The Allstate Corporation (ALL) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 26, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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		295,681,408
Entity Central Index Key	0000899051
10-K Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)	Q2
Amendment Flag	false
Common stock par value | NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	NYSE
Common stock par value | CHICAGO STOCK EXCHANGE, INC
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	CHX
Subordinated Debentures Due 2053 at 5.10 Percent | NEW YORK STOCK EXCHANGE, INC.
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
Series G Preferred Stock | NEW YORK STOCK EXCHANGE, INC.
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
Series H Preferred Stock | NEW YORK STOCK EXCHANGE, INC.
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
Series I Preferred Stock | NEW YORK STOCK EXCHANGE, INC.
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Net investment income	$ 974	$ 220	$ 1,682	$ 466
Realized capital gains (losses)	287	440	713	278
Total revenues	12,646	10,403	25,097	20,269
Costs and expenses
Property and casualty insurance claims and claims expense	7,207	5,222	13,250	10,563
Shelter-in-Place Payback expense	29	738	29	948
Accident and health insurance policy benefits	244	123	477	264
Interest credited to contractholder funds	8	9	17	18
Amortization of deferred policy acquisition costs	1,545	1,344	3,068	2,709
Operating costs and expenses	1,683	1,394	3,414	2,732
Pension and other postretirement remeasurement (gains) losses	(134)	73	(444)	391
Restructuring and related charges	71	13	122	17
Amortization of purchased intangibles	105	29	158	57
Interest expense	91	79	177	160
Total costs and expenses	10,849	9,024	20,268	17,859
Income from operations before income tax expense	1,797	1,379	4,829	2,410
Income tax expense	362	273	988	467
Net income from continuing operations	1,435	1,106	3,841	1,943
Income (loss) from discontinued operations, net of tax	196	144	(3,597)	(144)
Net income	1,631	1,250	244	1,799
Less: Net income attributable to noncontrolling interest	6	0	0	0
Net income attributable to Allstate	1,625	1,250	244	1,799
Less: Preferred stock dividends	30	26	57	62
Net income applicable to common shareholders	$ 1,595	$ 1,224	$ 187	$ 1,737
Basic
Earnings per common share - Continuing operations basic (in dollars per share)	$ 4.68	$ 3.44	$ 12.59	$ 5.96
Earnings per common share - Discontinued operations basic (in dollars per share)	0.66	0.46	(11.97)	(0.46)
Earnings per common share - Basic (in dollars per share)	5.34	3.90	0.62	5.50
Diluted
Earnings per common share - Continuing operations diluted (in dollars per share)	4.61	3.41	12.41	5.88
Earnings per common share - Discontinued operations diluted (in dollars per share)	0.65	0.45	(11.80)	(0.45)
Earnings per common share - Diluted (in dollars per share)	$ 5.26	$ 3.86	$ 0.61	$ 5.43
Weighted average common shares - Basic (in shares)	298.8	313.7	300.6	315.6
Weighted average common shares - Diluted (in shares)	303.3	317	304.9	319.8
Property and casualty insurance premiums
Revenues
Property and casualty insurance premiums	$ 10,444	$ 9,223	$ 20,751	$ 18,458
Accident and health insurance premiums and contract charges
Revenues
Insurance premiums, commissions and fees	447	263	902	545
Other revenue
Revenues
Insurance premiums, commissions and fees	$ 494	$ 257	$ 1,049	$ 522

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 1,631	$ 1,250	$ 244	$ 1,799
Changes in:
Unrealized net capital gains and losses	484	2,072	(1,016)	715
Unrealized foreign currency translation adjustments	(3)	9	31	(30)
Unamortized pension and other postretirement prior service credit	(14)	(11)	(29)	(7)
Other comprehensive income (loss), after-tax	467	2,070	(1,014)	678
Comprehensive income (loss)	2,098	3,320	(770)	2,477
Less: Comprehensive income (loss) attributable to noncontrolling interest	5	0	(1)	0
Comprehensive income (loss) applicable to Allstate	$ 2,093	$ 3,320	$ (769)	$ 2,477

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Financial Position (unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments
Fixed income securities, at fair value (amortized cost, net $41,344 and $40,034)	$ 42,825	$ 42,565
Equity securities, at fair value (cost $2,537 and $2,740)	3,059	3,168
Mortgage loans, net	786	746
Limited partnership interests	7,073	4,563
Short-term, at fair value (amortized cost $5,516 and $6,807)	5,516	6,807
Other, net	3,311	1,691
Total	62,570	59,540
Cash	656	311
Premium installment receivables, net	8,146	6,463
Deferred policy acquisition costs	4,374	3,774
Reinsurance and indemnification recoverables, net	9,497	7,215
Accrued investment income	350	371
Property and equipment, net	1,026	1,057
Goodwill	3,349	2,369
Other assets, net	5,706	2,756
Assets held for sale	36,969	42,131
Total assets	132,643	125,987
Liabilities
Reserve for property and casualty insurance claims and claims expense	31,637	27,610
Reserve for future policy benefits	1,239	1,028
Contractholder funds	858	857
Unearned premiums	18,756	15,946
Claim payments outstanding	1,040	957
Deferred income taxes	758	382
Other liabilities and accrued expenses	9,392	7,840
Long-term debt	7,996	7,825
Liabilities held for sale	32,775	33,325
Total liabilities	104,451	95,770
Commitments and Contingent Liabilities (Note 13)
Equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand shares issued and outstanding, $2,025 aggregate liquidation preference; $.01 par value, 8 million shares authorized, 200.0 thousand shares issued and outstanding, $200 aggregate liquidation preference for $200 in 2021	2,170	1,970
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 297 million and 304 million shares outstanding	9	9
Additional capital paid-in	3,668	3,498
Retained income	52,464	52,767
Treasury stock, at cost (603 million and 596 million shares)	(32,394)	(31,331)
Unrealized net capital gains and losses:
Other unrealized net capital gains and losses	2,726	3,860
Unrealized adjustment to DAC, DSI and insurance reserves	(562)	(680)
Unrealized net capital gains and losses, after-tax	2,164	3,180
Unrealized foreign currency translation adjustments	24	(7)
Unamortized pension and other postretirement prior service credit	102	131
Total accumulated other comprehensive income (“AOCI”)	2,290	3,304
Total Allstate shareholders’ equity	28,207	30,217
Noncontrolling interest	(15)	0
Total equity	28,192	30,217
Total liabilities and equity	$ 132,643	$ 125,987

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Financial Position (unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fixed income securities, at fair value, amortized cost (in dollars)	$ 41,344	$ 40,034
Equity securities, at fair value, cost (in dollars)	2,537	2,740
Short-term, at fair value, amortized cost (in dollars)	$ 5,516	$ 6,807
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	81,000
Preferred stock, shares outstanding (in shares)	81,000	81,000
Preferred stock, shares aggregate liquidation preference (in shares)	$ 2,025	$ 2,025
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	900,000,000	900,000,000
Common stock, shares outstanding (in shares)	297,000,000	304,000,000
Treasury stock, shares (in shares)	603,000,000	596,000,000
Preferred stock additional capital paid-in
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	8,000,000	8,000,000
Preferred stock, shares issued (in shares)	200,000	200,000
Preferred stock, shares outstanding (in shares)	200,000	200,000
Preferred stock, shares aggregate liquidation preference (in shares)	$ 200	$ 200

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	Retained incomeCumulative effect of change in accounting principle	Treasury stock	Accumulated other comprehensive income (loss)	Noncontrolling Interest
Increase (decrease) in equity
Total equity			$ 2,248		$ 3,463	$ 48,074	$ (88)	$ (29,746)	$ 1,950	$ 0
Balance, beginning of period at Dec. 31, 2019			2,248		3,463	48,074	(88)	(29,746)	1,950	0
Increase (decrease) in equity
Acquisition			0							0
Preferred stock redemption			(278)
Forward contract on accelerated share repurchase agreement					75
Equity incentive plans activity					3
Net income	$ 1,799					1,799				0
Dividends on common stock (declared per share of $0.81, $0.54, $1.62 and $1.08)						(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	0
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		(30,542)	2,628	0
Increase (decrease) in equity
Total equity			1,970		3,519	48,326	0	(30,209)	558	0
Balance, beginning of period at Mar. 31, 2020			1,970		3,519	48,326	0	(30,209)	558	0
Increase (decrease) in equity
Acquisition			0							0
Preferred stock redemption			0
Forward contract on accelerated share repurchase agreement					0
Equity incentive plans activity					22
Net income	1,250					1,250				0
Dividends on common stock (declared per share of $0.81, $0.54, $1.62 and $1.08)						(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	0
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		(30,542)	2,628	0
Increase (decrease) in equity
Total Allstate shareholders’ equity	26,986
Total equity	26,986	0	1,970	9	3,541	49,380		(30,542)	2,628	0
Total Allstate shareholders’ equity	30,217
Total equity	30,217		1,970		3,498	52,767	0	(31,331)	3,304	0
Balance, beginning of period at Dec. 31, 2020	30,217		1,970		3,498	52,767	0	(31,331)	3,304	0
Increase (decrease) in equity
Acquisition			450							(14)
Preferred stock redemption			(250)
Forward contract on accelerated share repurchase agreement					113
Equity incentive plans activity					57
Net income	244					244				0
Dividends on common stock (declared per share of $0.81, $0.54, $1.62 and $1.08)						(490)
Dividends on preferred stock						(57)
Shares acquired								(1,163)
Shares reissued under equity incentive plans, net								100
Change in unrealized net capital gains and losses	(1,016)								(1,016)	(1)
Change in unrealized foreign currency translation adjustments	31								31
Change in unamortized pension and other postretirement prior service credit	(29)								(29)
Balance, end of period at Jun. 30, 2021	28,192	0	2,170	9	3,668	52,464		(32,394)	2,290	(15)
Increase (decrease) in equity
Total equity			2,170		3,596	51,107	0	(31,886)	1,823	(27)
Balance, beginning of period at Mar. 31, 2021			2,170		3,596	51,107	$ 0	(31,886)	1,823	(27)
Increase (decrease) in equity
Acquisition			0							7
Preferred stock redemption			0
Forward contract on accelerated share repurchase agreement					0
Equity incentive plans activity					72
Net income	1,631					1,631				6
Dividends on common stock (declared per share of $0.81, $0.54, $1.62 and $1.08)						(244)
Dividends on preferred stock						(30)
Shares acquired								(562)
Shares reissued under equity incentive plans, net								54
Change in unrealized net capital gains and losses	484								484	(1)
Change in unrealized foreign currency translation adjustments	(3)								(3)
Change in unamortized pension and other postretirement prior service credit	(14)								(14)
Balance, end of period at Jun. 30, 2021	28,192	0	2,170	9	3,668	52,464		(32,394)	2,290	(15)
Increase (decrease) in equity
Total Allstate shareholders’ equity	28,207
Total equity	$ 28,192	$ 0	$ 2,170	$ 9	$ 3,668	$ 52,464		$ (32,394)	$ 2,290	$ (15)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Shareholders’ Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends (in USD per share)	$ 0.81	$ 0.54	$ 1.62	$ 1.08

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income	$ 244	$ 1,799
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other non-cash items	571	318
Realized capital (gains) losses	(902)	(242)
Pension and other postretirement remeasurement (gains) losses	(444)	391
Amortization of deferred gain on reinsurance	(4)	(2)
Interest credited to contractholder funds	261	332
Loss on disposition of operations, net of tax	3,971	0
Changes in:
Policy benefits and other insurance reserves	854	(594)
Unearned premiums	599	143
Deferred policy acquisition costs	(273)	(42)
Premium installment receivables, net	(335)	81
Reinsurance recoverables, net	(1,032)	(56)
Income taxes	165	257
Other operating assets and liabilities	(759)	491
Net cash provided by operating activities	2,916	2,876
Proceeds from sales
Fixed income securities	16,493	19,952
Equity securities	1,867	6,473
Limited partnership interests	352	862
Other investments	637	135
Investment collections
Fixed income securities	1,390	1,054
Mortgage loans	480	156
Other investments	243	81
Investment purchases
Fixed income securities	(16,733)	(24,214)
Equity securities	(1,322)	(2,907)
Limited partnership interests	(576)	(513)
Mortgage loans	(4)	(196)
Other investments	(1,251)	(199)
Change in short-term and other investments, net	1,941	(1,477)
Purchases of property and equipment, net	(197)	(166)
Acquisition of operations, net of cash acquired	(3,481)	1
Other	4	0
Net cash used in investing activities	(157)	(958)
Cash flows from financing activities
Redemption and repayment of long-term debt	(422)	0
Redemption of preferred stock	(250)	(288)
Contractholder fund deposits	499	494
Contractholder fund withdrawals	(711)	(791)
Dividends paid on common stock	(409)	(331)
Dividends paid on preferred stock	(57)	(56)
Treasury stock purchases	(1,031)	(821)
Shares reissued under equity incentive plans, net	85	52
Other	(26)	32
Net cash used in financing activities	(2,322)	(1,709)
Net increase in cash, including cash classified as assets held for sale	437	209
Cash from continuing operations at beginning of period	311	273
Cash classified as assets held for sale at beginning of period	66	65
Less: Cash classified as assets held for sale at end of period	158	66
Cash from continuing operations at end of period	$ 656	$ 481

General

General	6 Months Ended
	Jun. 30, 2021
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 (collectively referred to as the “Company” or “Allstate”) and variable interest entities in which the Company is considered a primary beneficiary. 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, 2021 and for the three and six month periods ended June 30, 2021 and 2020 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, 2020. 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. The Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”) The Coronavirus resulted in governments worldwide enacting emergency measures to combat the spread of the virus, including travel restrictions, government-imposed shelter-in-place orders, quarantine periods, social distancing, and restrictions on large gatherings. These measures have moderated in 2021 as vaccines have become more widely available in the United States and Canada. There is no way of predicting with certainty how long the pandemic might last. The Company continues to closely monitor and proactively adapt to developments and changing conditions. Currently, it is not possible to reliably estimate the impact to its operations, but the effects could be material. Adopted accounting standards Simplifications to the Accounting for Income Taxes Effective January 1, 2021, the Company adopted new Financial Accounting Standards Board (“FASB”) guidance which simplified the accounting for income taxes by eliminating certain exceptions and clarifying certain guidance. The adoption had an immaterial impact on the Company’s results of operations and financial position. Changes to the Disclosure Requirements for Defined Benefit Plans Effective January 1, 2021, the Company adopted new FASB guidance to modify certain annual 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 impacts of adoption are to the Company’s annual disclosures only. Significant accounting policies Consolidation of Variable Interest Entities (“VIEs”) A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not participate in the gains and losses of the entity. The Company consolidates VIEs in which the Company is deemed the primary beneficiary. The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect that entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. Discontinued Operations and Held for Sale A business is classified as held for sale when management having the authority to approve the action commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value and certain other criteria are met. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. When the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized and updated each reporting period as appropriate. The results of operations of business classified as held for sale are reported as discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results. The disposal of a reportable segment generally qualifies for discontinued operations presentation. When a business is identified for discontinued operations reporting: • Results for prior periods are retrospectively reclassified as discontinued operations • Results of operations are reported in a single line, net of tax, in the Condensed Consolidated Statements of Operations • Assets and liabilities are reported as held for sale in the Condensed Consolidated Statements of Financial Position in the period in which the business is classified as held for sale Additional details by major classification of operating results and financial position are included in Note 3. Pending accounting standards Accounting for Long-Duration Insurance Contracts In August 2018, the FASB issued guidance revising the accounting for certain long-duration insurance contracts. As disclosed in Note 3, the Company entered into agreements to sell substantially all of its life and annuity business in scope of the new standard. The Company’s reserves and deferred policy acquisition costs (“DAC”) for certain voluntary and individual life and accident and health insurance products not held for sale are subject to the new guidance. Under the new guidance, measurement assumptions, including those for mortality, morbidity and policy terminations, will be required to be reviewed at least annually, and updated as appropriate. The effects of updating 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 other comprehensive income (“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 is effective for financial statements issued for reporting periods beginning after December 15, 2022 and restatement of prior periods presented is required. The new guidance will be applied to affected contracts and DAC on the basis of existing carrying amounts at the earliest period presented. The Company is evaluating the anticipated impacts of applying the new guidance to both retained income and AOCI and does not anticipate the financial statement impact of adopting the new guidance to be material to the Company’s results of operations or financial position, assuming the dispositions of Allstate Life Insurance Company and Allstate Life Insurance Company of New York are completed.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2021
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, 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, 2021 2020 2021 2020 Numerator: Net income from continuing operations $ 1,435 $ 1,106 $ 3,841 $ 1,943 Less: Net income attributable to noncontrolling interest 6 — — — Net income from continuing operations attributable to Allstate 1,429 1,106 3,841 1,943 Less: Preferred stock dividends 30 26 57 62 Net income from continuing operations applicable to common shareholders 1,399 1,080 3,784 1,881 Income (loss) from discontinued operations, net of tax 196 144 (3,597) (144) Net income applicable to common shareholders $ 1,595 $ 1,224 $ 187 $ 1,737 Denominator: Weighted average common shares outstanding 298.8 313.7 300.6 315.6 Effect of dilutive potential common shares: Stock options 3.2 2.1 2.8 2.7 Restricted stock units (non-participating) and performance stock awards 1.3 1.2 1.5 1.5 Weighted average common and dilutive potential common shares outstanding 303.3 317.0 304.9 319.8 Earnings per common share applicable to common shareholders Basic Continuing operations $ 4.68 $ 3.44 $ 12.59 $ 5.96 Discontinued operations 0.66 0.46 (11.97) (0.46) Total $ 5.34 $ 3.90 $ 0.62 $ 5.50 Diluted Continuing operations $ 4.61 $ 3.41 $ 12.41 $ 5.88 Discontinued operations 0.65 0.45 (11.80) (0.45) Total $ 5.26 $ 3.86 $ 0.61 $ 5.43 Anti-dilutive options excluded from diluted earnings per common share 0.8 3.2 2.0 1.4

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Dispositions	Note 3 Acquisitions and Dispositions Acquisitions SafeAuto On June 1, 2021, the Company announced an agreement to acquire SafeAuto, a non-standard auto insurance carrier focused on providing state-minimum private-passenger auto insurance with coverage options in 28 states, for $270 million in cash. The transaction is expected to close in 2021, subject to regulatory approval and customary closing conditions. National General On January 4, 2021, the Company completed the acquisition of National General Holdings Corp. (“National General”), an insurance holding company serving customers predominantly through independent agents for property and casualty and accident and health products. National General provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, lender-placed, health and other niche insurance products. This acquisition will increase the Company’s market share in personal property-liability and enhance its independent agent distribution platform. Assets and liabilities recognized in the National General acquisition (1) ($ in millions) January 4, 2021 Assets Investments $ 4,958 Cash 400 Premiums and other receivables, net 1,545 Deferred acquisition costs (value of business acquired) 317 Reinsurance recoverables, net 1,219 Intangible assets 1,199 Other assets 736 Goodwill (2) 970 Total assets 11,344 Liabilities Reserve for property and casualty insurance claims and claims expense 2,765 Reserve for future policy benefits 186 Unearned premiums 2,245 Reinsurance payable 364 Debt (3) 593 Deferred tax liabilities 179 Other liabilities 701 Total liabilities $ 7,033 (1) The amounts reflect preliminary allocation of assets acquired and liabilities assumed. The acquisition date fair values of assets and liabilities, including insurance reserves and intangible assets, as well as the related estimated useful lives of intangibles, are preliminary estimates and are subject to revisions within one year of acquisition date. (2) $608 million, $21 million and $341 million of goodwill were allocated to the Allstate Protection, Protection Services and Allstate Health and Benefits segments, respectively, and is non-deductible for income tax purposes. Goodwill is primarily attributable to expected synergies and future growth opportunities. (3) Subsequent to the acquisition, the Company repaid $100 million of 7.625% Subordinated Notes and $72 million of Subordinated Debentures on February 3, 2021 and March 15, 2021, respectively. The Company had principal balance remaining of $350 million 6.750% Senior Notes due 2024 as of June 30, 2021, with a fair value adjustment of $67 million. Intangible assets by type ($ in millions) January 4, 2021 Distribution and customer relationships $ 795 Trade names 102 Licenses 97 Technology 205 Total $ 1,199 Intangible assets (reported in other assets in the Condensed Consolidated Statements of Financial Position) consist of capitalized costs, primarily of the estimated fair value of distribution, and customer relationships, trade names and licenses, technology and other assets. The estimated useful lives of these assets generally range from 3 to 10 years. The estimated fair value of distribution and customer relationship intangible assets was determined using an income approach that considered cash flows and profits expected to be generated by the acquired relationships, a weighted-average cost of capital discount rate reflecting the relative risk of achieving the anticipated cash flows, profits, the time value of money, and other relevant inputs. Technology and trade names were valued using estimated useful lives and market licensing rates discounted at a weighted-average cost of capital. Licenses are primarily insurance licenses which were valued using the median value of market transactions executed over an extended observation period. Licenses are considered to have an indefinite useful life and are reviewed for impairment at least annually or more frequently if circumstances arise that indicate an impairment may have occurred. An impairment is recognized if the carrying amount of the asset exceeds its estimated fair value. Intangible assets are carried at cost less accumulated amortization. Amortization expense is primarily calculated using accelerated amortization methods. Amortization expense on intangible assets was $76 million and $99 million for the three and six months ended June 30, 2021, respectively, and the Company expects to recognize $152 million of amortization expense for the remainder of 2021. Estimated amortization expense of National General intangible assets for the next five years and thereafter ($ in millions) 2022 $ 218 2023 185 2024 135 2025 103 2026 70 Thereafter 140 Total amortization $ 851 Value of business acquired (reported in DAC in the Condensed Consolidated Statements of Financial Position) recognized in connection with the acquisition of National General represents the value of future profits expected to be earned over the lives of the contracts acquired determined using a weighted-average cost of capital discount and other relevant assumptions. These costs are amortized over the policy term of the contracts in force at the acquisition date, generally over six Other fair value adjustments included an increase in reserves of $62 million, a $13 million reduction to investments that were not held at fair value, and a net increase in current and deferred tax liabilities of $101 million. Preferred stock Subsequent to the acquisition, the Company redeemed all outstanding shares of 7.50% Non-Cumulative Preferred Stock, Series A, par value $0.01 per share, all outstanding Depositary shares, representing 1/40th of a Share of 7.50% Non-Cumulative Preferred Stock, Series B, and the underlying shares of 7.50% Non-Cumulative Preferred Stock, Series B, par value $0.01 per share, and all outstanding shares of Fixed/Floating Rate Non-Cumulative Convertible Preferred Stock, Series D, par value $0.01 per share for a total redemption payment of $250 million. Subsequent event On July 15, 2021, the Company redeemed all outstanding Depositary shares, representing 1/40th of a share of National General’s 7.50% Noncumulative Preferred Stock, Series C, and the underlying shares of 7.50% Noncumulative Preferred Stock, Series C, par value $0.01 per share for a total redemption payment of $200 million. Transactions costs (reported in operating costs and expenses in the Condensed Consolidated Statements of Operations) of $22 million related to the acquisition were expensed as incurred in the Corporate and Other segment. Dispositions On January 26, 2021, the Company entered into a Stock Purchase Agreement with Everlake US Holdings Company (formerly Antelope US Holdings Company), an affiliate of an investment fund associated with The Blackstone Group Inc. to sell Allstate Life Insurance Company and certain affiliates for approximately $2.8 billion in cash. On March 29, 2021, the Company entered into a Stock Purchase Agreement with Wilton Reassurance Company to sell Allstate Life Insurance Company of New York for $220 million in cash. A loss on disposition of $4 billion, after-tax, was recorded in the first quarter of 2021 related to these transactions. The loss on disposition is related to the run-off annuity segment, whose returns have been low. The ultimate amount of the loss on sale will be impacted by purchase price adjustments associated with certain pre-close transactions specified in the stock purchase agreements, changes in statutory capital and surplus prior to the closing date and the closing date equity of the sold entities determined under GAAP, excluding unrealized gains and losses. The transactions are expected to close in 2021, subject to regulatory approvals and other customary closing conditions. Beginning in the first quarter of 2021, the assets and liabilities of the business were reclassified as held for sale and results are presented as discontinued operations. This change was applied on a retrospective basis. Financial results from discontinued operations Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Revenues Life premiums and contract charges $ 336 $ 341 $ 676 $ 676 Net investment income 385 189 824 364 Realized capital gains (losses) 110 264 189 (36) Total revenues 831 794 1,689 1,004 Costs and expenses Life contract benefits 386 374 796 734 Interest credited to contractholder funds 159 191 244 314 Amortization of DAC 21 5 57 41 Operating costs and expenses 51 57 106 118 Restructuring and related charges 4 1 23 2 Total costs and expenses 621 628 1,226 1,209 Amortization of deferred gain on reinsurance 2 1 4 2 Income (loss) from discontinued operations before income tax expense 212 167 467 (203) Income tax expense (benefit) 43 23 93 (59) Income (loss) from discontinued operations, net of tax 169 144 374 (144) Loss on disposition of operations 281 — (4,137) — Income tax expense (benefit) 254 — (166) — Loss on disposition, net of tax 27 — (3,971) — Income (loss) from discontinued operations, net of tax $ 196 $ 144 $ (3,597) $ (144) Major classes of assets and liabilities to be transferred in transactions ($ in millions) June 30, 2021 December 31, 2020 Assets Investments Fixed income securities, at fair value (amortized cost, net $23,968 and $21,417) $ 25,948 $ 23,789 Equity securities, at fair value (cost $1,050 and $1,113) 1,519 1,542 Mortgage loans, net 2,855 3,329 Limited partnership interests 1,746 3,046 Short-term, at fair value (amortized cost $901 and $993) 901 993 Other, net 923 1,998 Total investments 33,892 34,697 Cash 158 66 Deferred policy acquisitions costs 978 925 Reinsurance recoverables, net 1,956 2,005 Accrued investment income 242 229 Other assets 378 865 Separate accounts 3,486 3,344 Assets held for sale 41,090 42,131 Less: loss accrual 4,121 — Total assets held for sale $ 36,969 $ 42,131 Liabilities Reserve for future policy benefits $ 11,633 $ 11,740 Contractholder funds 16,025 16,356 Deferred income taxes 1,028 973 Other liabilities and accrued expenses 603 912 Separate accounts 3,486 3,344 Total liabilities held for sale $ 32,775 $ 33,325 Cash flows from discontinued operations Six months ended June 30, ($ in millions) 2021 2020 Net cash provided by operating activities from discontinued operations $ 66 $ 113 Net cash provided by investing activities from discontinued operations 317 169

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 2021
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 Run-off Property-Liability (previously Discontinued Lines and Coverages) segments and adjusted net income for the Protection Services, Allstate Health and Benefits (previously Allstate Benefits) and Corporate and Other segments. National General results are included in the following segments: • Property and casualty - Allstate Protection • Accident and health - Allstate Health and Benefits • Technology solutions - Protection Services 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 or impairment of purchased intangibles and restructuring and related charges as determined using GAAP. Adjusted net income is net income (loss) applicable to common shareholders, excluding: • Realized capital gains and losses, 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 • Business combination expenses and amortization or impairment of purchased intangibles • Income or loss from discontinued operations • 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 • Income tax expense or benefit on reconciling items A reconciliation of these measures to net income (loss) applicable to common shareholders is provided below. Reportable segments financial performance Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Underwriting income (loss) by segment Allstate Protection $ 431 $ 905 $ 2,091 $ 2,256 Run-off Property-Liability (2) (3) (5) (6) Adjusted net income (loss) by segment, after-tax Protection Services 56 38 105 75 Allstate Health and Benefits 62 5 127 29 Corporate and Other (112) (99) (235) (206) Reconciling items Property-Liability net investment income 931 178 1,604 380 Realized capital gains (losses) 287 440 713 278 Pension and other postretirement remeasurement gains (losses) 134 (73) 444 (391) Business combination expenses and amortization of purchased intangibles (1) (34) (26) (90) (53) Business combination fair value adjustment 6 — 6 — Income tax expense on reconciling items (354) (285) (976) (481) Total reconciling items 970 234 1,701 (267) Income (loss) from discontinued operations 493 167 (3,670) (203) Income tax (expense) benefit from discontinued operations (297) (23) 73 59 Total from discontinued operations $ 196 $ 144 $ (3,597) $ (144) Less: Net income (loss) attributable to noncontrolling interest 6 — — — Net income applicable to common shareholders $ 1,595 $ 1,224 $ 187 $ 1,737 (1) Excludes amortization of purchased intangibles in Property-Liability, which is included above in underwriting income. Reportable segments revenue information ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Property-Liability Insurance premiums Auto $ 6,883 $ 6,172 $ 13,692 $ 12,327 Homeowners 2,411 2,054 4,803 4,091 Other personal lines 519 478 1,024 949 Commercial lines 196 159 386 377 Allstate Protection 10,009 8,863 19,905 17,744 Run-off Property-Liability — — — — Total Property-Liability insurance premiums 10,009 8,863 19,905 17,744 Other revenue 321 206 706 419 Net investment income 931 178 1,604 380 Realized capital gains (losses) 265 382 669 279 Total Property-Liability 11,526 9,629 22,884 18,822 Protection Services Protection plans 279 219 539 425 Roadside assistance 47 44 94 95 Finance and insurance products 109 97 213 194 Intersegment premiums and service fees (1) 46 35 87 73 Other revenue 88 51 178 103 Net investment income 12 11 22 21 Realized capital gains (losses) 6 19 16 (5) Total Protection Services 587 476 1,149 906 Allstate Health and Benefits Employer voluntary benefits 255 263 518 545 Group health 87 — 170 — Individual accident and health 105 — 214 — Other revenue 83 — 163 — Net investment income 19 20 38 40 Realized capital gains (losses) 4 11 6 (3) Total Allstate Health and Benefits 553 294 1,109 582 Corporate and Other Other revenue 2 — 2 — Net investment income 12 11 18 25 Realized capital gains (losses) 12 28 22 7 Total Corporate and Other 26 39 42 32 Intersegment eliminations (1) (46) (35) (87) (73) Consolidated revenues $ 12,646 $ 10,403 $ 25,097 $ 20,269 (1) Intersegment insurance premiums and service fees are primarily related to Arity and Allstate Roadside and are eliminated in the condensed consolidated financial statements.

