) in claims and claims expense
Prior years	$ (3)	$ (74)
Auto
Increase (decrease) in claims and claims expense
Prior years	(41)	(158)
Homeowners
Increase (decrease) in claims and claims expense
Prior years	16	57
Other personal lines
Increase (decrease) in claims and claims expense
Prior years	(8)	8
Commercial lines
Increase (decrease) in claims and claims expense
Prior years	27	17
Discontinued Lines and Coverages
Increase (decrease) in claims and claims expense
Prior years	4	5
Service Businesses
Increase (decrease) in claims and claims expense
Prior years	(1)	(3)
Non-catastrophes losses
Increase (decrease) in claims and claims expense
Prior years	(8)	(130)
Non-catastrophes losses | Auto
Increase (decrease) in claims and claims expense
Prior years	(26)	(151)
Non-catastrophes losses | Homeowners
Increase (decrease) in claims and claims expense
Prior years	(3)	0
Non-catastrophes losses | Other personal lines
Increase (decrease) in claims and claims expense
Prior years	(6)	2
Non-catastrophes losses | Commercial lines
Increase (decrease) in claims and claims expense
Prior years	24	17
Non-catastrophes losses | Discontinued Lines and Coverages
Increase (decrease) in claims and claims expense
Prior years	4	5
Non-catastrophes losses | Service Businesses
Increase (decrease) in claims and claims expense
Prior years	(1)	(3)
Catastrophe
Increase (decrease) in claims and claims expense
Prior years	5	56
Catastrophe | Auto
Increase (decrease) in claims and claims expense
Prior years	(15)	(7)
Catastrophe | Homeowners
Increase (decrease) in claims and claims expense
Prior years	19	57
Catastrophe | Other personal lines
Increase (decrease) in claims and claims expense
Prior years	(2)	6
Catastrophe | Commercial lines
Increase (decrease) in claims and claims expense
Prior years	3	0
Catastrophe | Discontinued Lines and Coverages
Increase (decrease) in claims and claims expense
Prior years	0	0
Catastrophe | Service Businesses
Increase (decrease) in claims and claims expense
Prior years	$ 0	$ 0

Reinsurance and indemnificati_3

Reinsurance and indemnification - Premiums earned and life premiums and contract charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property and casualty insurance premiums
Reinsurance
Property and casualty insurance premiums earned	$ (279)	$ (287)	$ (568)	$ (547)
Life premiums
Reinsurance
Life premiums and contract charges	$ (67)	$ (69)	$ (111)	$ (132)

Reinsurance and indemnificati_4

Reinsurance and indemnification - Claims expense, life contract benefits and interest credited to contractholder funds (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property and casualty insurance claims and claims expense
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	$ (210)	$ (158)	$ (341)	$ (249)
Life contract benefits
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	(45)	5	(136)	(18)
Interest credited to contractholder funds
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	$ (7)	$ (5)	$ (12)	$ (8)

Reinsurance and indemnificati_5

Reinsurance and indemnification Reinsurance and indemnification recoverables, net (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Reinsurance
Reinsurance and indemnification recoverables, net	$ 9,290	$ 9,211
Property-Liability
Reinsurance
Unpaid losses estimated (including IBNR)	86	112
Unpaid losses estimated (including IBNR)	7,014	6,912
Reinsurance and indemnification recoverables, net	7,100	7,024
Allstate Annuities
Reinsurance
Reinsurance and indemnification recoverables, net	1,367	1,305
Life premiums and contract charges
Reinsurance
Reinsurance and indemnification recoverables, net	737	794
Other personal lines
Reinsurance
Reinsurance and indemnification recoverables, net	$ 86	$ 88

Reinsurance and indemnificati_6

Reinsurance and indemnification Reinsurance and indemnification - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Reinsurance
Reinsurance recoverables	$ (74)	$ (74)	$ (74)	$ (74)
Property-Liability
Reinsurance
Reinsurance recoverables	(59)	(59)	(59)	(60)
Allowance for credit loss	0	1
Annuities, Life Insurance and Other
Reinsurance
Reinsurance recoverables	(15)	(15)	$ (15)	$ (14)
Allowance for credit loss	0	(1)
Scottish Re
Reinsurance
Reinsurance and indemnification recoverables, net	$ 62	$ 62			$ 70

Capital Structure (Details)

Capital Structure (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 15, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt outstanding:
Preferred stock, par value (in dollars per share)		$ 1		$ 1
Redemption of preferred stock	$ 288	$ 288	$ 0
Redemption price in excess of carrying value	$ 10
Series A Preferred Stock
Debt outstanding:
Stock redeemed (in shares)	11,500
Preferred stock, par value (in dollars per share)	$ 1
Liquidation preference per share (in dollars per shares)	$ 25,000

Company Restructuring - Narrati

Company Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring and related charges	$ 14	$ 9	$ 19	$ 27
Employee costs
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date for active programs	119		119
Exit costs
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date for active programs	$ 10		$ 10

