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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number 1-11840

THE ALLSTATE CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
 
36-3871531
 
 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 
 
2775 Sanders Road, Northbrook, Illinois    60062
(Address of principal executive offices)    (Zip Code)
Registrant’s telephone number, including area code: (847) 402-5000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange
on which registered
Common Stock, par value $.01 per shareALL
New York Stock Exchange
Chicago Stock Exchange
5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053ALL.PR.BNew York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.625% Noncumulative Preferred Stock, Series GALL PR GNew York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series HALL PR HNew York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series IALL PR INew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
    
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of April 19, 2021, the registrant had 299,338,684 common shares, $.01 par value, outstanding.



The Allstate Corporation
Index to Quarterly Report on Form 10-Q
March 31, 2021
Part I Financial Information
Page
   
Item 1. Financial Statements (unaudited) as of March 31, 2021 and December 31, 2020 and for the Three Month Periods Ended March 31, 2021 and 2020
   
Condensed Consolidated Statements of Operations
 Condensed Consolidated Statements of Comprehensive Income
 Condensed Consolidated Statements of Financial Position
 Condensed Consolidated Statements of Shareholders’ Equity
 Condensed Consolidated Statements of Cash Flows
 
 
 
   
 Highlights
 
Property-Liability Operations
Segment results
Run-off Property-Liability
Protection Services
Allstate Health and Benefits
 
Investments
 
   
Part II Other Information
Item 5. Other Information


Condensed Consolidated Financial Statements
Part I. Financial Information
Item 1. Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
($ in millions, except per share data)Three months ended
March 31,
20212020
Revenues  
Property and casualty insurance premiums$10,307 $9,235 
Accident and health insurance premiums and contract charges455 282 
Other revenue555 265 
Net investment income708 246 
Realized capital gains (losses)426 (162)
Total revenues12,451 9,866 
Costs and expenses  
Property and casualty insurance claims and claims expense6,043 5,341 
Shelter-in-Place Payback expense 210 
Accident and health insurance policy benefits233 141 
Interest credited to contractholder funds9 9 
Amortization of deferred policy acquisition costs1,523 1,365 
Operating costs and expenses1,731 1,338 
Pension and other postretirement remeasurement (gains) losses(310)318 
Restructuring and related charges51 4 
Amortization of purchased intangibles53 28 
Interest expense86 81 
Total costs and expenses9,419 8,835 
Income from operations before income tax expense3,032 1,031 
Income tax expense626 194 
Net income from continuing operations2,406 837 
Loss from discontinued operations, net of tax(3,793)(288)
Net (loss) income(1,387)549 
Less: Net loss attributable to noncontrolling interest(6) 
Net (loss) income attributable to Allstate(1,381)549 
Less: Preferred stock dividends27 36 
Net (loss) income applicable to common shareholders$(1,408)$513 
Earnings per common share applicable to common shareholders  
Basic
Continuing operations$7.88 $2.52 
Discontinued operations(12.53)(0.90)
Total $(4.65)$1.62 
Diluted
Continuing operations$7.78 $2.48 
Discontinued operations(12.38)(0.89)
Total$(4.60)$1.59 
Weighted average common shares - Basic302.5 317.4 
Weighted average common shares - Diluted306.4 322.4 

See notes to condensed consolidated financial statements.
First Quarter 2021 Form 10-Q 1

Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)
($ in millions)Three months ended March 31,
20212020
Net (loss) income$(1,387)$549 
Other comprehensive loss, after-tax  
Changes in:  
Unrealized net capital gains and losses(1,500)(1,357)
Unrealized foreign currency translation adjustments34 (39)
Unamortized pension and other postretirement prior service credit(15)4 
Other comprehensive loss, after-tax(1,481)(1,392)
Comprehensive loss(2,868)(843)
Less: Comprehensive loss attributable to noncontrolling interest(6) 
Comprehensive loss applicable to Allstate$(2,862)$(843)
 






