Investments

Investments	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Investments	Note 5 Investments Portfolio composition ($ in millions) June 30, 2021 December 31, 2020 Fixed income securities, at fair value $ 42,825 $ 42,565 Equity securities, at fair value 3,059 3,168 Mortgage loans, net 786 746 Limited partnership interests 7,073 4,563 Short-term investments, at fair value 5,516 6,807 Other, net 3,311 1,691 Total $ 62,570 $ 59,540 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, 2021 U.S. government and agencies $ 4,766 $ 24 $ (15) $ 4,775 Municipal 7,284 374 (9) 7,649 Corporate 27,196 1,167 (85) 28,278 Foreign government 994 17 (5) 1,006 ABS 1,054 13 (1) 1,066 MBS 50 1 — 51 Total fixed income securities $ 41,344 $ 1,596 $ (115) $ 42,825 December 31, 2020 U.S. government and agencies $ 2,058 $ 50 $ (1) $ 2,107 Municipal 7,100 480 (2) 7,578 Corporate 29,057 1,986 (26) 31,017 Foreign government 921 37 — 958 ABS 840 9 (3) 846 MBS 58 1 — 59 Total fixed income securities $ 40,034 $ 2,563 $ (32) $ 42,565 Scheduled maturities for fixed income securities ($ in millions) June 30, 2021 Amortized cost, net Fair value Due in one year or less $ 1,099 $ 1,111 Due after one year through five years 20,247 20,845 Due after five years through ten years 13,728 14,278 Due after ten years 5,166 5,474 40,240 41,708 ABS and MBS 1,104 1,117 Total $ 41,344 $ 42,825 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, 2021 2020 2021 2020 Fixed income securities $ 290 $ 306 $ 591 $ 604 Equity securities 13 21 27 31 Mortgage loans 12 8 22 17 Limited partnership interests 651 (117) 1,029 (194) Short-term investments 1 2 2 13 Other 48 31 89 62 Investment income, before expense 1,015 251 1,760 533 Investment expense (41) (31) (78) (67) Net investment income $ 974 $ 220 $ 1,682 $ 466 Realized capital gains (losses) by asset type ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed income securities $ 86 $ 168 $ 269 $ 542 Equity securities 152 248 316 (262) Mortgage loans 13 7 19 (3) Limited partnership interests 12 15 16 (71) Derivatives (3) 14 8 92 Other 27 (12) 85 (20) Realized capital gains (losses) $ 287 $ 440 $ 713 $ 278 Realized capital gains (losses) by transaction type ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Sales $ 115 $ 160 $ 361 $ 548 Credit losses 12 1 14 (36) Valuation of equity investments (1) 163 265 330 (326) Valuation and settlements of derivative instruments (3) 14 8 92 Realized capital gains (losses) $ 287 $ 440 $ 713 $ 278 (1) Includes valuation of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities. Gross realized gains (losses) on sales of fixed income securities ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Gross realized gains $ 111 $ 263 $ 356 $ 698 Gross realized losses (24) (94) (88) (153) 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, 2021 and 2020, respectively. Net appreciation (decline) recognized in net income ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Equity securities $ 132 $ 196 $ 226 $ (114) Limited partnership interests carried at fair value 137 (26) 278 (54) Total $ 269 $ 170 $ 504 $ (168) Credit losses recognized in net income ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Assets Fixed income securities: Corporate (1) — $ — $ (1) ABS — (2) 1 (2) MBS — 1 — — Total fixed income securities (1) (1) 1 (3) Mortgage loans 11 6 17 (3) Limited partnership interests — (1) — (6) Other investments Bank loans 3 (4) (3) (24) Agent loans (1) — (1) — Total credit losses by asset type $ 12 $ — $ 14 $ (36) Liabilities Commitments to fund commercial mortgage loans, bank loans and agent loans — 1 — — Total $ 12 $ 1 $ 14 $ (36) Unrealized net capital gains and losses included in AOCI ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) June 30, 2021 Gains Losses Fixed income securities $ 42,825 $ 1,596 $ (115) $ 1,481 Short-term investments 5,516 — — — Derivative instruments — — (3) (3) Equity method of accounting (“EMA”) limited partnerships (1) (1) Investments classified as held for sale 1,980 Unrealized net capital gains and losses, pre-tax 3,457 Amounts recognized for: Insurance reserves (2) (414) DAC and DSI (3) (298) Reclassification of noncontrolling interest 1 Amounts recognized (711) Deferred income taxes (582) Unrealized net capital gains and losses, after-tax $ 2,164 December 31, 2020 Fixed income securities $ 42,565 $ 2,563 $ (32) $ 2,531 Short-term investments 6,807 — — — Derivative instruments — — (3) (3) EMA limited partnerships (1) Investments classified as held for sale 2,369 Unrealized net capital gains and losses, pre-tax 4,896 Amounts recognized for: Insurance reserves (496) DAC and DSI (364) Amounts recognized (860) Deferred income taxes (856) Unrealized net capital gains and losses, after-tax $ 3,180 (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), which are now classified as held for sale. (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. This adjustment relates to life insurance products, which are now primarily classified as held for sale. Change in unrealized net capital gains (losses) ($ in millions) Six months ended June 30, 2021 Fixed income securities $ (1,050) Short-term investments — Derivative instruments — EMA limited partnerships — Investments classified as held for sale (389) Total (1,439) Amounts recognized for: Insurance reserves 82 DAC and DSI 66 Reclassification of noncontrolling interest 1 Amounts recognized 149 Deferred income taxes 274 Decrease in unrealized net capital gains and losses, after-tax $ (1,016) Carrying value for limited partnership interests ($ in millions) June 30, 2021 December 31, 2020 EMA Fair Value Total EMA Fair Value Total Private equity $ 4,439 $ 1,424 $ 5,863 $ 2,667 $ 988 $ 3,655 Real estate 880 59 939 623 74 697 Other (1) 271 — 271 211 — 211 Total (2) $ 5,590 $ 1,483 $ 7,073 $ 3,501 $ 1,062 $ 4,563 (1) Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities. (2) Carrying value for limited partnership interests as of June 30, 2021 includes certain investments which were classified as assets held for sale as of December 31, 2020 and March 31, 2021, and transferred to continuing operations in the first and second quarter of 2021, respectively. 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, 2021 and December 31, 2020, the fair value of short-term investments totaled $5.52 billion and $6.81 billion, respectively. Other investments Other investments primarily consist of bank loans, real estate, policy loans, agent loans and derivatives. Bank loans are primarily senior secured corporate loans and are carried at amortized cost, net. Policy loans are carried at unpaid principal balances. Real estate is carried at cost less accumulated depreciation. Agent loans are loans issued to exclusive Allstate agents and are carried at amortized cost, net. Derivatives are carried at fair value. Other investments by asset type ($ in millions) June 30, 2021 December 31, 2020 Bank loans, net $ 1,584 $ 772 Real estate 822 659 Agent loans, net 581 — Policy loans 162 181 Derivatives 47 20 Other 115 59 Total (1) $ 3,311 $ 1,691 (1) Other investments as of June 30, 2021 i ncludes certain real estate, agent loans and other investments which were classified as assets held for sale as of December 31, 2020 and transferred to continuing operations in the first quarter of 2021. 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 is 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. When 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 $323 million and $351 million as of June 30, 2021 and December 31, 2020 and is reported within the accrued investment income line of the Condensed Consolidated Statements of Financial Position. The Company monitors accrued interest and writes off amounts when they are not expected to be received. The Company’s portfolio monitoring process includes a quarterly review of all securities to identify instances where the fair value of a security compared to its amortized cost is below internally established thresholds. The process also includes the monitoring of other credit loss indicators such as ratings, ratings downgrades and payment defaults. The securities identified, in addition to other securities for which the Company may have a concern, are evaluated for potential credit losses using all reasonably available information relevant to the collectability or recovery of the security. Inherent in the Company’s evaluation of credit losses for these securities are assumptions and estimates about the financial condition and future earnings potential of the issue or issuer. Some of the factors that may be considered in evaluating whether a decline in fair value requires a credit loss allowance are: 1) the financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry specific market conditions and trends, geographic location and implications of rating agency actions and offering prices; 2) the specific reasons that a security is in an unrealized loss position, including overall market conditions which could affect liquidity; and 3) the extent to which the fair value has been less than amortized cost. Rollforward of credit loss allowance for fixed income securities Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Beginning balance $ (1) $ (4) $ (3) $ — Credit losses on securities for which credit losses not previously reported — (5) — (8) Net (increases) decreases related to credit losses previously reported (1) 1 1 — Reduction of allowance related to sales — 1 — 1 Write-offs — — — — Ending balance (1) (2) $ (2) $ (7) $ (2) $ (7) (1) Allowance for fixed income securities as of June 30, 2021 comprised $1 million and $1 million of corporate bonds and ABS, respectively. 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. (2) Includes $1 million and $4 million of credit loss allowance for fixed income securities that are classified as held for sale as of June 30, 2021 and 2020, respectively. Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position ($ 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, 2021 Fixed income securities U.S. government and agencies 109 $ 3,926 $ (15) — $ — $ — $ (15) Municipal 479 800 (9) 1 4 — (9) Corporate 749 4,868 (71) 16 61 (14) (85) Foreign government 50 224 (5) — — — (5) ABS 23 198 (1) 8 15 — (1) MBS 18 2 — 50 — — — Total fixed income securities 1,428 $ 10,018 $ (101) 75 $ 80 $ (14) $ (115) Investment grade fixed income securities 1,316 $ 9,205 $ (85) 59 $ 16 $ — $ (85) Below investment grade fixed income securities 112 813 (16) 16 64 (14) (30) Total fixed income securities 1,428 $ 10,018 $ (101) 75 $ 80 $ (14) $ (115) December 31, 2020 Fixed income securities U.S. government and agencies 26 $ 215 $ (1) — $ — $ — $ (1) Municipal 43 116 (2) — — — (2) Corporate 107 730 (21) 14 46 (5) (26) Foreign government 7 7 — — — — — ABS 21 157 (2) 12 43 (1) (3) MBS 11 — — 57 — — — Total fixed income securities 215 $ 1,225 $ (26) 83 $ 89 $ (6) $ (32) Investment grade fixed income securities 146 $ 855 $ (8) 66 $ 45 $ — $ (8) Below investment grade fixed income securities 69 370 (18) 17 44 (6) (24) Total fixed income securities 215 $ 1,225 $ (26) 83 $ 89 $ (6) $ (32) Gross unrealized losses by unrealized loss position and credit quality as of June 30, 2021 ($ in millions) Investment grade Below investment grade Total Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2) $ (85) $ (15) $ (100) Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4) — (15) (15) Total unrealized losses $ (85) $ (30) $ (115) (1) Below investment grade fixed income securities include $12 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. The 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, 2021, 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. 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, 2021, accrued interest totaled $3 million, $5 million and $2 million for mortgage loans, bank loans and agent loans, respectively. As of December 31, 2020, accrued interest totaled $2 million and $3 million for mortgage loans and bank loans, respectively. Mortgage loans When it is determined a mortgage loan shall be evaluated individually, the Company uses various methods to estimate credit losses on individual loans such as using collateral value less estimated costs to sell where applicable, including when foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. When collateral value is used, the mortgage loans may not have a credit loss allowance when the fair value of the collateral exceeds the loan’s amortized cost. An alternative approach may be utilized to estimate credit losses using the present value of the loan’s expected future repayment cash flows discounted at the loan’s current effective interest rate. Individual loan credit loss allowances are adjusted for subsequent changes in the fair value of the collateral less costs to sell, when applicable, or present value of the loan’s expected future repayment cash flows. Debt service coverage ratio is considered a key credit quality indicator when mortgage loan credit loss allowances are estimated. Debt service coverage ratio represents the amount of estimated cash flow from the property available to the borrower to meet principal and interest payment obligations. Debt service coverage ratio estimates are updated annually or more frequently if conditions are warranted based on the Company’s credit monitoring process. Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination ($ in millions) June 30, 2021 December 31, 2020 2016 and prior 2017 2018 2019 2020 Current Total Total Below 1.0 $ 9 $ — $ — $ — $ — $ — $ 9 $ — 1.0 - 1.25 29 — — 14 10 — 53 46 1.26 - 1.50 31 10 29 134 — — 204 201 Above 1.50 118 44 127 171 67 — 527 507 Amortized cost before allowance $ 187 $ 54 $ 156 $ 319 $ 77 $ — $ 793 $ 754 Allowance (7) (8) Amortized cost, net $ 786 $ 746 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 June 30, 2021 and December 31, 2020. Rollforward of credit loss allowance for mortgage loans Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Beginning balance $ (45) $ (85) $ (67) $ (3) Cumulative effect of change in accounting principle — — — (42) Net decreases (increases) related to credit losses 15 (1) 37 (41) Write-offs — — — — Ending balance (1) $ (30) $ (86) $ (30) $ (86) (1) Includes $23 million and $75 million of credit loss allowance for mortgage loans that are classified as held for sale as of June 30, 2021 and 2020, respectively. Bank loans When it is determined a bank loan shall be evaluated individually, the Company uses various methods to estimate credit losses on individual loans such as the present value of the loan’s expected future repayment cash flows discounted at the loan’s current effective interest rate. Credit ratings of the borrower are considered a key credit quality indicator when bank loan credit loss allowances are estimated. The ratings are updated quarterly and are either received from a nationally recognized rating agency or a comparable internal rating is derived if an externally provided rating is not available. The year of origination is determined to be the year in which the asset is acquired. Bank loans amortized cost by credit rating and year of origination ($ in millions) June 30, 2021 December 31, 2020 2016 and prior 2017 2018 2019 2020 Current Total Total BBB $ — $ 5 $ 7 $ 13 $ 8 $ 58 $ 91 $ 38 BB 9 17 28 28 31 443 556 168 B 2 41 70 54 94 582 843 456 CCC and below 11 23 18 49 12 25 138 161 Amortized cost before allowance $ 22 $ 86 $ 123 $ 144 $ 145 $ 1,108 $ 1,628 $ 823 Allowance (44) (51) Amortized cost, net $ 1,584 $ 772 Rollforward of credit loss allowance for bank loans ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Beginning balance $ (60) $ (79) $ (67) $ — Cumulative effect of change in accounting principle — — — (53) Net decreases (increases) related to credit losses 6 (3) 4 (30) Reduction of allowance related to sales 2 1 11 2 Write-offs — 5 — 5 Ending balance (1) $ (52) $ (76) $ (52) $ (76) (1) Includes $8 million and $20 million of credit loss allowance for bank loans that are classified as held for sale as of June 30, 2021 and 2020, respectively. Agent loans The Company 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, 2021, 84% of agent loans balance represents the top three highest credit quality categories. The allowance for agent loans totaled $6 million as of June 30, 2021. Agent loans were all classified as assets held for sale as of December 31, 2020 and transferred to continuing operations in the first quarter of 2021.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2021
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 mortgage loans, bank loans, agent loans and policy loans and are only included in the fair value hierarchy disclosure when the individual investment is reported at fair value. 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. • Assets held for sale: Comprise U.S. government and agencies, municipal, corporate, foreign government, ABS and MBS fixed income securities, equity securities, short-term investments and other investments. The valuation is based on the respective asset type as described above. • Liabilities held for sale: Comprise other liabilities, mainly free-standing exchange listed derivatives, that are not actively traded and are valued based on quoted prices for identical instruments in markets that are not active. 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, and quoted prices for identical or similar assets in markets that exhibit less liquidity relative to those markets supporting Level 2 fair value measurements. • Assets held for sale: Comprise municipal, corporate, ABS and MBS fixed income securities and equity securities. The valuation is based on the respective asset type as described above. • Liabilities held for sale: Comprise derivatives embedded in certain life and annuity contracts which are valued internally using models widely accepted in the financial services industry that determine a single best estimate of fair value for the embedded derivatives within a block of contractholder liabilities. The models primarily use stochastically determined cash flows based on the contractual elements of embedded derivatives, projected option cost and applicable market data, such as interest rate yield curves and equity index volatility assumptions. These are categorized as Level 3 as a result of the significance of non-market observable inputs. Assets measured at fair value on a non-recurring basis Long-lived assets to be disposed of by sale, including real estate, are written down to fair value less costs to sell. 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 without 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, 2021, the Company has commitments to invest $268 million in these limited partnership interests. Assets and liabilities measured at fair value June 30, 2021 ($ 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 $ 4,739 $ 36 $ — $ 4,775 Municipal — 7,631 18 7,649 Corporate - public — 18,497 20 18,517 Corporate - privately placed — 9,677 84 9,761 Foreign government — 1,006 — 1,006 ABS — 1,056 10 1,066 MBS — 28 23 51 Total fixed income securities 4,739 37,931 155 42,825 Equity securities 2,248 406 405 3,059 Short-term investments 3,515 2,001 — 5,516 Other investments — 61 3 $ (14) 50 Assets held for sale 5,984 25,888 164 (5) 32,031 Total recurring basis assets 16,486 66,287 727 (19) 83,481 Non-recurring basis — — 42 42 Total assets at fair value $ 16,486 $ 66,287 $ 769 $ (19) $ 83,523 % of total assets at fair value 19.7 % 79.4 % 0.9 % — % 100.0 % Investments reported at NAV 1,483 Assets held for sale at NAV 518 Total $ 85,524 Liabilities Other liabilities $ — $ (36) $ — $ 13 $ (23) Liabilities held for sale — (115) (490) 3 (602) Total recurring basis liabilities — (151) (490) 16 (625) Total liabilities at fair value $ — $ (151) $ (490) $ 16 $ (625) % of total liabilities at fair value — % 24.2 % 78.4 % (2.6) % 100.0 % Assets and liabilities measured at fair value December 31, 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 $ 2,061 $ 45 $ — $ 2,106 Municipal — 7,562 17 7,579 Corporate - public — 21,885 67 21,952 Corporate - privately placed — 9,002 63 9,065 Foreign government — 958 — 958 ABS — 794 52 846 MBS — 32 27 59 Total fixed income securities 2,061 40,278 226 42,565 Equity securities 2,468 396 304 3,168 Short-term investments 6,549 223 35 6,807 Other investments — 29 — $ (9) 20 Other assets 1 — — 1 Assets held for sale 6,488 23,103 267 (6) 29,852 Total recurring basis assets 17,567 64,029 832 (15) 82,413 Total assets at fair value $ 17,567 $ 64,029 $ 832 $ (15) $ 82,413 % of total assets at fair value 21.3 % 77.7 % 1.0 % — % 100.0 % Investments reported at NAV 1,062 Assets held for sale at NAV 762 Total $ 84,237 Liabilities Other liabilities $ — $ (34) $ — $ 18 $ (16) Liabilities held for sale — (119) (516) 9 (626) Total recurring basis liabilities — (153) (516) 27 (642) Total liabilities at fair value $ — $ (153) $ (516) $ 27 $ (642) % of total liabilities at fair value — % 23.8 % 80.4 % (4.2) % 100.0 % Quantitative information about the significant unobservable inputs used in Level 3 fair value measurements (1) ($ in millions) Fair value Valuation Unobservable Range Weighted June 30, 2021 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (466) Stochastic cash flow model Projected option cost 1.0 - 4.2% 2.87% December 31, 2020 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (483) Stochastic cash flow model Projected option cost 1.0 - 4.2% 2.80% (1) These were included in the liabilities held for sale as of June 30, 2021 and December 31, 2020. 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, 2021 and December 31, 2020, Level 3 fair value measurements of fixed income securities total $155 million and $226 million, respectively, and include $43 million and $69 million, respectively, of securities valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable and $16 million and $18 million, respectively, of municipal fixed income securities that are not rated by third-party credit rating agencies. As the Company does not develop the Level 3 fair value unobservable inputs for these fixed income securities, they are not included in the table above. However, an increase (decrease) in credit spreads for fixed income securities valued based on non-binding broker quotes would result in a lower (higher) fair value, and an increase (decrease) in the credit rating of municipal bonds that are not rated by third-party credit rating agencies would result in a higher (lower) fair value. Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2021 Balance as of Total gains (losses) included in: Transfers Transfers to (from) held for sale Balance as of ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 18 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 18 Corporate - public 43 — 1 — (3) — — (21) — — 20 Corporate - privately placed 105 — 2 — (27) 1 23 (20) — — 84 ABS 79 — — — (25) — — (4) — (40) 10 MBS 23 — — — — — — — — — 23 Total fixed income securities 268 — 3 — (55) 1 23 (45) — (40) 155 Equity securities 410 8 — — — 8 6 (27) — — 405 Short-term investments — — — — — — — — — — — Other investments 3 — — — — — — — — — 3 Assets held for sale 170 1 — — — (9) 7 (3) — (2) 164 Total recurring Level 3 assets 851 9 3 — (55) — 36 (75) — (42) 727 Liabilities Liabilities held for sale (463) (24) — — — — — — (8) 5 (490) Total recurring Level 3 liabilities $ (463) $ (24) $ — $ — $ — $ — $ — $ — $ (8) $ 5 $ (490) Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2021 Balance as of Total gains (losses) included in: Transfers Transfers to (from) held for sale Balance as of ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 17 $ — $ 1 $ — $ — $ — $ 3 $ — $ — $ (3) $ 18 Corporate - public 67 — (2) — — (6) 14 (53) — — 20 Corporate - privately placed 63 1 — 10 — 14 16 (20) — — 84 ABS 52 — — — (32) — 34 (4) — (40) 10 MBS 27 — — — — — — (4) — — 23 Total fixed income securities 226 1 (1) 10 (32) 8 67 (81) — (43) 155 Equity securities 304 25 — — — 100 10 (34) — — 405 Short-term investments 35 — — — — — — — — (35) — Other investments — — — — — — 3 — — — 3 Assets held for sale 267 1 1 3 (1) (108) 11 (7) — (3) 164 Total recurring Level 3 assets 832 27 — 13 (33) — 91 (122) — (81) 727 Liabilities Liabilities held for sale (516) 31 — — — — — — (16) 11 (490) Total recurring Level 3 liabilities $ (516) $ 31 $ — $ — $ — $ — $ — $ — $ (16) $ 11 $ (490) Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2020 Balance as of Total gains (losses) included in: Transfers Balance ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 19 $ — $ — $ — $ — $ 7 $ — $ — $ — $ 26 Corporate - public 36 — (8) — — 15 — — — 43 Corporate - privately placed 33 — — — — 21 (2) — — 52 ABS 32 2 (2) 43 (25) 5 (10) — — 45 MBS 35 — — — — 10 (1) — — 44 Total fixed income securities 155 2 (10) 43 (25) 58 (13) — — 210 Equity securities 239 5 — — — 29 — — — 273 Short-term investments 50 — — — (40) — — — — 10 Assets held for sale 233 9 (3) 26 — 25 (8) — (1) 281 Total recurring Level 3 assets 677 16 (13) 69 (65) 112 (21) — (1) 774 Liabilities Liabilities held for sale (417) (69) — — — — — (7) 5 (488) Total recurring Level 3 liabilities $ (417) $ (69) $ — $ — $ — $ — $ — $ (7) $ 5 $ (488) Rollforward of Level 3 assets and liabilities held at fair value during the six months period ended June 30, 2020 Balance as of Total gains (losses) included in: Transfers Balance as of ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 22 $ — $ (1) $ — $ — $ 7 $ (1) $ — $ (1) $ 26 Corporate - public 36 — (8) — — 15 — — — 43 Corporate - privately placed 32 — (1) — — 23 (2) — — 52 ABS 49 — (2) 55 (49) 19 — — (27) 45 MBS 35 — — — — 10 (1) — — 44 Total fixed income securities 174 — (12) 55 (49) 74 (4) — (28) 210 Equity securities 255 (12) — — — 30 — — — 273 Short-term investments 25 — — — (25) 10 — — — 10 Assets held for sale 284 (3) (3) 25 (25) 26 (18) — (5) 281 Total recurring Level 3 assets 738 (15) (15) 80 (99) 140 (22) — (33) 774 Liabilities Liabilities held for sale (462) (21) — — — — — (15) 10 (488) Total recurring Level 3 liabilities $ (462) $ (21) $ — $ — $ — $ — $ — $ (15) $ 10 $ (488) Total Level 3 gains (losses) included in net income Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Net investment income $ (5) $ — $ (6) $ (14) Realized capital gains (losses) 13 7 32 2 Transfers into Level 3 during the three and six months ended June 30, 2021 and 2020 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 out of Level 3 during the three and six months ended June 30, 2021 and 2020 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, 2021 2020 2021 2020 Assets Fixed income securities: Corporate - public $ — $ — $ — $ — Corporate - privately placed — — — — Total fixed income securities — — — — Equity securities $ 5 $ 5 $ 22 $ (12) Assets held for sale 1 8 1 (4) Total recurring Level 3 assets $ 6 $ 13 $ 23 $ (16) Liabilities Liabilities held for sale $ (24) $ (69) $ 31 $ (21) Total recurring Level 3 liabilities (24) (69) 31 (21) Total included in net income $ (18) $ (56) $ 54 $ (37) Components of net income Net investment income $ (5) $ — $ (6) $ (14) Realized capital gains (losses) 10 5 28 2 Total included in net income $ 5 $ 5 $ 22 $ (12) Assets Municipal $ — $ — $ 1 $ (1) Corporate - public 1 (7) (2) (7) Corporate - privately placed 2 — — (1) ABS — (3) — (2) Assets held for sale — (2) 1 (2) Changes in unrealized net capital gains and losses reported in OCI $ 3 $ (12) $ — $ (13) Financial instruments not carried at fair value ($ in millions) June 30, 2021 December 31, 2020 Financial assets Fair value level Amortized cost, net Fair value Amortized cost, net Fair value Mortgage loans Level 3 $ 786 $ 831 $ 746 $ 792 Bank loans Level 3 1,584 1,606 772 803 Agent loans Level 3 581 583 — — Assets held for sale Level 3 3,039 3,239 4,206 4,440 Financial liabilities Fair value level Carrying value (1) Fair Carrying value (1) Fair value Contractholder funds on investment contracts Level 3 $ 20 $ 20 $ — $ — Long-term debt Level 2 7,996 9,311 7,825 9,489 Liability for collateral Level 2 1,495 1,495 914 914 Liabilities held for sale (2) Level 3 7,475 8,489 8,130 9,424 (1) Represents the amounts reported on the Condensed Consolidated Statements of Financial Position. (2) Includes certain liabilities for collateral measured at Level 2 fair value as of June 30, 2021 and December 31, 2020 .

