0000899051-25-000102 | 10-Q | XBRL Viewer

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Reportable Segments - Schedule of Reportable Segments Total Assets, Investments and Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Segment Reporting Information
Assets	$ 120,402	$ 111,617
Investments	82,328	72,610
Deferred policy acquisition costs	6,095	5,773
Other investments, net	1,017	824
All other
Segment Reporting Information
Assets	974	648
Investments	197	160
Deferred policy acquisition costs	81	63
Allstate Protection and Run-off Property-Liability \| Operating segments
Segment Reporting Information
Assets	105,668	96,988
Investments	74,390	67,671
Allstate Protection and Run-off Property-Liability \| Operating segments \| Allstate Protection
Segment Reporting Information
Deferred policy acquisition costs	2,802	2,548
Protection Services \| Operating segments
Segment Reporting Information
Assets	8,442	7,540
Investments	2,501	2,228
Deferred policy acquisition costs	3,212	3,161
Allstate Health and Benefits \| Operating segments
Segment Reporting Information
Assets	0	3,714
Investments	0	219
Deferred policy acquisition costs	0	1
Allstate Health and Benefits \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Segment Reporting Information
Other investments, net		1,910
Deferred policy acquisition costs		521
Corporate \| Operating segments
Segment Reporting Information
Assets	5,318	2,727
Investments	$ 5,240	$ 2,332

Variable Interest Entities

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities


Note 8			Variable Interest Entities

Consolidated VIEs primarily include Adirondack, a New York reciprocal insurer, and Skylands, a New Jersey reciprocal insurer. 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 results of the Reciprocal Exchanges are included in the Allstate Protection segment as 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.

Due to ongoing operating losses, the Company recorded a loss related to variable interests held in the Reciprocal Exchanges of $67 million in the first quarter of 2025 and $123 million in the first quarter of 2024. These losses have been reflected as capital transactions attributable to noncontrolling interest as the Company expects 100% of its interests in surplus notes and lines of credit to absorb expected losses of the Reciprocal Exchanges.

Adirondack has withdrawn and stopped writing new business and Skylands has withdrawn substantially all business and stopped writing new business. As the reciprocal insurers are dissolved, policyholders will 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 New York State Department of Financial Services approved the withdrawal plan for Adirondack

to non-renew or cancel all policies effective as of December 31, 2024. Additionally, the Company waived all fees payable by Adirondack after July 1, 2024, excluding Loss Adjustment Expenses associated with individual claims.

The New Jersey Department of Banking and Insurance acknowledged the withdrawal plan filed on behalf of Skylands to withdraw from providing personal lines insurance, except dwelling fire and watercraft policies, beginning December 14, 2024. Skylands has a 100% quota share reinsurance agreement to cede all of Skylands’ business to the Company.

Claims and claims expense ceded to the Company were $(1) million and $(1) million for the three and nine months ended September 30, 2025, respectively, compared to $(6) million and $24 million for the three and nine months ended September 30, 2024, respectively.

Prior to July 1, 2024, the Company received a management fee for the services provided to the Reciprocal Exchanges. The management fees were $2 million and $23 million for the three and nine months ended September 30, 2024, respectively. Earned premiums for the Reciprocal Exchanges generated zero and $(1) million for the three and nine months ended September 30, 2025, respectively, compared to $48 million and $170 million for the three and nine months ended September 30, 2024, respectively. Total costs and expenses were $3 million and $10 million for the three and nine months ended September 30, 2025, respectively, compared to $62 million and $207 million for the three and nine months ended September 30, 2024, respectively.


Assets and liabilities of Reciprocal Exchanges
($ in millions)	September 30, 2025		December 31, 2024
Assets
Fixed income securities	$	3	$	47
Short-term investments	74		112

Premium installment and other receivables, net	—		9
Reinsurance recoverables, net	32		76
Other assets	—		25
Total assets	$	109	$	269
Liabilities
Reserve for property and casualty insurance claims and claims expense	$	131	$	214
Unearned premiums	—		22
Other liabilities and expenses	187		235
Total liabilities	$	318	$	471

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues
Other revenue	$ 691	$ 781	$ 2,200	$ 2,129
Net investment income	949	783	2,557	2,259
Net gains (losses) on investments and derivatives	252	243	(241)	(24)
Total revenues	17,255	16,627	50,340	47,600
Costs and expenses
Accident, health and other policy benefits	67	317	588	904
Amortization of deferred policy acquisition costs	2,101	2,037	6,264	5,977
Operating costs and expenses	2,265	2,217	6,645	6,121
Pension and other postretirement remeasurement (gains) losses	(108)	26	(30)	15
Restructuring and related charges	17	28	48	51
Amortization of purchased intangibles	59	71	175	210
Interest expense	101	104	301	299
Total costs and expenses	13,156	15,209	43,709	44,288
Gain on disposition of operations	720	0	1,610	0
Income from operations before income tax expense	4,819	1,418	8,241	3,312
Income tax expense	1,075	254	1,802	603
Net income	3,744	1,164	6,439	2,709
Less: Net loss attributable to noncontrolling interest	(2)	(26)	(11)	(30)
Net income attributable to Allstate	3,746	1,190	6,450	2,739
Less: Preferred stock dividends	29	29	88	88
Net income applicable to common shareholders, basic	3,717	1,161	6,362	2,651
Net income applicable to common shareholders, diluted	$ 3,717	$ 1,161	$ 6,362	$ 2,651
Earnings per common share:
Net income applicable to common shareholders per common share - Basic (in dollars per share)	$ 14.13	$ 4.39	$ 24.07	$ 10.04
Weighted average common shares - Basic (in shares)	263.1	264.6	264.3	264.1
Net income applicable to common shareholders per common share - Diluted (in dollars per share)	$ 13.95	$ 4.33	$ 23.76	$ 9.91
Weighted average common shares - Diluted (in shares)	266.4	268.0	267.8	267.4
Property and casualty insurance premiums
Revenues
Insurance premiums and contract charges	$ 15,253	$ 14,333	$ 44,992	$ 41,797
Costs and expenses
Property and casualty insurance claims and claims expense	8,654	10,409	29,718	30,711
Accident and health insurance premiums and contract charges
Revenues
Insurance premiums and contract charges	$ 110	$ 487	$ 832	$ 1,439

Derivative Financial Instruments - Schedule of CDS Notional Amounts by Credit Rating And Fair Value of Protection Sold (Details) - Credit default contracts $ in Millions	Sep. 30, 2025 USD ($)
Derivative [Line Items]
Notional amount	$ 500
Fair value	12
AAA
Derivative [Line Items]
Notional amount	0
AA
Derivative [Line Items]
Notional amount	0
A
Derivative [Line Items]
Notional amount	0
BBB
Derivative [Line Items]
Notional amount	500
BB and lower
Derivative [Line Items]
Notional amount	$ 0

Supplemental Cash Flow Information - Schedule of Activities Resulting from Management of Proceeds (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Net change in proceeds managed
Net change in fixed income securities	$ (99)	$ 45
Net change in short-term investments	282	(175)
Operating cash flow provided (used)	183	(130)
Net change in cash	(1)	0
Net change in proceeds managed	182	(130)
Net change in liabilities
Liabilities for collateral, beginning of period	(2,041)	(1,891)
Liabilities for collateral, end of period	(1,859)	(2,021)
Operating cash flow (used) provided	$ (182)	$ 130

Derivative Financial Instruments - Schedule of OTC Cash and Securities Collateral Pledged (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Pledged by the Company	$ 28
Pledged to the Company	0
Collateral posted under MNAs for contracts containing credit-risk contingent features	$ 28	$ 0

Derivative Financial Instruments - Schedule of Gains (Losses) from Valuation and Settlements Reported on Derivatives Not Designated as Accounting Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	$ 24	$ 32	$ (51)	$ 26
Net gains (losses) on investments and derivatives
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	6	20	(78)	(3)
Operating costs and expenses
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	18	12	27	29
Interest rate contracts
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	2	42	(8)	21
Interest rate contracts \| Net gains (losses) on investments and derivatives
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	2	42	(8)	21
Interest rate contracts \| Operating costs and expenses
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	0	0	0	0
Equity and index contracts
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	13	8	11	7
Equity and index contracts \| Net gains (losses) on investments and derivatives
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	(2)	(2)	(10)	(17)
Equity and index contracts \| Operating costs and expenses
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	15	10	21	24
Contingent consideration
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	3	2	6	5
Contingent consideration \| Net gains (losses) on investments and derivatives
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	0	0	0	0
Contingent consideration \| Operating costs and expenses
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	3	2	6	5
Foreign currency contracts
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	6	(23)	(50)	(9)
Foreign currency contracts \| Net gains (losses) on investments and derivatives
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	6	(23)	(50)	(9)
Foreign currency contracts \| Operating costs and expenses
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives	$ 0	0	0	0
Credit default contracts
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives		3	(10)	2
Credit default contracts \| Net gains (losses) on investments and derivatives
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives		3	(10)	2
Credit default contracts \| Operating costs and expenses
Derivative Instruments, Gain (Loss)
Gains (losses) from valuation and settlements reported on derivatives		$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Investments - Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	$ 252	$ 243	$ (241)	$ (24)
Fixed income securities
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	107	105	(271)	(92)
Equity securities
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	191	119	243	195
Mortgage loans
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	(6)	(1)	(6)	0
Limited partnership interests
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	(32)	(8)	(24)	(13)
Derivatives
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	6	20	(78)	(3)
Other investments
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	(14)	8	(38)	12
Other
Realized capital gains and losses by asset type
Net gains (losses) on investments and derivatives	$ 0	$ 0	$ (67)	$ (123)

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 3,744	$ 1,164	$ 6,439	$ 2,709
Changes in:
Unrealized net capital gains and losses	315	1,299	1,122	965
Unrealized foreign currency translation adjustments	40	14	79	(1)
Unamortized pension and other postretirement prior service credit	(1)	0	(1)	(1)
Discount rate for reserve for future policy benefits	1	(36)	(13)	(12)
Other comprehensive income, after-tax	355	1,277	1,187	951
Comprehensive income	4,099	2,441	7,626	3,660
Less: Comprehensive loss attributable to noncontrolling interest	(2)	(19)	(8)	(22)
Comprehensive income attributable to Allstate	$ 4,101	$ 2,460	$ 7,634	$ 3,682

Investments - Schedule of Other Investments by Asset Type (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Investments [Line Items]
Other investments	$ 1,017	$ 824
Bank loans, net
Investments [Line Items]
Other investments	383	201
Real estate
Investments [Line Items]
Other investments	621	620
Other
Investments [Line Items]
Other investments	$ 13	$ 3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Reinsurance and Indemnification - Schedule of Rollforward of Credit Loss Allowance for Reinsurance Recoverables (Details) - Property and casualty - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (63)	$ (64)	$ (63)	$ (62)
(Increase) decrease in the provision for credit losses	(1)	2	(1)	0
Write-offs	10	0	10	0
Ending balance	$ (54)	$ (62)	$ (54)	$ (62)

Guarantees and Contingent Liabilities (Details)	3 Months Ended	9 Months Ended
Guarantees and Contingent Liabilities (Details)	Mar. 31, 2025 USD ($)	Sep. 30, 2025 USD ($) claim	Feb. 11, 2025 USD ($)
California FAIR Plan Association
Guarantor Obligations [Line Items]
Maximum possible assessment			$ 1,000,000,000
Insurance recoupment (as a percent)			50.00%
Personal Lines \| California FAIR Plan Association
Guarantor Obligations [Line Items]
Maximum possible assessment			$ 1,000,000,000
Market share (as a percent)			4.60%
Maximum possible assessment paid	$ 45,000,000
Commercial Lines \| California FAIR Plan Association
Guarantor Obligations [Line Items]
Market share (as a percent)			2.00%
Holland Hewitt v. Allstate Life Insurance Company
Guarantor Obligations [Line Items]
Number of putative class actions \| claim		2
Minimum
Guarantor Obligations [Line Items]
Loss contingencies, reasonably possible pretax loss exposure in excess of the amount accrued		$ 0
Maximum
Guarantor Obligations [Line Items]
Loss contingencies, reasonably possible pretax loss exposure in excess of the amount accrued		$ 52,000,000

Derivative Financial Instruments - Schedule of Fair Value of Instruments with Credit-Risk-Contingent Features (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross liability fair value of contracts containing credit-risk-contingent features	$ 31	$ 1
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(2)	(1)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	(28)	0
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$ 1	$ 0

Reserve for Property and Casualty Insurance Claims and Claims Expense - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Catastrophe
Increase (decrease) in claims and claims expense
Losses from catastrophes, net of recoveries	$ 4,750	$ 4,550

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Reportable Segments Financial Performance

A reconciliation of these measures to net income (loss) applicable to common shareholders is provided below.