See notes to condensed consolidated financial statements.
2 www.allstate.com

Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Financial Position (unaudited)
($ in millions, except par value data)March 31, 2021December 31, 2020
Assets
Investments  
Fixed income securities, at fair value (amortized cost, net $39,437 and $40,034)
$40,594 $42,565 
Equity securities, at fair value (cost $2,655 and $2,740)
3,154 3,168 
Mortgage loans, net902 746 
Limited partnership interests6,367 4,563 
Short-term, at fair value (amortized cost $6,017 and $6,807)
6,017 6,807 
Other, net3,042 1,691 
Total investments60,076 59,540 
Cash709 311 
Premium installment receivables, net7,921 6,463 
Deferred policy acquisition costs4,129 3,774 
Reinsurance and indemnification recoverables, net9,645 7,215 
Accrued investment income347 371 
Property and equipment, net1,002 1,057 
Goodwill3,350 2,369 
Other assets, net5,803 2,756 
Assets held for sale36,829 42,131 
Total assets$129,811 $125,987 
Liabilities  
Reserve for property and casualty insurance claims and claims expense$31,414 $27,610 
Reserve for future policy benefits1,219 1,028 
Contractholder funds878 857 
Unearned premiums18,177 15,946 
Claim payments outstanding951 957 
Deferred income taxes493 382 
Other liabilities and accrued expenses8,508 7,840 
Long-term debt7,996 7,825 
Liabilities held for sale33,383 33,325 
Total liabilities103,019 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, 8.0 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, 300 million and 304 million shares outstanding
9 9 
Additional capital paid-in3,596 3,498 
Retained income51,107 52,767 
Treasury stock, at cost (600 million and 596 million shares)
(31,886)(31,331)
Accumulated other comprehensive income:  
Other unrealized net capital gains and losses2,143 3,860 
Unrealized adjustment to DAC, DSI and insurance reserves(463)(680)
Total unrealized net capital gains and losses1,680 3,180 
Unrealized foreign currency translation adjustments27 (7)
Unamortized pension and other postretirement prior service credit116 131 
Total accumulated other comprehensive income (“AOCI”)1,823 3,304 
Total Allstate shareholders’ equity26,819 30,217 
Noncontrolling interest(27) 
Total equity26,792 30,217 
Total liabilities and equity$129,811 $125,987 
See notes to condensed consolidated financial statements.
First Quarter 2021 Form 10-Q 3

Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders’ Equity (unaudited)
($ in millions, except per share data)Three months ended March 31,
20212020
Preferred stock par value$ $ 
Preferred stock additional capital paid-in
Balance, beginning of period1,970 2,248 
Acquisition450  
Preferred stock redemption(250)(278)
Balance, end of period2,170 1,970 
Common stock par value9 9 
Common stock additional capital paid-in
Balance, beginning of period3,498 3,463 
Forward contract on accelerated share repurchase agreement113 75 
Equity incentive plans activity(15)(19)
Balance, end of period3,596 3,519 
Retained income
Balance, beginning of period52,767 48,074 
Cumulative effect of change in accounting principle (88)
Net (loss) income(1,387)549 
Dividends on common stock (declared per share of $0.81 and $0.54)
(246)(173)
Dividends on preferred stock(27)(36)
Balance, end of period51,107 48,326 
Treasury stock
Balance, beginning of period(31,331)(29,746)
Shares acquired(601)(511)
Shares reissued under equity incentive plans, net46 48 
Balance, end of period(31,886)(30,209)
Accumulated other comprehensive income
Balance, beginning of period3,304 1,950 
Change in unrealized net capital gains and losses(1,500)(1,357)
Change in unrealized foreign currency translation adjustments34 (39)
Change in unamortized pension and other postretirement prior service credit(15)4 
Balance, end of period1,823 558 
Total Allstate shareholders’ equity26,819 24,173 
Noncontrolling interest
Balance, beginning of period  
Acquisition(21) 
Noncontrolling loss(6) 
Balance, end of period(27) 
Total equity$26,792 $24,173 
 





See notes to condensed consolidated financial statements.
4 www.allstate.com

Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
($ in millions)Three months ended March 31,
20212020
Cash flows from operating activities
Net (loss) income$(1,387)$549 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, amortization and other non-cash items260 155 
Realized capital (gains) losses(505)462 
Pension and other postretirement remeasurement (gains) losses(310)318 
Amortization of deferred gain on reinsurance(2)(1)
Interest credited to contractholder funds94 132 
Loss on disposition of operations3,998  
Changes in:  
Policy benefits and other insurance reserves817 (654)
Unearned premiums33 (272)
Deferred policy acquisition costs(26)38 
Premium installment receivables, net(124)26 
Reinsurance recoverables, net(1,201)24 
Income taxes181 28 
Other operating assets and liabilities(440)222 
Net cash provided by operating activities1,388 1,027 
Cash flows from investing activities  
Proceeds from sales  
Fixed income securities10,290 12,114 
Equity securities992 5,250 
Limited partnership interests152 749 
Other investments328 116 
Investment collections  
Fixed income securities737 555 
Mortgage loans134 118 
Other investments109 61 
Investment purchases  
Fixed income securities(7,968)(14,667)
Equity securities(539)(1,619)
Limited partnership interests(322)(357)
Mortgage loans (142)
Other investments(603)(129)
Change in short-term and other investments, net744 (1,916)
Purchases of property and equipment, net(61)(65)
Acquisition of operations, net of cash acquired(3,480) 
Net cash provided by investing activities513 68 
Cash flows from financing activities  
Redemption and repayment of long-term debt(422) 
Redemption of preferred stock(250)(288)
Contractholder fund deposits252 246 
Contractholder fund withdrawals(374)(471)
Dividends paid on common stock(164)(159)
Dividends paid on preferred stock(27)(29)
Treasury stock purchases(467)(414)
Shares reissued under equity incentive plans, net4 8 
Other(32)12 
Net cash used in financing activities(1,480)(1,095)
Net increase in cash, including cash classified as assets held for sale421  
Cash from continuing operations at beginning of period311 273 
Cash classified as assets held for sale at beginning of period66 65 
Less: Cash classified as assets held for sale at end of period89 58 
Cash from continuing operations at end of period$709 $280 
See notes to condensed consolidated financial statements.
First Quarter 2021 Form 10-Q 5