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2021
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. 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. 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 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. Assets and liabilities held for sale Asset-liability management is a risk management practice that is principally employed by the life and annuity business 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 life and annuity 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’s primary embedded derivatives are equity options in life and annuity product contracts, which provide returns linked to equity indices to contractholders. Summary of the volume and fair value positions of derivative instruments as of June 30, 2021 ($ 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 not designated as accounting hedging instruments Interest rate contracts Futures Other assets n/a 280 $ — $ — $ — Equity and index contracts Options Other investments n/a 15,061 25 25 — Futures Other assets n/a 1,183 — — — Total return index contracts Total return swap agreements – fixed income Other investments $ 50 n/a 1 1 — Foreign currency contracts Foreign currency forwards Other investments 593 n/a 6 16 (10) Embedded derivative financial instruments Other embedded derivative financial instruments Other investments 750 n/a — — — Credit default contracts Credit default swaps – buying protection Other investments 61 n/a (3) — (3) Credit default swaps – selling protection Other investments 905 n/a 19 19 — Assets held for sale 221 2,601 180 182 (2) Total asset derivatives $ 2,580 19,125 $ 228 $ 243 $ (15) Liability derivatives Derivatives not designated as accounting hedging instruments Interest rate contracts Futures Other liabilities & accrued expenses n/a 1,073 $ — $ — $ — Equity and index contracts Options Other liabilities & accrued expenses n/a 15,000 (13) — (13) Futures Other liabilities & accrued expenses n/a 693 — — — Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses $ 10 n/a — — — Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 102 n/a (10) — (10) Liabilities held for sale 2,179 2,525 (601) 2 (603) Total liability derivatives 2,291 19,291 (624) $ 2 $ (626) Total derivatives $ 4,871 38,416 $ (396) (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, 2020 ($ 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 not designated as accounting hedging instruments Interest rate contracts Futures Other assets n/a 290 $ — $ — $ — Equity and index contracts Options Other investments n/a 56 6 6 — Futures Other assets n/a 905 1 1 — Foreign currency contracts Foreign currency forwards Other investments $ 291 n/a 4 9 (5) Embedded derivative financial instruments Other embedded derivative financial instruments Other investments 750 n/a — — — Credit default contracts Credit default swaps – buying protection Other investments 60 n/a (3) — (3) Credit default swaps – selling protection Other investments 750 n/a 13 13 — Assets held for sale 158 3,189 185 189 (4) Total asset derivatives $ 2,009 4,440 $ 206 $ 218 $ (12) Liability derivatives Derivatives not designated as accounting hedging instruments Interest rate contracts Futures Other liabilities & accrued expenses n/a 705 $ — $ — $ — Equity and index contracts Futures Other liabilities & accrued expenses n/a 666 — — — Total return index contracts Total return swap agreements – fixed income Other liabilities & accrued expenses $ 50 n/a — — — Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 250 n/a (9) 1 (10) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 638 n/a (16) — (16) Credit default swaps – selling protection Other liabilities & accrued expenses 4 n/a — — — Liabilities held for sale 2,240 2,737 (630) 1 (631) Total liability derivatives 3,182 4,108 (655) $ 2 $ (657) Total derivatives $ 5,191 8,548 $ (449) 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, 2021 Asset derivatives $ 17 $ (13) $ (1) $ 3 $ — $ 3 Liability derivatives (13) 13 — — — — December 31, 2020 Asset derivatives $ 10 $ (9) $ — $ 1 $ — $ 1 Liability derivatives (19) 9 9 (1) — (1) (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) Operating costs and expenses Total gain (loss) recognized in net income on derivatives Three months ended June 30, 2021 Interest rate contracts $ 2 $ — $ 2 Equity and index contracts (6) 14 8 Foreign currency contracts (2) — (2) Credit default contracts 1 — 1 Total return swaps - fixed income 2 — 2 Total $ (3) $ 14 $ 11 Six months ended June 30, 2021 Interest rate contracts $ 1 $ — $ 1 Equity and index contracts (8) 30 22 Foreign currency contracts 8 — 8 Credit default contracts 5 — 5 Total return swaps - fixed income 2 — 2 Total $ 8 $ 30 $ 38 Three months ended June 30, 2020 Interest rate contracts $ 1 $ — $ 1 Equity and index contracts (3) 31 28 Foreign currency contracts (4) — (4) Credit default contracts 13 — 13 Total return swaps - fixed income 7 — 7 Total return swaps - equity index — — — Total $ 14 $ 31 $ 45 Six months ended June 30, 2020 Interest rate contracts $ 36 $ — $ 36 Equity and index contracts 30 (14) 16 Foreign currency contracts 21 — 21 Credit default contracts 3 — 3 Total return swaps - fixed income (2) — (2) Total return swaps - equity index 4 — 4 Total $ 92 $ (14) $ 78 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, 2021, counterparties pledged $7 million in collateral to the Company, and the Company pledged $6 million in cash and securities to counterparties which includes $3 million of collateral posted under MNAs for contracts containing credit-risk-contingent provisions that are in a liability position. The Company has not incurred any losses on derivative financial instruments due to counterparty nonperformance. Other derivatives, including futures and certain option contracts, are traded on organized exchanges which require margin deposits and guarantee the execution of trades, thereby mitigating any potential credit risk. Counterparty credit exposure represents the Company’s potential loss if all of the counterparties concurrently fail to perform under the contractual terms of the contracts and all collateral, if any, becomes worthless. This exposure is measured by the fair value of OTC derivative contracts with a positive fair value at the reporting date reduced by the effect, if any, of legally enforceable master netting agreements. OTC derivatives counterparty credit exposure by counterparty credit rating ($ in millions) June 30, 2021 December 31, 2020 Rating (1) Number of Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) Number of Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) A+ 2 $ 190 $ 6 $ 1 1 $ 186 $ 4 $ — A 1 236 3 — — — — — Total 3 $ 426 $ 9 $ 1 1 $ 186 $ 4 $ — (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, 2021, the Company pledged $56 million and received $10 million in the form of margin deposits. Market risk is the risk that the Company will incur losses due to adverse changes in market rates and prices. Market risk exists for all of the derivative financial instruments the Company currently holds, as these instruments may become less valuable due to adverse changes in market conditions. To limit this risk, the Company’s senior management has established risk control limits. In addition, changes in fair value of the derivative financial instruments that the Company uses for risk management purposes are generally offset by the change in the fair value or cash flows of the hedged risk component of the related assets, liabilities or forecasted transactions. Certain of the Company’s derivative transactions contain credit-risk-contingent termination events and cross-default provisions. Credit-risk-contingent termination events allow the counterparties to terminate the derivative agreement or a specific trade on certain dates if AIC’s financial strength credit ratings by Moody’s or S&P fall below a certain level. Credit-risk-contingent cross-default provisions allow the counterparties to terminate the derivative agreement if the Company defaults by pre-determined threshold amounts on certain debt instruments. The following summarizes the fair value of derivative instruments with termination, cross-default or collateral credit-risk-contingent features that are in a liability position, as well as the fair value of assets and collateral that are netted against the liability in accordance with provisions within legally enforceable MNAs. ($ in millions) June 30, 2021 December 31, 2020 Gross liability fair value of contracts containing credit-risk-contingent features $ 12 $ 19 Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs (9) (6) Collateral posted under MNAs for contracts containing credit-risk-contingent features (3) (13) Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently $ — $ — 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, 2021 Single name Corporate debt $ — $ — $ — $ — $ 5 $ 5 $ — Index Corporate debt 7 14 179 610 90 900 19 Total $ 7 $ 14 $ 179 $ 610 $ 95 $ 905 $ 19 December 31, 2020 Single name Corporate debt $ — $ — $ — $ — $ 4 $ 4 $ — Index Corporate debt 6 12 156 492 84 750 13 Total $ 6 $ 12 $ 156 $ 492 $ 88 $ 754 $ 13 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.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 8 Variable Interest Entities Consolidated VIEs, of which the Company is the primary beneficiary, primarily include Adirondack Insurance Exchange, a New York reciprocal insurer, and New Jersey Skylands Insurance Association, a New Jersey reciprocal insurer (together “Reciprocal Exchanges”). The Reciprocal Exchanges are insurance carriers organized as unincorporated associations. The Company does not own the equity of the Reciprocal Exchanges, which is owned by their respective policyholders. The Company manages the business operations of the Reciprocal Exchanges and has the power to direct their activities that most significantly impact their economic performance. The Company receives a management fee for the services provided to the Reciprocal Exchanges. In addition, the Company holds interests that provide capital to the Reciprocal Exchanges and would absorb any expected losses. The Company is therefore the primary beneficiary. In the event of dissolution, policyholders would share any residual unassigned surplus but are not subject to assessment for any deficit in unassigned surplus of the Reciprocal Exchanges. The assets of the Reciprocal Exchanges can be used only to settle the obligations of the Reciprocal Exchanges and general creditors have no recourse to the Company. The results of operations of the Reciprocal Exchanges are included in the Company’s Allstate Protection segment and generated $45 million and $90 million of earned premiums in the three and six months ended June 30, 2021, respectively. Assets and liabilities of Reciprocal Exchanges ($ in millions) June 30, 2021 Assets Fixed income securities $ 332 Short-term investments 23 Deferred policy acquisition costs 11 Premium installment and other receivables, net 44 Reinsurance recoverables, net 99 Other assets 99 Total assets 608 Liabilities Reserve for property and casualty insurance claims and claims expense 211 Unearned premiums 194 Other liabilities and expenses 226 Total liabilities $ 631

Reserve for Property and Casual

Reserve for Property and Casualty Insurance Claims and Claims Expense	6 Months Ended
	Jun. 30, 2021
Reserve for Property-Liability Insurance Claims and Claims Expense [Abstract]
Reserve for Property and Liability Insurance Claims and Claims Expense	Note 9 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 patterns, 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, the 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, potentially creating additional reserve variability. 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 actuarial 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 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, Run-off Property-Liability 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 Run-off Property-Liability 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, laws and regulations. Rollforward of the reserve for property and casualty insurance claims and claims expense Six months ended June 30, ($ in millions) 2021 2020 Balance as of January 1 $ 27,610 $ 27,712 Less recoverables (1) (7,033) (6,912) Net balance as of January 1 20,577 20,800 National General acquisition as of January 4, 2021 1,797 — Incurred claims and claims expense related to: Current year 13,476 10,566 Prior years (226) (3) Total incurred 13,250 10,563 Claims and claims expense paid related to: Current year (6,919) (5,777) Prior years (6,134) (5,173) Total paid (13,053) (10,950) Net balance as of June 30 22,571 20,413 Plus recoverables 9,066 7,013 Balance as of June 30 $ 31,637 $ 27,426 (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 $1.54 billion and $1.40 billion in the six months ended June 30, 2021 and 2020, respectively, net of recoverables. Catastrophes are an inherent risk of the property and casualty insurance business that have contributed to, and will continue to contribute to, material year-to-year fluctuations in the Company’s results of operations and financial position. Prior year reserve reestimates included in claims and claims expense (1) Six months ended June 30, Non-catastrophe losses Catastrophe losses Total ($ in millions) 2021 2020 2021 (2) (3) 2020 2021 2020 Auto $ (46) $ (26) $ (23) $ (15) $ (69) $ (41) Homeowners (2) (3) (171) 19 (173) 16 Other personal lines (3) (6) (14) (2) (17) (8) Commercial lines 31 24 2 3 33 27 Run-off Property-Liability 2 4 — — 2 4 Protection Services (2) (1) — — (2) (1) Total prior year reserve reestimates $ (20) $ (8) $ (206) $ 5 $ (226) $ (3) (1) Favorable reserve reestimates are shown in parentheses. (2) Includes approximately $200 million of estimated recoveries related to Nationwide Aggregate Reinsurance Program cover for aggregate catastrophe losses occurring between April 1, 2020 and December 31, 2020, which primarily impacted homeowners reestimates. (3) Includes approximately $110 million favorable subrogation settlements arising from the Woolsey wildfire, which primarily impacted homeowners reestimates.

Reinsurance and indemnification

Reinsurance and indemnification	6 Months Ended
	Jun. 30, 2021
Reinsurance Disclosures [Abstract]
Reinsurance and indemnification	Note 10 Reinsurance and indemnification Effects of reinsurance ceded and indemnification programs on property and casualty premiums earned and accident and health insurance premiums and contract charges ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Property and casualty insurance premiums earned (1) $ (538) $ (279) $ (1,046) $ (568) Accident and health insurance premiums and contract charges (24) (3) (48) (6) (1) Includes approximately $475 million of ceded premiums related to the acquisition of National General for the six months ended June 30, 2021. Effects of reinsurance ceded and indemnification programs on property and casualty insurance claims and claims expense and accident and health insurance policy benefits ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Property and casualty insurance claims and claims expense (1) $ (158) $ (210) $ (1,751) $ (341) Accident and health insurance policy benefits (26) (2) (55) (8) (1) Includes approximately $675 million, $450 million and $275 million of ceded losses related to the Nationwide Catastrophe Reinsurance Program, the Michigan Catastrophic Claims Association and the acquisition of National General, respectively, for the six months ended June 30, 2021, and $167 million of ceded losses related to the Michigan Catastrophic Claims Association for the six months ended June 30, 2020. Reinsurance and indemnification recoverables Reinsurance and indemnification recoverables, net ($ in millions) June 30, 2021 December 31, 2020 Property and casualty Paid and due from reinsurers and indemnitors $ 306 $ 101 Unpaid losses estimated (including IBNR) 9,066 7,033 Total property and casualty $ 9,372 $ 7,134 Allstate Health and Benefits 125 81 Total $ 9,497 $ 7,215 Rollforward of credit loss allowance for reinsurance recoverables ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Property and casualty (1) (2) Beginning balance $ (60) $ (59) $ (59) $ (60) (Increase) decrease in the provision for credit losses — — (1) 1 Ending balance $ (60) $ (59) $ (60) $ (59) Allstate Health and Benefits Beginning balance $ (1) $ (1) $ (1) $ (1) Increase in the provision for credit losses — — — — Write-offs — — — — Ending balance $ (1) $ (1) $ (1) $ (1) (1) Primarily related to Run-off Property-Liability reinsurance ceded. (2) Indemnification recoverables are considered collectible based on the industry pool and facility enabling legislation.

Capital Structure

Capital Structure	6 Months Ended
	Jun. 30, 2021
Capital Structure
Capital Structure	Note 11 Capital Structure Repayment of debt On March 29, 2021, the Company repaid, at maturity, $250 million of Floating Rate Senior Notes that bear interest at a floating rate equal to three-month LIBOR plus 0.43% per year.

Company Restructuring

Company Restructuring	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Company Restructuring	Note 12 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 $71 million and $13 million during the three months ended June 30, 2021 and 2020, respectively, and $122 million and $17 million during the six months ended June 30, 2021 and 2020, respectively. Restructuring expenses during the second quarter and first six months of 2021 are primarily due to the future work environment and Transformative Growth to optimize and simplify the Company’s operating model and cost structure. The estimated cost of the remaining Transformative Growth actions announced in the third quarter of 2020 was reduced by $40 million as of June 30, 2021, primarily due to lower severance costs due to attrition. The Company continues to identify ways to improve operating efficiency and reduce cost which may result in additional restructuring charges in the future. Restructuring programs ($ in millions) Future work environment Transformative Growth Expected program charges $ 110 $ 290 2020 expenses — (238) 2021 expenses (79) 1 Change in estimated program costs — (40) Remaining program charges $ 31 $ 13 These charges are primarily recorded in the Allstate Protection segment. The Company expects that a majority of these actions will be completed in 2021. Employee costs, which primarily relate to Transformative Growth, include severance and employee benefits primarily impacting claims, sales, service and support functions. Exit costs related to future work environment and Transformative Growth reflect real estate costs primarily related to accelerated amortization of right of use assets and related leasehold improvements at facilities to be vacated. Restructuring activity during the period ($ in millions) Employee costs Exit costs Total liability Restructuring liability as of December 31, 2020 $ 72 $ — $ 72 Expense incurred 50 95 145 Adjustments to liability (23) — (23) Payments and non-cash charges (35) (95) (130) Restructuring liability as of June 30, 2021 $ 64 $ — $ 64

Guarantees and Contingent Liabi

Guarantees and Contingent Liabilities	6 Months Ended
	Jun. 30, 2021
Guarantees and Contingent Liabilities
Guarantees and Contingent Liabilities	Note 13 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 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. The aggregate liability balance related to all guarantees was not material as of June 30, 2021. 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 Securities and Exchange Commission (“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 $85 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 is a pending class action, Revival Chiropractic v. Allstate Insurance Company, et al. (M.D. Fla. filed January 2019; appeal pending, 11th Circuit Court of Appeals), where the court denied class certification and plaintiff’s request to file a renewed motion for class certification. The Company is also defending litigation involving individual plaintiffs. 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 et al. v. Allstate Property and Casualty Insurance Company (N.D. Ohio filed April 2020); Huey v. Allstate Vehicle and Property Insurance Company (N.D. Miss. filed October 2019); 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); Hester v. Allstate Vehicle and Property Insurance Company (St. Clair Co., Ill. filed June 2020); Mitchell, et al. v. Allstate Vehicle and Property Insurance Company, et al. (S.D. Ala. filed August 2021). No classes have been certified in these matters. The Company is defending putative class actions pending in multiple states alleging that the Company underpays total loss vehicle physical damage claims on auto policies. The allegedly systematic underpayments result from one or more of the following theories: (a) the third party valuation tool used by the Company as part of a comprehensive adjustment process is allegedly flawed, biased, or contrary to applicable law; (b) the Company allegedly does not pay sales tax, title fees, registration fees, and/or other specified fees that are allegedly mandatory under policy language or state legal authority; or (c) after paying for the value of the loss vehicle, then the Company allegedly is not entitled to retain the residual salvage value, and the Company allegedly must pay salvage value to the owner (or if the loss vehicle is retained by the owner, then the Company allegedly may not apply any offset for the salvage value). The following cases are currently pending against the Company: Olberg v. Allstate Insurance Company, Allstate Fire and Casualty Insurance Company, and CCC Information Services, Inc. (W.D. Wash., filed April 2018); Bloomgarden v. Allstate Fire and Casualty Insurance Company (S.D. Fla., filed July 2018, dismissed August 2019, refiled on September 2019, remanded to 17th Judicial Circuit, Broward County October 2020); Erby v. Allstate Fire and Casualty Insurance Company (E.D. Pa., filed October 2018); Kronenberg v. Allstate Insurance Company and Allstate Fire and Casualty Insurance Company (E.D. N.Y., filed December 2018); Ryan v. Allstate Fire and Casualty Insurance Company (7th Judicial Circuit, Volusia County, Fla.; filed May 2019, dismissed and refiled October 2019); Durgin v. Allstate Property and Casualty Insurance Company (W.D. LA, filed June 7, 2019); Anderson v. Allstate Insurance Company (20th Judicial Circuit, Collier County, Fla.; filed August 2019); Cody v. Allstate Fire and Casualty Insurance Company and Allstate County Mutual Insurance Company (N.D. Tex., filed August 2019); Saad v. National General Insurance Company (Superior Ct., Los Angeles County, Cal.; filed May 2020); Williams v. Esurance Property and Casualty Insurance Company (C.D. Cal,; filed September 2020); Cotton v. Allstate Fire and Casualty Insurance Company (Cir. Ct. of Cook County, Chancery Div., Ill.; filed October 2020); Romaniak v. Esurance Property and Casualty Insurance Company (N.D. Ohio, filed December 2020); Keita v. Esurance Property and Casualty Insurance Company (17th Judicial Circuit, Broward County, Fla.; filed March 2021); Rawlins v. Esurance Property and Casualty Insurance Company (E.D. Missouri; filed February 2021). None of the courts in any of the pending matters has ruled on class certification. 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. The court subsequently requested supplemental briefing on the motion which concluded on February 1, 2021. On February 24, 2021, the court dismissed the second amended consolidated complaint with prejudice. Plaintiffs filed a notice of appeal on March 26, 2021 and the appeal will be fully briefed as of September 8, 2021. 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 moved to dismiss the complaint on August 24, 2020 and on December 8, 2020, the court granted defendants’ motion, and dismissed the complaint with prejudice. On January 5, 2021, plaintiff filed a motion to alter the judgment and requested leave to file an amended complaint and defendants opposed the motion. On February 10, 2021, the court denied plaintiff’s motion to alter the judgment. No appeal was filed. 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 U.S. Court of Appeals for the Seventh Circuit a petition for permission to appeal this ruling and the Seventh Circuit granted that petition on April 25, 2019. On July 16, 2020, the Seventh Circuit vacated the class certification order and remanded the matter for further consideration by the district court. Discovery in this matter concluded on October 5, 2020. On December 21, 2020, the district court again 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 January 4, 2021, defendants filed with the Seventh Circuit a petition for permission to appeal this ruling. The petition was denied on January 28, 2021. The parties concluded briefing Daubert motions on April 22, 2021.

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Benefit Plans	Note 14 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) 2021 2020 2021 2020 Pension benefits Service cost $ 25 $ 25 $ 51 $ 53 Interest cost 52 56 98 112 Expected return on plan assets (109) (95) (226) (199) Amortization of prior service credit (12) (14) (25) (28) Costs and expenses (44) (28) (102) (62) Remeasurement of projected benefit obligation 245 672 (267) 556 Remeasurement of plan assets (388) (623) (167) (189) Remeasurement (gains) losses (143) 49 (434) 367 Pension net (benefit) cost $ (187) $ 21 $ (536) $ 305 Postretirement benefits Service cost $ 1 $ 2 $ 1 $ 3 Interest cost 2 3 4 6 Amortization of prior service credit (7) (1) (13) (2) Costs and expenses (4) 4 (8) 7 Remeasurement of projected benefit obligation 9 24 (10) 24 Remeasurement of plan assets — — — — Remeasurement (gains) losses 9 24 (10) 24 Postretirement net cost (benefit) $ 5 $ 28 $ (18) $ 31 Pension and postretirement benefits Costs and expenses $ (48) $ (24) $ (110) $ (55) Remeasurement (gains) losses (134) 73 (444) 391 Total net (benefit) cost $ (182) $ 49 $ (554) $ 336 Differences 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 other postretirement service cost, interest cost, expected return on plan assets and amortization of prior service credit are reported in property and casualty insurance claims and claims expense, operating costs and expenses, net investment income and (if applicable) restructuring and related charges on the Condensed Consolidated Statement of Operations. Pension and postretirement benefits remeasurement gains and losses Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Remeasurement of projected benefit obligation (gains) losses: Discount rate $ 178 $ 433 $ (239) $ 397 Other assumptions 76 263 (38) 183 Remeasurement of plan assets (gains) losses (388) (623) (167) (189) Remeasurement (gains) losses $ (134) $ 73 $ (444) $ 391 Remeasurement gains for the second quarter of 2021 primarily related to favorable asset performance compared to the expected return on plan assets, partially offset by a decrease in the liability discount rate and changes in actuarial assumptions. Remeasurement gains in the first six months of 2021 primarily related to an increase in the liability discount rate and favorable asset performance compared to the expected return on plan assets. The weighted average discount rate used to measure the benefit obligation decreased to 2.85% at June 30, 2021 compared to 3.13% at March 31, 2021 and increased compared to 2.51% at December 31, 2020 resulting in losses for the second quarter and gains for the first six months of 2021. For the second quarter and first six months of 2021, the actual return on plan assets was higher due to strong equity performance. The increase in the second quarter of 2021 was also due to lower market yields resulting in higher fixed income valuations.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note 15 Supplemental Cash Flow Information Non-cash investing activities include $15 million and $21 million related to mergers and exchanges completed with equity securities, limited partnerships, and modification of other investments for the six months ended June 30, 2021 and 2020, respectively. Non-cash financing activities include $51 million and $56 million related to the issuance of Allstate common shares for vested equity awards for the six months ended June 30, 2021 and 2020, 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 $91 million and $78 million for the six months ended June 30, 2021 and 2020, respectively. Non-cash operating activities include $92 million and $52 million related to right-of-use (“ROU”) assets obtained in exchange for lease obligations for the six months ended June 30, 2021 and 2020, respectively. Liabilities for collateral received in conjunction with the Company’s securities lending program and OTC and cleared derivatives are reported in other liabilities and accrued expenses or other investments. The accompanying cash flows are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, as follows: ($ in millions) Six months ended June 30, 2021 2020 Net change in proceeds managed Net change in short-term investments $ (583) $ 336 Operating cash flow (used) provided (583) 336 Net change in cash 2 (8) Net change in proceeds managed $ (581) $ 328 Cash flows from operating activities Net change in liabilities Liabilities for collateral, beginning of period $ (914) $ (1,298) Liabilities for collateral, end of period (1,495) (970) Operating cash flow provided (used) $ 581 $ (328)

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other Comprehensive Income	Note 16 Other Comprehensive Income Components of other comprehensive income (loss) on a pre-tax and after-tax basis ($ in millions) Three months ended June 30, 2021 2020 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 706 $ (149) $ 557 $ 2,796 $ (590) $ 2,206 Less: reclassification adjustment of realized capital gains and losses 93 (20) 73 169 (35) 134 Unrealized net capital gains and losses 613 (129) 484 2,627 (555) 2,072 Unrealized foreign currency translation adjustments (4) 1 (3) 11 (2) 9 Unamortized pension and other postretirement prior service credit (1) (18) 4 (14) (14) 3 (11) Other comprehensive income (loss) $ 591 $ (124) $ 467 $ 2,624 $ (554) $ 2,070 Six months ended June 30, 2021 2020 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ (1,007) $ 215 $ (792) $ 1,363 $ (288) $ 1,075 Less: reclassification adjustment of realized capital gains and losses 283 (59) 224 456 (96) 360 Unrealized net capital gains and losses (1,290) 274 (1,016) 907 (192) 715 Unrealized foreign currency translation adjustments 39 (8) 31 (38) 8 (30) Unamortized pension and other postretirement prior service credit (1) (37) 8 (29) (8) 1 (7) Other comprehensive (loss) income $ (1,288) $ 274 $ (1,014) $ 861 $ (183) $ 678 (1) Represents prior service credits reclassified out of other comprehensive income and amortized into operating costs and expenses.