Company Restructuring - Changes

Company Restructuring - Changes in the restructuring liability (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Restructuring Reserve
Restructuring liability as of December 31, 2019	$ 22
Expense incurred	19
Payments	(8)
Restructuring liability as of June 30, 2020	33
Employee costs
Restructuring Reserve
Restructuring liability as of December 31, 2019	14
Expense incurred	17
Payments	(6)
Restructuring liability as of June 30, 2020	25
Exit costs
Restructuring Reserve
Restructuring liability as of December 31, 2019	8
Expense incurred	2
Payments	(2)
Restructuring liability as of June 30, 2020	$ 8

Guarantees and Contingent Lia_2

Guarantees and Contingent Liabilities (Details)	6 Months Ended
	Jun. 30, 2020USD ($)
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	$ 75,000,000

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Components of net periodic cost
Costs and expenses	$ (24)	$ (21)	$ (55)	$ (30)
Remeasurement (gains) losses	73	125	391	140
Total net cost	49	104	336	110
Pension benefits
Components of net periodic cost
Service cost	25	28	53	56
Interest cost	56	62	112	127
Expected return on plan assets	(95)	(101)	(199)	(194)
Amortization of prior service credit	(14)	(14)	(28)	(28)
Costs and expenses	(28)	(25)	(62)	(39)
Remeasurement of projected benefit obligation	672	344	556	731
Remeasurement of plan assets	(623)	(225)	(189)	(616)
Remeasurement (gains) losses	49	119	367	115
Total net cost	21	94	305	76
Postretirement benefits
Components of net periodic cost
Service cost	2	2	3	4
Interest cost	3	3	6	7
Amortization of prior service credit	(1)	(1)	(2)	(2)
Costs and expenses	4	4	7	9
Remeasurement of projected benefit obligation	24	6	24	25
Remeasurement of plan assets	0	0	0	0
Remeasurement (gains) losses	24	6	24	25
Total net cost	$ 28	$ 10	$ 31	$ 34

Benefit Plans - Narrative (Deta

Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Dec. 31, 2019
Components of net periodic cost
Discount rate	$ (433)	$ (228)	$ (397)	$ (493)
Pension benefits
Components of net periodic cost
Discount rate	2.74%		2.74%		3.37%	3.31%

Benefit Plans - Pension and pos

Benefit Plans - Pension and postretirement benefits remeasurement gains and losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Retirement Benefits [Abstract]
Discount rate	$ (433)	$ (228)	$ (397)	$ (493)
Other assumptions	263	122	183	263
Remeasurement of plan assets (gains) losses	(623)	(225)	(189)	(616)
Pension and other postretirement remeasurement (gains) losses	$ 73	$ 125	$ 391	$ 140

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Other Significant Noncash Transactions [Line Items]
Transfer from Investments	$ 24	$ 179
Non-cash financing activities related to the issuance of shares for vested restricted stock units	56	48
Operating lease, payments	78	76
ROU asset obtained in exchange for operating lease liability	$ 52	521
Accounting Standards Update 2016-02
Other Significant Noncash Transactions [Line Items]
ROU asset obtained in exchange for operating lease liability		$ 488

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Activities resulting from management of proceeds (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net change in proceeds managed
Net change in fixed income securities	$ 0	$ 80
Net change in short-term investments	456	(493)
Operating cash flow provided (used)	456	(413)
Net change in cash	(8)	0
Net change in proceeds managed	448	(413)
Change in Liabilities for Collateral [Roll Forward]
Liabilities for collateral, beginning of period	(1,829)	(1,458)
Liabilities for collateral, end of period	(1,381)	(1,871)
Operating cash flow (used) provided	$ (448)	$ 413

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Pre-tax
Other comprehensive income (loss)	$ 2,624	$ 855	$ 861	$ 2,082
Tax
Other comprehensive income (loss)	(554)	(180)	(183)	(440)
After-tax
Other comprehensive income (loss)	2,070	675	678	1,642
Unrealized net holding gains and losses arising during the period, net of related offsets
Pre-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	2,796	921	1,363	2,208
Less: reclassification adjustment of realized capital gains and losses	169	57	456	108
Other comprehensive income (loss)	2,627	864	907	2,100
Tax
Unrealized net holding gains and losses arising during the period, net of related offsets	(590)	(194)	(288)	(467)
Less: reclassification adjustment of realized capital gains and losses	(35)	(12)	(96)	(23)
Other comprehensive income (loss)	(555)	(182)	(192)	(444)
After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	2,206	727	1,075	1,741
Less: reclassification adjustment of realized capital gains and losses	134	45	360	85
Other comprehensive income (loss)	2,072	682	715	1,656
Unrealized foreign currency translation adjustments
Pre-tax
Other comprehensive income (loss)	11	5	(38)	11
Tax
Other comprehensive income (loss)	(2)	(1)	8	(2)
After-tax
Other comprehensive income (loss)	9	4	(30)	9
Unamortized pension and other postretirement prior service credit
Pre-tax
Other comprehensive income (loss)	(14)	(14)	(8)	(29)
Tax
Other comprehensive income (loss)	3	3	1	6
After-tax
Other comprehensive income (loss)	$ (11)	$ (11)	$ (7)	$ (23)