Notes to Condensed Consolidated Financial Statements

The Allstate Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1General
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 March 31, 2021 and for the three month periods ended March 31, 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. These measures, which have included the implementation of travel restrictions, government-imposed shelter-in-place orders, quarantine periods, social distancing, and restrictions on large gatherings, have caused material disruption to businesses globally, resulting in increased unemployment, a recession and increased economic uncertainty. Additionally, there is no way of predicting with certainty how long the pandemic might last, including the potential for restrictions being restored or new restrictions being implemented that could result in further economic volatility.
The magnitude and duration of the global pandemic and the impact of actions taken by governmental authorities, businesses and consumers, including the availability, utilization rate and effectiveness of vaccines, to mitigate health risks create significant uncertainty. The Company continues to closely monitor and proactively adapt to developments and changing conditions. Currently, it is
not possible to reliably estimate the length and severity of the pandemic or its impact to the Company’s operations, but the effects could be material and may continue, emerge, evolve or accelerate in 2021.
Adopted accounting standards
Simplifications to the Accounting for Income Taxes Effective January 1, 2021, the Company adopted the 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.

6 www.allstate.com

Notes to Condensed Consolidated Financial Statements

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 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.
First Quarter 2021 Form 10-Q 7

Notes to Condensed Consolidated Financial Statements

Note 2Earnings per Common Share
Basic earnings per common share is computed using the weighted average number of common shares outstanding, including vested unissued participating restricted stock units. Diluted earnings per common share is computed using the weighted average number of common and dilutive potential common shares outstanding.
For the Company, dilutive potential common shares consist of outstanding stock options and
unvested non-participating restricted stock units and contingently issuable performance stock awards. The effect of dilutive potential common shares does not include the effect of options with an anti-dilutive effect on earnings per common share because their exercise prices exceed the average market price of Allstate common shares during the period or for which the unrecognized compensation cost would have an anti-dilutive effect.
Computation of basic and diluted earnings per common share
(In millions, except per share data)Three months ended March 31,
20212020
Numerator:
 
 
Net income from continuing operations$2,406 $837 
Less: Net loss attributable to noncontrolling interest(6) 
Net income from continuing operations attributable to Allstate2,412 837 
Less: Preferred stock dividends
27 36 
Net income from continuing operations applicable to common shareholders2,385 801 
Loss from discontinued operations, net of tax(3,793)(288)
Net (loss) income applicable to common shareholders$(1,408)$513 
Denominator:
 
 
Weighted average common shares outstanding
302.5 317.4 
Effect of dilutive potential common shares:
 
 
Stock options
2.5 3.3 
Restricted stock units (non-participating) and performance stock awards
1.4 1.7 
Weighted average common and dilutive potential common shares outstanding
306.4 322.4 
Earnings per common share applicable to common shareholders
Basic
Continuing operations$7.88 $2.52 
Discontinued operations(12.53)(0.90)
Total$(4.65)$1.62 
Diluted
Continuing operations$7.78 $2.48 
Discontinued operations(12.38)(0.89)
Total$(4.60)$1.59 
Anti-dilutive options excluded from diluted earnings per common share
2.2 0.8 

8 www.allstate.com

Notes to Condensed Consolidated Financial Statements

Note 3Acquisition and Dispositions
Acquisition
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 acquisition (1)
($ in millions)January 4, 2021
Assets
Investments$4,957 
Cash402 
Premiums and other receivables, net1,545 
Deferred acquisition costs (value of business acquired)317 
Reinsurance recoverables, net1,219 
Intangible assets1,199 
Other assets734 
Goodwill (2)
980 
Total assets11,353 
Liabilities
Reserve for property and casualty insurance claims and claims expense2,774 
Reserve for future policy benefits189 
Unearned premiums 2,245 
Reinsurance payable364 
Debt (3)
592 
Deferred tax liabilities177 
Other liabilities701 
Total liabilities$7,042 
(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)$616 million, $29 million and $335 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 $417 million 6.750% Senior Notes due 2024 as of March 31, 2021, including a purchase accounting fair value adjustment of $67 million.
Intangible assets by type
($ in millions)January 4, 2021
Distribution and customer relationships$795 
Trade names102 
Licenses 97 
Technology and other205 
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 us