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2021
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 (collectively referred to as the “Company” or “Allstate”) and variable interest entities in which the Company is considered a primary beneficiary. 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, 2021 and for the three and six month periods ended June 30, 2021 and 2020 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, 2020. The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. All significant intercompany accounts and transactions have been eliminated.
Adopted accounting standards; Significant accounting policies; Pending accounting standards	Adopted accounting standards Simplifications to the Accounting for Income Taxes Effective January 1, 2021, the Company adopted new Financial Accounting Standards Board (“FASB”) guidance which simplified the accounting for income taxes by eliminating certain exceptions and clarifying certain guidance. The adoption had an immaterial impact on the Company’s results of operations and financial position. Changes to the Disclosure Requirements for Defined Benefit Plans Effective January 1, 2021, the Company adopted new FASB guidance to modify certain annual 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 impacts of adoption are to the Company’s annual disclosures only. Significant accounting policies Consolidation of Variable Interest Entities (“VIEs”) A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not participate in the gains and losses of the entity. The Company consolidates VIEs in which the Company is deemed the primary beneficiary. The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect that entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. Discontinued Operations and Held for Sale A business is classified as held for sale when management having the authority to approve the action commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value and certain other criteria are met. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. When the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized and updated each reporting period as appropriate. The results of operations of business classified as held for sale are reported as discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results. The disposal of a reportable segment generally qualifies for discontinued operations presentation. When a business is identified for discontinued operations reporting: • Results for prior periods are retrospectively reclassified as discontinued operations • Results of operations are reported in a single line, net of tax, in the Condensed Consolidated Statements of Operations • Assets and liabilities are reported as held for sale in the Condensed Consolidated Statements of Financial Position in the period in which the business is classified as held for sale Additional details by major classification of operating results and financial position are included in Note 3. Pending accounting standards Accounting for Long-Duration Insurance Contracts In August 2018, the FASB issued guidance revising the accounting for certain long-duration insurance contracts. As disclosed in Note 3, the Company entered into agreements to sell substantially all of its life and annuity business in scope of the new standard. The Company’s reserves and deferred policy acquisition costs (“DAC”) for certain voluntary and individual life and accident and health insurance products not held for sale are subject to the new guidance. Under the new guidance, measurement assumptions, including those for mortality, morbidity and policy terminations, will be required to be reviewed at least annually, and updated as appropriate. The effects of updating 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 other comprehensive income (“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 is effective for financial statements issued for reporting periods beginning after December 15, 2022 and restatement of prior periods presented is required. The new guidance will be applied to affected contracts and DAC on the basis of existing carrying amounts at the earliest period presented. The Company is evaluating the anticipated impacts of applying the new guidance to both retained income and AOCI and does not anticipate the financial statement impact of adopting the new guidance to be material to the Company’s results of operations or financial position, assuming the dispositions of Allstate Life Insurance Company and Allstate Life Insurance Company of New York are completed.
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, unvested

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 2020 2021 2020 Numerator: Net income from continuing operations $ 1,435 $ 1,106 $ 3,841 $ 1,943 Less: Net income attributable to noncontrolling interest 6 — — — Net income from continuing operations attributable to Allstate 1,429 1,106 3,841 1,943 Less: Preferred stock dividends 30 26 57 62 Net income from continuing operations applicable to common shareholders 1,399 1,080 3,784 1,881 Income (loss) from discontinued operations, net of tax 196 144 (3,597) (144) Net income applicable to common shareholders $ 1,595 $ 1,224 $ 187 $ 1,737 Denominator: Weighted average common shares outstanding 298.8 313.7 300.6 315.6 Effect of dilutive potential common shares: Stock options 3.2 2.1 2.8 2.7 Restricted stock units (non-participating) and performance stock awards 1.3 1.2 1.5 1.5 Weighted average common and dilutive potential common shares outstanding 303.3 317.0 304.9 319.8 Earnings per common share applicable to common shareholders Basic Continuing operations $ 4.68 $ 3.44 $ 12.59 $ 5.96 Discontinued operations 0.66 0.46 (11.97) (0.46) Total $ 5.34 $ 3.90 $ 0.62 $ 5.50 Diluted Continuing operations $ 4.61 $ 3.41 $ 12.41 $ 5.88 Discontinued operations 0.65 0.45 (11.80) (0.45) Total $ 5.26 $ 3.86 $ 0.61 $ 5.43 Anti-dilutive options excluded from diluted earnings per common share 0.8 3.2 2.0 1.4

Acquisitions and Dispositions (

Acquisitions and Dispositions (Table)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of recognized identified assets acquired and liabilities assumed	Assets and liabilities recognized in the National General acquisition (1) ($ in millions) January 4, 2021 Assets Investments $ 4,958 Cash 400 Premiums and other receivables, net 1,545 Deferred acquisition costs (value of business acquired) 317 Reinsurance recoverables, net 1,219 Intangible assets 1,199 Other assets 736 Goodwill (2) 970 Total assets 11,344 Liabilities Reserve for property and casualty insurance claims and claims expense 2,765 Reserve for future policy benefits 186 Unearned premiums 2,245 Reinsurance payable 364 Debt (3) 593 Deferred tax liabilities 179 Other liabilities 701 Total liabilities $ 7,033 (1) The amounts reflect preliminary allocation of assets acquired and liabilities assumed. The acquisition date fair values of assets and liabilities, including insurance reserves and intangible assets, as well as the related estimated useful lives of intangibles, are preliminary estimates and are subject to revisions within one year of acquisition date. (2) $608 million, $21 million and $341 million of goodwill were allocated to the Allstate Protection, Protection Services and Allstate Health and Benefits segments, respectively, and is non-deductible for income tax purposes. Goodwill is primarily attributable to expected synergies and future growth opportunities.
Schedule of indefinite-lived intangible assets	Intangible assets by type ($ in millions) January 4, 2021 Distribution and customer relationships $ 795 Trade names 102 Licenses 97 Technology 205 Total $ 1,199
Schedule of finite-lived intangible assets, future amortization expense	Estimated amortization expense of National General intangible assets for the next five years and thereafter ($ in millions) 2022 $ 218 2023 185 2024 135 2025 103 2026 70 Thereafter 140 Total amortization $ 851
Schedule of disposal groups, including discontinued operations	Financial results from discontinued operations Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Revenues Life premiums and contract charges $ 336 $ 341 $ 676 $ 676 Net investment income 385 189 824 364 Realized capital gains (losses) 110 264 189 (36) Total revenues 831 794 1,689 1,004 Costs and expenses Life contract benefits 386 374 796 734 Interest credited to contractholder funds 159 191 244 314 Amortization of DAC 21 5 57 41 Operating costs and expenses 51 57 106 118 Restructuring and related charges 4 1 23 2 Total costs and expenses 621 628 1,226 1,209 Amortization of deferred gain on reinsurance 2 1 4 2 Income (loss) from discontinued operations before income tax expense 212 167 467 (203) Income tax expense (benefit) 43 23 93 (59) Income (loss) from discontinued operations, net of tax 169 144 374 (144) Loss on disposition of operations 281 — (4,137) — Income tax expense (benefit) 254 — (166) — Loss on disposition, net of tax 27 — (3,971) — Income (loss) from discontinued operations, net of tax $ 196 $ 144 $ (3,597) $ (144) Major classes of assets and liabilities to be transferred in transactions ($ in millions) June 30, 2021 December 31, 2020 Assets Investments Fixed income securities, at fair value (amortized cost, net $23,968 and $21,417) $ 25,948 $ 23,789 Equity securities, at fair value (cost $1,050 and $1,113) 1,519 1,542 Mortgage loans, net 2,855 3,329 Limited partnership interests 1,746 3,046 Short-term, at fair value (amortized cost $901 and $993) 901 993 Other, net 923 1,998 Total investments 33,892 34,697 Cash 158 66 Deferred policy acquisitions costs 978 925 Reinsurance recoverables, net 1,956 2,005 Accrued investment income 242 229 Other assets 378 865 Separate accounts 3,486 3,344 Assets held for sale 41,090 42,131 Less: loss accrual 4,121 — Total assets held for sale $ 36,969 $ 42,131 Liabilities Reserve for future policy benefits $ 11,633 $ 11,740 Contractholder funds 16,025 16,356 Deferred income taxes 1,028 973 Other liabilities and accrued expenses 603 912 Separate accounts 3,486 3,344 Total liabilities held for sale $ 32,775 $ 33,325 Cash flows from discontinued operations Six months ended June 30, ($ in millions) 2021 2020 Net cash provided by operating activities from discontinued operations $ 66 $ 113 Net cash provided by investing activities from discontinued operations 317 169

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of business segments net income disclosures	Reportable segments financial performance Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Underwriting income (loss) by segment Allstate Protection $ 431 $ 905 $ 2,091 $ 2,256 Run-off Property-Liability (2) (3) (5) (6) Adjusted net income (loss) by segment, after-tax Protection Services 56 38 105 75 Allstate Health and Benefits 62 5 127 29 Corporate and Other (112) (99) (235) (206) Reconciling items Property-Liability net investment income 931 178 1,604 380 Realized capital gains (losses) 287 440 713 278 Pension and other postretirement remeasurement gains (losses) 134 (73) 444 (391) Business combination expenses and amortization of purchased intangibles (1) (34) (26) (90) (53) Business combination fair value adjustment 6 — 6 — Income tax expense on reconciling items (354) (285) (976) (481) Total reconciling items 970 234 1,701 (267) Income (loss) from discontinued operations 493 167 (3,670) (203) Income tax (expense) benefit from discontinued operations (297) (23) 73 59 Total from discontinued operations $ 196 $ 144 $ (3,597) $ (144) Less: Net income (loss) attributable to noncontrolling interest 6 — — — Net income applicable to common shareholders $ 1,595 $ 1,224 $ 187 $ 1,737 (1) Excludes amortization of purchased intangibles in Property-Liability, which is included above in underwriting income.
Schedule of business segments revenue disclosures	Reportable segments revenue information ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Property-Liability Insurance premiums Auto $ 6,883 $ 6,172 $ 13,692 $ 12,327 Homeowners 2,411 2,054 4,803 4,091 Other personal lines 519 478 1,024 949 Commercial lines 196 159 386 377 Allstate Protection 10,009 8,863 19,905 17,744 Run-off Property-Liability — — — — Total Property-Liability insurance premiums 10,009 8,863 19,905 17,744 Other revenue 321 206 706 419 Net investment income 931 178 1,604 380 Realized capital gains (losses) 265 382 669 279 Total Property-Liability 11,526 9,629 22,884 18,822 Protection Services Protection plans 279 219 539 425 Roadside assistance 47 44 94 95 Finance and insurance products 109 97 213 194 Intersegment premiums and service fees (1) 46 35 87 73 Other revenue 88 51 178 103 Net investment income 12 11 22 21 Realized capital gains (losses) 6 19 16 (5) Total Protection Services 587 476 1,149 906 Allstate Health and Benefits Employer voluntary benefits 255 263 518 545 Group health 87 — 170 — Individual accident and health 105 — 214 — Other revenue 83 — 163 — Net investment income 19 20 38 40 Realized capital gains (losses) 4 11 6 (3) Total Allstate Health and Benefits 553 294 1,109 582 Corporate and Other Other revenue 2 — 2 — Net investment income 12 11 18 25 Realized capital gains (losses) 12 28 22 7 Total Corporate and Other 26 39 42 32 Intersegment eliminations (1) (46) (35) (87) (73) Consolidated revenues $ 12,646 $ 10,403 $ 25,097 $ 20,269 (1) Intersegment insurance premiums and service fees are primarily related to Arity and Allstate Roadside and are eliminated in the condensed consolidated financial statements.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Portfolio composition	Portfolio composition ($ in millions) June 30, 2021 December 31, 2020 Fixed income securities, at fair value $ 42,825 $ 42,565 Equity securities, at fair value 3,059 3,168 Mortgage loans, net 786 746 Limited partnership interests 7,073 4,563 Short-term investments, at fair value 5,516 6,807 Other, net 3,311 1,691 Total $ 62,570 $ 59,540
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, 2021 U.S. government and agencies $ 4,766 $ 24 $ (15) $ 4,775 Municipal 7,284 374 (9) 7,649 Corporate 27,196 1,167 (85) 28,278 Foreign government 994 17 (5) 1,006 ABS 1,054 13 (1) 1,066 MBS 50 1 — 51 Total fixed income securities $ 41,344 $ 1,596 $ (115) $ 42,825 December 31, 2020 U.S. government and agencies $ 2,058 $ 50 $ (1) $ 2,107 Municipal 7,100 480 (2) 7,578 Corporate 29,057 1,986 (26) 31,017 Foreign government 921 37 — 958 ABS 840 9 (3) 846 MBS 58 1 — 59 Total fixed income securities $ 40,034 $ 2,563 $ (32) $ 42,565
Schedule for fixed income securities based on contractual maturities	Scheduled maturities for fixed income securities ($ in millions) June 30, 2021 Amortized cost, net Fair value Due in one year or less $ 1,099 $ 1,111 Due after one year through five years 20,247 20,845 Due after five years through ten years 13,728 14,278 Due after ten years 5,166 5,474 40,240 41,708 ABS and MBS 1,104 1,117 Total $ 41,344 $ 42,825
Schedule of net investment income	Net investment income ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed income securities $ 290 $ 306 $ 591 $ 604 Equity securities 13 21 27 31 Mortgage loans 12 8 22 17 Limited partnership interests 651 (117) 1,029 (194) Short-term investments 1 2 2 13 Other 48 31 89 62 Investment income, before expense 1,015 251 1,760 533 Investment expense (41) (31) (78) (67) Net investment income $ 974 $ 220 $ 1,682 $ 466
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, 2021 2020 2021 2020 Fixed income securities $ 86 $ 168 $ 269 $ 542 Equity securities 152 248 316 (262) Mortgage loans 13 7 19 (3) Limited partnership interests 12 15 16 (71) Derivatives (3) 14 8 92 Other 27 (12) 85 (20) Realized capital gains (losses) $ 287 $ 440 $ 713 $ 278
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, 2021 2020 2021 2020 Sales $ 115 $ 160 $ 361 $ 548 Credit losses 12 1 14 (36) Valuation of equity investments (1) 163 265 330 (326) Valuation and settlements of derivative instruments (3) 14 8 92 Realized capital gains (losses) $ 287 $ 440 $ 713 $ 278 (1) Includes valuation of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Gross realized gains (losses) on sales of fixed income securities	Gross realized gains (losses) on sales of fixed income securities ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Gross realized gains $ 111 $ 263 $ 356 $ 698 Gross realized losses (24) (94) (88) (153)
Valuation changes included in net income for investments	Net appreciation (decline) recognized in net income ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Equity securities $ 132 $ 196 $ 226 $ (114) Limited partnership interests carried at fair value 137 (26) 278 (54) Total $ 269 $ 170 $ 504 $ (168)
Schedule of credit losses on fixed income securities recognized in earnings	Credit losses recognized in net income ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Assets Fixed income securities: Corporate (1) — $ — $ (1) ABS — (2) 1 (2) MBS — 1 — — Total fixed income securities (1) (1) 1 (3) Mortgage loans 11 6 17 (3) Limited partnership interests — (1) — (6) Other investments Bank loans 3 (4) (3) (24) Agent loans (1) — (1) — Total credit losses by asset type $ 12 $ — $ 14 $ (36) Liabilities Commitments to fund commercial mortgage loans, bank loans and agent loans — 1 — — Total $ 12 $ 1 $ 14 $ (36)
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, 2021 Gains Losses Fixed income securities $ 42,825 $ 1,596 $ (115) $ 1,481 Short-term investments 5,516 — — — Derivative instruments — — (3) (3) Equity method of accounting (“EMA”) limited partnerships (1) (1) Investments classified as held for sale 1,980 Unrealized net capital gains and losses, pre-tax 3,457 Amounts recognized for: Insurance reserves (2) (414) DAC and DSI (3) (298) Reclassification of noncontrolling interest 1 Amounts recognized (711) Deferred income taxes (582) Unrealized net capital gains and losses, after-tax $ 2,164 December 31, 2020 Fixed income securities $ 42,565 $ 2,563 $ (32) $ 2,531 Short-term investments 6,807 — — — Derivative instruments — — (3) (3) EMA limited partnerships (1) Investments classified as held for sale 2,369 Unrealized net capital gains and losses, pre-tax 4,896 Amounts recognized for: Insurance reserves (496) DAC and DSI (364) Amounts recognized (860) Deferred income taxes (856) Unrealized net capital gains and losses, after-tax $ 3,180 (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), which are now classified as held for sale. (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. This adjustment relates to life insurance products, which are now primarily classified as held for sale.
Schedule of change in unrealized net capital gains and losses	Change in unrealized net capital gains (losses) ($ in millions) Six months ended June 30, 2021 Fixed income securities $ (1,050) Short-term investments — Derivative instruments — EMA limited partnerships — Investments classified as held for sale (389) Total (1,439) Amounts recognized for: Insurance reserves 82 DAC and DSI 66 Reclassification of noncontrolling interest 1 Amounts recognized 149 Deferred income taxes 274 Decrease in unrealized net capital gains and losses, after-tax $ (1,016)
Carrying value for limited partnership interests	Carrying value for limited partnership interests ($ in millions) June 30, 2021 December 31, 2020 EMA Fair Value Total EMA Fair Value Total Private equity $ 4,439 $ 1,424 $ 5,863 $ 2,667 $ 988 $ 3,655 Real estate 880 59 939 623 74 697 Other (1) 271 — 271 211 — 211 Total (2) $ 5,590 $ 1,483 $ 7,073 $ 3,501 $ 1,062 $ 4,563 (1) Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities. (2) Carrying value for limited partnership interests as of June 30, 2021 includes certain investments which were classified as assets held for sale as of December 31, 2020 and March 31, 2021, and transferred to continuing operations in the first and second quarter of 2021, respectively.
Schedule of other investments by type	Other investments by asset type ($ in millions) June 30, 2021 December 31, 2020 Bank loans, net $ 1,584 $ 772 Real estate 822 659 Agent loans, net 581 — Policy loans 162 181 Derivatives 47 20 Other 115 59 Total (1) $ 3,311 $ 1,691 (1) Other investments as of June 30, 2021 i ncludes certain real estate, agent loans and other investments which were classified as assets held for sale as of December 31, 2020 and transferred to continuing operations in the first quarter of 2021.
Allowance for credit loss	Rollforward of credit loss allowance for fixed income securities Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Beginning balance $ (1) $ (4) $ (3) $ — Credit losses on securities for which credit losses not previously reported — (5) — (8) Net (increases) decreases related to credit losses previously reported (1) 1 1 — Reduction of allowance related to sales — 1 — 1 Write-offs — — — — Ending balance (1) (2) $ (2) $ (7) $ (2) $ (7) (1) Allowance for fixed income securities as of June 30, 2021 comprised $1 million and $1 million of corporate bonds and ABS, respectively. 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. (2) Includes $1 million and $4 million of credit loss allowance for fixed income securities that are classified as held for sale as of June 30, 2021 and 2020, respectively. Rollforward of credit loss allowance for mortgage loans Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Beginning balance $ (45) $ (85) $ (67) $ (3) Cumulative effect of change in accounting principle — — — (42) Net decreases (increases) related to credit losses 15 (1) 37 (41) Write-offs — — — — Ending balance (1) $ (30) $ (86) $ (30) $ (86) (1) Includes $23 million and $75 million of credit loss allowance for mortgage loans that are classified as held for sale as of June 30, 2021 and 2020, respectively. Rollforward of credit loss allowance for bank loans ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Beginning balance $ (60) $ (79) $ (67) $ — Cumulative effect of change in accounting principle — — — (53) Net decreases (increases) related to credit losses 6 (3) 4 (30) Reduction of allowance related to sales 2 1 11 2 Write-offs — 5 — 5 Ending balance (1) $ (52) $ (76) $ (52) $ (76) (1) Includes $8 million and $20 million of credit loss allowance for bank loans that are classified as held for sale as of June 30, 2021 and 2020, respectively.
Schedule of gross unrealized losses and fair value of available for sale securities by length of time	Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position ($ 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, 2021 Fixed income securities U.S. government and agencies 109 $ 3,926 $ (15) — $ — $ — $ (15) Municipal 479 800 (9) 1 4 — (9) Corporate 749 4,868 (71) 16 61 (14) (85) Foreign government 50 224 (5) — — — (5) ABS 23 198 (1) 8 15 — (1) MBS 18 2 — 50 — — — Total fixed income securities 1,428 $ 10,018 $ (101) 75 $ 80 $ (14) $ (115) Investment grade fixed income securities 1,316 $ 9,205 $ (85) 59 $ 16 $ — $ (85) Below investment grade fixed income securities 112 813 (16) 16 64 (14) (30) Total fixed income securities 1,428 $ 10,018 $ (101) 75 $ 80 $ (14) $ (115) December 31, 2020 Fixed income securities U.S. government and agencies 26 $ 215 $ (1) — $ — $ — $ (1) Municipal 43 116 (2) — — — (2) Corporate 107 730 (21) 14 46 (5) (26) Foreign government 7 7 — — — — — ABS 21 157 (2) 12 43 (1) (3) MBS 11 — — 57 — — — Total fixed income securities 215 $ 1,225 $ (26) 83 $ 89 $ (6) $ (32) Investment grade fixed income securities 146 $ 855 $ (8) 66 $ 45 $ — $ (8) Below investment grade fixed income securities 69 370 (18) 17 44 (6) (24) Total fixed income securities 215 $ 1,225 $ (26) 83 $ 89 $ (6) $ (32)
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, 2021 ($ in millions) Investment grade Below investment grade Total Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2) $ (85) $ (15) $ (100) Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4) — (15) (15) Total unrealized losses $ (85) $ (30) $ (115) (1) Below investment grade fixed income securities include $12 million that have been in an unrealized loss position for less than twelve months. (2) Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses. (3) No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months. (4) Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination	Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination ($ in millions) June 30, 2021 December 31, 2020 2016 and prior 2017 2018 2019 2020 Current Total Total Below 1.0 $ 9 $ — $ — $ — $ — $ — $ 9 $ — 1.0 - 1.25 29 — — 14 10 — 53 46 1.26 - 1.50 31 10 29 134 — — 204 201 Above 1.50 118 44 127 171 67 — 527 507 Amortized cost before allowance $ 187 $ 54 $ 156 $ 319 $ 77 $ — $ 793 $ 754 Allowance (7) (8) Amortized cost, net $ 786 $ 746
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, 2021 December 31, 2020 2016 and prior 2017 2018 2019 2020 Current Total Total BBB $ — $ 5 $ 7 $ 13 $ 8 $ 58 $ 91 $ 38 BB 9 17 28 28 31 443 556 168 B 2 41 70 54 94 582 843 456 CCC and below 11 23 18 49 12 25 138 161 Amortized cost before allowance $ 22 $ 86 $ 123 $ 144 $ 145 $ 1,108 $ 1,628 $ 823 Allowance (44) (51) Amortized cost, net $ 1,584 $ 772