Reportable segments financial performance
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Underwriting income (loss) by segment
Allstate Protection	$	3,040	$	555	$	4,687	$	1,316
Run-off Property-Liability	(146)		(60)		(153)		(68)


Adjusted net income (loss) by segment, after-tax
Protection Services	46		58		161		167
Allstate Health and Benefits	—		32		43		133
Corporate	(87)		(110)		(278)		(320)

Reconciliation of segment performance measures to net income (loss) applicable to common shareholders
Allstate Protection and Run-off Property-Liability net investment income	873		708		2,343		2,053
Net gains (losses) on investments and derivatives	252		243		(241)		(24)
Pension and other postretirement remeasurement gains (losses)	108		(26)		30		(15)

Amortization of purchased intangibles (1)	(13)		(19)		(37)		(56)

Gain on disposition	723		1		1,616		6

All other (2)	(7)		5		(16)		18
Income tax (expense) benefit on Allstate Protection and Run-off Property-Liability and reconciling items (3)	(1,073)		(251)		(1,803)		(588)
Total reconciling items	863		661		1,892		1,394

Less: Net loss attributable to noncontrolling interest (4)	(1)		(25)		(10)		(29)

Net income applicable to common shareholders	$	3,717	$	1,161	$	6,362	$	2,651

(1)Excludes amortization of purchased intangibles in Allstate Protection, which is already included above in underwriting income.

(2)Includes results of the individual health business, which was previously included within the Allstate Health and Benefits segment. Prior period results were recast to reflect the historical results of the individual health business.

(3)The tax computation of the reporting segments and income tax benefit (expense) on reconciling items to net income (loss) are computed discretely based on the tax law of the jurisdictions applicable to the reporting entities.

(4)Reflects net loss attributable to noncontrolling interest in Allstate Protection.

Schedule of Reportable Segments Revenue Information


Reportable segments revenue information
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Allstate Protection
Insurance premiums
Auto	$	9,593	$	9,270	$	28,468	$	27,127
Homeowners	3,880		3,403		11,308		9,812
Other personal lines	800		718		2,320		2,078
Commercial lines	99		151		316		478
Other business lines	161		152		494		438
Total Allstate Protection insurance premiums	14,533		13,694		42,906		39,933
Other revenue	518		531		1,510		1,402
Total Allstate Protection	15,051		14,225		44,416		41,335

Run-off Property-Liability	—		—		—		—

Protection Services
Protection plans	552		480		1,593		1,372
Roadside assistance	42		34		117		115
Protection and insurance products	126		125		376		377
Intersegment premiums and service fees (1)	33		49		106		123
Other revenue	124		110		363		293
Net investment income	25		24		74		68
Net gains (losses) on investments and derivatives	10		10		1		4
Total Protection Services	912		832		2,630		2,352

Allstate Health and Benefits
Employer voluntary benefits	—		248		243		742
Group health	—		120		247		358
Other revenue	—		81		163		245
Net investment income	—		25		24		69
Net gains (losses) on investments and derivatives	—		(6)		(1)		(3)
Total Allstate Health and Benefits	—		468		676		1,411

Corporate
Other revenue	24		17		62		56
Net investment income	49		25		108		64
Net gains (losses) on investments and derivatives	85		17		122		19
Total Corporate	158		59		292		139

Reconciliation of revenue
Allstate Protection and Run-off Property-Liability net investment income	873		708		2,343		2,053
Allstate Protection and Run-off Property-Liability net gains (losses) on investments and derivatives	157		222		(362)		(43)
All other	137		162		451		476
Intersegment eliminations (1)	(33)		(49)		(106)		(123)

Consolidated revenues	$	17,255	$	16,627	$	50,340	$	47,600

(1)Intersegment insurance premiums and service fees are primarily related to Arity and Roadside and are eliminated in the condensed consolidated financial statements.

Schedule of Reportable Segments Expense Information Used in Measure for Segment Profit or Loss


Reportable segments expense information used in measure for segment profit or loss
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Allstate Protection
Claims and claims expense excluding catastrophe losses and prior year reserve reestimates (1)	$	8,304	$	8,501	$	25,467	$	25,701
Catastrophe losses	558		1,703		4,750		4,554
Non-catastrophe prior year reserve reestimates	(542)		(14)		(1,158)		(73)
Amortization of DAC	1,757		1,696		5,231		4,977
Advertising expense	575		519		1,540		1,204
Amortization of purchased intangibles	46		52		138		154
Restructuring and related charges	15		23		44		45
Other segment expenses (2)	1,298		1,190		3,717		3,457
Total	12,011		13,670		39,729		40,019

Run-off Property-Liability
Claims and claims expense prior year reserve reestimates (3)	146		59		151		65
Other segment expenses (2)	—		1		2		3
Total	146		60		153		68

Protection Services
Claims and claims expense	193		166		524		481
Amortization of DAC	337		304		983		889
Non-deferrable commissions	116		94		327		251
Restructuring and related charges	1		—		2		1
Other segment expenses (2)	194		186		582		509
Income taxes on operations	16		15		51		51
Total	857		765		2,469		2,182

Allstate Health and Benefits
Accident, health and other policy benefits	—		255		379		723
Amortization of DAC	—		30		30		90
Restructuring and related charges	—		1		—		2
Other segment expenses (2)	—		147		213		430
Income taxes on operations	—		9		12		36
Total	—		442		634		1,281

Corporate
Interest expense	101		104		301		299
Restructuring and related charges	—		3		—		2
Other segment expenses (2)	42		39		119		128
Income taxes on operations	(12)		(23)		(60)		(77)
Preferred stock dividends	29		29		88		88
Total	$	160	$	152	$	448	$	440

(1)Includes Allstate Protection incurred loss adjustment expenses, net of reinsurance of $741 million and $732 million during the three months ended September 30, 2025 and 2024, respectively, and $2.22 billion and $2.14 billion during the nine months ended September 30, 2025 and 2024, respectively.

(2)Includes employee-related costs, professional services, technology and other operating costs and expenses.

(3)Includes Run-off Property-Liability incurred loss adjustment expenses, net of reinsurance of $24 million and $4 million during the three months ended September 30, 2025 and 2024, respectively, and $28 million and $7 million during the nine months ended September 30, 2025 and 2024, respectively.

Schedule of Additional Significant Financial Performance Data


Additional significant financial performance data
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Amortization of DAC
Allstate Protection	$	1,757	$	1,696	$	5,231	$	4,977
Protection Services	337		304		983		889
Allstate Health and Benefits	—		30		30		90
All other	7		7		20		21
Consolidated	$	2,101	$	2,037	$	6,264	$	5,977

Amortization of purchased intangibles
Allstate Protection	$	46	$	52	$	138	$	154
Protection Services	10		12		28		36
Allstate Health and Benefits	—		3		1		9
All other	3		4		8		11
Consolidated	$	59	$	71	$	175	$	210

Income tax expense (benefit)
Allstate Protection and Run-off Property-Liability	$	817	$	257	$	1,315	$	599
Protection Services	15		14		44		43
Allstate Health and Benefits (1)	216		8		474		34
Corporate	29		(25)		(26)		(75)
All other	(2)		—		(5)		2
Consolidated	$	1,075	$	254	$	1,802	$	603

(1)Includes income tax expense on the gain on sale of the EVB and group health businesses.

Schedule of Reportable Segment Total Assets, Investments and Deferred Policy Acquisition Costs


Reportable segments total assets, investments and deferred policy acquisition costs
($ in millions)	September 30, 2025		December 31, 2024
Assets
Allstate Protection and Run-off Property-Liability	$	105,668	$	96,988
Protection Services	8,442		7,540
Allstate Health and Benefits	—		3,714
Corporate	5,318		2,727
All other	974		648
Consolidated	$	120,402	$	111,617

Investments (1)
Allstate Protection and Run-off Property-Liability	$	74,390	$	67,671
Protection Services	2,501		2,228
Allstate Health and Benefits (2)	—		219
Corporate	5,240		2,332
All other	197		160
Consolidated	$	82,328	$	72,610

Deferred policy acquisition costs
Allstate Protection	$	2,802	$	2,548
Protection Services	3,212		3,161
Allstate Health and Benefits (2)	—		1
All other	81		63
Consolidated	$	6,095	$	5,773

(1)The balances reflect the elimination of related party investments between segments.

(2)As of December 31, 2024, $1.91 billion of investments and $521 million of deferred policy acquisition costs were classified as held for sale and not included in the table above.

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) on a Pre-Tax and After-Tax Basis (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pre-tax
Other comprehensive income (loss)	$ 454	$ 1,642	$ 1,514	$ 1,226
Tax
Other comprehensive income (loss)	(99)	(365)	(327)	(275)
After-tax
Other comprehensive income, after-tax	355	1,277	1,187	951
Unrealized net capital gains and losses
Pre-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	482	1,753	1,049	1,118
Less: reclassification adjustment of realized capital gains and losses	79	83	(383)	(126)
Other comprehensive income (loss)	403	1,670	1,432	1,244
Tax
Unrealized net holding gains and losses arising during the period, net of related offsets	(105)	(388)	(230)	(253)
Less: reclassification adjustment of realized capital gains and losses	(17)	(17)	80	26
Other comprehensive income (loss)	(88)	(371)	(310)	(279)
After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	377	1,365	819	865
Less: reclassification adjustment of realized capital gains and losses	62	66	(303)	(100)
Other comprehensive income, after-tax	315	1,299	1,122	965
Unrealized foreign currency translation adjustments
Pre-tax
Other comprehensive income (loss)	51	18	100	(1)
Tax
Other comprehensive income (loss)	(11)	(4)	(21)	0
After-tax
Other comprehensive income, after-tax	40	14	79	(1)
Unamortized pension and other postretirement prior service credit
Pre-tax
Other comprehensive income (loss)	(1)	0	(1)	(2)
Tax
Other comprehensive income (loss)	0	0	0	1
After-tax
Other comprehensive income, after-tax	(1)	0	(1)	(1)
Discount rate for reserve for future policy benefits
Pre-tax
Other comprehensive income (loss)	1	(46)	(17)	(15)
Tax
Other comprehensive income (loss)	0	10	4	3
After-tax
Other comprehensive income, after-tax	$ 1	$ (36)	$ (13)	$ (12)

Investments - Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Ending balance	$ (5)	$ (22)	$ (5)	$ (22)
Fixed income securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	(17)	(19)	(17)	(36)
Credit losses on securities for which credit losses not previously reported	0	(3)	(1)	(10)
Net (increases) decreases related to credit losses previously reported	0	0	1	3
(Increase) decrease related to sales and other	0	0	0	3
Write-offs	12	0	12	18
Ending balance	(5)	(22)	(5)	(22)
Municipal bonds
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Ending balance	0	(2)	0	(2)
Corporate bonds
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Ending balance	(4)	(18)	(4)	(18)
ABS
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Ending balance	$ (1)	$ (2)	$ (1)	$ (2)

Investments - Schedule of Payment Status of Mortgage Loans (Details) - Mortgage loans - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	$ 849
Allowance	(18)
Total mortgage loans	831
Commercial
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	697	$ 735
Allowance	(17)
Total mortgage loans	680
Residential
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	152
Allowance	(1)
Total mortgage loans	151
Less than 90 days past due
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	24
Less than 90 days past due \| Commercial
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	23
Less than 90 days past due \| Residential
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
90 days or greater past due
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
90 days or greater past due \| Commercial
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
90 days or greater past due \| Residential
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
Total past due before allowance
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	24
Total past due before allowance \| Commercial
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	23
Total past due before allowance \| Residential
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
Current before allowance
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	825
Current before allowance \| Commercial
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	674
Current before allowance \| Residential
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	$ 151

Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Schedule of Components of Net Cost (Benefit) for Pension and Other Postretirement Plans


Components of net cost (benefit) for pension and other postretirement plans
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Pension benefits
Service cost (1)	$	28	$	26	$	79	$	52
Interest cost	58		59		177		175
Expected return on plan assets	(77)		(74)		(233)		(227)


Costs and expenses	9		11		23		—
Remeasurement of projected benefit obligation	20		233		128		140
Remeasurement of plan assets	(127)		(214)		(158)		(129)
Remeasurement (gains) losses	(107)		19		(30)		11
Pension net (benefit) cost	$	(98)	$	30	$	(7)	$	11

Postretirement benefits
Service cost	$	—	$	—	$	—	$	—
Interest cost	2		2		6		7
Amortization of prior service credit	(1)		—		(1)		(1)

Costs and expenses	1		2		5		6
Remeasurement of benefit obligation	(1)		7		—		4
Remeasurement of plan assets	—		—		—		—
Remeasurement (gains) losses	(1)		7		—		4
Postretirement net cost	$	—	$	9	$	5	$	10

Pension and postretirement benefits
Costs and expenses	$	10	$	13	$	28	$	6
Remeasurement (gains) losses	(108)		26		(30)		15
Total net (benefit) cost	$	(98)	$	39	$	(2)	$	21

(1) For the first nine months of 2024, service cost includes a $38 million refund of premiums previously paid to the Pension Benefit Guaranty Corporation.

