Form 10-Q ALLSTATE CORP For: Mar 31

May 4, 2022 4:26 PM EDT

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all-20220331
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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, 2022
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
all-20220331_g1.jpg

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 18, 2022, the registrant had 274,982,998 common shares, $.01 par value, outstanding.



The Allstate Corporation
Index to Quarterly Report on Form 10-Q
March 31, 2022
Part I Financial Information
Page
   
Item 1. Financial Statements (unaudited) as of March 31, 2022 and December 31, 2021 and for the Three Month Periods Ended March 31, 2022 and 2021
   
 
 
 
 
 
 
 
   
 
 
Segment results
 
 
   
Part II 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,
20222021
Revenues  
Property and casualty insurance premiums$10,981 $10,307 
Accident and health insurance premiums and contract charges469 455 
Other revenue560 555 
Net investment income594 708 
Net gains (losses) on investments and derivatives(267)426 
Total revenues12,337 12,451 
Costs and expenses  
Property and casualty insurance claims and claims expense7,822 6,043 
Accident, health and other policy benefits269 242 
Amortization of deferred policy acquisition costs1,612 1,523 
Operating costs and expenses1,902 1,731 
Pension and other postretirement remeasurement (gains) losses(247)(310)
Restructuring and related charges12 51 
Amortization of purchased intangibles87 53 
Interest expense83 86 
Total costs and expenses11,540 9,419 
Income from operations before income tax expense797 3,032 
Income tax expense151 626 
Net income from continuing operations646 2,406 
Income (loss) from discontinued operations, net of tax (3,793)
Net income (loss)646 (1,387)
Less: Net loss attributable to noncontrolling interest(10)(6)
Net income (loss) attributable to Allstate656 (1,381)
Less: Preferred stock dividends26 27 
Net income (loss) applicable to common shareholders$630 $(1,408)
Earnings per common share applicable to common shareholders  
Basic
Continuing operations$2.27 $7.88 
Discontinued operations (12.53)
Total $2.27 $(4.65)
Diluted
Continuing operations$2.24 $7.78 
Discontinued operations (12.38)
Total$2.24 $(4.60)
Weighted average common shares - Basic278.1 302.5 
Weighted average common shares - Diluted281.8 306.4 

See notes to condensed consolidated financial statements.
First Quarter 2022 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,
20222021
Net income (loss)$646 $(1,387)
Other comprehensive loss, after-tax  
Changes in:  
Unrealized net capital gains and losses(1,593)(1,500)
Unrealized foreign currency translation adjustments 34 
Unamortized pension and other postretirement prior service credit(15)(15)
Other comprehensive loss, after-tax(1,608)(1,481)
Comprehensive loss(962)(2,868)
Less: Comprehensive loss attributable to noncontrolling interest(22)(6)
Comprehensive loss attributable to Allstate$(940)$(2,862)
 






