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 ($ 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 $ 4,739 $ 36 $ — $ 4,775 Municipal — 7,631 18 7,649 Corporate - public — 18,497 20 18,517 Corporate - privately placed — 9,677 84 9,761 Foreign government — 1,006 — 1,006 ABS — 1,056 10 1,066 MBS — 28 23 51 Total fixed income securities 4,739 37,931 155 42,825 Equity securities 2,248 406 405 3,059 Short-term investments 3,515 2,001 — 5,516 Other investments — 61 3 $ (14) 50 Assets held for sale 5,984 25,888 164 (5) 32,031 Total recurring basis assets 16,486 66,287 727 (19) 83,481 Non-recurring basis — — 42 42 Total assets at fair value $ 16,486 $ 66,287 $ 769 $ (19) $ 83,523 % of total assets at fair value 19.7 % 79.4 % 0.9 % — % 100.0 % Investments reported at NAV 1,483 Assets held for sale at NAV 518 Total $ 85,524 Liabilities Other liabilities $ — $ (36) $ — $ 13 $ (23) Liabilities held for sale — (115) (490) 3 (602) Total recurring basis liabilities — (151) (490) 16 (625) Total liabilities at fair value $ — $ (151) $ (490) $ 16 $ (625) % of total liabilities at fair value — % 24.2 % 78.4 % (2.6) % 100.0 % Assets and liabilities measured at fair value December 31, 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 $ 2,061 $ 45 $ — $ 2,106 Municipal — 7,562 17 7,579 Corporate - public — 21,885 67 21,952 Corporate - privately placed — 9,002 63 9,065 Foreign government — 958 — 958 ABS — 794 52 846 MBS — 32 27 59 Total fixed income securities 2,061 40,278 226 42,565 Equity securities 2,468 396 304 3,168 Short-term investments 6,549 223 35 6,807 Other investments — 29 — $ (9) 20 Other assets 1 — — 1 Assets held for sale 6,488 23,103 267 (6) 29,852 Total recurring basis assets 17,567 64,029 832 (15) 82,413 Total assets at fair value $ 17,567 $ 64,029 $ 832 $ (15) $ 82,413 % of total assets at fair value 21.3 % 77.7 % 1.0 % — % 100.0 % Investments reported at NAV 1,062 Assets held for sale at NAV 762 Total $ 84,237 Liabilities Other liabilities $ — $ (34) $ — $ 18 $ (16) Liabilities held for sale — (119) (516) 9 (626) Total recurring basis liabilities — (153) (516) 27 (642) Total liabilities at fair value $ — $ (153) $ (516) $ 27 $ (642) % of total liabilities at fair value — % 23.8 % 80.4 % (4.2) % 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 (1) ($ in millions) Fair value Valuation Unobservable Range Weighted June 30, 2021 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (466) Stochastic cash flow model Projected option cost 1.0 - 4.2% 2.87% December 31, 2020 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (483) Stochastic cash flow model Projected option cost 1.0 - 4.2% 2.80% (1) These were included in the liabilities held for sale as of June 30, 2021 and December 31, 2020.
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, 2021 Balance as of Total gains (losses) included in: Transfers Transfers to (from) held for sale Balance as of ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 18 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 18 Corporate - public 43 — 1 — (3) — — (21) — — 20 Corporate - privately placed 105 — 2 — (27) 1 23 (20) — — 84 ABS 79 — — — (25) — — (4) — (40) 10 MBS 23 — — — — — — — — — 23 Total fixed income securities 268 — 3 — (55) 1 23 (45) — (40) 155 Equity securities 410 8 — — — 8 6 (27) — — 405 Short-term investments — — — — — — — — — — — Other investments 3 — — — — — — — — — 3 Assets held for sale 170 1 — — — (9) 7 (3) — (2) 164 Total recurring Level 3 assets 851 9 3 — (55) — 36 (75) — (42) 727 Liabilities Liabilities held for sale (463) (24) — — — — — — (8) 5 (490) Total recurring Level 3 liabilities $ (463) $ (24) $ — $ — $ — $ — $ — $ — $ (8) $ 5 $ (490) Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2021 Balance as of Total gains (losses) included in: Transfers Transfers to (from) held for sale Balance as of ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 17 $ — $ 1 $ — $ — $ — $ 3 $ — $ — $ (3) $ 18 Corporate - public 67 — (2) — — (6) 14 (53) — — 20 Corporate - privately placed 63 1 — 10 — 14 16 (20) — — 84 ABS 52 — — — (32) — 34 (4) — (40) 10 MBS 27 — — — — — — (4) — — 23 Total fixed income securities 226 1 (1) 10 (32) 8 67 (81) — (43) 155 Equity securities 304 25 — — — 100 10 (34) — — 405 Short-term investments 35 — — — — — — — — (35) — Other investments — — — — — — 3 — — — 3 Assets held for sale 267 1 1 3 (1) (108) 11 (7) — (3) 164 Total recurring Level 3 assets 832 27 — 13 (33) — 91 (122) — (81) 727 Liabilities Liabilities held for sale (516) 31 — — — — — — (16) 11 (490) Total recurring Level 3 liabilities $ (516) $ 31 $ — $ — $ — $ — $ — $ — $ (16) $ 11 $ (490) Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2020 Balance as of Total gains (losses) included in: Transfers Balance ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 19 $ — $ — $ — $ — $ 7 $ — $ — $ — $ 26 Corporate - public 36 — (8) — — 15 — — — 43 Corporate - privately placed 33 — — — — 21 (2) — — 52 ABS 32 2 (2) 43 (25) 5 (10) — — 45 MBS 35 — — — — 10 (1) — — 44 Total fixed income securities 155 2 (10) 43 (25) 58 (13) — — 210 Equity securities 239 5 — — — 29 — — — 273 Short-term investments 50 — — — (40) — — — — 10 Assets held for sale 233 9 (3) 26 — 25 (8) — (1) 281 Total recurring Level 3 assets 677 16 (13) 69 (65) 112 (21) — (1) 774 Liabilities Liabilities held for sale (417) (69) — — — — — (7) 5 (488) Total recurring Level 3 liabilities $ (417) $ (69) $ — $ — $ — $ — $ — $ (7) $ 5 $ (488) Rollforward of Level 3 assets and liabilities held at fair value during the six months period ended June 30, 2020 Balance as of Total gains (losses) included in: Transfers Balance as of ($ in millions) Net income OCI Into Level 3 Out of Level 3 Purchases Sales Issues Settlements Assets Fixed income securities: Municipal $ 22 $ — $ (1) $ — $ — $ 7 $ (1) $ — $ (1) $ 26 Corporate - public 36 — (8) — — 15 — — — 43 Corporate - privately placed 32 — (1) — — 23 (2) — — 52 ABS 49 — (2) 55 (49) 19 — — (27) 45 MBS 35 — — — — 10 (1) — — 44 Total fixed income securities 174 — (12) 55 (49) 74 (4) — (28) 210 Equity securities 255 (12) — — — 30 — — — 273 Short-term investments 25 — — — (25) 10 — — — 10 Assets held for sale 284 (3) (3) 25 (25) 26 (18) — (5) 281 Total recurring Level 3 assets 738 (15) (15) 80 (99) 140 (22) — (33) 774 Liabilities Liabilities held for sale (462) (21) — — — — — (15) 10 (488) Total recurring Level 3 liabilities $ (462) $ (21) $ — $ — $ — $ — $ — $ (15) $ 10 $ (488) Total Level 3 gains (losses) included in net income Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Net investment income $ (5) $ — $ (6) $ (14) Realized capital gains (losses) 13 7 32 2
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, 2021 2020 2021 2020 Assets Fixed income securities: Corporate - public $ — $ — $ — $ — Corporate - privately placed — — — — Total fixed income securities — — — — Equity securities $ 5 $ 5 $ 22 $ (12) Assets held for sale 1 8 1 (4) Total recurring Level 3 assets $ 6 $ 13 $ 23 $ (16) Liabilities Liabilities held for sale $ (24) $ (69) $ 31 $ (21) Total recurring Level 3 liabilities (24) (69) 31 (21) Total included in net income $ (18) $ (56) $ 54 $ (37) Components of net income Net investment income $ (5) $ — $ (6) $ (14) Realized capital gains (losses) 10 5 28 2 Total included in net income $ 5 $ 5 $ 22 $ (12) Assets Municipal $ — $ — $ 1 $ (1) Corporate - public 1 (7) (2) (7) Corporate - privately placed 2 — — (1) ABS — (3) — (2) Assets held for sale — (2) 1 (2) Changes in unrealized net capital gains and losses reported in OCI $ 3 $ (12) $ — $ (13)
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, 2021 December 31, 2020 Financial assets Fair value level Amortized cost, net Fair value Amortized cost, net Fair value Mortgage loans Level 3 $ 786 $ 831 $ 746 $ 792 Bank loans Level 3 1,584 1,606 772 803 Agent loans Level 3 581 583 — — Assets held for sale Level 3 3,039 3,239 4,206 4,440 Financial liabilities Fair value level Carrying value (1) Fair Carrying value (1) Fair value Contractholder funds on investment contracts Level 3 $ 20 $ 20 $ — $ — Long-term debt Level 2 7,996 9,311 7,825 9,489 Liability for collateral Level 2 1,495 1,495 914 914 Liabilities held for sale (2) Level 3 7,475 8,489 8,130 9,424 (1) Represents the amounts reported on the Condensed Consolidated Statements of Financial Position. (2) Includes certain liabilities for collateral measured at Level 2 fair value as of June 30, 2021 and December 31, 2020 .

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 ($ 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 not designated as accounting hedging instruments Interest rate contracts Futures Other assets n/a 280 $ — $ — $ — Equity and index contracts Options Other investments n/a 15,061 25 25 — Futures Other assets n/a 1,183 — — — Total return index contracts Total return swap agreements – fixed income Other investments $ 50 n/a 1 1 — Foreign currency contracts Foreign currency forwards Other investments 593 n/a 6 16 (10) Embedded derivative financial instruments Other embedded derivative financial instruments Other investments 750 n/a — — — Credit default contracts Credit default swaps – buying protection Other investments 61 n/a (3) — (3) Credit default swaps – selling protection Other investments 905 n/a 19 19 — Assets held for sale 221 2,601 180 182 (2) Total asset derivatives $ 2,580 19,125 $ 228 $ 243 $ (15) Liability derivatives Derivatives not designated as accounting hedging instruments Interest rate contracts Futures Other liabilities & accrued expenses n/a 1,073 $ — $ — $ — Equity and index contracts Options Other liabilities & accrued expenses n/a 15,000 (13) — (13) Futures Other liabilities & accrued expenses n/a 693 — — — Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses $ 10 n/a — — — Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 102 n/a (10) — (10) Liabilities held for sale 2,179 2,525 (601) 2 (603) Total liability derivatives 2,291 19,291 (624) $ 2 $ (626) Total derivatives $ 4,871 38,416 $ (396) (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, 2020 ($ 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 not designated as accounting hedging instruments Interest rate contracts Futures Other assets n/a 290 $ — $ — $ — Equity and index contracts Options Other investments n/a 56 6 6 — Futures Other assets n/a 905 1 1 — Foreign currency contracts Foreign currency forwards Other investments $ 291 n/a 4 9 (5) Embedded derivative financial instruments Other embedded derivative financial instruments Other investments 750 n/a — — — Credit default contracts Credit default swaps – buying protection Other investments 60 n/a (3) — (3) Credit default swaps – selling protection Other investments 750 n/a 13 13 — Assets held for sale 158 3,189 185 189 (4) Total asset derivatives $ 2,009 4,440 $ 206 $ 218 $ (12) Liability derivatives Derivatives not designated as accounting hedging instruments Interest rate contracts Futures Other liabilities & accrued expenses n/a 705 $ — $ — $ — Equity and index contracts Futures Other liabilities & accrued expenses n/a 666 — — — Total return index contracts Total return swap agreements – fixed income Other liabilities & accrued expenses $ 50 n/a — — — Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 250 n/a (9) 1 (10) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 638 n/a (16) — (16) Credit default swaps – selling protection Other liabilities & accrued expenses 4 n/a — — — Liabilities held for sale 2,240 2,737 (630) 1 (631) Total liability derivatives 3,182 4,108 (655) $ 2 $ (657) Total derivatives $ 5,191 8,548 $ (449)
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, 2021 Asset derivatives $ 17 $ (13) $ (1) $ 3 $ — $ 3 Liability derivatives (13) 13 — — — — December 31, 2020 Asset derivatives $ 10 $ (9) $ — $ 1 $ — $ 1 Liability derivatives (19) 9 9 (1) — (1) (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) Operating costs and expenses Total gain (loss) recognized in net income on derivatives Three months ended June 30, 2021 Interest rate contracts $ 2 $ — $ 2 Equity and index contracts (6) 14 8 Foreign currency contracts (2) — (2) Credit default contracts 1 — 1 Total return swaps - fixed income 2 — 2 Total $ (3) $ 14 $ 11 Six months ended June 30, 2021 Interest rate contracts $ 1 $ — $ 1 Equity and index contracts (8) 30 22 Foreign currency contracts 8 — 8 Credit default contracts 5 — 5 Total return swaps - fixed income 2 — 2 Total $ 8 $ 30 $ 38 Three months ended June 30, 2020 Interest rate contracts $ 1 $ — $ 1 Equity and index contracts (3) 31 28 Foreign currency contracts (4) — (4) Credit default contracts 13 — 13 Total return swaps - fixed income 7 — 7 Total return swaps - equity index — — — Total $ 14 $ 31 $ 45 Six months ended June 30, 2020 Interest rate contracts $ 36 $ — $ 36 Equity and index contracts 30 (14) 16 Foreign currency contracts 21 — 21 Credit default contracts 3 — 3 Total return swaps - fixed income (2) — (2) Total return swaps - equity index 4 — 4 Total $ 92 $ (14) $ 78
Counterparty credit exposure by counterparty credit rating	OTC derivatives counterparty credit exposure by counterparty credit rating ($ in millions) June 30, 2021 December 31, 2020 Rating (1) Number of Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) Number of Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) A+ 2 $ 190 $ 6 $ 1 1 $ 186 $ 4 $ — A 1 236 3 — — — — — Total 3 $ 426 $ 9 $ 1 1 $ 186 $ 4 $ — (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, 2021 December 31, 2020 Gross liability fair value of contracts containing credit-risk-contingent features $ 12 $ 19 Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs (9) (6) Collateral posted under MNAs for contracts containing credit-risk-contingent features (3) (13) Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently $ — $ —
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, 2021 Single name Corporate debt $ — $ — $ — $ — $ 5 $ 5 $ — Index Corporate debt 7 14 179 610 90 900 19 Total $ 7 $ 14 $ 179 $ 610 $ 95 $ 905 $ 19 December 31, 2020 Single name Corporate debt $ — $ — $ — $ — $ 4 $ 4 $ — Index Corporate debt 6 12 156 492 84 750 13 Total $ 6 $ 12 $ 156 $ 492 $ 88 $ 754 $ 13

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of variable interest entities	Assets and liabilities of Reciprocal Exchanges ($ in millions) June 30, 2021 Assets Fixed income securities $ 332 Short-term investments 23 Deferred policy acquisition costs 11 Premium installment and other receivables, net 44 Reinsurance recoverables, net 99 Other assets 99 Total assets 608 Liabilities Reserve for property and casualty insurance claims and claims expense 211 Unearned premiums 194 Other liabilities and expenses 226 Total liabilities $ 631

Reserve for Property and Casu_2

Reserve for Property and Casualty Insurance Claims and Claims Expense (Tables)	6 Months Ended
	Jun. 30, 2021
Reserve for Property-Liability Insurance Claims and Claims Expense [Abstract]
Schedule of liability for unpaid claims and claims adjustment expense	Rollforward of the reserve for property and casualty insurance claims and claims expense Six months ended June 30, ($ in millions) 2021 2020 Balance as of January 1 $ 27,610 $ 27,712 Less recoverables (1) (7,033) (6,912) Net balance as of January 1 20,577 20,800 National General acquisition as of January 4, 2021 1,797 — Incurred claims and claims expense related to: Current year 13,476 10,566 Prior years (226) (3) Total incurred 13,250 10,563 Claims and claims expense paid related to: Current year (6,919) (5,777) Prior years (6,134) (5,173) Total paid (13,053) (10,950) Net balance as of June 30 22,571 20,413 Plus recoverables 9,066 7,013 Balance as of June 30 $ 31,637 $ 27,426 (1) Recoverables comprises reinsurance and indemnification recoverables. Prior year reserve reestimates included in claims and claims expense (1) Six months ended June 30, Non-catastrophe losses Catastrophe losses Total ($ in millions) 2021 2020 2021 (2) (3) 2020 2021 2020 Auto $ (46) $ (26) $ (23) $ (15) $ (69) $ (41) Homeowners (2) (3) (171) 19 (173) 16 Other personal lines (3) (6) (14) (2) (17) (8) Commercial lines 31 24 2 3 33 27 Run-off Property-Liability 2 4 — — 2 4 Protection Services (2) (1) — — (2) (1) Total prior year reserve reestimates $ (20) $ (8) $ (206) $ 5 $ (226) $ (3) (1) Favorable reserve reestimates are shown in parentheses. (2) Includes approximately $200 million of estimated recoveries related to Nationwide Aggregate Reinsurance Program cover for aggregate catastrophe losses occurring between April 1, 2020 and December 31, 2020, which primarily impacted homeowners reestimates. (3) Includes approximately $110 million favorable subrogation settlements arising from the Woolsey wildfire, which primarily impacted homeowners reestimates.

Reinsurance and indemnificati_2

Reinsurance and indemnification (Tables)	6 Months Ended
	Jun. 30, 2021
Reinsurance Disclosures [Abstract]
Schedule of reductions to costs and expenses due to reinsurance ceded amounts	Effects of reinsurance ceded and indemnification programs on property and casualty premiums earned and accident and health insurance premiums and contract charges ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Property and casualty insurance premiums earned (1) $ (538) $ (279) $ (1,046) $ (568) Accident and health insurance premiums and contract charges (24) (3) (48) (6) (1) Includes approximately $475 million of ceded premiums related to the acquisition of National General for the six months ended June 30, 2021. Effects of reinsurance ceded and indemnification programs on property and casualty insurance claims and claims expense and accident and health insurance policy benefits ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Property and casualty insurance claims and claims expense (1) $ (158) $ (210) $ (1,751) $ (341) Accident and health insurance policy benefits (26) (2) (55) (8) (1) Includes approximately $675 million, $450 million and $275 million of ceded losses related to the Nationwide Catastrophe Reinsurance Program, the Michigan Catastrophic Claims Association and the acquisition of National General, respectively, for the six months ended June 30, 2021, and $167 million of ceded losses related to the Michigan Catastrophic Claims Association for the six months ended June 30, 2020.
Schedule of reinsurance recoverable for paid and unpaid claims	Reinsurance and indemnification recoverables Reinsurance and indemnification recoverables, net ($ in millions) June 30, 2021 December 31, 2020 Property and casualty Paid and due from reinsurers and indemnitors $ 306 $ 101 Unpaid losses estimated (including IBNR) 9,066 7,033 Total property and casualty $ 9,372 $ 7,134 Allstate Health and Benefits 125 81 Total $ 9,497 $ 7,215
Rollforward of credit loss allowance for reinsurance recoverables	Rollforward of credit loss allowance for reinsurance recoverables ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Property and casualty (1) (2) Beginning balance $ (60) $ (59) $ (59) $ (60) (Increase) decrease in the provision for credit losses — — (1) 1 Ending balance $ (60) $ (59) $ (60) $ (59) Allstate Health and Benefits Beginning balance $ (1) $ (1) $ (1) $ (1) Increase in the provision for credit losses — — — — Write-offs — — — — Ending balance $ (1) $ (1) $ (1) $ (1) (1) Primarily related to Run-off Property-Liability reinsurance ceded. (2) Indemnification recoverables are considered collectible based on the industry pool and facility enabling legislation.

Company Restructuring (Tables)

Company Restructuring (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Schedule of restructuring programs	Restructuring programs ($ in millions) Future work environment Transformative Growth Expected program charges $ 110 $ 290 2020 expenses — (238) 2021 expenses (79) 1 Change in estimated program costs — (40) Remaining program charges $ 31 $ 13
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, 2020 $ 72 $ — $ 72 Expense incurred 50 95 145 Adjustments to liability (23) — (23) Payments and non-cash charges (35) (95) (130) Restructuring liability as of June 30, 2021 $ 64 $ — $ 64

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Pension benefits Service cost $ 25 $ 25 $ 51 $ 53 Interest cost 52 56 98 112 Expected return on plan assets (109) (95) (226) (199) Amortization of prior service credit (12) (14) (25) (28) Costs and expenses (44) (28) (102) (62) Remeasurement of projected benefit obligation 245 672 (267) 556 Remeasurement of plan assets (388) (623) (167) (189) Remeasurement (gains) losses (143) 49 (434) 367 Pension net (benefit) cost $ (187) $ 21 $ (536) $ 305 Postretirement benefits Service cost $ 1 $ 2 $ 1 $ 3 Interest cost 2 3 4 6 Amortization of prior service credit (7) (1) (13) (2) Costs and expenses (4) 4 (8) 7 Remeasurement of projected benefit obligation 9 24 (10) 24 Remeasurement of plan assets — — — — Remeasurement (gains) losses 9 24 (10) 24 Postretirement net cost (benefit) $ 5 $ 28 $ (18) $ 31 Pension and postretirement benefits Costs and expenses $ (48) $ (24) $ (110) $ (55) Remeasurement (gains) losses (134) 73 (444) 391 Total net (benefit) cost $ (182) $ 49 $ (554) $ 336 Differences 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 other postretirement service cost, interest cost, expected return on plan assets and amortization of prior service credit are reported in property and casualty insurance claims and claims expense, operating costs and expenses, net investment income and (if applicable) restructuring and related charges on the Condensed Consolidated Statement of Operations. Pension and postretirement benefits remeasurement gains and losses Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Remeasurement of projected benefit obligation (gains) losses: Discount rate $ 178 $ 433 $ (239) $ 397 Other assumptions 76 263 (38) 183 Remeasurement of plan assets (gains) losses (388) (623) (167) (189) Remeasurement (gains) losses $ (134) $ 73 $ (444) $ 391

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information from collateralized securities received	($ in millions) Six months ended June 30, 2021 2020 Net change in proceeds managed Net change in short-term investments $ (583) $ 336 Operating cash flow (used) provided (583) 336 Net change in cash 2 (8) Net change in proceeds managed $ (581) $ 328 Cash flows from operating activities Net change in liabilities Liabilities for collateral, beginning of period $ (914) $ (1,298) Liabilities for collateral, end of period (1,495) (970) Operating cash flow provided (used) $ 581 $ (328)

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 2020 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 706 $ (149) $ 557 $ 2,796 $ (590) $ 2,206 Less: reclassification adjustment of realized capital gains and losses 93 (20) 73 169 (35) 134 Unrealized net capital gains and losses 613 (129) 484 2,627 (555) 2,072 Unrealized foreign currency translation adjustments (4) 1 (3) 11 (2) 9 Unamortized pension and other postretirement prior service credit (1) (18) 4 (14) (14) 3 (11) Other comprehensive income (loss) $ 591 $ (124) $ 467 $ 2,624 $ (554) $ 2,070 Six months ended June 30, 2021 2020 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ (1,007) $ 215 $ (792) $ 1,363 $ (288) $ 1,075 Less: reclassification adjustment of realized capital gains and losses 283 (59) 224 456 (96) 360 Unrealized net capital gains and losses (1,290) 274 (1,016) 907 (192) 715 Unrealized foreign currency translation adjustments 39 (8) 31 (38) 8 (30) Unamortized pension and other postretirement prior service credit (1) (37) 8 (29) (8) 1 (7) Other comprehensive (loss) income $ (1,288) $ 274 $ (1,014) $ 861 $ (183) $ 678 (1) Represents prior service credits reclassified out of other comprehensive income and amortized into operating costs and expenses.

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income from continuing operations	$ 1,435	$ 1,106	$ 3,841	$ 1,943
Less: Net income attributable to noncontrolling interest	6	0	0	0
Net income from continuing operations attributable to Allstate	1,429	1,106	3,841	1,943
Less: Preferred stock dividends	30	26	57	62
Net income from continuing operations applicable to common shareholders	1,399	1,080	3,784	1,881
Income (loss) from discontinued operations, net of tax	196	144	(3,597)	(144)
Net income applicable to common shareholders	$ 1,595	$ 1,224	$ 187	$ 1,737
Denominator:
Weighted average common shares - Basic (in shares)	298.8	313.7	300.6	315.6
Effect of dilutive potential common shares:
Stock options (in shares)	3.2	2.1	2.8	2.7
Restricted stock units (non-participating) and performance stock awards (in shares)	1.3	1.2	1.5	1.5
Weighted average common and dilutive potential common shares outstanding (in shares)	303.3	317	304.9	319.8
Basic
Earnings per common share - Continuing operations basic (in dollars per share)	$ 4.68	$ 3.44	$ 12.59	$ 5.96
Earnings per common share - Discontinued operations basic (in dollars per share)	0.66	0.46	(11.97)	(0.46)
Earnings per common share - Basic (in dollars per share)	5.34	3.90	0.62	5.50
Diluted
Earnings per common share - Continuing operations diluted (in dollars per share)	4.61	3.41	12.41	5.88
Earnings per common share - Discontinued operations diluted (in dollars per share)	0.65	0.45	(11.80)	(0.45)
Earnings per common share - Diluted (in dollars per share)	$ 5.26	$ 3.86	$ 0.61	$ 5.43
Anti-dilutive options excluded from diluted earnings per common share (in shares)	0.8	3.2	2	1.4

Acquisitions and Dispositions -

Acquisitions and Dispositions - Narrative (Details) $ / shares in Units, $ in Millions	Jul. 15, 2021USD ($)$ / shares	Mar. 15, 2021USD ($)	Feb. 03, 2021USD ($)	Jan. 26, 2021USD ($)	Jan. 04, 2021USD ($)	Jun. 30, 2021USD ($)state$ / shares	Mar. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Jun. 30, 2021USD ($)state$ / shares	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Mar. 29, 2021USD ($)	Dec. 31, 2020USD ($)$ / shares
Business Acquisition [Line Items]
Goodwill						$ 3,349					$ 3,349				$ 2,369
Long-term debt						7,996					7,996				$ 7,825
Amortization of purchased intangibles						$ 105			$ 29		$ 158	$ 57
Preferred stock, par value (in dollars per share) | $ / shares						$ 1					$ 1				$ 1
Redemption of preferred stock								$ 250
Proceeds from affiliates				$ 2,800
Definitive agreement with Wilton Reassurance														$ 220
Loss on disposition of operations, net of tax							$ 4,000				$ 3,971	$ 0
Noncumulative Preferred Stock | Subsequent Event
Business Acquisition [Line Items]
Redemption of preferred stock	$ 200
Noncumulative Preferred Stock | Series A
Business Acquisition [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares						0.01					$ 0.01
Preferred stock, dividend rate, percentage								7.50%
Noncumulative Preferred Stock | Series B
Business Acquisition [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares						0.01					0.01
Preferred stock, dividend rate, percentage								7.50%
Noncumulative Preferred Stock | Series C | Subsequent Event
Business Acquisition [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01
Preferred stock, dividend rate, percentage	7.50%
Non-Cumulative Convertible Preferred Stock | Series D
Business Acquisition [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.01					$ 0.01
Depository Shares
Business Acquisition [Line Items]
Depository shares, as a ratio of preferred stock							0.025	0.025
Discontinued Operations, Held-for-sale
Business Acquisition [Line Items]
Amortized cost, net						$ 23,968					$ 23,968				$ 21,417
Equity securities, at fair value, cost						1,050					1,050				1,113
Other short term Investments, amortized cost						901					901				$ 993
Subordinated Debt
Business Acquisition [Line Items]
Repaid of subordinated notes		$ 72	$ 100
Subsequent acquisition (in percentage)			7.625%
Long-term debt						$ 350					$ 350
Senior Notes
Business Acquisition [Line Items]
Subsequent acquisition (in percentage)						6.75%					6.75%
SafeAuto
Business Acquisition [Line Items]
Number of states acquiree operates in | state						28					28
SafeAuto | Forecast
Business Acquisition [Line Items]
Cash to acquire businesses										$ 270
National General Holdings Corp.
Business Acquisition [Line Items]
Goodwill					$ 970
Purchase accounting fair value adjustment											$ 67
Amortization of purchased intangibles						$ 76					99
Amortization expense for the remainder of 2021						152					152
Amortization expense of present value of future profits						98					232
Fair value purchase accounting adjustments, increase in reserves											62
Fair value purchase accounting adjustments, reduction in investments											13
Fair value purchase accounting adjustments, increase in current and deferred tax liabilities											101
Business acquisition, transaction costs						$ 22					$ 22
National General Holdings Corp. | Noncumulative Preferred Stock | Series C | Subsequent Event
Business Acquisition [Line Items]
Preferred stock, dividend rate, percentage	7.50%
National General Holdings Corp. | Depository Shares | Subsequent Event
Business Acquisition [Line Items]
Depository shares, as a ratio of preferred stock	0.025
National General Holdings Corp. | Forecast
Business Acquisition [Line Items]
Amortization expense of present value of future profits													$ 85
National General Holdings Corp. | Minimum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life (in years)					3 years						6 months
National General Holdings Corp. | Maximum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life (in years)					10 years						12 months
National General Holdings Corp. | Allstate Protection
Business Acquisition [Line Items]
Goodwill					$ 608
Present value of future profits					317
National General Holdings Corp. | Protection Services
Business Acquisition [Line Items]
Goodwill					21
National General Holdings Corp. | Allstate Health and Benefits
Business Acquisition [Line Items]
Goodwill					$ 341