Schedule of Pension and Postretirement Benefits Remeasurement Gains and Losses


Pension and postretirement benefits remeasurement gains and losses
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Remeasurement of benefit obligation (gains) losses:
Discount rate	$	29	$	213	$	93	$	115
Other assumptions	(10)		27		35		29
Remeasurement of plan assets (gains) losses	(127)		(214)		(158)		(129)
Remeasurement (gains) losses	$	(108)	$	26	$	(30)	$	15

Investments - Schedule of Unrealized Net Capital Gains and Losses Included in AOCI (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Fair value
Fixed income securities, at fair value	$ 57,186	$ 52,747
Short-term investments	8,743	4,537
Derivative instruments	0	0
Gross Unrealized Gains
Fixed income securities	848	361
Short-term investments	0	0
Derivative instruments	0	0
Gross Unrealized Losses
Fixed income securities	(394)	(1,230)
Short-term investments	0	(2)
Derivative instruments	(2)	(2)
Unrealized net gains (losses)
Fixed income securities	454	(869)
Short-term investments	0	(2)
Derivative instruments	(2)	(2)
Investments classified as held for sale		(110)
Unrealized net capital gains and losses, pre-tax	452	(983)
Amounts recognized for:
Reclassification of noncontrolling interest	0	3
Deferred income taxes	(101)	209
Unrealized net capital gains and losses, after-tax	$ 351	$ (771)

Reportable Segments - Schedule of Reportable Segments Revenue Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information
Net investment income	$ 949	$ 783	$ 2,557	$ 2,259
Net gains (losses) on investments and derivatives	252	243	(241)	(24)
Total revenues	17,255	16,627	50,340	47,600
Operating segments \| Property Liability
Segment Reporting Information
Insurance premiums	15,051	14,225	44,416	41,335
Other revenue	518	531	1,510	1,402
Net investment income	873	708	2,343	2,053
Net gains (losses) on investments and derivatives	157	222	(362)	(43)
Operating segments \| Property Liability \| Total Allstate Protection insurance premiums
Segment Reporting Information
Insurance premiums	14,533	13,694	42,906	39,933
Operating segments \| Property Liability \| Run-off Property-Liability
Segment Reporting Information
Insurance premiums	0	0	0	0
Operating segments \| Property Liability \| Auto \| Total Allstate Protection insurance premiums
Segment Reporting Information
Insurance premiums	9,593	9,270	28,468	27,127
Operating segments \| Property Liability \| Homeowners \| Total Allstate Protection insurance premiums
Segment Reporting Information
Insurance premiums	3,880	3,403	11,308	9,812
Operating segments \| Property Liability \| Other personal lines \| Total Allstate Protection insurance premiums
Segment Reporting Information
Insurance premiums	800	718	2,320	2,078
Operating segments \| Property Liability \| Commercial lines \| Total Allstate Protection insurance premiums
Segment Reporting Information
Insurance premiums	99	151	316	478
Operating segments \| Property Liability \| Other business lines \| Total Allstate Protection insurance premiums
Segment Reporting Information
Insurance premiums	161	152	494	438
Operating segments \| Protection Services
Segment Reporting Information
Intersegment premiums and service fees	33	49	106	123
Other revenue	124	110	363	293
Net investment income	25	24	74	68
Net gains (losses) on investments and derivatives	10	10	1	4
Total revenues	912	832	2,630	2,352
Operating segments \| Protection Services \| Protection plans
Segment Reporting Information
Insurance premiums	552	480	1,593	1,372
Operating segments \| Protection Services \| Roadside assistance
Segment Reporting Information
Insurance premiums	42	34	117	115
Operating segments \| Protection Services \| Protection and insurance products
Segment Reporting Information
Insurance premiums	126	125	376	377
Operating segments \| Allstate Health and Benefits
Segment Reporting Information
Other revenue	0	81	163	245
Net investment income	0	25	24	69
Net gains (losses) on investments and derivatives	0	(6)	(1)	(3)
Total revenues	0	468	676	1,411
Operating segments \| Allstate Health and Benefits \| Employer voluntary benefits
Segment Reporting Information
Insurance premiums	0	248	243	742
Operating segments \| Allstate Health and Benefits \| Group health
Segment Reporting Information
Insurance premiums	0	120	247	358
Operating segments \| Corporate
Segment Reporting Information
Other revenue	24	17	62	56
Net investment income	49	25	108	64
Net gains (losses) on investments and derivatives	85	17	122	19
Total revenues	158	59	292	139
All other
Segment Reporting Information
Net gains (losses) on investments and derivatives	252	243	(241)	(24)
Total revenues	137	162	451	476
All other \| Property Liability
Segment Reporting Information
Net investment income	873	708	2,343	2,053
Intersegment eliminations
Segment Reporting Information
Total revenues	$ (33)	$ (49)	$ (106)	$ (123)

Variable Interest Entities - Schedule of Assets and Liabilities of Reciprocal Exchanges (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets
Fixed income securities, at fair value	$ 57,186	$ 52,747
Short-term investments	8,743	4,537
Premium installment and other receivables, net	11,745	10,614
Reinsurance recoverables, net	9,519	8,924
Other assets	5,448	5,140
Total assets	120,402	111,617
Liabilities
Reserve for property and casualty insurance claims and claims expense	43,103	41,917
Unearned premiums	29,157	26,909
Total liabilities	92,913	90,250
Variable Interest Entity, Primary Beneficiary
Assets
Fixed income securities, at fair value	3	47
Short-term investments	74	112
Premium installment and other receivables, net	0	9
Reinsurance recoverables, net	32	76
Other assets	0	25
Total assets	109	269
Liabilities
Reserve for property and casualty insurance claims and claims expense	131	214
Unearned premiums	0	22
Other liabilities and expenses	187	235
Total liabilities	$ 318	$ 471

Benefit Plans - Schedule of Pension and Postretirement Benefits Remeasurement Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Remeasurement of benefit obligation (gains) losses:
Discount rate	$ 29	$ 213	$ 93	$ 115
Other assumptions	(10)	27	35	29
Remeasurement of plan assets (gains) losses	(127)	(214)	(158)	(129)
Remeasurement (gains) losses	$ (108)	$ 26	$ (30)	$ 15

Earnings per Common Share

9 Months Ended

Sep. 30, 2025

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 share-based awards with an anti-dilutive effect on earnings per common share, primarily options, where 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 September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Numerator:
Net income	$	3,744	$	1,164	$	6,439	$	2,709
Less: Net loss attributable to noncontrolling interest	(2)		(26)		(11)		(30)
Net income attributable to Allstate	3,746		1,190		6,450		2,739
Less: Preferred stock dividends	29		29		88		88


Net income applicable to common shareholders	$	3,717	$	1,161	$	6,362	$	2,651

Denominator:
Weighted average common shares outstanding	263.1		264.6		264.3		264.1
Effect of dilutive potential common shares:
Stock options	2.3		2.6		2.5		2.6
Restricted stock units (non-participating) and performance stock awards	1.0		0.8		1.0		0.7
Weighted average common and dilutive potential common shares outstanding	266.4		268.0		267.8		267.4

Earnings per common share - Basic	$	14.13	$	4.39	$	24.07	$	10.04
Earnings per common share - Diluted	$	13.95	$	4.33	$	23.76	$	9.91

Anti-dilutive share-based awards excluded from diluted earnings per common share	0.5		0.6		0.4		0.5

Reserve for Property and Casualty Insurance Claims and Claims Expense (Tables)

9 Months Ended

Sep. 30, 2025

Reserve for Property-Liability Insurance Claims and Claims Expense [Abstract]

Schedule of Rollforward of the Reserve for Property and Casualty Insurance Claims and Claims Expense and Prior Year Reserve Re-Estimates Included in Claims and Claims Expense


Rollforward of the reserve for property and casualty insurance claims and claims expense
	Nine months ended September 30,
($ in millions)	2025		2024
Balance as of January 1	$	41,917	$	39,858
Less: recoverables (1)	8,602		8,396
Net balance as of January 1	33,315		31,462

Incurred claims and claims expense related to:
Current year	30,763		31,033
Prior years	(1,045)		(322)
Total incurred	29,718		30,711
Claims and claims expense paid related to:
Current year	(16,235)		(15,977)
Prior years	(12,688)		(12,181)
Total paid	(28,923)		(28,158)
Net balance as of September 30	34,110		34,015
Plus: recoverables	8,993		8,728
Balance as of September 30	$	43,103	$	42,743

(1)Recoverables comprises reinsurance and indemnification recoverables.


Prior year reserve reestimates included in claims and claims expense (1)
	Non-catastrophe losses				Catastrophe losses (2)				Total
($ in millions)	2025		2024		2025		2024		2025		2024
Three months ended September 30,
Auto (3)	$	(480)	$	(55)	$	(3)	$	(10)	$	(483)	$	(65)
Homeowners	(40)		(11)		(14)		(1)		(54)		(12)
Other personal lines	72		54		(6)		(3)		66		51
Commercial lines	(80)		1		(5)		—		(85)		1
Other business lines	(14)		(3)		—		—		(14)		(3)
Run-off Property-Liability (4)	146		59		—		—		146		59
Protection Services	—		1		—		—		—		1
Total prior year reserve reestimates	$	(396)	$	46	$	(28)	$	(14)	$	(424)	$	32

Nine months ended September 30,
Auto (3)	$	(1,133)	$	(293)	$	(30)	$	(26)	$	(1,163)	$	(319)
Homeowners	(35)		(114)		3		(278)		(32)		(392)
Other personal lines	153		169		(11)		(5)		142		164
Commercial lines	(104)		164		—		(5)		(104)		159
Other business lines	(39)		1		—		—		(39)		1
Run-off Property-Liability (4)	151		65		—		—		151		65
Protection Services	—		—		—		—		—		—
Total prior year reserve reestimates	$	(1,007)	$	(8)	$	(38)	$	(314)	$	(1,045)	$	(322)

(1)Reserve releases are shown in parentheses.

(2)The first nine months of 2025 includes $69 million of estimated recoveries related to the Nationwide Reinsurance Program aggregate cover for losses occurring between April 1, 2024 and December 31, 2024, and $54 million favorable subrogation settlements related to the 2021 Colorado Marshall Fire.

(3)Reserve releases primarily related to favorable severity development of $284 million and $565 million in personal auto injury coverage and $196 million and $568 million in personal auto physical damage coverage in the third quarter and first nine months of 2025, respectively.

(4)The Company’s 2025 and 2024 annual reserve reviews, using established industry and actuarial best practices, resulted in reserve reestimates that increased reserves by $146 million and $58 million, respectively.

Company Restructuring

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Company Restructuring


Note 11			Company Restructuring

The Company undertakes various programs to reduce expenses. These programs generally involve a reduction in staffing levels, and in certain cases, office closures. Restructuring and related charges primarily include the following costs related to these programs:

•Employee - severance and relocation benefits

•Exit - contract termination penalties and real estate costs primarily related to accelerated amortization of right-of-use assets and related leasehold improvements at facilities to be vacated

The expenses related to these activities are included in the Condensed Consolidated Statements of Operations as restructuring and related charges and totaled $17 million and $28 million during the three months ended September 30, 2025 and 2024, respectively, and $48 million and $51 million during the nine months ended September 30, 2025 and 2024, respectively. Restructuring expenses during the third quarter and first nine months of 2025 primarily related to streamlining the organization and outsourcing certain aspects of operations. These charges are primarily recorded in the Allstate Protection segment. The Company continues to identify ways to improve operating efficiency and reduce cost which may result in additional restructuring charges in the future.


Restructuring activity during the period
($ in millions)	Employee costs		Exit costs		Total liability
Restructuring liability as of December 31, 2024	$	25	$	2	$	27
Expense incurred	45		3		48

Payments and non-cash charges	(51)		(3)		(54)
Restructuring liability as of September 30, 2025	$	19	$	2	$	21

As of September 30, 2025, the cumulative amount incurred to date for active programs related to employee severance and relocation benefit expenses totaled $64 million.