See notes to condensed consolidated financial statements.
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Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Financial Position (unaudited)
($ in millions, except par value data)March 31, 2022December 31, 2021
Assets
Investments  
Fixed income securities, at fair value (amortized cost, net $42,027 and $41,376)
$40,745 $42,136 
Equity securities, at fair value (cost $4,453 and $6,016)
5,315 7,061 
Mortgage loans, net855 821 
Limited partnership interests7,977 8,018 
Short-term, at fair value (amortized cost $4,345 and $4,009)
4,344 4,009 
Other investments, net2,532 2,656 
Total investments61,768 64,701 
Cash1,130 763 
Premium installment receivables, net8,874 8,364 
Deferred policy acquisition costs4,824 4,722 
Reinsurance and indemnification recoverables, net9,691 10,024 
Accrued investment income341 339 
Property and equipment, net966 939 
Goodwill3,497 3,502 
Other assets, net6,059 6,086 
Total assets97,150 99,440 
Liabilities  
Reserve for property and casualty insurance claims and claims expense32,991 33,060 
Reserve for future policy benefits1,274 1,273 
Contractholder funds907 908 
Unearned premiums20,248 19,844 
Claim payments outstanding1,140 1,123 
Deferred income taxes402 833 
Other liabilities and accrued expenses9,077 9,296 
Long-term debt7,973 7,976 
Total liabilities74,012 74,313 
Commitments and Contingent Liabilities (Note 12)
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
1,970 1,970 
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 276 million and 281 million shares outstanding
9 9 
Additional capital paid-in3,706 3,722 
Retained income53,688 53,294 
Treasury stock, at cost (624 million and 619 million shares)
(35,208)(34,471)
Accumulated other comprehensive income:  
Unrealized net capital gains and losses(995)598 
Unrealized foreign currency translation adjustments(15)(15)
Unamortized pension and other postretirement prior service credit57 72 
Total accumulated other comprehensive income (“AOCI”)(953)655 
Total Allstate shareholders’ equity23,212 25,179 
Noncontrolling interest(74)(52)
Total equity23,138 25,127 
Total liabilities and equity$97,150 $99,440 
See notes to condensed consolidated financial statements.
First Quarter 2022 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,
20222021
Preferred stock par value$ $ 
Preferred stock additional capital paid-in
Balance, beginning of period1,970 1,970 
Acquisition 450 
Preferred stock redemption (250)
Balance, end of period1,970 2,170 
Common stock par value9 9 
Common stock additional capital paid-in
Balance, beginning of period3,722 3,498 
Forward contract on accelerated share repurchase agreement 113 
Equity incentive plans activity(16)(15)
Balance, end of period3,706 3,596 
Retained income
Balance, beginning of period53,294 52,767 
Net income (loss)656 (1,387)
Dividends on common stock (declared per share of $0.85 and $0.81)
(236)(246)
Dividends on preferred stock(26)(27)
Balance, end of period53,688 51,107 
Treasury stock
Balance, beginning of period(34,471)(31,331)
Shares acquired(794)(601)
Shares reissued under equity incentive plans, net57 46 
Balance, end of period(35,208)(31,886)
Accumulated other comprehensive income
Balance, beginning of period655 3,304 
Change in unrealized net capital gains and losses(1,593)(1,500)
Change in unrealized foreign currency translation adjustments 34 
Change in unamortized pension and other postretirement prior service credit(15)(15)
Balance, end of period(953)1,823 
Total Allstate shareholders’ equity23,212 26,819 
Noncontrolling interest
Balance, beginning of period(52) 
Acquisition (21)
Change in unrealized net capital gains and losses(12) 
Noncontrolling loss(10)(6)
Balance, end of period(74)(27)
Total equity$23,138 $26,792 
 See notes to condensed consolidated financial statements.
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Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
($ in millions)Three months ended March 31,
20222021
Cash flows from operating activities
Net income (loss)$646 $(1,387)
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, amortization and other non-cash items236 260 
Net (gains) losses on investments and derivatives267 (505)
Pension and other postretirement remeasurement (gains) losses(247)(310)
Amortization of deferred gain on reinsurance (2)
Interest credited to contractholder funds8 94 
Loss on disposition of operations, net of tax 3,998 
Changes in:  
Policy benefits and other insurance reserves(121)817 
Unearned premiums392 33 
Deferred policy acquisition costs(99)(26)
Premium installment receivables, net(502)(124)
Reinsurance recoverables, net334 (1,201)
Income taxes92 181 
Other operating assets and liabilities(574)(440)
Net cash provided by operating activities432 1,388 
Cash flows from investing activities  
Proceeds from sales  
Fixed income securities12,400 10,290 
Equity securities5,216 992 
Limited partnership interests300 152 
Other investments208 328 
Investment collections  
Fixed income securities104 737 
Mortgage loans3 134 
Other investments49 109 
Investment purchases  
Fixed income securities(13,220)(7,968)
Equity securities(3,624)(539)
Limited partnership interests(216)(322)
Mortgage loans(37) 
Other investments(186)(603)
Change in short-term and other investments, net114 744 
Purchases of property and equipment, net(130)(61)
Acquisition of operations, net of cash acquired (3,480)
Net cash provided by investing activities981 513 
Cash flows from financing activities  
Redemption and repayment of long-term debt (422)
Redemption of preferred stock (250)
Contractholder fund deposits34 252 
Contractholder fund withdrawals(9)(374)
Dividends paid on common stock(230)(164)
Dividends paid on preferred stock(26)(27)
Treasury stock purchases(802)(467)
Shares reissued under equity incentive plans, net17 4 
Other(30)(32)
Net cash used in financing activities(1,046)(1,480)
Net increase in cash, including cash classified as assets held for sale367 421 
Cash from continuing operations at beginning of period763 311 
Cash classified as assets held for sale at beginning of period 66 
Less: Cash classified as assets held for sale at end of period 89 
Cash from continuing operations at end of period$1,130 $709 
See notes to condensed consolidated financial statements.
First Quarter 2022 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 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, 2022 and for the three month periods ended March 31, 2022 and 2021 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, 2021. 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 generally moderated, with periodic changes in response to local conditions. 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 have been and could be material.