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Assets and liabilities recognized in acquisition (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jan. 04, 2021	Dec. 31, 2020
Assets
Goodwill	$ 3,349		$ 2,369
National General Holdings Corp.
Assets
Investments		$ 4,958
Cash		400
Premiums and other receivables, net		1,545
Deferred acquisition costs (value of business acquired)		317
Reinsurance recoverables, net		1,219
Intangible assets		1,199
Other assets		736
Goodwill		970
Total assets		11,344
Liabilities
Reserve for property and casualty insurance claims and claims expense		2,765
Reserve for future policy benefits		186
Unearned premiums		2,245
Reinsurance payable		364
Debt		593
Deferred tax liabilities		179
Other liabilities		701
Total liabilities		$ 7,033

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Intangible asset by type (Details) - National General Holdings Corp. - USD ($) $ in Millions	Jan. 04, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Intangible assets	$ 1,199
Maximum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life (in years)	10 years	12 months
Minimum
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life (in years)	3 years	6 months
Distribution and customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 795
Trade names
Business Acquisition [Line Items]
Intangible assets	102
Licenses
Business Acquisition [Line Items]
Intangible assets	97
Technology
Business Acquisition [Line Items]
Intangible assets	$ 205

Acquisitions and Dispositions_4

Acquisitions and Dispositions - Amortization expense (Details) - National General Holdings Corp. $ in Millions	Jan. 04, 2021USD ($)
Business Acquisition [Line Items]
2022	$ 218
2023	185
2024	135
2025	103
2026	70
Thereafter	140
Total amortization	$ 851

Acquisitions and Dispositions_5

Acquisitions and Dispositions - Financial results from discontinued operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Costs and expenses
Income tax expense (benefit)	$ 297	$ 23	$ (73)	$ (59)
Income (loss) from discontinued operations, net of tax	196	144	(3,597)	(144)
Income (loss) from discontinued operations, net of tax	196	144	(3,597)	(144)
Discontinued Operations, Held-for-sale
Revenues
Life premiums and contract charges	336	341	676	676
Net investment income	385	189	824	364
Realized capital gains (losses)	110	264	189	(36)
Total revenues	831	794	1,689	1,004
Costs and expenses
Life contract benefits	386	374	796	734
Interest credited to contractholder funds	159	191	244	314
Amortization of DAC	21	5	57	41
Operating costs and expenses	51	57	23	118
Restructuring and related charges	4	1	106	2
Total costs and expenses	621	628	1,226	1,209
Amortization of deferred gain on reinsurance	2	1	4	2
Income (loss) from discontinued operations before income tax expense	212	167	467	(203)
Income tax expense (benefit)	43	23	93	(59)
Income (loss) from discontinued operations, net of tax	169	144	374	(144)
Loss on disposition of operations	281	0	(4,137)	0
Income tax expense (benefit)	254	0	(166)	0
Loss on disposition, net of tax	27	0	(3,971)	0
Income (loss) from discontinued operations, net of tax	$ 169	$ 144	$ 374	$ (144)

Acquisitions and Dispositions_6

Acquisitions and Dispositions - Major classes of assets and liabilities to be transferred to buyer (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments
Assets held for sale	$ 36,969	$ 42,131
Liabilities
Liabilities held for sale	32,775	33,325
Discontinued Operations, Held-for-sale
Investments
Fixed income securities, at fair value (amortized cost, net $23,968 and $21,417)	25,948	23,789
Equity securities, at fair value (cost $1,050 and $1,113)	1,519	1,542
Mortgage loans, net	2,855	3,329
Limited partnership interests	1,746	3,046
Short-term, at fair value (amortized cost $901 and $993)	901	993
Other, net	923	1,998
Total investments	33,892	34,697
Cash	158	66
Deferred policy acquisitions costs	978	925
Reinsurance recoverables, net	1,956	2,005
Accrued investment income	242	229
Other assets	378	865
Separate accounts	3,486	3,344
Assets held for sale	41,090	42,131
Less: loss accrual	4,121	0
Assets held for sale	36,969	42,131
Liabilities
Reserve for future policy benefits	11,633	11,740
Contractholder funds	16,025	16,356
Deferred income taxes	1,028	973
Other liabilities and accrued expenses	603	912
Separate accounts	3,486	3,344
Liabilities held for sale	$ 32,775	$ 33,325

Acquisitions and Dispositions_7

Acquisitions and Dispositions - Cash flows from discontinued operations (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities from discontinued operations	$ 66	$ 113
Net cash provided by investing activities from discontinued operations	$ 317	$ 169

Reportable Segments - Financial

Reportable Segments - Financial performance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information
Adjusted net income	$ 970	$ 234	$ 1,701	$ (267)
Net investment income	974	220	1,682	466
Realized capital gains (losses)	287	440	713	278
Pension and other postretirement remeasurement gains (losses)	134	(73)	444	(391)
Business combination expense and amortization of purchased intangibles	(34)	(26)	(90)	(53)
Business combination fair value adjustment	6	0	6	0
Income tax expense	(354)	(285)	(976)	(481)
Income (loss) from discontinued operations	493	167	(3,670)	(203)
Income tax (expense) benefit from discontinued operations	(297)	(23)	73	59
Income (loss) from discontinued operations, net of tax	196	144	(3,597)	(144)
Less: Net income attributable to noncontrolling interest	6	0	0	0
Net income applicable to common shareholders	1,595	1,224	187	1,737
Allstate Protection
Segment Reporting Information
Underwriting income (loss)	431	905	2,091	2,256
Run-off Property-Liability
Segment Reporting Information
Underwriting income (loss)	(2)	(3)	(5)	(6)
Protection Services
Segment Reporting Information
Adjusted net income	56	38	105	75
Allstate Health and Benefits
Segment Reporting Information
Adjusted net income	62	5	127	29
Net investment income	19	20	38	40
Realized capital gains (losses)	4	11	6	(3)
Corporate and Other
Segment Reporting Information
Adjusted net income	(112)	(99)	(235)	(206)
Property-Liability
Segment Reporting Information
Net investment income	931	178	1,604	380
Realized capital gains (losses)	$ 265	$ 382	$ 669	$ 279

Reportable Segments - Revenue i

Reportable Segments - Revenue information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information
Net investment income	$ 974	$ 220	$ 1,682	$ 466
Realized capital gains (losses)	287	440	713	278
Consolidated revenues	12,646	10,403	25,097	20,269
Property-Liability
Segment Reporting Information
Property and casualty insurance premiums	10,009	8,863	19,905	17,744
Net investment income	931	178	1,604	380
Realized capital gains (losses)	265	382	669	279
Consolidated revenues	11,526	9,629	22,884	18,822
Property-Liability | Auto
Segment Reporting Information
Property and casualty insurance premiums	6,883	6,172	13,692	12,327
Property-Liability | Homeowners
Segment Reporting Information
Property and casualty insurance premiums	2,411	2,054	4,803	4,091
Property-Liability | Other personal lines
Segment Reporting Information
Property and casualty insurance premiums	519	478	1,024	949
Property-Liability | Commercial lines
Segment Reporting Information
Property and casualty insurance premiums	196	159	386	377
Allstate Protection
Segment Reporting Information
Property and casualty insurance premiums	10,009	8,863	19,905	17,744
Run-off Property-Liability
Segment Reporting Information
Property and casualty insurance premiums	0	0	0	0
Protection Services
Segment Reporting Information
Intersegment premiums and service fees	46	35	87	73
Net investment income	12	11	22	21
Realized capital gains (losses)	6	19	16	(5)
Consolidated revenues	587	476	1,149	906
Protection Services | Protection plans
Segment Reporting Information
Insurance premiums, commissions and fees	279	219	539	425
Protection Services | Roadside assistance
Segment Reporting Information
Insurance premiums, commissions and fees	47	44	94	95
Protection Services | Finance and insurance products
Segment Reporting Information
Insurance premiums, commissions and fees	109	97	213	194
Allstate Health and Benefits
Segment Reporting Information
Net investment income	19	20	38	40
Realized capital gains (losses)	4	11	6	(3)
Consolidated revenues	553	294	1,109	582
Allstate Health and Benefits | Employer voluntary benefits
Segment Reporting Information
Insurance premiums, commissions and fees	255	263	518	545
Allstate Health and Benefits | Group health
Segment Reporting Information
Insurance premiums, commissions and fees	87	0	170	0
Allstate Health and Benefits | Individual accident and health
Segment Reporting Information
Insurance premiums, commissions and fees	105	0	214	0
Operating Segments | Property-Liability
Segment Reporting Information
Insurance premiums, commissions and fees	321	206	706	419
Operating Segments | Protection Services
Segment Reporting Information
Insurance premiums, commissions and fees	88	51	178	103
Operating Segments | Allstate Health and Benefits
Segment Reporting Information
Insurance premiums, commissions and fees	83	0	163	0
Operating Segments | Corporate and Other
Segment Reporting Information
Insurance premiums, commissions and fees	2	0	2	0
Net investment income	12	11	18	25
Realized capital gains (losses)	12	28	22	7
Consolidated revenues	26	39	42	32
Intersegment Eliminations
Segment Reporting Information
Consolidated revenues	$ (46)	$ (35)	$ (87)	$ (73)

Investments - Portfolio composi

Investments - Portfolio composition (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments [Abstract]
Fixed income securities, at fair value	$ 42,825	$ 42,565
Equity securities, at fair value	3,059	3,168
Mortgage loans, net	786	746
Limited partnership interests	7,073	4,563
Short-term investments, at fair value	5,516	6,807
Other, net	3,311	1,691
Total	$ 62,570	$ 59,540

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, 2021	Dec. 31, 2020
Schedule of Available for Sale Securities
Amortized cost, net	$ 41,344	$ 40,034
Gross unrealized, Gains	1,596	2,563
Gross unrealized, Losses	(115)	(32)
Fixed income securities, at fair value	42,825	42,565
U.S. government and agencies
Schedule of Available for Sale Securities
Amortized cost, net	4,766	2,058
Gross unrealized, Gains	24	50
Gross unrealized, Losses	(15)	(1)
Fixed income securities, at fair value	4,775	2,107
Municipal
Schedule of Available for Sale Securities
Amortized cost, net	7,284	7,100
Gross unrealized, Gains	374	480
Gross unrealized, Losses	(9)	(2)
Fixed income securities, at fair value	7,649	7,578
Corporate
Schedule of Available for Sale Securities
Amortized cost, net	27,196	29,057
Gross unrealized, Gains	1,167	1,986
Gross unrealized, Losses	(85)	(26)
Fixed income securities, at fair value	28,278	31,017
Foreign government
Schedule of Available for Sale Securities
Amortized cost, net	994	921
Gross unrealized, Gains	17	37
Gross unrealized, Losses	(5)	0
Fixed income securities, at fair value	1,006	958
ABS
Schedule of Available for Sale Securities
Amortized cost, net	1,054	840
Gross unrealized, Gains	13	9
Gross unrealized, Losses	(1)	(3)
Fixed income securities, at fair value	1,066	846
MBS
Schedule of Available for Sale Securities
Amortized cost, net	50	58
Gross unrealized, Gains	1	1
Gross unrealized, Losses	0	0
Fixed income securities, at fair value	$ 51	$ 59

Investments - Scheduled maturit

Investments - Scheduled maturities for fixed income securities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Amortized cost, net
Due in one year or less	$ 1,099
Due after one year through five years	20,247
Due after five years through ten years	13,728
Due after ten years	5,166
Subtotal	40,240
ABS and MBS	1,104
Amortized cost, net	41,344	$ 40,034
Fair value
Due in one year or less	1,111
Due after one year through five years	20,845
Due after five years through ten years	14,278
Due after ten years	5,474
Subtotal	41,708
ABS and MBS	1,117
Total	$ 42,825	$ 42,565

Investments - Net investment in

Investments - Net investment income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Investment Income:
Investment income, before expense	$ 1,015	$ 251	$ 1,760	$ 533
Investment expense	(41)	(31)	(78)	(67)
Net investment income	974	220	1,682	466
Fixed income securities
Net Investment Income:
Investment income, before expense	290	306	591	604
Equity securities
Net Investment Income:
Investment income, before expense	13	21	27	31
Mortgage loans
Net Investment Income:
Investment income, before expense	12	8	22	17
Limited partnership interests
Net Investment Income:
Investment income, before expense	651	(117)	1,029	(194)
Short-term investments
Net Investment Income:
Investment income, before expense	1	2	2	13
Other
Net Investment Income:
Investment income, before expense	$ 48	$ 31	$ 89	$ 62

Investments - Realized capital

Investments - Realized capital gains and losses by asset type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Realized capital gains and losses by asset type
Realized capital gains (losses)	$ 287	$ 440	$ 713	$ 278
Fixed income securities
Realized capital gains and losses by asset type
Realized capital gains (losses)	86	168	269	542
Equity securities
Realized capital gains and losses by asset type
Realized capital gains (losses)	152	248	316	(262)
Mortgage loans
Realized capital gains and losses by asset type
Realized capital gains (losses)	13	7	19	(3)
Limited partnership interests
Realized capital gains and losses by asset type
Realized capital gains (losses)	12	15	16	(71)
Derivatives
Realized capital gains and losses by asset type
Realized capital gains (losses)	(3)	14	8	92
Other
Realized capital gains and losses by asset type
Realized capital gains (losses)	$ 27	$ (12)	$ 85	$ (20)

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investments [Abstract]
Sales	$ 115	$ 160	$ 361	$ 548
Credit Losses	12	1	14	(36)
Valuation of equity investments	163	265	330	(326)
Valuation and settlements of derivative instruments	(3)	14	8	92
Realized capital gains (losses)	$ 287	$ 440	$ 713	$ 278

Investments - Gross realized ga

Investments - Gross realized gains (losses) on sales of fixed income securities (Details) - Assets held for sale - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Available for Sale Securities
Gross realized gains	$ 111	$ 263	$ 356	$ 698
Gross realized losses	$ (24)	$ (94)	$ (88)	$ (153)

Investments - Net appreciation

Investments - Net appreciation (decline) recognized in net income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 269	$ 170	$ 504	$ (168)
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Total	132	196	226	(114)
Limited partnership interests carried at fair value
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 137	$ (26)	$ 278	$ (54)

Investments - OTTI losses by as

Investments - OTTI losses by asset type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Realized capital gains and losses by asset type
Fixed income securities	$ 12	$ 1	$ 14	$ (36)
Total credit losses by asset type	12	0	14	(36)
Commitments to fund commercial mortgage loans, bank loans and agent loans	0	1	0	0
Fixed income securities
Realized capital gains and losses by asset type
Fixed income securities	(1)	(1)	1	(3)
Corporate
Realized capital gains and losses by asset type
Fixed income securities	(1)	0	0	(1)
ABS
Realized capital gains and losses by asset type
Fixed income securities	0	(2)	1	(2)
MBS
Realized capital gains and losses by asset type
Fixed income securities	0	1	0	0
Mortgage loans
Realized capital gains and losses by asset type
Total credit losses by asset type	11	6	17	(3)
Limited partnership interests
Realized capital gains and losses by asset type
Total credit losses by asset type	0	(1)	0	(6)
Bank loans, net
Realized capital gains and losses by asset type
Total credit losses by asset type	3	(4)	(3)	(24)
Agent loans, net
Realized capital gains and losses by asset type
Total credit losses by asset type	$ (1)	$ 0	$ (1)	$ 0

Investments - Unrealized net ca

Investments - Unrealized net capital gains and losses included in AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair value
Fixed income securities, at fair value	$ 42,825	$ 42,565
Short-term investments	5,516	6,807
Derivative instruments	0	0
Gross unrealized Gains
Fixed income securities	1,596	2,563
Short-term investments	0	0
Derivative instruments	0	0
Gross unrealized Losses
Fixed income securities	(115)	(32)
Short-term investments	0	0
Derivative instruments	(3)	(3)
Unrealized net gains (losses)
Fixed income securities	1,481	2,531
Short-term investments	0	0
Derivative instruments	(3)	(3)
EMA limited partnerships	(1)	(1)
Investments classified as held for sale	1,980	2,369
Unrealized net capital gains and losses, pre-tax	3,457	4,896
Amount recognized for:
Insurance reserves	(414)	(496)
DAC and DSI	(298)	(364)
Reclassification of noncontrolling interest	1
Amounts recognized	(711)	(860)
Deferred income taxes	(582)	(856)
Unrealized net capital gains and losses, after-tax	$ 2,164	$ 3,180

Investments - Change in unreali

Investments - Change in unrealized net capital gains and losses (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	$ (1,439)
Amount recognized for:
Insurance reserves	82
DAC and DSI	66
Reclassification of noncontrolling interest	1
Amounts recognized	149
Deferred income taxes	274
Increase in unrealized net capital gains and losses, after-tax	(1,016)
EMA limited partnerships
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	0
Investments classified as held for sale
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	(389)
Fixed income securities
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	(1,050)
Short-term investments
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	0
Derivative instruments
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	$ 0

Investments - Carrying value fo

Investments - Carrying value for limited partnership interests (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	$ 7,073	$ 4,563
EMA limited partnerships
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	5,590	3,501
Limited partnership interests
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	1,483	1,062
Private equity
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	5,863	3,655
Private equity | EMA limited partnerships
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	4,439	2,667
Private equity | Limited partnership interests
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	1,424	988
Real estate
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	939	697
Real estate | EMA limited partnerships
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	880	623
Real estate | Limited partnership interests
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	59	74
Other investments
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	271	211
Other investments | EMA limited partnerships
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	271	211
Other investments | Limited partnership interests
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	$ 0	$ 0

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments [Line Items]
Short-term investments	$ 5,516	$ 6,807
Accrued investment income	350	371
Fixed income securities
Investments [Line Items]
Accrued investment income	323	351
Agent loans, net
Investments [Line Items]
Accrued investment income	$ 2
High credit quality, percentage	84.00%
Allowance	$ (6)
Mortgage loans
Investments [Line Items]
Accrued investment income	3	2
Bank loans, net
Investments [Line Items]
Accrued investment income	$ 5	$ 3

Investments - Other investments

Investments - Other investments by type (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments [Line Items]
Other investments	$ 3,311	$ 1,691
Bank loans, net
Investments [Line Items]
Other investments	1,584	772
Real estate
Investments [Line Items]
Other investments	822	659
Policy loans
Investments [Line Items]
Other investments	162	181
Agent loans, net
Investments [Line Items]
Other investments	581	0
Derivatives
Investments [Line Items]
Other investments	47	20
Other investments
Investments [Line Items]
Other investments	$ 115	$ 59

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fixed income securities
Credit Losses on Fixed Income Securities
Beginning balance	$ (1)	$ (4)	$ (3)	$ 0
Credit losses on securities for which credit losses not previously reported	0	(5)	0	(8)
Net (increases) decreases related to credit losses previously reported	(1)	1	1	0
Reduction of allowance related to sales	0	1	0	1
Write-offs	0	0	0	0
Ending balance	(2)	(7)	(2)	(7)
Fixed income securities	2	7	2	7
Fixed income securities | Discontinued Operations, Held-for-sale
Credit Losses on Fixed Income Securities
Ending balance	(1)	(4)	(1)	(4)
Fixed income securities	1	4	1	4
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)	(1)	(1)
Fixed income securities	1	1	1	1
ABS
Credit Losses on Fixed Income Securities
Ending balance	(1)	(2)	(1)	(2)
Fixed income securities	$ 1	2	$ 1	2
MBS
Credit Losses on Fixed Income Securities
Ending balance		(1)		(1)
Fixed income securities		$ 1		$ 1

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, 2021USD ($)contract	Dec. 31, 2020USD ($)contract
U.S. government and agencies
Less than 12 months
Number of  issues | contract	109	26
Fair value	$ 3,926	$ 215
Unrealized losses	$ (15)	$ (1)
12 months or more
Number of  issues | contract	0	0
Fair value	$ 0	$ 0
Unrealized losses	0	0
Total unrealized losses
Total unrealized losses	$ (15)	$ (1)
Municipal
Less than 12 months
Number of  issues | contract	479	43
Fair value	$ 800	$ 116
Unrealized losses	$ (9)	$ (2)
12 months or more
Number of  issues | contract	1	0
Fair value	$ 4	$ 0
Unrealized losses	0	0
Total unrealized losses
Total unrealized losses	$ (9)	$ (2)
Corporate
Less than 12 months
Number of  issues | contract	749	107
Fair value	$ 4,868	$ 730
Unrealized losses	$ (71)	$ (21)
12 months or more
Number of  issues | contract	16	14
Fair value	$ 61	$ 46
Unrealized losses	(14)	(5)
Total unrealized losses
Total unrealized losses	$ (85)	$ (26)
Foreign government
Less than 12 months
Number of  issues | contract	50	7
Fair value	$ 224	$ 7
Unrealized losses	$ (5)	$ 0
12 months or more
Number of  issues | contract	0	0
Fair value	$ 0	$ 0
Unrealized losses	0	0
Total unrealized losses
Total unrealized losses	$ (5)	$ 0
ABS
Less than 12 months
Number of  issues | contract	23	21
Fair value	$ 198	$ 157
Unrealized losses	$ (1)	$ (2)
12 months or more
Number of  issues | contract	8	12
Fair value	$ 15	$ 43
Unrealized losses	0	(1)
Total unrealized losses
Total unrealized losses	$ (1)	$ (3)
MBS
Less than 12 months
Number of  issues | contract	18	11
Fair value	$ 2	$ 0
Unrealized losses	$ 0	$ 0
12 months or more
Number of  issues | contract	50	57
Fair value	$ 0	$ 0
Unrealized losses	0	0
Total unrealized losses
Total unrealized losses	$ 0	$ 0
Fixed income securities
Less than 12 months
Number of  issues | contract	1,428	215
Fair value	$ 10,018	$ 1,225
Unrealized losses	$ (101)	$ (26)
12 months or more
Number of  issues | contract	75	83
Fair value	$ 80	$ 89
Unrealized losses	(14)	(6)
Total unrealized losses
Total unrealized losses	$ (115)	$ (32)
Investment grade fixed income securities
Less than 12 months
Number of  issues | contract	1,316	146
Fair value	$ 9,205	$ 855
Unrealized losses	$ (85)	$ (8)
12 months or more
Number of  issues | contract	59	66
Fair value	$ 16	$ 45
Unrealized losses	0	0
Total unrealized losses
Total unrealized losses	$ (85)	$ (8)
Below investment grade fixed income securities
Less than 12 months
Number of  issues | contract	112	69
Fair value	$ 813	$ 370
Unrealized losses	$ (16)	$ (18)
12 months or more
Number of  issues | contract	16	17
Fair value	$ 64	$ 44
Unrealized losses	(14)	(6)
Total unrealized losses
Total unrealized losses	$ (30)	$ (24)

Investments - Gross unrealize_2

Investments - Gross unrealized losses by unrealized loss position and credit quality (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Investment grade fixed income securities
Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	$ (85,000,000)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	0
Total unrealized losses	85,000,000	$ 8,000,000
Below investment grade fixed income securities
Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	(15,000,000)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	(15,000,000)
Total unrealized losses	30,000,000	24,000,000
Unrealized losses having loss of less than twenty percent, less than 12 months	(12,000,000)
Unrealized losses related to securities with unrealized loss position greater than 20% of cost or amortized cost, unrealized loss position of 12 or more consecutive months	0
Fixed income securities
Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	(100,000,000)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	(15,000,000)
Total unrealized losses	$ 115,000,000	$ 32,000,000

Investments - Mortgage loans am

Investments - Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Mortgage loans, net	$ 786	$ 746
Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	793	754
Allowance	(7)	(8)
Mortgage loans, net	786	746
Mortgage loans | 2016 and prior
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	187
Mortgage loans | 2017
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	54
Mortgage loans | 2018
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	156
Mortgage loans | 2019
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	319
Mortgage loans | 2020
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	77
Mortgage loans | Current
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Below 1.0 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	9	0
Below 1.0 | Mortgage loans | 2016 and prior
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	9
Below 1.0 | Mortgage loans | 2017
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Below 1.0 | Mortgage loans | 2018
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Below 1.0 | Mortgage loans | 2019
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Below 1.0 | Mortgage loans | 2020
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Below 1.0 | Mortgage loans | Current
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.0 - 1.25 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	53	46
1.0 - 1.25 | Mortgage loans | 2016 and prior
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	29
1.0 - 1.25 | Mortgage loans | 2017
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.0 - 1.25 | Mortgage loans | 2018
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.0 - 1.25 | Mortgage loans | 2019
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	14
1.0 - 1.25 | Mortgage loans | 2020
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	10
1.0 - 1.25 | Mortgage loans | Current
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.26 - 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	204	201
1.26 - 1.50 | Mortgage loans | 2016 and prior
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	31
1.26 - 1.50 | Mortgage loans | 2017
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	10
1.26 - 1.50 | Mortgage loans | 2018
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	29
1.26 - 1.50 | Mortgage loans | 2019
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	134
1.26 - 1.50 | Mortgage loans | 2020
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.26 - 1.50 | Mortgage loans | Current
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Above 1.50 | Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	527	$ 507
Above 1.50 | Mortgage loans | 2016 and prior
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	118
Above 1.50 | Mortgage loans | 2017
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	44
Above 1.50 | Mortgage loans | 2018
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	127
Above 1.50 | Mortgage loans | 2019
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	171
Above 1.50 | Mortgage loans | 2020
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	67
Above 1.50 | Mortgage loans | Current
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	$ 0

Investments - Rollforward of _2

Investments - Rollforward of credit loss allowance for mortgage loans (Details) - Mortgage loans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Credit Losses on Fixed Income Securities
Beginning balance	$ (45)	$ (85)	$ (67)	$ (3)
Net decreases (increases) related to credit losses	15	(1)	37	(41)
Write-offs	0	0	0	0
Ending balance	(30)	(86)	(30)	(86)
Discontinued Operations, Held-for-sale
Credit Losses on Fixed Income Securities
Ending balance	(23)	(75)	(23)	(75)
Cumulative effect of change in accounting principle
Credit Losses on Fixed Income Securities
Beginning balance	$ 0	$ 0	$ 0	$ (42)

Investments - Bank loans amorti

Investments - Bank loans amortized cost by credit quality and year of origination (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of Available for Sale Securities
Mortgage loans, net	$ 786	$ 746
Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	1,628	823
Allowance	(44)	(51)
Mortgage loans, net	1,584	772
BBB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	91	38
BB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	556	168
B | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	843	456
CCC and below | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	138	$ 161
2016 and prior | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	22
2016 and prior | BBB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	0
2016 and prior | BB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	9
2016 and prior | B | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	2
2016 and prior | CCC and below | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	11
2017 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	86
2017 | BBB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	5
2017 | BB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	17
2017 | B | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	41
2017 | CCC and below | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	23
2018 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	123
2018 | BBB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	7
2018 | BB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	28
2018 | B | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	70
2018 | CCC and below | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	18
2019 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	144
2019 | BBB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	13
2019 | BB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	28
2019 | B | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	54
2019 | CCC and below | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	49
2020 | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	145
2020 | BBB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	8
2020 | BB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	31
2020 | B | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	94
2020 | CCC and below | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	12
Current | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	1,108
Current | BBB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	58
Current | BB | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	443
Current | B | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	582
Current | CCC and below | Bank loans, net
Schedule of Available for Sale Securities
Amortized cost before allowance	$ 25