Reserve for Property and Casualty Insurance Claims and Claims Expense

9 Months Ended

Sep. 30, 2025

Reserve for Property-Liability Insurance Claims and Claims Expense [Abstract]

Reserve for Property and Casualty 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 considers 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 laws and regulations, judicial decisions and economic conditions.

When the Company experiences changes in the mix or type of claims or changing claim settlement patterns or data, it applies actuarial judgment in the determination and selection of development factors to develop reserve liabilities. Inflation and a higher mix of more complex repairs, combined with skilled labor shortages, have increased physical damage loss costs. Medical inflation, increased treatment trends, higher attorney representation, rising litigation costs and more severe accidents have contributed to higher third-party bodily injury loss costs. The Company continues to digitize and modernize claim processes to increase effectiveness and efficiency. These factors 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 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, driving behaviors, miles driven or other factors. Changes in auto current year claim severity are generally influenced by inflation in the medical and auto repair sectors, changes in attorney represented and litigated claim behavior, the effectiveness and efficiency of claim settlements and changes in mix of claim types. When changes in claim data occur, actuarial judgment is used to determine appropriate development factors to establish reserves. The Company’s reserving process incorporates changes in

loss patterns, operational statistics and changes in claims reporting processes to determine its best estimate of recorded 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 as well as heightened uncertainty for claims that involve litigation or take longer to settle during periods of rapidly increasing loss costs. 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 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
	Nine months ended September 30,
($ in millions)	2025		2024
Balance as of January 1	$	41,917	$	39,858
Less: recoverables (1)	8,602		8,396
Net balance as of January 1	33,315		31,462

Incurred claims and claims expense related to:
Current year	30,763		31,033
Prior years	(1,045)		(322)
Total incurred	29,718		30,711
Claims and claims expense paid related to:
Current year	(16,235)		(15,977)
Prior years	(12,688)		(12,181)
Total paid	(28,923)		(28,158)
Net balance as of September 30	34,110		34,015
Plus: recoverables	8,993		8,728
Balance as of September 30	$	43,103	$	42,743

(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 $4.75 billion and $4.55 billion in the nine months ended September 30, 2025 and 2024, 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)
	Non-catastrophe losses				Catastrophe losses (2)				Total
($ in millions)	2025		2024		2025		2024		2025		2024
Three months ended September 30,
Auto (3)	$	(480)	$	(55)	$	(3)	$	(10)	$	(483)	$	(65)
Homeowners	(40)		(11)		(14)		(1)		(54)		(12)
Other personal lines	72		54		(6)		(3)		66		51
Commercial lines	(80)		1		(5)		—		(85)		1
Other business lines	(14)		(3)		—		—		(14)		(3)
Run-off Property-Liability (4)	146		59		—		—		146		59
Protection Services	—		1		—		—		—		1
Total prior year reserve reestimates	$	(396)	$	46	$	(28)	$	(14)	$	(424)	$	32

Nine months ended September 30,
Auto (3)	$	(1,133)	$	(293)	$	(30)	$	(26)	$	(1,163)	$	(319)
Homeowners	(35)		(114)		3		(278)		(32)		(392)
Other personal lines	153		169		(11)		(5)		142		164
Commercial lines	(104)		164		—		(5)		(104)		159
Other business lines	(39)		1		—		—		(39)		1
Run-off Property-Liability (4)	151		65		—		—		151		65
Protection Services	—		—		—		—		—		—
Total prior year reserve reestimates	$	(1,007)	$	(8)	$	(38)	$	(314)	$	(1,045)	$	(322)

(1)Reserve releases are shown in parentheses.

Investments - Schedule of Net Appreciation (Decline) Recognized in Net Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 194	$ 125	$ 278	$ 235
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Total	178	107	291	170
Limited partnership interests carried at fair value
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 16	$ 18	$ (13)	$ 65

Investments - Schedule of Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net Investment Income:
Investment income, before expense	$ 1,020	$ 863	$ 2,768	$ 2,488
Investment expense	(71)	(80)	(211)	(229)
Net investment income	949	783	2,557	2,259
Fixed income securities
Net Investment Income:
Investment income, before expense	634	587	1,844	1,684
Equity securities
Net Investment Income:
Investment income, before expense	19	17	56	50
Mortgage loans
Net Investment Income:
Investment income, before expense	11	9	30	27
Limited partnership interests
Net Investment Income:
Investment income, before expense	226	138	494	440
Short-term investments
Net Investment Income:
Investment income, before expense	104	87	273	216
Other investments
Net Investment Income:
Investment income, before expense	$ 26	$ 25	$ 71	$ 71

Fair Value of Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Fair value of assets and liabilities measured on recurring and non-recurring basis
Fixed income securities, at fair value	$ 57,186	$ 52,747
Assets at fair value	71,430	63,521
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	25	22
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	3	2
Significant unobservable inputs (Level 3)
Fair value of assets and liabilities measured on recurring and non-recurring basis
Assets at fair value	866	805
Recurring basis
Fair value of assets and liabilities measured on recurring and non-recurring basis
Fixed income securities, at fair value	57,186	52,747
Assets at fair value	71,330	63,518
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	306	248
Debt securities valued based on third-party discounted cash flow pricing models	82	87
Assets at fair value	766	$ 802
Limited partnership interests
Fair value of assets and liabilities measured on recurring and non-recurring basis
Commitments to invest in limited partnership interests	$ 127
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

Reinsurance and Indemnification - Additional Information (Details) - National Flood Insurance Program $ in Billions	Sep. 30, 2025 USD ($)
Reinsurance
Borrowing capacity is reduced	$ 1.0
Exceeded by the current program debt	$ 22.5

Derivative Financial Instruments - Narrative (Details)	9 Months Ended
Derivative Financial Instruments - Narrative (Details)	Sep. 30, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Potential recoveries	$ 0
Contingent consideration term	10 years

Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Components of 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 September 30,
	2025						2024
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$	482	$	(105)	$	377	$	1,753	$	(388)	$	1,365
Less: reclassification adjustment of realized capital gains and losses	79		(17)		62		83		(17)		66
Unrealized net capital gains and losses	403		(88)		315		1,670		(371)		1,299
Unrealized foreign currency translation adjustments	51		(11)		40		18		(4)		14
Unamortized pension and other postretirement prior service credit (1)	(1)		—		(1)		—		—		—
Discount rate for reserve for future policy benefits	1		—		1		(46)		10		(36)
Other comprehensive income (loss)	$	454	$	(99)	$	355	$	1,642	$	(365)	$	1,277

	Nine months ended September 30,
	2025						2024
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$	1,049	$	(230)	$	819	$	1,118	$	(253)	$	865
Less: reclassification adjustment of realized capital gains and losses	(383)		80		(303)		(126)		26		(100)
Unrealized net capital gains and losses	1,432		(310)		1,122		1,244		(279)		965
Unrealized foreign currency translation adjustments	100		(21)		79		(1)		—		(1)
Unamortized pension and other postretirement prior service credit (1)	(1)		—		(1)		(2)		1		(1)
Discount rate for reserve for future policy benefits	(17)		4		(13)		(15)		3		(12)
Other comprehensive income (loss)	$	1,514	$	(327)	$	1,187	$	1,226	$	(275)	$	951

(1) Represents prior service credits reclassified out of other comprehensive income and amortized into operating costs and expenses.

Reportable Segments - Schedule of Reportable Segments Expense Information Used in Measure for Segment Profit or Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information
Prior year reserve reestimates	$ (424)	$ 32	$ (1,045)	$ (322)
Accident, health and other policy benefits	67	317	588	904
Amortization of DAC	2,101	2,037	6,264	5,977
Amortization of purchased intangibles	59	71	175	210
Interest expense	101	104	301	299
Restructuring and related charges	17	28	48	51
Income taxes on operations	1,075	254	1,802	603
Preferred stock dividends	29	29	88	88
Non-catastrophe losses
Segment Reporting Information
Prior year reserve reestimates	(396)	46	(1,007)	(8)
Catastrophe
Segment Reporting Information
Prior year reserve reestimates	(28)	(14)	(38)	(314)
Loss adjustment expenses, net of reinsurance			4,750	4,550
Operating segments \| Allstate Protection \| Allstate Protection
Segment Reporting Information
Property and casualty insurance claims and claims expense	8,304	8,501	25,467	25,701
Amortization of DAC	1,757	1,696	5,231	4,977
Advertising expense	575	519	1,540	1,204
Amortization of purchased intangibles	46	52	138	154
Restructuring and related charges	15	23	44	45
Other segment expenses	1,298	1,190	3,717	3,457
Total	12,011	13,670	39,729	40,019
Loss adjustment expenses, net of reinsurance	741	732	2,220	2,140
Operating segments \| Allstate Protection \| Allstate Protection \| Non-catastrophe losses
Segment Reporting Information
Prior year reserve reestimates	(542)	(14)	(1,158)	(73)
Operating segments \| Allstate Protection \| Allstate Protection \| Catastrophe
Segment Reporting Information
Property and casualty insurance claims and claims expense	558	1,703	4,750	4,554
Operating segments \| Allstate Protection \| Run-off Property-Liability
Segment Reporting Information
Property and casualty insurance claims and claims expense	146	59	151	65
Other segment expenses	0	1	2	3
Total	146	60	153	68
Loss adjustment expenses, net of reinsurance	24	4	28	7
Operating segments \| Protection Services
Segment Reporting Information
Property and casualty insurance claims and claims expense	193	166	524	481
Amortization of DAC	337	304	983	889
Non-deferrable commissions	116	94	327	251
Restructuring and related charges	1	0	2	1
Other segment expenses	194	186	582	509
Income taxes on operations	16	15	51	51
Total	857	765	2,469	2,182
Operating segments \| Allstate Health and Benefits
Segment Reporting Information
Accident, health and other policy benefits	0	255	379	723
Amortization of DAC	0	30	30	90
Restructuring and related charges	0	1	0	2
Other segment expenses	0	147	213	430
Income taxes on operations	0	9	12	36
Total	0	442	634	1,281
Operating segments \| Corporate
Segment Reporting Information
Interest expense	101	104	301	299
Restructuring and related charges	0	3	0	2
Other segment expenses	42	39	119	128
Income taxes on operations	(12)	(23)	(60)	(77)
Preferred stock dividends	29	29	88	88
Total	$ 160	$ 152	$ 448	$ 440

Reserve for Property and Casualty Insurance Claims and Claims Expense - Schedule of Prior Year Reserve Re-Estimates Included in Claims and Claims Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Increase (decrease) in claims and claims expense
Prior years	$ (424)	$ 32	$ (1,045)	$ (322)
Auto
Increase (decrease) in claims and claims expense
Prior years	(483)	(65)	(1,163)	(319)
Homeowners
Increase (decrease) in claims and claims expense
Prior years	(54)	(12)	(32)	(392)
Other personal lines
Increase (decrease) in claims and claims expense
Prior years	66	51	142	164
Commercial lines
Increase (decrease) in claims and claims expense
Prior years	(85)	1	(104)	159
Other business lines
Increase (decrease) in claims and claims expense
Prior years	(14)	(3)	(39)	1
Run-off Property-Liability
Increase (decrease) in claims and claims expense
Prior years	146	59	151	65
Protection Services
Increase (decrease) in claims and claims expense
Prior years	0	1	0	0
Catastrophe losses
Increase (decrease) in claims and claims expense
Prior years	(28)	(14)	(38)	(314)
Catastrophe losses \| Auto
Increase (decrease) in claims and claims expense
Prior years	(3)	(10)	(30)	(26)
Catastrophe losses \| Homeowners
Increase (decrease) in claims and claims expense
Prior years	(14)	(1)	3	(278)
Catastrophe losses \| Other personal lines
Increase (decrease) in claims and claims expense
Prior years	(6)	(3)	(11)	(5)
Catastrophe losses \| Commercial lines
Increase (decrease) in claims and claims expense
Prior years	(5)	0	0	(5)
Catastrophe losses \| Other business lines
Increase (decrease) in claims and claims expense
Prior years	0	0	0	0
Catastrophe losses \| Run-off Property-Liability
Increase (decrease) in claims and claims expense
Prior years	0	0	0	0
Catastrophe losses \| Protection Services
Increase (decrease) in claims and claims expense
Prior years	0	0	0	0
Nationwide Reinsurance Program
Increase (decrease) in claims and claims expense
Prior years			69
2021 Colorado Marshall Fire
Increase (decrease) in claims and claims expense
Prior years			54
Non-catastrophe losses
Increase (decrease) in claims and claims expense
Prior years	(396)	46	(1,007)	(8)
Non-catastrophe losses \| Auto
Increase (decrease) in claims and claims expense
Prior years	(480)	(55)	(1,133)	(293)
Non-catastrophe losses \| Homeowners
Increase (decrease) in claims and claims expense
Prior years	(40)	(11)	(35)	(114)
Non-catastrophe losses \| Other personal lines
Increase (decrease) in claims and claims expense
Prior years	72	54	153	169
Non-catastrophe losses \| Commercial lines
Increase (decrease) in claims and claims expense
Prior years	(80)	1	(104)	164
Non-catastrophe losses \| Other business lines
Increase (decrease) in claims and claims expense
Prior years	(14)	(3)	(39)	1
Non-catastrophe losses \| Run-off Property-Liability
Increase (decrease) in claims and claims expense
Prior years	146	59	151	65
Non-catastrophe losses \| Protection Services
Increase (decrease) in claims and claims expense
Prior years	0	$ 1	0	0
Favorable Severity Development \| Personal auto injury coverage
Increase (decrease) in claims and claims expense
Prior years	284		565
Favorable Severity Development \| Personal auto physical damage coverage
Increase (decrease) in claims and claims expense
Prior years	$ 196		568
Annual Reserve Review \| Run-off Property-Liability
Increase (decrease) in claims and claims expense
Prior years			$ 146	$ 58