Pending accounting standard
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 sold 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 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 due to the 2021 dispositions of Allstate Life Insurance Company (“ALIC”), Allstate Life Insurance Company of New York (“ALNY”) and certain affiliates.
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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, 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,
20222021
Numerator:
 
 
Net income from continuing operations$646 $2,406 
Less: Net loss attributable to noncontrolling interest(10)(6)
Net income from continuing operations attributable to Allstate656 2,412 
Less: Preferred stock dividends
26 27 
Net income from continuing operations applicable to common shareholders630 2,385 
Income (loss) from discontinued operations, net of tax (3,793)
Net income (loss) applicable to common shareholders$630 $(1,408)
Denominator:
 
 
Weighted average common shares outstanding
278.1 302.5 
Effect of dilutive potential common shares:
  
Stock options
2.6 2.5 
Restricted stock units (non-participating) and performance stock awards
1.1 1.4 
Weighted average common and dilutive potential common shares outstanding
281.8 306.4 
Earnings per common share applicable to common shareholders
Basic
Continuing operations$2.27 $7.88 
Discontinued operations (12.53)
Total$2.27 $(4.65)
Diluted
Continuing operations$2.24 $7.78 
Discontinued operations (12.38)
Total$2.24 $(4.60)
Anti-dilutive options excluded from diluted earnings per common share
1.2 2.2 

First Quarter 2022 Form 10-Q 7

Notes to Condensed Consolidated Financial Statements

Note 3Acquisitions and Dispositions
Acquisitions
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.
Assets and liabilities recognized in the National General acquisition (1)
($ in millions)January 4, 2021
Assets
Investments$4,962 
Cash400 
Premiums and other receivables, net1,539 
Deferred acquisition costs (value of business acquired)317 
Reinsurance recoverables, net1,212 
Intangible assets1,199 
Other assets734 
Goodwill (2)
1,038 
Total assets11,401 
Liabilities
Reserve for property and casualty insurance claims and claims expense2,765 
Reserve for future policy benefits186 
Unearned premiums 2,245 
Reinsurance payable363 
Debt (3)
593 
Deferred tax liabilities162 
Other liabilities776 
Total liabilities$7,090 
(1)The amounts reflect allocation of assets acquired and liabilities assumed.
(2)$675 million, $20 million and $343 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. As of March 31, 2022, the Company had principal balance remaining of $350 million 6.750% Senior Notes due 2024, with a fair value adjustment of $40 million.
SafeAuto On October 1, 2021, the Company completed the acquisition of Safe Auto Insurance Group, Inc. (“SafeAuto”), a non-standard auto insurance carrier focused on providing state-minimum private-passenger auto insurance direct to consumers with coverage options in 28 states for $262 million in cash.
Dispositions
Life and annuity business On October 1, 2021, the Company closed the sale of ALNY to Wilton Reassurance Company for $400 million. On November 1, 2021, the Company closed the sale of ALIC and certain affiliates to entities managed by Blackstone for total proceeds of $4 billion, including a pre-close dividend of $1.25 billion paid by ALIC.
In 2021 and prior periods, the assets and liabilities of the business were reclassified as held for sale and results were presented as discontinued operations.
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Notes to Condensed Consolidated Financial Statements

Financial results from discontinued operations
Three months ended March 31,
($ in millions)2021
Revenues
Life premiums and contract charges$340 
Net investment income439 
Net gains (losses) on investments and derivatives79 
Total revenues858 
Costs and expenses
Life contract benefits410 
Interest credited to contractholder funds 85 
Amortization of DAC36 
Operating costs and expenses55 
Restructuring and related charges19 
Total costs and expenses605 
Amortization of deferred gain on reinsurance2