Investments - Rollforward of _3

Investments - Rollforward of credit loss allowance for bank loans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Credit Losses on Fixed Income Securities
Investments			Note 5 Investments Portfolio composition ($ in millions) June 30, 2021 December 31, 2020 Fixed income securities, at fair value $ 42,825 $ 42,565 Equity securities, at fair value 3,059 3,168 Mortgage loans, net 786 746 Limited partnership interests 7,073 4,563 Short-term investments, at fair value 5,516 6,807 Other, net 3,311 1,691 Total $ 62,570 $ 59,540 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, 2021 U.S. government and agencies $ 4,766 $ 24 $ (15) $ 4,775 Municipal 7,284 374 (9) 7,649 Corporate 27,196 1,167 (85) 28,278 Foreign government 994 17 (5) 1,006 ABS 1,054 13 (1) 1,066 MBS 50 1 — 51 Total fixed income securities $ 41,344 $ 1,596 $ (115) $ 42,825 December 31, 2020 U.S. government and agencies $ 2,058 $ 50 $ (1) $ 2,107 Municipal 7,100 480 (2) 7,578 Corporate 29,057 1,986 (26) 31,017 Foreign government 921 37 — 958 ABS 840 9 (3) 846 MBS 58 1 — 59 Total fixed income securities $ 40,034 $ 2,563 $ (32) $ 42,565 Scheduled maturities for fixed income securities ($ in millions) June 30, 2021 Amortized cost, net Fair value Due in one year or less $ 1,099 $ 1,111 Due after one year through five years 20,247 20,845 Due after five years through ten years 13,728 14,278 Due after ten years 5,166 5,474 40,240 41,708 ABS and MBS 1,104 1,117 Total $ 41,344 $ 42,825 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, 2021 2020 2021 2020 Fixed income securities $ 290 $ 306 $ 591 $ 604 Equity securities 13 21 27 31 Mortgage loans 12 8 22 17 Limited partnership interests 651 (117) 1,029 (194) Short-term investments 1 2 2 13 Other 48 31 89 62 Investment income, before expense 1,015 251 1,760 533 Investment expense (41) (31) (78) (67) Net investment income $ 974 $ 220 $ 1,682 $ 466 Realized capital gains (losses) by asset type ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed income securities $ 86 $ 168 $ 269 $ 542 Equity securities 152 248 316 (262) Mortgage loans 13 7 19 (3) Limited partnership interests 12 15 16 (71) Derivatives (3) 14 8 92 Other 27 (12) 85 (20) Realized capital gains (losses) $ 287 $ 440 $ 713 $ 278 Realized capital gains (losses) by transaction type ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Sales $ 115 $ 160 $ 361 $ 548 Credit losses 12 1 14 (36) Valuation of equity investments (1) 163 265 330 (326) Valuation and settlements of derivative instruments (3) 14 8 92 Realized capital gains (losses) $ 287 $ 440 $ 713 $ 278 (1) Includes valuation of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities. Gross realized gains (losses) on sales of fixed income securities ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Gross realized gains $ 111 $ 263 $ 356 $ 698 Gross realized losses (24) (94) (88) (153) 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, 2021 and 2020, respectively. Net appreciation (decline) recognized in net income ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Equity securities $ 132 $ 196 $ 226 $ (114) Limited partnership interests carried at fair value 137 (26) 278 (54) Total $ 269 $ 170 $ 504 $ (168) Credit losses recognized in net income ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Assets Fixed income securities: Corporate (1) — $ — $ (1) ABS — (2) 1 (2) MBS — 1 — — Total fixed income securities (1) (1) 1 (3) Mortgage loans 11 6 17 (3) Limited partnership interests — (1) — (6) Other investments Bank loans 3 (4) (3) (24) Agent loans (1) — (1) — Total credit losses by asset type $ 12 $ — $ 14 $ (36) Liabilities Commitments to fund commercial mortgage loans, bank loans and agent loans — 1 — — Total $ 12 $ 1 $ 14 $ (36) Unrealized net capital gains and losses included in AOCI ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) June 30, 2021 Gains Losses Fixed income securities $ 42,825 $ 1,596 $ (115) $ 1,481 Short-term investments 5,516 — — — Derivative instruments — — (3) (3) Equity method of accounting (“EMA”) limited partnerships (1) (1) Investments classified as held for sale 1,980 Unrealized net capital gains and losses, pre-tax 3,457 Amounts recognized for: Insurance reserves (2) (414) DAC and DSI (3) (298) Reclassification of noncontrolling interest 1 Amounts recognized (711) Deferred income taxes (582) Unrealized net capital gains and losses, after-tax $ 2,164 December 31, 2020 Fixed income securities $ 42,565 $ 2,563 $ (32) $ 2,531 Short-term investments 6,807 — — — Derivative instruments — — (3) (3) EMA limited partnerships (1) Investments classified as held for sale 2,369 Unrealized net capital gains and losses, pre-tax 4,896 Amounts recognized for: Insurance reserves (496) DAC and DSI (364) Amounts recognized (860) Deferred income taxes (856) Unrealized net capital gains and losses, after-tax $ 3,180 (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), which are now classified as held for sale. (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. This adjustment relates to life insurance products, which are now primarily classified as held for sale. Change in unrealized net capital gains (losses) ($ in millions) Six months ended June 30, 2021 Fixed income securities $ (1,050) Short-term investments — Derivative instruments — EMA limited partnerships — Investments classified as held for sale (389) Total (1,439) Amounts recognized for: Insurance reserves 82 DAC and DSI 66 Reclassification of noncontrolling interest 1 Amounts recognized 149 Deferred income taxes 274 Decrease in unrealized net capital gains and losses, after-tax $ (1,016) Carrying value for limited partnership interests ($ in millions) June 30, 2021 December 31, 2020 EMA Fair Value Total EMA Fair Value Total Private equity $ 4,439 $ 1,424 $ 5,863 $ 2,667 $ 988 $ 3,655 Real estate 880 59 939 623 74 697 Other (1) 271 — 271 211 — 211 Total (2) $ 5,590 $ 1,483 $ 7,073 $ 3,501 $ 1,062 $ 4,563 (1) Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities. (2) Carrying value for limited partnership interests as of June 30, 2021 includes certain investments which were classified as assets held for sale as of December 31, 2020 and March 31, 2021, and transferred to continuing operations in the first and second quarter of 2021, respectively. 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, 2021 and December 31, 2020, the fair value of short-term investments totaled $5.52 billion and $6.81 billion, respectively. Other investments Other investments primarily consist of bank loans, real estate, policy loans, agent loans and derivatives. Bank loans are primarily senior secured corporate loans and are carried at amortized cost, net. Policy loans are carried at unpaid principal balances. Real estate is carried at cost less accumulated depreciation. Agent loans are loans issued to exclusive Allstate agents and are carried at amortized cost, net. Derivatives are carried at fair value. Other investments by asset type ($ in millions) June 30, 2021 December 31, 2020 Bank loans, net $ 1,584 $ 772 Real estate 822 659 Agent loans, net 581 — Policy loans 162 181 Derivatives 47 20 Other 115 59 Total (1) $ 3,311 $ 1,691 (1) Other investments as of June 30, 2021 i ncludes certain real estate, agent loans and other investments which were classified as assets held for sale as of December 31, 2020 and transferred to continuing operations in the first quarter of 2021. 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 is 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. When 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 $323 million and $351 million as of June 30, 2021 and December 31, 2020 and is reported within the accrued investment income line of the Condensed Consolidated Statements of Financial Position. The Company monitors accrued interest and writes off amounts when they are not expected to be received. The Company’s portfolio monitoring process includes a quarterly review of all securities to identify instances where the fair value of a security compared to its amortized cost is below internally established thresholds. The process also includes the monitoring of other credit loss indicators such as ratings, ratings downgrades and payment defaults. The securities identified, in addition to other securities for which the Company may have a concern, are evaluated for potential credit losses using all reasonably available information relevant to the collectability or recovery of the security. Inherent in the Company’s evaluation of credit losses for these securities are assumptions and estimates about the financial condition and future earnings potential of the issue or issuer. Some of the factors that may be considered in evaluating whether a decline in fair value requires a credit loss allowance are: 1) the financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry specific market conditions and trends, geographic location and implications of rating agency actions and offering prices; 2) the specific reasons that a security is in an unrealized loss position, including overall market conditions which could affect liquidity; and 3) the extent to which the fair value has been less than amortized cost. Rollforward of credit loss allowance for fixed income securities Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Beginning balance $ (1) $ (4) $ (3) $ — Credit losses on securities for which credit losses not previously reported — (5) — (8) Net (increases) decreases related to credit losses previously reported (1) 1 1 — Reduction of allowance related to sales — 1 — 1 Write-offs — — — — Ending balance (1) (2) $ (2) $ (7) $ (2) $ (7) (1) Allowance for fixed income securities as of June 30, 2021 comprised $1 million and $1 million of corporate bonds and ABS, respectively. 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. (2) Includes $1 million and $4 million of credit loss allowance for fixed income securities that are classified as held for sale as of June 30, 2021 and 2020, respectively. Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position ($ 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, 2021 Fixed income securities U.S. government and agencies 109 $ 3,926 $ (15) — $ — $ — $ (15) Municipal 479 800 (9) 1 4 — (9) Corporate 749 4,868 (71) 16 61 (14) (85) Foreign government 50 224 (5) — — — (5) ABS 23 198 (1) 8 15 — (1) MBS 18 2 — 50 — — — Total fixed income securities 1,428 $ 10,018 $ (101) 75 $ 80 $ (14) $ (115) Investment grade fixed income securities 1,316 $ 9,205 $ (85) 59 $ 16 $ — $ (85) Below investment grade fixed income securities 112 813 (16) 16 64 (14) (30) Total fixed income securities 1,428 $ 10,018 $ (101) 75 $ 80 $ (14) $ (115) December 31, 2020 Fixed income securities U.S. government and agencies 26 $ 215 $ (1) — $ — $ — $ (1) Municipal 43 116 (2) — — — (2) Corporate 107 730 (21) 14 46 (5) (26) Foreign government 7 7 — — — — — ABS 21 157 (2) 12 43 (1) (3) MBS 11 — — 57 — — — Total fixed income securities 215 $ 1,225 $ (26) 83 $ 89 $ (6) $ (32) Investment grade fixed income securities 146 $ 855 $ (8) 66 $ 45 $ — $ (8) Below investment grade fixed income securities 69 370 (18) 17 44 (6) (24) Total fixed income securities 215 $ 1,225 $ (26) 83 $ 89 $ (6) $ (32) Gross unrealized losses by unrealized loss position and credit quality as of June 30, 2021 ($ in millions) Investment grade Below investment grade Total Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2) $ (85) $ (15) $ (100) Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4) — (15) (15) Total unrealized losses $ (85) $ (30) $ (115) (1) Below investment grade fixed income securities include $12 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. The 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, 2021, 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. 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, 2021, accrued interest totaled $3 million, $5 million and $2 million for mortgage loans, bank loans and agent loans, respectively. As of December 31, 2020, accrued interest totaled $2 million and $3 million for mortgage loans and bank loans, respectively. Mortgage loans When it is determined a mortgage loan shall be evaluated individually, the Company uses various methods to estimate credit losses on individual loans such as using collateral value less estimated costs to sell where applicable, including when foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. When collateral value is used, the mortgage loans may not have a credit loss allowance when the fair value of the collateral exceeds the loan’s amortized cost. An alternative approach may be utilized to estimate credit losses using the present value of the loan’s expected future repayment cash flows discounted at the loan’s current effective interest rate. Individual loan credit loss allowances are adjusted for subsequent changes in the fair value of the collateral less costs to sell, when applicable, or present value of the loan’s expected future repayment cash flows. Debt service coverage ratio is considered a key credit quality indicator when mortgage loan credit loss allowances are estimated. Debt service coverage ratio represents the amount of estimated cash flow from the property available to the borrower to meet principal and interest payment obligations. Debt service coverage ratio estimates are updated annually or more frequently if conditions are warranted based on the Company’s credit monitoring process. Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination ($ in millions) June 30, 2021 December 31, 2020 2016 and prior 2017 2018 2019 2020 Current Total Total Below 1.0 $ 9 $ — $ — $ — $ — $ — $ 9 $ — 1.0 - 1.25 29 — — 14 10 — 53 46 1.26 - 1.50 31 10 29 134 — — 204 201 Above 1.50 118 44 127 171 67 — 527 507 Amortized cost before allowance $ 187 $ 54 $ 156 $ 319 $ 77 $ — $ 793 $ 754 Allowance (7) (8) Amortized cost, net $ 786 $ 746 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 June 30, 2021 and December 31, 2020. Rollforward of credit loss allowance for mortgage loans Three months ended June 30, Six months ended June 30, ($ in millions) 2021 2020 2021 2020 Beginning balance $ (45) $ (85) $ (67) $ (3) Cumulative effect of change in accounting principle — — — (42) Net decreases (increases) related to credit losses 15 (1) 37 (41) Write-offs — — — — Ending balance (1) $ (30) $ (86) $ (30) $ (86) (1) Includes $23 million and $75 million of credit loss allowance for mortgage loans that are classified as held for sale as of June 30, 2021 and 2020, respectively. Bank loans When it is determined a bank loan shall be evaluated individually, the Company uses various methods to estimate credit losses on individual loans such as the present value of the loan’s expected future repayment cash flows discounted at the loan’s current effective interest rate. Credit ratings of the borrower are considered a key credit quality indicator when bank loan credit loss allowances are estimated. The ratings are updated quarterly and are either received from a nationally recognized rating agency or a comparable internal rating is derived if an externally provided rating is not available. The year of origination is determined to be the year in which the asset is acquired. Bank loans amortized cost by credit rating and year of origination ($ in millions) June 30, 2021 December 31, 2020 2016 and prior 2017 2018 2019 2020 Current Total Total BBB $ — $ 5 $ 7 $ 13 $ 8 $ 58 $ 91 $ 38 BB 9 17 28 28 31 443 556 168 B 2 41 70 54 94 582 843 456 CCC and below 11 23 18 49 12 25 138 161 Amortized cost before allowance $ 22 $ 86 $ 123 $ 144 $ 145 $ 1,108 $ 1,628 $ 823 Allowance (44) (51) Amortized cost, net $ 1,584 $ 772 Rollforward of credit loss allowance for bank loans ($ in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Beginning balance $ (60) $ (79) $ (67) $ — Cumulative effect of change in accounting principle — — — (53) Net decreases (increases) related to credit losses 6 (3) 4 (30) Reduction of allowance related to sales 2 1 11 2 Write-offs — 5 — 5 Ending balance (1) $ (52) $ (76) $ (52) $ (76) (1) Includes $8 million and $20 million of credit loss allowance for bank loans that are classified as held for sale as of June 30, 2021 and 2020, respectively. Agent loans The Company 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, 2021, 84% of agent loans balance represents the top three highest credit quality categories. The allowance for agent loans totaled $6 million as of June 30, 2021. Agent loans were all classified as assets held for sale as of December 31, 2020 and transferred to continuing operations in the first quarter of 2021.
Bank loans, net
Credit Losses on Fixed Income Securities
Beginning balance	$ (60)	$ (79)	$ (67)	$ 0
Net decreases (increases) related to credit losses	6	(3)	4	(30)
Reduction of allowance related to sales	2	1	11	2
Write-offs	0	5	0	5
Ending balance	(52)	(76)	(52)	(76)
Bank loans, net | Discontinued Operations, Held-for-sale
Credit Losses on Fixed Income Securities
Ending balance	(8)	(20)	(8)	(20)
Cumulative effect of change in accounting principle | Bank loans, net
Credit Losses on Fixed Income Securities
Beginning balance	$ 0	$ 0	$ 0	$ (53)

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair value of assets and liabilities measured on recurring and non-recurring basis
Fixed income securities, at fair value	$ 42,825	$ 42,565
Assets at fair value	83,523	82,413
Significant unobservable inputs (Level 3)
Fair value of assets and liabilities measured on recurring and non-recurring basis
Assets at fair value	769	832
Recurring basis
Fair value of assets and liabilities measured on recurring and non-recurring basis
Fixed income securities, at fair value	42,825	42,565
Assets at fair value	83,481	82,413
Recurring basis | Significant unobservable inputs (Level 3)
Fair value of assets and liabilities measured on recurring and non-recurring basis
Fixed income securities, at fair value	155	226
Assets at fair value	727	832
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	43	69
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	16	$ 18
Limited partnership interests
Fair value of assets and liabilities measured on recurring and non-recurring basis
Commitments to invest in limited partnership interests	$ 268
Limited partnership interests | Minimum
Fair value of assets and liabilities measured on recurring and non-recurring basis
Investment assets, useful life (in years)	10 years
Limited partnership interests | Maximum
Fair value of assets and liabilities measured on recurring and non-recurring basis
Investment assets, useful life (in years)	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, 2021	Dec. 31, 2020
Assets
Fixed income securities, at fair value	$ 42,825	$ 42,565
Equity securities, at fair value	3,059	3,168
Short-term investments, at fair value	5,516	6,807
Other investments	3,311	1,691
Assets held for sale	36,969	42,131
Total assets at fair value	83,523	82,413
Counterparty and cash collateral netting	$ (19)	$ (15)
Assets as a percent of assets measured at fair value	0.00%	0.00%
Total	$ 85,524	$ 84,237
Liabilities
Liabilities held for sale	$ (32,775)	$ (33,325)
Liabilities as a percent of liabilities measured at fair value	(2.60%)	(4.20%)
Fair value
Assets
Assets as a percent of assets measured at fair value	100.00%	100.00%
Liabilities
Liabilities as a percent of liabilities measured at fair value	100.00%	100.00%
U.S. government and agencies
Assets
Fixed income securities, at fair value	$ 4,775	$ 2,107
Municipal
Assets
Fixed income securities, at fair value	7,649	7,578
Foreign government
Assets
Fixed income securities, at fair value	1,006	958
ABS
Assets
Fixed income securities, at fair value	1,066	846
MBS
Assets
Fixed income securities, at fair value	51	59
Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	$ 16,486	$ 17,567
Assets as a percent of assets measured at fair value	19.70%	21.30%
Liabilities
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	$ 66,287	$ 64,029
Assets as a percent of assets measured at fair value	79.40%	77.70%
Liabilities
Liabilities as a percent of liabilities measured at fair value	24.20%	23.80%
Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	$ 769	$ 832
Assets as a percent of assets measured at fair value	0.90%	1.00%
Liabilities
Liabilities as a percent of liabilities measured at fair value	78.40%	80.40%
Significant unobservable inputs (Level 3) | Fair value
Assets
Assets held for sale	$ 3,239	$ 4,440
Liabilities
Liabilities held for sale	(8,489)	(9,424)
Fair Value Net Asset Value
Assets
Assets held for sale	518	762
Investments reported at NAV	1,483	1,062
Recurring basis
Assets
Fixed income securities, at fair value	42,825	42,565
Equity securities, at fair value	3,059	3,168
Short-term investments, at fair value	5,516	6,807
Other investments	50	20
Other investments	(14)	(9)
Other assets		1
Assets held for sale	32,031	29,852
Assets held for sale	(5)	(6)
Total assets at fair value	83,481	82,413
Counterparty and cash collateral netting	(19)	(15)
Liabilities
Other liabilities	(23)	(16)
Other liabilities	13	18
Liabilities held for sale	(602)	(626)
Liabilities held for sale counterparty and cash collateral netting	3	9
Total recurring basis liabilities	(625)	(642)
Counterparty and cash collateral netting	16	27
Recurring basis | U.S. government and agencies
Assets
Fixed income securities, at fair value	4,775	2,106
Recurring basis | Municipal
Assets
Fixed income securities, at fair value	7,649	7,579
Recurring basis | Corporate - public
Assets
Fixed income securities, at fair value	18,517	21,952
Recurring basis | Corporate - privately placed
Assets
Fixed income securities, at fair value	9,761	9,065
Recurring basis | Foreign government
Assets
Fixed income securities, at fair value	1,006	958
Recurring basis | ABS
Assets
Fixed income securities, at fair value	1,066	846
Recurring basis | MBS
Assets
Fixed income securities, at fair value	51	59
Recurring basis | Quoted prices in active markets for identical assets (Level 1)
Assets
Fixed income securities, at fair value	4,739	2,061
Equity securities, at fair value	2,248	2,468
Short-term investments, at fair value	3,515	6,549
Other investments	0	0
Other assets		1
Assets held for sale	5,984	6,488
Total assets at fair value	16,486	17,567
Liabilities
Other liabilities	0	0
Liabilities held for sale	0	0
Total recurring basis liabilities	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | U.S. government and agencies
Assets
Fixed income securities, at fair value	4,739	2,061
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | Municipal
Assets
Fixed income securities, at fair value	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | Corporate - public
Assets
Fixed income securities, at fair value	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | Corporate - privately placed
Assets
Fixed income securities, at fair value	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | Foreign government
Assets
Fixed income securities, at fair value	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | ABS
Assets
Fixed income securities, at fair value	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | MBS
Assets
Fixed income securities, at fair value	0	0
Recurring basis | Significant other observable inputs (Level 2)
Assets
Fixed income securities, at fair value	37,931	40,278
Equity securities, at fair value	406	396
Short-term investments, at fair value	2,001	223
Other investments	61	29
Other assets		0
Assets held for sale	25,888	23,103
Total assets at fair value	66,287	64,029
Liabilities
Other liabilities	(36)	(34)
Liabilities held for sale	(115)	(119)
Total recurring basis liabilities	(151)	(153)
Recurring basis | Significant other observable inputs (Level 2) | U.S. government and agencies
Assets
Fixed income securities, at fair value	36	45
Recurring basis | Significant other observable inputs (Level 2) | Municipal
Assets
Fixed income securities, at fair value	7,631	7,562
Recurring basis | Significant other observable inputs (Level 2) | Corporate - public
Assets
Fixed income securities, at fair value	18,497	21,885
Recurring basis | Significant other observable inputs (Level 2) | Corporate - privately placed
Assets
Fixed income securities, at fair value	9,677	9,002
Recurring basis | Significant other observable inputs (Level 2) | Foreign government
Assets
Fixed income securities, at fair value	1,006	958
Recurring basis | Significant other observable inputs (Level 2) | ABS
Assets
Fixed income securities, at fair value	1,056	794
Recurring basis | Significant other observable inputs (Level 2) | MBS
Assets
Fixed income securities, at fair value	28	32
Recurring basis | Significant unobservable inputs (Level 3)
Assets
Fixed income securities, at fair value	155	226
Equity securities, at fair value	405	304
Short-term investments, at fair value	0	35
Other investments	3	0
Other assets		0
Assets held for sale	164	267
Total assets at fair value	727	832
Liabilities
Other liabilities	0	0
Liabilities held for sale	(490)	(516)
Total recurring basis liabilities	(490)	(516)
Recurring basis | Significant unobservable inputs (Level 3) | U.S. government and agencies
Assets
Fixed income securities, at fair value	0	0
Recurring basis | Significant unobservable inputs (Level 3) | Municipal
Assets
Fixed income securities, at fair value	18	17
Recurring basis | Significant unobservable inputs (Level 3) | Corporate - public
Assets
Fixed income securities, at fair value	20	67
Recurring basis | Significant unobservable inputs (Level 3) | Corporate - privately placed
Assets
Fixed income securities, at fair value	84	63
Recurring basis | Significant unobservable inputs (Level 3) | Foreign government
Assets
Fixed income securities, at fair value	0	0
Recurring basis | Significant unobservable inputs (Level 3) | ABS
Assets
Fixed income securities, at fair value	10	52
Recurring basis | Significant unobservable inputs (Level 3) | MBS
Assets
Fixed income securities, at fair value	23	$ 27
Non-recurring basis
Assets
Total assets at fair value	42
Non-recurring basis | Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	0
Non-recurring basis | Significant other observable inputs (Level 2)
Assets
Total assets at fair value	0
Non-recurring basis | Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	$ 42

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, 2021USD ($)	Dec. 31, 2020USD ($)
Quantitative information about the significant unobservable inputs
Fair value	$ (466)	$ (483)
Projected option cost | Minimum
Quantitative information about the significant unobservable inputs
Weighted average	0.010	0.010
Projected option cost | Maximum
Quantitative information about the significant unobservable inputs
Weighted average	0.042	0.042
Projected option cost | Weighted Average
Quantitative information about the significant unobservable inputs
Weighted average	0.0287	0.0280