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2025

Supplemental Cash Flow Information [Abstract]

Schedule of Activities Resulting from Management of Proceeds

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)	Nine months ended September 30,
	2025		2024
Cash flows from operating activities
Net change in proceeds managed
Net change in fixed income securities	$	(99)	$	45
Net change in short-term investments	282		(175)
Operating cash flow provided (used)	183		(130)
Net change in cash	(1)		—
Net change in proceeds managed	$	182	$	(130)

Net change in liabilities
Liabilities for collateral, beginning of period	$	(2,041)	$	(1,891)
Liabilities for collateral, end of period	(1,859)		(2,021)
Operating cash flow (used) provided	$	(182)	$	130

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Volume and Fair Value Positions of Derivative Instruments


Summary of the volume and fair value positions of derivative instruments as of September 30, 2025
($ 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

Interest rate cap agreements	Other investments	$	37	n/a	$	—	$	—	$	—

Futures	Other assets	n/a		5,311	—		—		—
Equity and index contracts
Options	Other investments	n/a		65	—		—		—
Futures	Other assets	n/a		1,016	1		1		—






Contingent consideration	Other assets	250		n/a	140		140		—
Credit default contracts

Credit default swaps - selling protection	Other investments	500		n/a	12		12		—





Total asset derivatives		$	787	6,392	$	153	$	153	$	—

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts
Interest rate swap agreements	Other liabilities and accrued expenses	$	37	n/a	$	(1)	$	—	$	(1)



Futures	Other liabilities and accrued expenses	n/a		3,503	—		—		—
Equity and index contracts
Options	Other liabilities and accrued expenses	n/a		65	—		—		—
Futures	Other liabilities and accrued expenses	n/a		38	—		—		—



Foreign currency contracts
Foreign currency forwards	Other liabilities and accrued expenses	537		n/a	(29)		2		(31)










Total liability derivatives		574		3,606	(30)		$	2	$	(32)
Total derivatives		$	1,361	9,998	$	123

(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, 2024
($ 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		4,596	$	—	$	—	$	—
Equity and index contracts

Futures	Other assets	n/a		437	—		—		—



Foreign currency contracts
Foreign currency forwards	Other investments	$	602	n/a	20		21		(1)

Contingent consideration	Other assets	250		n/a	134		134		—






Total asset derivatives		$	852	5,033	$	154	$	155	$	(1)

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts


Futures	Other liabilities and accrued expenses	n/a		12,112	$	(1)	$	—	$	(1)
Equity and index contracts

Futures	Other liabilities and accrued expenses	n/a		662	—		—		—











Total liability derivatives		—		12,774	(1)		$	—	$	(1)
Total derivatives		$	852	17,807	$	153

Schedule of Gross and Net Amounts for OTC Derivatives


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
September 30, 2025
Asset derivatives	$	2	$	(2)	$	—	$	—	$	—	$	—
Liability derivatives	(32)		2		28		(2)		—		(2)

December 31, 2024
Asset derivatives	$	21	$	(1)	$	(18)	$	2	$	—	$	2
Liability derivatives	(1)		1		—		—		—		—

(1)All OTC derivatives are subject to enforceable MNAs.

Schedule of Gains (Losses) from Valuation and Settlements Reported on Derivatives


Gains (losses) from valuation and settlements reported on derivatives
($ in millions)	Net gains (losses) on investments and derivatives		Operating costs and expenses		Total gain (loss) recognized in net income on derivatives
Three months ended September 30, 2025
Interest rate contracts	$	2	$	—	$	2
Equity and index contracts	(2)		15		13
Contingent consideration	—		3		3

Foreign currency contracts	6		—		6




Total	$	6	$	18	$	24

Nine months ended September 30, 2025
Interest rate contracts	$	(8)	$	—	$	(8)
Equity and index contracts	(10)		21		11
Contingent consideration	—		6		6

Foreign currency contracts	(50)		—		(50)
Credit default contracts	(10)		—		(10)



Total	$	(78)	$	27	$	(51)

Three months ended September 30, 2024
Interest rate contracts	$	42	$	—	$	42
Equity and index contracts	(2)		10		8
Contingent consideration	—		2		2

Foreign currency contracts	(23)		—		(23)
Credit default contracts	3		—		3



Total	$	20	$	12	$	32

Nine months ended September 30, 2024
Interest rate contracts	$	21	$	—	$	21
Equity and index contracts	(17)		24		7
Contingent consideration	—		5		5

Foreign currency contracts	(9)		—		(9)
Credit default contracts	2		—		2



Total	$	(3)	$	29	$	26

Schedule of OTC Cash and Securities Collateral Pledged


OTC cash and securities collateral pledged
($ in millions)	September 30, 2025
Pledged by the Company	$	28
Pledged to the Company (1)	—

(1) $28 million of collateral was posted under MNAs for contracts containing credit-risk-contingent provisions that are in a liability provision.

Schedule of OTC Derivatives Counterparty Credit Exposure by Counterparty Credit Rating


OTC derivatives counterparty credit exposure by counterparty credit rating
($ in millions)	September 30, 2025							December 31, 2024
Rating (1)	Number of counter-parties	Notional amount (2)		Credit exposure (2)		Exposure, net of collateral (2)		Number of counter-parties	Notional amount (2)		Credit exposure (2)		Exposure, net of collateral (2)
AA-	1	$	37	$	—	$	—	1	$	213	$	10	$	1
A+	—	—		—		—		3	389		10		1




Total	1	$	37	$	—	$	—	4	$	602	$	20	$	2

(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.

Schedule of Exchange Traded and Cleared Margin Deposits


Exchange traded and cleared margin deposits
($ in millions)	September 30, 2025
Pledged by the Company	$	88
Received by the Company	1

Schedule of Fair Value of Instruments with Credit-Risk-Contingent Features

The following table 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)	September 30, 2025		December 31, 2024
Gross liability fair value of contracts containing credit-risk-contingent features	$	31	$	1
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(2)		(1)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	(28)		—
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$	1	$	—

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
September 30, 2025




Index
Corporate debt	$	—	$	—	$	—	$	500	$	—	$	500	$	12
Total	$	—	$	—	$	—	$	500	$	—	$	500	$	12

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to 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 and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details

Investments - Schedule of Net Gains (Losses) on Investments and Derivatives by Transaction Type (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Investments [Abstract]
Sales	$ 69	$ 116	$ (313)	$ (85)
Credit losses	(23)	(12)	(103)	(143)
Valuation change of equity investments	200	119	253	207
Valuation change and settlements of derivatives	6	20	(78)	(3)
Net gains (losses) on investments and derivatives	$ 252	$ 243	$ (241)	$ (24)

Condensed Consolidated Statements of Shareholders’ Equity (unaudited) - USD ($) $ in Millions	Total	Preferred stock par value	Preferred stock additional capital paid-in	Common stock par value	Common stock additional capital paid-in	Retained income	Treasury stock	Accumulated other comprehensive income (loss)	Noncontrolling interest
Balance, beginning of period at Dec. 31, 2023					$ 3,854	$ 49,716	$ (37,110)	$ (700)	$ (140)
Increase (decrease) in equity
Equity incentive plans activity, net					133
Net income (loss)	$ 2,709					2,739			(30)
Dividends on common stock (declared per share of $1.00, $0.92, $3.00, and $2.76)						(732)
Dividends on preferred stock						(88)
Shares reissued under equity incentive plans, net							104
Change in unrealized net capital gains and losses	965							965	8
Change in unrealized foreign currency translation adjustments	(1)							(1)
Change in unamortized pension and other postretirement prior service credit	(1)							(1)
Change in discount rate for reserve for future policy benefits	(12)							(12)
Capital transactions for noncontrolling interest									123
Balance, end of period at Sep. 30, 2024	20,838	$ 0	$ 2,001	$ 9	3,987	51,635	(37,006)	251	(39)
Balance, beginning of period at Jun. 30, 2024					3,927	50,718	(37,036)	(1,026)	(20)
Increase (decrease) in equity
Equity incentive plans activity, net					60
Net income (loss)	1,164					1,190			(26)
Dividends on common stock (declared per share of $1.00, $0.92, $3.00, and $2.76)						(244)
Dividends on preferred stock						(29)
Shares reissued under equity incentive plans, net							30
Change in unrealized net capital gains and losses	1,299							1,299	7
Change in unrealized foreign currency translation adjustments	14							14
Change in unamortized pension and other postretirement prior service credit	0
Change in discount rate for reserve for future policy benefits	(36)							(36)
Balance, end of period at Sep. 30, 2024	20,838	0	2,001	9	3,987	51,635	(37,006)	251	(39)
Increase (decrease) in equity
Total Allstate shareholders’ equity	20,877
Total Allstate shareholders’ equity	21,442
Balance, beginning of period at Dec. 31, 2024	21,367				4,029	53,288	(36,996)	(889)	(75)
Increase (decrease) in equity
Equity incentive plans activity, net					88
Net income (loss)	6,439					6,450			(11)
Dividends on common stock (declared per share of $1.00, $0.92, $3.00, and $2.76)						(797)
Dividends on preferred stock						(88)
Shares acquired							(812)
Shares reissued under equity incentive plans, net							35
Change in unrealized net capital gains and losses	1,122							1,122	3
Change in unrealized foreign currency translation adjustments	79							79
Change in unamortized pension and other postretirement prior service credit	(1)							(1)
Change in discount rate for reserve for future policy benefits	(13)
Capital transactions for noncontrolling interest									67
Balance, end of period at Sep. 30, 2025	27,489	0	2,001	9	4,117	58,853	(37,773)	298	(16)
Balance, beginning of period at Jun. 30, 2025					4,084	55,400	(37,418)	(57)	(14)
Increase (decrease) in equity
Equity incentive plans activity, net					33
Net income (loss)	3,744					3,746			(2)
Dividends on common stock (declared per share of $1.00, $0.92, $3.00, and $2.76)						(264)
Dividends on preferred stock						(29)
Shares acquired							(363)
Shares reissued under equity incentive plans, net							8
Change in unrealized net capital gains and losses	315							315
Change in unrealized foreign currency translation adjustments	40							40
Change in unamortized pension and other postretirement prior service credit	(1)							(1)
Change in discount rate for reserve for future policy benefits	1							1
Balance, end of period at Sep. 30, 2025	27,489	$ 0	$ 2,001	$ 9	$ 4,117	$ 58,853	$ (37,773)	$ 298	$ (16)
Increase (decrease) in equity
Total Allstate shareholders’ equity	$ 27,505

Derivative Financial Instruments - Schedule of Volume and Fair Value Positions of Derivative Instruments (Details) - Derivatives not designated as accounting hedging instruments $ in Millions	Sep. 30, 2025 USD ($) contract	Dec. 31, 2024 USD ($) contract
Derivatives, Fair Value
Total asset derivatives, notional amount	$ 787	$ 852
Total liability derivatives, notional amount	574	0
Total derivatives, notional amount	$ 1,361	$ 852
Total asset derivatives, number of contracts \| contract	6,392	5,033
Total liability derivatives, number of contracts \| contract	3,606	12,774
Total derivatives, Number of contracts \| contract	9,998	17,807
Net amount on balance sheet	$ 153	$ 154
Net amount on balance sheet	(30)	(1)
Total derivatives, fair value, net	123	153
Asset derivatives, gross asset	153	155
Liability derivatives, gross asset	2	0
Asset derivatives, gross liability	0	(1)
Liability derivatives gross liability	(32)	$ (1)
Interest rate swap agreements
Derivatives, Fair Value
Total asset derivatives, notional amount	37
Total liability derivatives, notional amount	37
Net amount on balance sheet	0
Net amount on balance sheet	(1)
Asset derivatives, gross asset	0
Liability derivatives, gross asset	0
Asset derivatives, gross liability	0
Liability derivatives gross liability	$ (1)
Interest rate contracts
Derivatives, Fair Value
Total asset derivatives, number of contracts \| contract	5,311	4,596
Total liability derivatives, number of contracts \| contract	3,503	12,112
Net amount on balance sheet	$ 0	$ 0
Net amount on balance sheet	0	(1)
Asset derivatives, gross asset	0	0
Liability derivatives, gross asset	0	0
Asset derivatives, gross liability	0	0
Liability derivatives gross liability	$ 0	$ (1)
Options
Derivatives, Fair Value
Total asset derivatives, number of contracts \| contract	65
Total liability derivatives, number of contracts \| contract	65
Net amount on balance sheet	$ 0
Net amount on balance sheet	0
Asset derivatives, gross asset	0
Liability derivatives, gross asset	0
Asset derivatives, gross liability	0
Liability derivatives gross liability	$ 0
Futures
Derivatives, Fair Value
Total asset derivatives, number of contracts \| contract	1,016	437
Total liability derivatives, number of contracts \| contract	38	662
Net amount on balance sheet	$ 1	$ 0
Net amount on balance sheet	0	0
Asset derivatives, gross asset	1	0
Liability derivatives, gross asset	0	0
Asset derivatives, gross liability	0	0
Liability derivatives gross liability	0	0
Foreign currency contracts
Derivatives, Fair Value
Total asset derivatives, notional amount		602
Total liability derivatives, notional amount	537
Net amount on balance sheet		20
Net amount on balance sheet	(29)
Asset derivatives, gross asset		21
Liability derivatives, gross asset	2
Asset derivatives, gross liability		(1)
Liability derivatives gross liability	(31)
Contingent consideration
Derivatives, Fair Value
Total asset derivatives, notional amount	250	250
Net amount on balance sheet	140	134
Asset derivatives, gross asset	140	134
Asset derivatives, gross liability	0	$ 0
Credit default swaps - selling protection
Derivatives, Fair Value
Total asset derivatives, notional amount	500
Net amount on balance sheet	12
Asset derivatives, gross asset	12
Asset derivatives, gross liability	$ 0

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net income	$ 6,439	$ 2,709
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other non-cash items	374	404
Net (gains) losses on investments and derivatives	241	24
Pension and other postretirement remeasurement (gains) losses	(30)	15
Gain on disposition of operations	(1,610)	0
Changes in:
Claims and claims expense and other insurance reserves	1,129	2,921
Unearned premiums	2,212	2,378
Deferred policy acquisition costs	(297)	(315)
Premium installment receivables, net	(1,113)	(1,094)
Reinsurance recoverables, net	(394)	(324)
Income taxes	286	346
Other operating assets and liabilities	(116)	162
Net cash provided by operating activities	7,121	7,226
Proceeds from sales
Fixed income securities	57,477	26,841
Equity securities	5,646	2,137
Limited partnership interests	941	409
Other investments	2	169
Investment collections
Fixed income securities	489	1,260
Mortgage loans	64	74
Other investments	32	35
Investment purchases
Fixed income securities	(60,481)	(33,023)
Equity securities	(6,447)	(1,631)
Limited partnership interests	(961)	(915)
Mortgage loans	(117)	(17)
Other investments	(253)	(125)
Change in short-term and other investments, net	(4,600)	(1,653)
Purchases of property and equipment, net	(139)	(160)
Proceeds from sale of property and equipment	0	18
Proceeds from disposition of operations, net of cash transferred	3,041	0
Net cash used in investing activities	(5,306)	(6,581)
Cash flows from financing activities
Proceeds from issuance of debt	0	495
Redemption and repayment of debt	0	(350)
Contractholder fund deposits	30	98
Contractholder fund withdrawals	(15)	(26)
Dividends paid on common stock	(773)	(719)
Dividends paid on preferred stock	(88)	(88)
Treasury stock purchases	(799)	0
Shares reissued under equity incentive plans, net	38	149
Other	19	4
Net cash used in financing activities	(1,588)	(437)
Net increase in cash	227	208
Cash at beginning of period	704	722
Less: Cash classified as assets held for sale at end of period	0	114
Cash at end of period	$ 931	$ 816

Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Schedule of Portfolio Composition


Portfolio composition
($ in millions)	September 30, 2025		December 31, 2024
Fixed income securities, at fair value	$	57,186	$	52,747
Equity securities, at fair value	5,338		4,463
Mortgage loans, net	831		784
Limited partnership interests	9,213		9,255
Short-term investments, at fair value	8,743		4,537
Other investments, net	1,017		824
Total	$	82,328	$	72,610

Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value for Fixed Income Securities


Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)	Amortized cost, net		Gross unrealized				Fair value
			Gains		Losses
September 30, 2025
U.S. government and agencies	$	13,490	$	55	$	(20)	$	13,525
Municipal	6,258		67		(99)		6,226
Corporate	32,484		656		(260)		32,880
Foreign government	1,422		23		(10)		1,435
Asset-backed securities (“ABS”)	976		13		(3)		986
Mortgage-backed securities (“MBS”)	2,102		34		(2)		2,134
Total fixed income securities	$	56,732	$	848	$	(394)	$	57,186

December 31, 2024
U.S. government and agencies	$	11,423	$	15	$	(330)	$	11,108
Municipal	8,985		33		(176)		8,842
Corporate	30,630		272		(710)		30,192
Foreign government	1,352		22		(10)		1,364
ABS	1,130		19		(4)		1,145
MBS	96		—		—		96
Total fixed income securities	$	53,616	$	361	$	(1,230)	$	52,747

Schedule of Maturities for Fixed Income Securities


Scheduled maturities for fixed income securities
($ in millions)	September 30, 2025				December 31, 2024
	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Due in one year or less	$	1,941	$	1,929	$	1,544	$	1,531
Due after one year through five years	22,197		22,331		22,889		22,595
Due after five years through ten years	20,443		20,699		17,431		17,130
Due after ten years	9,073		9,107		10,526		10,250
	53,654		54,066		52,390		51,506
ABS and MBS	3,078		3,120		1,226		1,241
Total	$	56,732	$	57,186	$	53,616	$	52,747

Schedule of Net Investment Income


Net investment income
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Fixed income securities	$	634	$	587	$	1,844	$	1,684
Equity securities	19		17		56		50
Mortgage loans	11		9		30		27
Limited partnership interests	226		138		494		440
Short-term investments	104		87		273		216
Other investments	26		25		71		71
Investment income, before expense	1,020		863		2,768		2,488
Investment expense	(71)		(80)		(211)		(229)
Net investment income	$	949	$	783	$	2,557	$	2,259

Schedule of Net Gains (Losses) on Investments and Derivatives by Asset Type


Net gains (losses) on investments and derivatives by type
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Fixed income securities	$	107	$	105	$	(271)	$	(92)
Equity securities	191		119		243		195
Mortgage loans	(6)		(1)		(6)		—
Limited partnership interests	(32)		(8)		(24)		(13)
Derivatives	6		20		(78)		(3)
Other investments	(14)		8		(38)		12
Other (1)	—		—		(67)		(123)
Net gains (losses) on investments and derivatives	$	252	$	243	$	(241)	$	(24)

(1)2025 is related to losses recorded for variable interests in Adirondack Insurance Exchange (“Adirondack”) and New Jersey Skylands Insurance Association (“Skylands”) (together “Reciprocal Exchanges”). 2024 is related to losses for the carrying value of the surplus notes issued by the Reciprocal Exchanges. See Note 8 for further detail.

Schedule of Net Gains (Losses) on Investments and Derivatives by Transaction Type


Net gains (losses) on investments and derivatives by transaction type
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Sales	$	69	$	116	$	(313)	$	(85)
Credit losses	(23)		(12)		(103)		(143)
Valuation change of equity investments (1)	200		119		253		207
Valuation change and settlements of derivatives	6		20		(78)		(3)
Net gains (losses) on investments and derivatives	$	252	$	243	$	(241)	$	(24)

(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.

Schedule of 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 September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Gross realized gains	$	142	$	201	$	329	$	275
Gross realized losses	(35)		(93)		(600)		(363)

Schedule of Net Appreciation (Decline) Recognized In net Income For Assets That Are Still Held


Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Equity securities	$	178	$	107	$	291	$	170
Limited partnership interests carried at fair value	16		18		(13)		65
Total	$	194	$	125	$	278	$	235

Schedule of Credit Losses Recognized in Net Income


Credit losses recognized in net income
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Fixed income securities:
Municipal	$	—	$	(2)	$	—	$	(2)
Corporate	—		(1)		—		(2)


Total fixed income securities	—		(3)		—		(4)
Mortgage loans	(6)		(1)		(6)		—
Limited partnership interests	(8)		(8)		(12)		(24)
Other investments
Bank loans	(3)		—		(12)		5
Real estate	(6)		—		(6)		2

Other assets	—		—		(52)		(123)
Commitments to fund line of credit, commercial mortgage loans and bank loans	—		—		(15)		1
Total	$	(23)	$	(12)	$	(103)	$	(143)

Schedule of Unrealized Net Capital Gains and Losses Included in AOCI


Unrealized net capital gains and losses included in accumulated other comprehensive income (“AOCI”)
($ in millions)	Fair value		Gross unrealized				Unrealized net gains (losses)
September 30, 2025			Gains		Losses
Fixed income securities	$	57,186	$	848	$	(394)	$	454
Short-term investments	8,743		—		—		—
Derivative instruments (1)	—		—		(2)		(2)


Unrealized net capital gains and losses, pre-tax							452
Reclassification of noncontrolling interest							—
Deferred income taxes							(101)
Unrealized net capital gains and losses, after-tax							$	351

December 31, 2024
Fixed income securities	$	52,747	$	361	$	(1,230)	$	(869)
Short-term investments	4,537		—		(2)		(2)
Derivative instruments (1)	—		—		(2)		(2)

Investments classified as held for sale							(110)
Unrealized net capital gains and losses, pre-tax							(983)
Reclassification of noncontrolling interest							3
Deferred income taxes							209
Unrealized net capital gains and losses, after-tax							$	(771)

(1)Includes the effective portion of losses on terminated cash flow hedges.

Schedule of Change in Unrealized Net Capital Gains (Losses)


Change in unrealized net capital gains (losses)
($ in millions)	Nine months ended September 30, 2025
Fixed income securities	$	1,323
Short-term investments	2
Derivative instruments	—

Investments classified as held for sale (1)	110
Total	1,435
Reclassification of noncontrolling interest	(3)
Deferred income taxes	(310)
Change in unrealized net capital gains and losses, after-tax	$	1,122

(1)Unrealized net capital gains and losses for investments disposed of in the EVB business sale.

Schedule of Carrying Value for Limited Partnership Interests


Carrying value for limited partnership interests
($ in millions)	September 30, 2025		December 31, 2024
Private equity	$	7,515	$	7,734
Real estate	1,466		1,236
Other (1)	232		285
Total	$	9,213	$	9,255

(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.