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Assets
Balance at beginning of period	$ 851	$ 677	$ 832	$ 738
Total gains (losses) included in: net income	9	16	27	(15)
Total gains (losses) included in: OCI	3	(13)	0	(15)
Transfers into Level 3	0	69	13	80
Transfers out of Level 3	(55)	(65)	(33)	(99)
Transfers to (from) held for sale	0		0
Purchases	36	112	91	140
Sales	(75)	(21)	(122)	(22)
Issues	0	0	0	0
Settlements	(42)	(1)	(81)	(33)
Balance at end of period	727	774	727	774
Liabilities
Balance at the beginning of the period	(463)	(417)	(516)	(462)
Total gains (losses) included in: net income	(24)	(69)	31	(21)
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
Transfers to (from) held for sale	0		0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	(8)	(7)	(16)	(15)
Settlements	5	5	11	10
Balance at the end of the period	(490)	(488)	(490)	(488)
Net investment income
Total Level 3 gains (losses) included in net income
Gain (loss) included in earnings	(5)	0	(6)	(14)
Realized capital gains (losses)
Total Level 3 gains (losses) included in net income
Gain (loss) included in earnings	13	7	32	2
Liabilities held for sale
Liabilities
Balance at the beginning of the period	(463)	(417)	(516)	(462)
Total gains (losses) included in: net income	(24)	(69)	31	(21)
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
Transfers to (from) held for sale	0		0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	(8)	(7)	(16)	(15)
Settlements	5	5	11	10
Balance at the end of the period	(490)	(488)	(490)	(488)
Municipal
Assets
Balance at beginning of period	18	19	17	22
Total gains (losses) included in: net income	0	0	0	0
Total gains (losses) included in: OCI	0	0	1	(1)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Transfers to (from) held for sale	0		0
Purchases	0	7	3	7
Sales	0	0	0	(1)
Issues	0	0	0	0
Settlements	0	0	(3)	(1)
Balance at end of period	18	26	18	26
Corporate - public
Assets
Balance at beginning of period	43	36	67	36
Total gains (losses) included in: net income	0	0	0	0
Total gains (losses) included in: OCI	1	(8)	(2)	(8)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(3)	0	0	0
Transfers to (from) held for sale	0		(6)
Purchases	0	15	14	15
Sales	(21)	0	(53)	0
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	20	43	20	43
Corporate - privately placed
Assets
Balance at beginning of period	105	33	63	32
Total gains (losses) included in: net income	0	0	1	0
Total gains (losses) included in: OCI	2	0	0	(1)
Transfers into Level 3	0	0	10	0
Transfers out of Level 3	(27)	0	0	0
Transfers to (from) held for sale	1		14
Purchases	23	21	16	23
Sales	(20)	(2)	(20)	(2)
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	84	52	84	52
ABS
Assets
Balance at beginning of period	79	32	52	49
Total gains (losses) included in: net income	0	2	0	0
Total gains (losses) included in: OCI	0	(2)	0	(2)
Transfers into Level 3	0	43	0	55
Transfers out of Level 3	(25)	(25)	(32)	(49)
Transfers to (from) held for sale	0		0
Purchases	0	5	34	19
Sales	(4)	(10)	(4)	0
Issues	0	0	0	0
Settlements	(40)	0	(40)	(27)
Balance at end of period	10	45	10	45
MBS
Assets
Balance at beginning of period	23	35	27	35
Total gains (losses) included in: net income	0	0	0	0
Total gains (losses) included in: OCI	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Transfers to (from) held for sale	0		0
Purchases	0	10	0	10
Sales	0	(1)	(4)	(1)
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	23	44	23	44
Fixed income securities
Assets
Balance at beginning of period	268	155	226	174
Total gains (losses) included in: net income	0	2	1	0
Total gains (losses) included in: OCI	3	(10)	(1)	(12)
Transfers into Level 3	0	43	10	55
Transfers out of Level 3	(55)	(25)	(32)	(49)
Transfers to (from) held for sale	1		8
Purchases	23	58	67	74
Sales	(45)	(13)	(81)	(4)
Issues	0	0	0	0
Settlements	(40)	0	(43)	(28)
Balance at end of period	155	210	155	210
Equity securities
Assets
Balance at beginning of period	410	239	304	255
Total gains (losses) included in: net income	8	5	25	(12)
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
Transfers to (from) held for sale	8		100
Purchases	6	29	10	30
Sales	(27)	0	(34)	0
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	405	273	405	273
Short-term investments
Assets
Balance at beginning of period	0	50	35	25
Total gains (losses) included in: net income	0	0	0	0
Total gains (losses) included in: OCI	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	(40)	0	(25)
Transfers to (from) held for sale	0		0
Purchases	0	0	0	10
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	0	(35)	0
Balance at end of period	0	10	0	10
Other investments
Assets
Balance at beginning of period	3		0
Total gains (losses) included in: net income	0		0
Total gains (losses) included in: OCI	0		0
Transfers into Level 3	0		0
Transfers out of Level 3	0		0
Transfers to (from) held for sale	0		0
Purchases	0		3
Sales	0		0
Issues	0		0
Settlements	0		0
Balance at end of period	3		3
Assets held for sale
Assets
Balance at beginning of period	170	233	267	284
Total gains (losses) included in: net income	1	9	1	(3)
Total gains (losses) included in: OCI	0	(3)	1	(3)
Transfers into Level 3	0	26	3	25
Transfers out of Level 3	0	0	(1)	(25)
Transfers to (from) held for sale	(9)		(108)
Purchases	7	25	11	26
Sales	(3)	(8)	(7)	(18)
Issues	0	0	0	0
Settlements	(2)	(1)	(3)	(5)
Balance at end of period	$ 164	$ 281	$ 164	$ 281

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	$ 6	$ 13	$ 23	$ (16)
Gains (losses) for Level 3 liabilities still held at the balance sheet date, included in earnings	(24)	(69)	31	(21)
Gains (losses) for Level 3 assets and liabilities still held at the balance sheet date, included in earnings	(18)	(56)	54	(37)
Gains (losses) for Level 3 assets still held at the balance sheet date	5	5	22	(12)
Changes in unrealized net capital gains and losses reported in OCI	3	(12)	0	(13)
Net investment income
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 assets still held at the balance sheet date	(5)	0	(6)	(14)
Realized capital gains (losses)
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 assets still held at the balance sheet date	10	5	28	2
Liabilities held for sale
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 liabilities still held at the balance sheet date, included in earnings	(24)	(69)	31	(21)
Corporate - public
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	0	0	0	0
Changes in unrealized net capital gains and losses reported in OCI	1	(7)	(2)	(7)
Corporate - privately placed
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	0	0	0	0
Changes in unrealized net capital gains and losses reported in OCI	2	0	0	(1)
Fixed income securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	0	0	0	0
Equity securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	5	5	22	(12)
Assets held for sale
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	1	8	1	(4)
Changes in unrealized net capital gains and losses reported in OCI	0	(2)	1	(2)
Municipal
Gains (losses) included in net income for Level 3 assets and liabilities:
Changes in unrealized net capital gains and losses reported in OCI	0	0	1	(1)
ABS
Gains (losses) included in net income for Level 3 assets and liabilities:
Changes in unrealized net capital gains and losses reported in OCI	$ 0	$ (3)	$ 0	$ (2)

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, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Financial assets
Mortgage loans, net	$ 786	$ 746
Assets held for sale	36,969	42,131
Financial liabilities
Long-term debt	7,996	7,825
Liability for collateral	1,495	914	$ 970	$ 1,298
Liabilities held for sale	32,775	33,325
Significant unobservable inputs (Level 3) | Amortized cost, net
Financial assets
Mortgage loans, net	786	746
Bank loans	1,584	772
Agent loans	581	0
Assets held for sale	3,039	4,206
Financial liabilities
Contractholder funds on investment contracts	20	0
Liabilities held for sale	7,475	8,130
Significant unobservable inputs (Level 3) | Fair value
Financial assets
Mortgage loans, net	831	792
Bank loans	1,606	803
Agent loans	583	0
Assets held for sale	3,239	4,440
Financial liabilities
Contractholder funds on investment contracts	20	0
Liabilities held for sale	8,489	9,424
Significant other observable inputs (Level 2) | Amortized cost, net
Financial liabilities
Long-term debt	7,996	7,825
Liability for collateral	1,495	914
Significant other observable inputs (Level 2) | Fair value
Financial liabilities
Long-term debt	9,311	9,489
Liability for collateral	$ 1,495	$ 914

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Potential recoveries	$ 0
Cash and securities pledged as collateral by counterparties	7,000,000
Securities pledged as collateral to counterparties	6,000,000
Collateral posted under MNAs for contracts containing credit-risk contingent features	3,000,000	$ 13,000,000
Cash and securities pledged in the form of margin deposits	56,000,000
Margin deposit liabilities	$ 10,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of the volume and fair value positions of derivative instruments (Details) $ in Millions	Jun. 30, 2021USD ($)contract	Dec. 31, 2020USD ($)contract
Derivatives, Fair Value
Total asset derivatives, notional amount	$ 2,580	$ 2,009
Total liability derivatives, notional amount	2,291	3,182
Total derivatives, notional amount	$ 4,871	$ 5,191
Total asset derivatives, number of contracts | contract	19,125	4,440
Total liability derivatives, number of contracts | contract	19,291	4,108
Total derivatives, Number of contracts | contract	38,416	8,548
Net amount on balance sheet	$ 228	$ 206
Net amount on balance sheet	(624)	(655)
Total derivatives, fair value, net	(396)	(449)
Asset derivatives gross amount	243	218
Liability derivatives, gross asset	2	2
Asset derivatives, gross liability	(15)	(12)
Liability derivatives gross amount	(626)	(657)
Liabilities held for sale
Derivatives, Fair Value
Total liability derivatives, notional amount	$ 2,179	$ 2,240
Total liability derivatives, number of contracts | contract	2,525	2,737
Net amount on balance sheet	$ (601)	$ (630)
Liability derivatives, gross asset	2	1
Liability derivatives gross amount	(603)	(631)
Assets held for sale
Derivatives, Fair Value
Total asset derivatives, notional amount	$ 221	$ 158
Total asset derivatives, number of contracts | contract	2,601	3,189
Net amount on balance sheet	$ 180	$ 185
Asset derivatives gross amount	182	189
Asset derivatives, gross liability	$ (2)	$ (4)
Futures | Other assets | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, number of contracts | contract	280	290
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, number of contracts | contract	1,073	705
Net amount on balance sheet	$ 0	$ 0
Liability derivatives, gross asset	0	0
Liability derivatives gross amount	$ 0	$ 0
Options | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, number of contracts | contract	15,061	56
Net amount on balance sheet	$ 25	$ 6
Asset derivatives gross amount	25	6
Asset derivatives, gross liability	$ 0	$ 0
Options | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, number of contracts | contract	15,000
Net amount on balance sheet	$ (13)
Liability derivatives, gross asset	0
Liability derivatives gross amount	$ (13)
Futures | Other assets | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, number of contracts | contract	1,183	905
Net amount on balance sheet	$ 0	$ 1
Asset derivatives gross amount	0	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, number of contracts | contract	693	666
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, Fair Value
Total asset derivatives, notional amount	50
Net amount on balance sheet	1
Asset derivatives gross amount	1
Asset derivatives, gross liability	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		50
Net amount on balance sheet		0
Liability derivatives, gross asset		0
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	593	291
Net amount on balance sheet	6	4
Asset derivatives gross amount	16	9
Asset derivatives, gross liability	(10)	(5)
Foreign currency forwards | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	10	250
Net amount on balance sheet	0	(9)
Liability derivatives, gross asset	0	1
Liability derivatives gross amount	0	(10)
Other embedded derivative financial instruments | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	750	750
Net amount on balance sheet	0	0
Asset derivatives gross amount	0	0
Asset derivatives, gross liability	0	0
Credit default swaps – buying protection | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	61	60
Net amount on balance sheet	(3)	(3)
Asset derivatives gross amount	0	0
Asset derivatives, gross liability	(3)	(3)
Credit default swaps – buying protection | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	102	638
Net amount on balance sheet	(10)	(16)
Liability derivatives, gross asset	0	0
Liability derivatives gross amount	(10)	(16)
Credit default swaps – selling protection | Other investments | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	905	750
Net amount on balance sheet	19	13
Asset derivatives gross amount	19	13
Asset derivatives, gross liability	$ 0	0
Credit default swaps – selling protection | Other liabilities & accrued expenses | Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount		4
Net amount on balance sheet		0
Liability derivatives, gross asset		0
Liability derivatives gross amount		$ 0

Derivative Financial Instrume_5

Derivative Financial Instruments - Gross and net amounts for OTC derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Asset derivatives
Asset derivatives gross amount	$ 243	$ 218
Asset derivatives, gross liability	(15)	(12)
Derivative assets net amount on balance sheet	228	206
Liability derivatives
Liability derivatives gross amount	(626)	(657)
Liability derivatives, gross asset	2	2
Net amount on balance sheet	(624)	(655)
OTC derivatives
Asset derivatives
Asset derivatives gross amount	17	10
Asset derivatives, gross liability	(13)	(9)
Cash collateral received	(1)	0
Derivative assets net amount on balance sheet	3	1
Derivative assets received under securities collateral	0	0
Derivative asset, fair value, amount offset against collateral	3	1
Liability derivatives
Liability derivatives gross amount	(13)	(19)
Liability derivatives, gross asset	13	9
Derivative liability offsets under cash collateral pledged	0	9
Net amount on balance sheet	0	(1)
Derivative liabilities received under securities collateral	0	0
Derivative liability, fair value, amount offset against collateral	$ 0	$ (1)

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	$ 11	$ 45	$ 38	$ 78
Realized capital gains (losses)
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	(3)	14	8	92
Operating costs and expenses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	14	31	30	(14)
Interest rate contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	2	1	1	36
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	2	1	1	36
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	8	28	22	16
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	(6)	(3)	(8)	30
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	14	31	30	(14)
Foreign currency contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	(2)	(4)	8	21
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	(2)	(4)	8	21
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	1	13	5	3
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	1	13	5	3
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	2	7	2	(2)
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	2	7	2	(2)
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		0		4
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		0		4
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

Derivative Financial Instrume_7

Derivative Financial Instruments - OTC derivatives counterparty credit exposure by counterparty credit rating (Details) $ in Millions	Jun. 30, 2021USD ($)counter-party	Dec. 31, 2020USD ($)counter-party
Credit Derivatives
Number of counter- parties | counter-party	3	1
Notional amount	$ 426	$ 186
Credit exposure	9	4
Exposure, net of collateral	$ 1	$ 0
A+
Credit Derivatives
Number of counter- parties | counter-party	2	1
Notional amount	$ 190	$ 186
Credit exposure	6	4
Exposure, net of collateral	$ 1	$ 0
A
Credit Derivatives
Number of counter- parties | counter-party	1	0
Notional amount	$ 236	$ 0
Credit exposure	3	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, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross liability fair value of contracts containing credit-risk-contingent features	$ 12	$ 19
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(9)	(6)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	(3)	(13)
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$ 0	$ 0

Derivative Financial Instrume_9

Derivative Financial Instruments - CDS notional amount by credit rating and fair value of protection sold (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Term of credit default swaps (in years)	5 years
Derivative [Line Items]
Notional amount	$ 4,871	$ 5,191
Credit default contracts
Derivative [Line Items]
Notional amount	905	754
Fair value	19	13
Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	5	4
Fair value	0	0
Index | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	900	750
Fair value	19	13
AAA | Credit default contracts
Derivative [Line Items]
Notional amount	7	6
AAA | Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	0	0
AAA | Index | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	7	6
AA | Credit default contracts
Derivative [Line Items]
Notional amount	14	12
AA | Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	0	0
AA | Index | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	14	12
A | Credit default contracts
Derivative [Line Items]
Notional amount	179	156
A | Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	0	0
A | Index | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	179	156
BBB | Credit default contracts
Derivative [Line Items]
Notional amount	610	492
BBB | Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	0	0
BBB | Index | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	610	492
BB and lower | Credit default contracts
Derivative [Line Items]
Notional amount	95	88
BB and lower | Single name | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	5	4
BB and lower | Index | Corporate | Credit default contracts
Derivative [Line Items]
Notional amount	$ 90	$ 84

Variable Interest Entities - (D

Variable Interest Entities - (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Fixed income securities, at fair value, amortized cost (in dollars)	$ 41,344	$ 41,344	$ 40,034
Short-term, at fair value, amortized cost (in dollars)	5,516	5,516	$ 6,807
Variable Interest Entity, Primary Beneficiary | Allstate Protection
Variable Interest Entity [Line Items]
Property and casualty insurance premiums	$ 45	$ 90

Variable Interest Entities - As

Variable Interest Entities - Assets and liabilities of consolidated VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments
Fixed income securities, at fair value	$ 42,825	$ 42,565
Short-term investments, at fair value	5,516	6,807
Deferred policy acquisition costs	4,374	3,774
Premium installment receivables, net	8,146	6,463
Reinsurance and indemnification recoverables, net	9,497	7,215
Other assets, net	5,706	2,756
Total assets	132,643	125,987
Liabilities
Reserve for property and casualty insurance claims and claims expense	31,637	27,610
Unearned premiums	18,756	15,946
Total liabilities	104,451	$ 95,770
Variable Interest Entity, Primary Beneficiary
Investments
Fixed income securities, at fair value	332
Short-term investments, at fair value	23
Deferred policy acquisition costs	11
Premium installment receivables, net	44
Reinsurance and indemnification recoverables, net	99
Other assets, net	99
Total assets	608
Liabilities
Reserve for property and casualty insurance claims and claims expense	211
Unearned premiums	194
Other liabilities and expenses	226
Total liabilities	$ 631

Reserve for Property and Casu_3

Reserve for Property and Casualty Insurance Claims and Claims Expense - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Catastrophe
Increase (decrease) in claims and claims expense
Incurred expense (adjustment)	$ (1,540)	$ (1,400)

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, 2021	Jun. 30, 2020
Incurred claims and claims expense related to:
Prior years	$ (226)	$ (3)
National General
Activity in the reserve for property-liability insurance claims and claims expense:
National General acquisition as of January 4, 2021	1,797	0
Property-Liability
Activity in the reserve for property-liability insurance claims and claims expense:
Balance as of January 1	27,610	27,712
Less recoverables	(7,033)	(6,912)
Net balance as of January 1	20,577	20,800
Incurred claims and claims expense related to:
Current year	13,476	10,566
Prior years	(226)	(3)
Total incurred	13,250	10,563
Claims and claims expense paid related to:
Current year	(6,919)	(5,777)
Prior years	(6,134)	(5,173)
Total paid	(13,053)	(10,950)
Net balance as of June 30	22,571	20,413
Plus recoverables	9,066	7,013
Balance as of June 30	$ 31,637	$ 27,426

Reserve for Property and Casu_5

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, 2021	Jun. 30, 2020
Increase (decrease) in claims and claims expense
Prior years	$ (226)	$ (3)
Auto
Increase (decrease) in claims and claims expense
Prior years	(69)	(41)
Homeowners
Increase (decrease) in claims and claims expense
Prior years	(173)	16
Other personal lines
Increase (decrease) in claims and claims expense
Prior years	(17)	(8)
Commercial lines
Increase (decrease) in claims and claims expense
Prior years	33	27
Run-off Property-Liability
Increase (decrease) in claims and claims expense
Prior years	2	4
Protection Services
Increase (decrease) in claims and claims expense
Prior years	(2)	(1)
Non-catastrophe losses
Increase (decrease) in claims and claims expense
Prior years	(20)	(8)
Non-catastrophe losses | Auto
Increase (decrease) in claims and claims expense
Prior years	(46)	(26)
Non-catastrophe losses | Homeowners
Increase (decrease) in claims and claims expense
Prior years	(2)	(3)
Non-catastrophe losses | Other personal lines
Increase (decrease) in claims and claims expense
Prior years	(3)	(6)
Non-catastrophe losses | Commercial lines
Increase (decrease) in claims and claims expense
Prior years	31	24
Non-catastrophe losses | Run-off Property-Liability
Increase (decrease) in claims and claims expense
Prior years	2	4
Non-catastrophe losses | Protection Services
Increase (decrease) in claims and claims expense
Prior years	(2)	(1)
Catastrophe
Increase (decrease) in claims and claims expense
Prior years	(206)	5
Catastrophe | Nationwide Aggregate Reinsurance Program
Increase (decrease) in claims and claims expense
Prior years	200
Catastrophe | Auto
Increase (decrease) in claims and claims expense
Prior years	(23)	(15)
Catastrophe | Homeowners
Increase (decrease) in claims and claims expense
Prior years	(171)	19
Catastrophe | Other personal lines
Increase (decrease) in claims and claims expense
Prior years	(14)	(2)
Catastrophe | Commercial lines
Increase (decrease) in claims and claims expense
Prior years	2	3
Catastrophe | Run-off Property-Liability
Increase (decrease) in claims and claims expense
Prior years	0	0
Catastrophe | Protection Services
Increase (decrease) in claims and claims expense
Prior years	0	$ 0
Fire | Southern California Edison
Increase (decrease) in claims and claims expense
Prior years	$ 110

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
National General Holdings Corp.
Reinsurance
Property and casualty insurance premiums earned			$ (475)
Property and casualty insurance premiums
Reinsurance
Property and casualty insurance premiums earned	$ (538)	$ (279)	(1,046)	$ (568)
Life premiums
Reinsurance
Accident and health insurance premiums and contract charges	$ (24)	$ (3)	$ (48)	$ (6)

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property and casualty insurance claims and claims expense
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	$ (158)	$ (210)	$ (1,751)	$ (341)
Property and casualty insurance claims and claims expense | Nationwide Reinsurance Program
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred			(675)
Property and casualty insurance claims and claims expense | Michigan Catastrophic Claim Association
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred			(450)	(167)
Property and casualty insurance claims and claims expense | National General Holdings Corp.
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred			(275)
Accident and health insurance policy benefits
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	$ (26)	$ (2)	$ (55)	$ (8)

Reinsurance and indemnificati_5

Reinsurance and indemnification - Reinsurance and indemnification recoverables, net (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Reinsurance
Reinsurance and indemnification recoverables, net	$ 9,497	$ 7,215
Property-Liability
Reinsurance
Paid and due from reinsurers and indemnitors	306	101
Unpaid losses estimated (including IBNR)	9,066	7,033
Reinsurance and indemnification recoverables, net	9,372	7,134
Allstate Health and Benefits
Reinsurance
Reinsurance and indemnification recoverables, net	$ 125	$ 81

Reinsurance and indemnificati_6

Reinsurance and indemnification - Rollforward of credit loss allowance for reinsurance recoverables (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property-Liability
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (60)	$ (59)	$ (59)	$ (60)
Increase (decrease) in the provision for credit losses	0	0	(1)	1
Ending balance	(60)	(59)	(60)	(59)
Allstate Health and Benefits
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(1)	(1)	(1)	(1)
Increase (decrease) in the provision for credit losses	0	0	0	0
Write-offs	0	0	0	0
Ending balance	$ (1)	$ (1)	$ (1)	$ (1)

Capital Structure (Details)

Capital Structure (Details) - Senior Notes $ in Millions	Mar. 29, 2021USD ($)
Debt outstanding:
Repayments of debt	$ 250
London Interbank Offered Rate (LIBOR)
Debt outstanding:
Bear interest at floating rate	0.43%

Company Restructuring - Narrati

Company Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring and related charges	$ 71	$ 13	$ 122	$ 17
Employee costs
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date for active programs	249		249
Exit costs
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date for active programs	147		147
Transformative Growth
Restructuring Cost and Reserve [Line Items]
Restructuring and related charges			1		$ (238)
Decrease in expected costs	40		40
Future work environment
Restructuring Cost and Reserve [Line Items]
Restructuring and related charges			(79)		$ 0
Decrease in expected costs	$ 0		$ 0

Company Restructuring - Restruc

Company Restructuring - Restructuring Programs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring and related charges	$ 71	$ 13	$ 122	$ 17
Future work environment
Restructuring Cost and Reserve [Line Items]
Expected program charges	110		110
Restructuring and related charges			(79)		$ 0
Change in estimated program costs	0		0
Remaining program charges	31		31
Transformative Growth
Restructuring Cost and Reserve [Line Items]
Expected program charges	290		290
Restructuring and related charges			1		$ (238)
Change in estimated program costs	(40)		(40)
Remaining program charges	$ 13		$ 13

Company Restructuring - Changes

Company Restructuring - Changes in the restructuring liability (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Restructuring Reserve
Restructuring liability as of December 31, 2020	$ 72
Expense incurred	145
Adjustments to liability	(23)
Payments and non-cash charges	(130)
Restructuring liability as of June 30, 2021	64
Employee costs
Restructuring Reserve
Restructuring liability as of December 31, 2020	72
Expense incurred	50
Adjustments to liability	(23)
Payments and non-cash charges	(35)
Restructuring liability as of June 30, 2021	64
Exit costs
Restructuring Reserve
Restructuring liability as of December 31, 2020	0
Expense incurred	95
Adjustments to liability	0
Payments and non-cash charges	(95)
Restructuring liability as of June 30, 2021	$ 0

Guarantees and Contingent Lia_2

Guarantees and Contingent Liabilities (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
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	$ 85,000,000

Benefit Plans - Components of n

Benefit Plans - Components of net cost (benefit) for pension and other postretirement plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Components of net periodic cost
Costs and expenses	$ (48)	$ (24)	$ (110)	$ (55)
Remeasurement (gains) losses	(134)	73	(444)	391
Pension net (benefit) cost	(182)	49	(554)	336
Pension benefits
Components of net periodic cost
Service cost	25	25	51	53
Interest cost	52	56	98	112
Expected return on plan assets	(109)	(95)	(226)	(199)
Amortization of prior service credit	(12)	(14)	(25)	(28)
Costs and expenses	(44)	(28)	(102)	(62)
Remeasurement of projected benefit obligation	245	672	(267)	556
Remeasurement of plan assets	(388)	(623)	(167)	(189)
Remeasurement (gains) losses	(143)	49	(434)	367
Pension net (benefit) cost	(187)	21	(536)	305
Postretirement benefits
Components of net periodic cost
Service cost	1	2	1	3
Interest cost	2	3	4	6
Amortization of prior service credit	(7)	(1)	(13)	(2)
Costs and expenses	(4)	4	(8)	7
Remeasurement of projected benefit obligation	9	24	(10)	24
Remeasurement of plan assets	0	0	0	0
Remeasurement (gains) losses	9	24	(10)	24
Pension net (benefit) cost	$ 5	$ 28	$ (18)	$ 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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Retirement Benefits [Abstract]
Discount rate	$ 178	$ 433	$ (239)	$ 397
Other assumptions	76	263	(38)	183
Remeasurement of plan assets (gains) losses	(388)	(623)	(167)	(189)
Pension and other postretirement remeasurement (gains) losses	$ (134)	$ 73	$ (444)	$ 391

Benefit Plans - Narrative (Deta

Benefit Plans - Narrative (Details)	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Pension benefits
Components of net periodic cost
Discount rate	2.85%	3.13%	2.51%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Supplemental Cash Flow Information [Abstract]
Transfer from investments	$ 15	$ 21
Non-cash financing activities related to the issuance of shares for vested restricted stock units	51	56
Operating lease, payments	91	78
ROU asset obtained in exchange for operating lease liability	$ 92	$ 52

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Activities resulting from management of proceeds (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net change in proceeds managed
Net change in short-term investments	$ (583)	$ 336
Operating cash flow (used) provided	(583)	336
Net change in cash	2	(8)
Net change in proceeds managed	(581)	328
Change in Liabilities for Collateral [Roll Forward]
Liabilities for collateral, beginning of period	(914)	(1,298)
Liabilities for collateral, end of period	(1,495)	(970)
Operating cash flow provided (used)	$ 581	$ (328)

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pre-tax
Other comprehensive income (loss)	$ 591	$ 2,624	$ (1,288)	$ 861
Tax
Other comprehensive income (loss)	(124)	(554)	274	(183)
After-tax
Other comprehensive income (loss)	467	2,070	(1,014)	678
Unrealized net capital gains and losses
Pre-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	706	2,796	(1,007)	1,363
Less: reclassification adjustment of realized capital gains and losses	93	169	283	456
Other comprehensive income (loss)	613	2,627	(1,290)	907
Tax
Unrealized net holding gains and losses arising during the period, net of related offsets	(149)	(590)	215	(288)
Less: reclassification adjustment of realized capital gains and losses	(20)	(35)	(59)	(96)
Other comprehensive income (loss)	(129)	(555)	274	(192)
After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	557	2,206	(792)	1,075
Less: reclassification adjustment of realized capital gains and losses	73	134	224	360
Other comprehensive income (loss)	484	2,072	(1,016)	715
Unrealized foreign currency translation adjustments
Pre-tax
Other comprehensive income (loss)	(4)	11	39	(38)
Tax
Other comprehensive income (loss)	1	(2)	(8)	8
After-tax
Other comprehensive income (loss)	(3)	9	31	(30)
Unamortized pension and other postretirement prior service credit
Pre-tax
Other comprehensive income (loss)	(18)	(14)	(37)	(8)
Tax
Other comprehensive income (loss)	4	3	8	1
After-tax
Other comprehensive income (loss)	$ (14)	$ (11)	$ (29)	$ (7)