Schedule of Other investments by Asset Type


Other investments by asset type
($ in millions)	September 30, 2025		December 31, 2024
Bank loans, net	$	383	$	201
Real estate	621		620

Other	13		3
Total	$	1,017	$	824

Schedule of Rollforward of Credit Loss Allowance for Fixed Income Securities, Mortgage Loans and Bank Loans


Rollforward of credit loss allowance for fixed income securities
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Beginning balance	$	(17)	$	(19)	$	(17)	$	(36)
Credit losses on securities for which credit losses not previously reported	—		(3)		(1)		(10)
Net (increases) decreases related to credit losses previously reported	—		—		1		3
(Increase) decrease related to sales and other	—		—		—		3
Write-offs	12		—		12		18

Ending balance	$	(5)	$	(22)	$	(5)	$	(22)

Components of credit loss allowance as of September 30
Municipal bonds					$	—	$	(2)
Corporate bonds					(4)		(18)
ABS					(1)		(2)

Total					$	(5)	$	(22)


Rollforward of credit loss allowance for mortgage loans
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Beginning balance	$	(12)	$	(10)	$	(12)	$	(11)

Net increases related to credit losses	(6)		(1)		(6)		—
Write-offs	—		—		—		—


Ending balance	$	(18)	$	(11)	$	(18)	$	(11)

Components of credit loss allowance as of September 30
Commercial					$	(17)	$	(11)
Residential					(1)		—
Total					$	(18)	$	(11)


Rollforward of credit loss allowance for bank loans
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Beginning balance	$	(17)	$	(11)	$	(10)	$	(22)

Net (increases) decreases related to credit losses	(3)		—		(12)		5

Write-offs	3		—		5		6

Ending balance	$	(17)	$	(11)	$	(17)	$	(11)

Schedule of Gross Unrealized Losses and Fair Value by Type and Length of Time Held in a Continuous Unrealized Loss Position


Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position (1)
($ 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
September 30, 2025
Fixed income securities
U.S. government and agencies	36	$	6,679	$	(16)	74	$	260	$	(4)	$	(20)
Municipal	342	2,262		(49)		526	958		(50)		(99)
Corporate	351	3,030		(18)		852	5,393		(242)		(260)
Foreign government	45	173		(3)		56	43		(7)		(10)
ABS	20	85		(1)		12	44		(2)		(3)
MBS	49	541		(2)		64	3		—		(2)
Total fixed income securities	843	$	12,770	$	(89)	1,584	$	6,701	$	(305)	$	(394)
Investment grade fixed income securities	695	$	12,102	$	(82)	1,428	$	5,955	$	(271)	$	(353)
Below investment grade fixed income securities	148	668		(7)		156	746		(34)		(41)
Total fixed income securities	843	$	12,770	$	(89)	1,584	$	6,701	$	(305)	$	(394)

December 31, 2024
Fixed income securities
U.S. government and agencies	179	$	8,520	$	(256)	99	$	801	$	(74)	$	(330)
Municipal	990	4,889		(67)		1,089	1,693		(109)		(176)
Corporate	943	9,178		(166)		1,237	7,877		(544)		(710)
Foreign government	42	159		(2)		73	73		(8)		(10)
ABS	15	76		—		15	51		(4)		(4)
MBS	35	2		—		70	5		—		—
Total fixed income securities	2,204	$	22,824	$	(491)	2,583	$	10,500	$	(739)	$	(1,230)
Investment grade fixed income securities	2,002	$	21,846	$	(473)	2,367	$	9,281	$	(655)	$	(1,128)
Below investment grade fixed income securities	202	978		(18)		216	1,219		(84)		(102)
Total fixed income securities	2,204	$	22,824	$	(491)	2,583	$	10,500	$	(739)	$	(1,230)

(1)Includes fixed income securities with fair values of $8 million and $16 million and unrealized losses of zero and $1 million with credit loss allowances of $1 million and $3 million as of September 30, 2025 and December 31, 2024, respectively.

Schedule of Gross Unrealized Losses by Unrealized Loss Position and Credit Quality


Gross unrealized losses by unrealized loss position and credit quality as of September 30, 2025
($ in millions)	Investment grade		Below investment grade		Total
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1)	$	(331)	$	(37)	$	(368)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (2)	(22)		(4)		(26)
Total unrealized losses	$	(353)	$	(41)	$	(394)

(1)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.

(2)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.

Schedule of Mortgage Loans Amortized Cost by Debt Service Coverage Ratio Distribution and Year of Origination


Commercial mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
	September 30, 2025														December 31, 2024
($ in millions)	2020 and prior		2021		2022		2023		2024		2025		Total		Total

1.0 - 1.25	$	37	$	—	$	—	$	25	$	39	$	—	$	101	$	137
1.26 - 1.50	31		—		42		19		—		—		92		105
Above 1.50	202		164		47		76		15		—		504		493
Amortized cost before allowance	$	270	$	164	$	89	$	120	$	54	$	—	$	697	$	735
Allowance													(17)		(12)
Amortized cost, net													$	680	$	723

Schedule of Payment Status of Mortgage Loans


Payment status of mortgage loans
	September 30, 2025
($ in millions)	Commercial		Residential		Total
Less than 90 days past due	$	23	$	1	$	24
90 days or greater past due	—		—		—
Total past due before allowance	23		1		24
Current before allowance	674		151		825
Total mortgage loans before allowance	697		152		849
Allowance	(17)		(1)		(18)
Total mortgage loans	$	680	$	151	$	831

Schedule of Bank Loans Amortized Cost by Credit Rating and Year of Origination


Bank loans amortized cost by credit rating and year of origination
	September 30, 2025														December 31, 2024
($ in millions)	2020 and prior		2021		2022		2023		2024		2025		Total		Total
NAIC 1 / A	$	—	$	—	$	—	$	—	$	44	$	155	$	199	$	45
NAIC 2 / BBB	—		—		—		—		1		49		50		6
NAIC 3 / BB	—		—		1		2		8		14		25		27
NAIC 4 / B	1		2		—		28		27		50		108		122
NAIC 5-6 / CCC and below	—		—		1		8		1		8		18		11
Amortized cost before allowance	$	1	$	2	$	2	$	38	$	81	$	276	$	400	$	211
Allowance													(17)		(10)
Amortized cost, net													$	383	$	201

Reinsurance and Indemnification (Tables)

9 Months Ended

Sep. 30, 2025

Reinsurance Disclosures [Abstract]

Schedule of Effects of Reinsurance


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 September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Property and casualty insurance premiums earned	$	(640)	$	(552)	$	(1,791)	$	(1,697)
Accident and health insurance premiums and contract charges (1)	(122)		(16)		(145)		(37)


Effects of reinsurance ceded and indemnification programs on property and casualty insurance claims and claims expense and accident, health and other policy benefits
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Property and casualty insurance claims and claims expense (2)	$	(163)	$	(662)	$	(1,989)	$	(1,178)
Accident, health and other policy benefits (1)	(112)		(13)		(140)		(27)

(1)Includes group health business sold through reinsurance to Nationwide Life Insurance Company.

(2)2025 includes ceded losses related to the Nationwide Reinsurance Program for the California wildfires.

Schedule of Reinsurance and Indemnification Recoverables

Reinsurance and indemnification recoverables


Reinsurance and indemnification recoverables, net
($ in millions)	September 30, 2025		December 31, 2024
Property and casualty
Paid and due from reinsurers and indemnitors	$	294	$	285
Unpaid losses estimated (including IBNR)	8,993		8,602
Total property and casualty	$	9,287	$	8,887
Accident and health insurance	232		37
Total	$	9,519	$	8,924

Schedule of Rollforward of Credit Loss Allowance for Reinsurance Recoverables


Rollforward of credit loss allowance for reinsurance recoverables
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Property and casualty (1) (2)
Beginning balance	$	(63)	$	(64)	$	(63)	$	(62)
(Increase) decrease in the provision for credit losses	(1)		2		(1)		—
Write-offs	10		—		10		—
Ending balance	$	(54)	$	(62)	$	(54)	$	(62)

(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.

Benefit Plans

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Benefit Plans


Note 13			Benefit Plans


Components of net cost (benefit) for pension and other postretirement plans
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Pension benefits
Service cost (1)	$	28	$	26	$	79	$	52
Interest cost	58		59		177		175
Expected return on plan assets	(77)		(74)		(233)		(227)


Costs and expenses	9		11		23		—
Remeasurement of projected benefit obligation	20		233		128		140
Remeasurement of plan assets	(127)		(214)		(158)		(129)
Remeasurement (gains) losses	(107)		19		(30)		11
Pension net (benefit) cost	$	(98)	$	30	$	(7)	$	11

Postretirement benefits
Service cost	$	—	$	—	$	—	$	—
Interest cost	2		2		6		7
Amortization of prior service credit	(1)		—		(1)		(1)

Costs and expenses	1		2		5		6
Remeasurement of benefit obligation	(1)		7		—		4
Remeasurement of plan assets	—		—		—		—
Remeasurement (gains) losses	(1)		7		—		4
Postretirement net cost	$	—	$	9	$	5	$	10

Pension and postretirement benefits
Costs and expenses	$	10	$	13	$	28	$	6
Remeasurement (gains) losses	(108)		26		(30)		15
Total net (benefit) cost	$	(98)	$	39	$	(2)	$	21

(1) For the first nine months of 2024, service cost includes a $38 million refund of premiums previously paid to the Pension Benefit Guaranty Corporation.

Differences in actual experience and changes in other assumptions affect our pension and other postretirement obligations and expenses. Differences between expected and actual returns on plan assets affect remeasurement (gains) losses.

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 Statements of Operations.


Pension and postretirement benefits remeasurement gains and losses
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Remeasurement of benefit obligation (gains) losses:
Discount rate	$	29	$	213	$	93	$	115
Other assumptions	(10)		27		35		29
Remeasurement of plan assets (gains) losses	(127)		(214)		(158)		(129)
Remeasurement (gains) losses	$	(108)	$	26	$	(30)	$	15

Remeasurement gains of $108 million for the third quarter of 2025 are primarily related to favorable asset performance compared to expected return on plan assets and changes in actuarial assumptions, partially offset by a decrease in the liability discount rate. Remeasurement gains of $30 million in the first nine months of 2025 are primarily related to favorable asset performance compared to expected return on plan assets, partially offset by a decrease in the liability discount rate and changes in actuarial assumptions.

The weighted average discount rate used to measure the pension benefit obligation decreased to 5.44% on September 30, 2025 compared to 5.51% on June 30, 2025 and 5.71% at December 31, 2024 resulting in losses for the third quarter and first nine months of 2025.

For the third quarter of 2025, the actual return on plan assets was higher than the expected return due to higher public equity valuations and higher fixed income valuations driven by lower rates and tighter

credit spreads. For the first nine months of 2025, the actual return on plan assets was higher than the expected return due to higher public equity valuations and higher fixed income valuations driven by lower rates and tighter credit spreads, partially offset by lower performance-based equity valuations.

The Company made a discretionary contribution of $35 million to the qualified pension plan in September 2025.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Investments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Mortgage loans, net	$ 831	$ 784
Short-term investments	8,743	4,537
Accrued investment income	617	615
Residential
Debt Securities, Available-for-Sale [Line Items]
Mortgage loans, net	151	61
Fixed income securities
Debt Securities, Available-for-Sale [Line Items]
Accrued investment income	$ 561	$ 574

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Investments - Schedule of Mortgage Loans Amortized Cost by Debt Service Coverage Ratio Distribution and Year of Origination (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost, net	$ 831	$ 784
Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	849
Mortgage loans \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	697	735
Allowance	(17)	(12)
Amortized cost, net	680	723
Mortgage loans \| 2020 and prior \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	270
Mortgage loans \| 2021 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	164
Mortgage loans \| 2022 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	89
Mortgage loans \| 2023 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	120
Mortgage loans \| 2024 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	54
Mortgage loans \| 2025 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.0 - 1.25 \| Mortgage loans \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	101	137
1.0 - 1.25 \| Mortgage loans \| 2020 and prior \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	37
1.0 - 1.25 \| Mortgage loans \| 2021 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.0 - 1.25 \| Mortgage loans \| 2022 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.0 - 1.25 \| Mortgage loans \| 2023 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	25
1.0 - 1.25 \| Mortgage loans \| 2024 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	39
1.0 - 1.25 \| Mortgage loans \| 2025 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.26 - 1.50 \| Mortgage loans \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	92	105
1.26 - 1.50 \| Mortgage loans \| 2020 and prior \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	31
1.26 - 1.50 \| Mortgage loans \| 2021 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.26 - 1.50 \| Mortgage loans \| 2022 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	42
1.26 - 1.50 \| Mortgage loans \| 2023 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	19
1.26 - 1.50 \| Mortgage loans \| 2024 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
1.26 - 1.50 \| Mortgage loans \| 2025 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Above 1.50 \| Mortgage loans \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	504	$ 493
Above 1.50 \| Mortgage loans \| 2020 and prior \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	202
Above 1.50 \| Mortgage loans \| 2021 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	164
Above 1.50 \| Mortgage loans \| 2022 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	47
Above 1.50 \| Mortgage loans \| 2023 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	76
Above 1.50 \| Mortgage loans \| 2024 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	15
Above 1.50 \| Mortgage loans \| 2025 \| Commercial
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	$ 0

Reserve for Property and Casualty Insurance Claims and Claims Expense - Schedule of Rollforward of the Reserve for Property and Casualty Insurance Claims and Claims Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Property-liability insurance claims and claims expense
Beginning balance			$ 41,917
Incurred claims and claims expense related to:
Prior years	$ (424)	$ 32	(1,045)	$ (322)
Claims and claims expense paid related to:
Ending balance	43,103		43,103
Property and casualty
Property-liability insurance claims and claims expense
Beginning balance			41,917	39,858
Less: recoverables	8,993	8,728	8,993	8,728	$ 8,602	$ 8,396
Activity in the reserve for property-liability insurance claims and claims expense:
Net beginning balance			33,315	31,462
Incurred claims and claims expense related to:
Current year			30,763	31,033
Prior years			(1,045)	(322)
Total incurred			29,718	30,711
Claims and claims expense paid related to:
Current year			(16,235)	(15,977)
Prior years			(12,688)	(12,181)
Total paid			(28,923)	(28,158)
Net ending balance	34,110	34,015	34,110	34,015
Plus: recoverables	8,993	8,728	8,993	8,728	$ 8,602	$ 8,396
Ending balance	$ 43,103	$ 42,743	$ 43,103	$ 42,743

Benefit Plans - Schedule of Components of Net Cost (Benefit) for Pension and Other Postretirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]
Service cost				$ 38
Costs and expenses	$ 10	$ 13	$ 28	6
Remeasurement (gains) losses	(108)	26	(30)	15
Total net (benefit) cost	(98)	39	(2)	21
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	28	26	79	52
Interest cost	58	59	177	175
Expected return on plan assets	(77)	(74)	(233)	(227)
Costs and expenses	9	11	23	0
Remeasurement of projected benefit obligation	20	233	128	140
Remeasurement of plan assets	(127)	(214)	(158)	(129)
Remeasurement (gains) losses	(107)	19	(30)	11
Total net (benefit) cost	(98)	30	(7)	11
Postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0	0
Interest cost	2	2	6	7
Amortization of prior service credit	(1)	0	(1)	(1)
Costs and expenses	1	2	5	6
Remeasurement of projected benefit obligation	(1)	7	0	4
Remeasurement of plan assets	0	0	0	0
Remeasurement (gains) losses	(1)	7	0	4
Total net (benefit) cost	$ 0	$ 9	$ 5	$ 10

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2025

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, futures, 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. In addition, equity futures are used to hedge the market risk related to deferred compensation liability contracts. Equity derivatives may also be utilized to replicate cash market positions to increase equity exposure. Forward contracts are primarily used by Property-Liability to hedge foreign currency risk associated with holding foreign currency denominated investments and foreign operations.

As of September 30, 2025 and December 31, 2024, the Company has not designated any fair value, cash flow or net investment hedge accounting relationships. 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.

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 (“MNAs”) and are presented on a net basis, by counterparty agreement, in the Condensed Consolidated Statements of Financial Position.

In connection with the sale of ALIC and certain affiliates in 2021, the sale agreement included a provision related to contingent consideration that may be earned over a ten-year period with the first potential payment date commencing on January 1, 2026 and a final potential payment date of January 1, 2035. The contingent consideration is determined annually based on the average ten-year U.S. Treasury rate over the preceding three-year period compared to a designated rate. The contingent consideration meets the definition of a derivative and is accounted for on a fair value basis with periodic changes in fair value reflected in earnings. There are no collateral requirements related to the contingent consideration.


Summary of the volume and fair value positions of derivative instruments as of September 30, 2025
($ 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

Interest rate cap agreements	Other investments	$	37	n/a	$	—	$	—	$	—

Futures	Other assets	n/a		5,311	—		—		—
Equity and index contracts
Options	Other investments	n/a		65	—		—		—
Futures	Other assets	n/a		1,016	1		1		—






Contingent consideration	Other assets	250		n/a	140		140		—
Credit default contracts

Credit default swaps - selling protection	Other investments	500		n/a	12		12		—





Total asset derivatives		$	787	6,392	$	153	$	153	$	—

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts
Interest rate swap agreements	Other liabilities and accrued expenses	$	37	n/a	$	(1)	$	—	$	(1)



Futures	Other liabilities and accrued expenses	n/a		3,503	—		—		—
Equity and index contracts
Options	Other liabilities and accrued expenses	n/a		65	—		—		—
Futures	Other liabilities and accrued expenses	n/a		38	—		—		—



Foreign currency contracts
Foreign currency forwards	Other liabilities and accrued expenses	537		n/a	(29)		2		(31)










Total liability derivatives		574		3,606	(30)		$	2	$	(32)
Total derivatives		$	1,361	9,998	$	123


Summary of the volume and fair value positions of derivative instruments as of December 31, 2024
($ 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		4,596	$	—	$	—	$	—
Equity and index contracts

Futures	Other assets	n/a		437	—		—		—



Foreign currency contracts
Foreign currency forwards	Other investments	$	602	n/a	20		21		(1)

Contingent consideration	Other assets	250		n/a	134		134		—






Total asset derivatives		$	852	5,033	$	154	$	155	$	(1)

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts


Futures	Other liabilities and accrued expenses	n/a		12,112	$	(1)	$	—	$	(1)
Equity and index contracts

Futures	Other liabilities and accrued expenses	n/a		662	—		—		—











Total liability derivatives		—		12,774	(1)		$	—	$	(1)
Total derivatives		$	852	17,807	$	153


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
September 30, 2025
Asset derivatives	$	2	$	(2)	$	—	$	—	$	—	$	—
Liability derivatives	(32)		2		28		(2)		—		(2)

December 31, 2024
Asset derivatives	$	21	$	(1)	$	(18)	$	2	$	—	$	2
Liability derivatives	(1)		1		—		—		—		—

(1)All OTC derivatives are subject to enforceable MNAs.


Gains (losses) from valuation and settlements reported on derivatives
($ in millions)	Net gains (losses) on investments and derivatives		Operating costs and expenses		Total gain (loss) recognized in net income on derivatives
Three months ended September 30, 2025
Interest rate contracts	$	2	$	—	$	2
Equity and index contracts	(2)		15		13
Contingent consideration	—		3		3

Foreign currency contracts	6		—		6




Total	$	6	$	18	$	24

Nine months ended September 30, 2025
Interest rate contracts	$	(8)	$	—	$	(8)
Equity and index contracts	(10)		21		11
Contingent consideration	—		6		6

Foreign currency contracts	(50)		—		(50)
Credit default contracts	(10)		—		(10)



Total	$	(78)	$	27	$	(51)

Three months ended September 30, 2024
Interest rate contracts	$	42	$	—	$	42
Equity and index contracts	(2)		10		8
Contingent consideration	—		2		2

Foreign currency contracts	(23)		—		(23)
Credit default contracts	3		—		3



Total	$	20	$	12	$	32

Nine months ended September 30, 2024
Interest rate contracts	$	21	$	—	$	21
Equity and index contracts	(17)		24		7
Contingent consideration	—		5		5

Foreign currency contracts	(9)		—		(9)
Credit default contracts	2		—		2



Total	$	(3)	$	29	$	26

The Company manages its exposure to credit risk by utilizing highly rated counterparties, establishing risk control limits, executing legally enforceable 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.


OTC cash and securities collateral pledged
($ in millions)	September 30, 2025
Pledged by the Company	$	28
Pledged to the Company (1)	—

(1) $28 million of collateral was posted under MNAs for contracts containing credit-risk-contingent provisions that are in a liability provision.

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 MNAs.


OTC derivatives counterparty credit exposure by counterparty credit rating
($ in millions)	September 30, 2025							December 31, 2024
Rating (1)	Number of counter-parties	Notional amount (2)		Credit exposure (2)		Exposure, net of collateral (2)		Number of counter-parties	Notional amount (2)		Credit exposure (2)		Exposure, net of collateral (2)
AA-	1	$	37	$	—	$	—	1	$	213	$	10	$	1
A+	—	—		—		—		3	389		10		1




Total	1	$	37	$	—	$	—	4	$	602	$	20	$	2

(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.


Exchange traded and cleared margin deposits
($ in millions)	September 30, 2025
Pledged by the Company	$	88
Received by the Company	1

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.

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.


($ in millions)	September 30, 2025		December 31, 2024
Gross liability fair value of contracts containing credit-risk-contingent features	$	31	$	1
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(2)		(1)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	(28)		—
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$	1	$	—

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
September 30, 2025




Index
Corporate debt	$	—	$	—	$	—	$	500	$	—	$	500	$	12
Total	$	—	$	—	$	—	$	500	$	—	$	500	$	12

As of December 31, 2024, there were no open CDS positions.

The Company sells credit protection through contracts on standardized credit indices (“CDX”), generally investment grade, which are centrally cleared through a registered Derivatives Clearing Organization, and in return receives periodic premiums through the expiration or termination of the contract. A 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. When a credit event occurs for a reference entity within the index, the affected name is removed from the index, and the contract continues until expiration. Settlement is conducted through an auction process, whereby the Company pays the difference between the contract’s notional amount and the final recovery value of the reference obligation as determined by the auction. The maximum payout on a CDX is the contract notional amount.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

General (Policies)	9 Months Ended
General (Policies)	Sep. 30, 2025
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 (collectively referred to as the “Company” or “Allstate”) and variable interest entities (“VIEs”) 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 September 30, 2025 and for the three and nine month periods ended September 30, 2025 and 2024 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, 2024. The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. All significant intercompany accounts and transactions have been eliminated.
Adopted accounting standard and Pending accounting standard	Adopted accounting standard Accounting for joint ventures Effective January 1, 2025, the Company adopted the new Financial Accounting Standards Board (“FASB”) guidance requiring a joint venture to initially measure assets contributed and liabilities assumed at fair value as of the formation date. The adoption had no impact on the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Financial Position. Pending accounting standards Income tax disclosures In December 2023, the FASB issued guidance enhancing various aspects of income tax disclosures. The guidance requires a tabular reconciliation between statutory and effective income tax expense (benefit) with both amounts and percentages for a list of required categories. For certain required categories where an individual category is at least five percent of the statutory tax amount, the required category must be further broken out by nature and, for foreign tax effects, jurisdiction. Additionally, entities must disclose income taxes paid, net of refunds received, broken out between federal, state and foreign, and amounts paid, net of refunds received, to an individual jurisdiction when it is five percent or more of the total income taxes paid, net of refunds received. All requirements in the guidance are annual in nature, and the guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The guidance affects disclosures only. Disaggregated income statement disclosures In November 2024, the FASB issued guidance requiring disaggregated information about specific expense categories included in certain income statement expense line items. The guidance outlines the specific costs that are required to be disclosed, which include costs such as: employee compensation, depreciation, intangible asset amortization and selling costs. It also requires qualitative descriptions of the amounts remaining in the relevant income statement captions that are not separately disaggregated quantitatively in the notes to the financial statements and the Company's definition of selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The standard is effective on a prospective basis, with the option for retrospective application. The guidance affects disclosures only. Credit losses In July 2025, the FASB issued guidance providing a practical expedient for estimating credit losses on current accounts receivable and contract assets arising from revenue transactions under ASC 606. The update now allows entities to assume current conditions remain unchanged for the asset's remaining life when estimating expected credit losses, simplifying the estimation process. The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company does not expect the impact of this standard to be material to its financial statements and disclosures. Internal-use software In September 2025, the FASB issued guidance which updates the accounting for internal-use software by replacing the stage-based model with a principles-based approach. The new guidance requires capitalization once management commits to funding and it is probable the software will be completed and used as intended (probable-to-complete recognition threshold). The standard also clarifies that costs cannot be capitalized when significant development uncertainty exists, such as unresolved technological innovations or unclear performance requirements. In addition, website development costs are now included under the same guidance. The new guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The standard may be adopted prospectively, retrospectively, or using a modified transition approach. The Company is currently evaluating the impact of this standard on its financial statements and disclosures.
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 share-based awards with an anti-dilutive effect on earnings per common share, primarily options, where 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.

Reportable Segments - Schedule of Reportable Segments Financial Performance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information
Allstate Protection and Run-off Property-Liability net investment income	$ 949	$ 783	$ 2,557	$ 2,259
Net gains (losses) on investments and derivatives	252	243	(241)	(24)
Pension and other postretirement remeasurement gains (losses)	108	(26)	30	(15)
Amortization of purchased intangibles	(59)	(71)	(175)	(210)
Gain on disposition	720	0	1,610	0
Less: Net loss attributable to noncontrolling interest	(2)	(26)	(11)	(30)
Net income applicable to common shareholders, basic	3,717	1,161	6,362	2,651
Net income applicable to common shareholders, diluted	3,717	1,161	6,362	2,651
Operating segments
Segment Reporting Information
Amortization of purchased intangibles	(59)	(71)	(175)	(210)
All other
Segment Reporting Information
Adjusted net income (loss) by segment, after-tax	863	661	1,892	1,394
Net gains (losses) on investments and derivatives	252	243	(241)	(24)
Pension and other postretirement remeasurement gains (losses)	108	(26)	30	(15)
Amortization of purchased intangibles	(13)	(19)	(37)	(56)
Gain on disposition	723	1	1,616	6
All other	(7)	5	(16)	18
Income tax (expense) benefit on Allstate Protection and Run-off Property-Liability and reconciling items	(1,073)	(251)	(1,803)	(588)
Allstate Protection
Segment Reporting Information
Less: Net loss attributable to noncontrolling interest	(1)	(25)	(10)	(29)
Allstate Protection \| Operating segments
Segment Reporting Information
Allstate Protection and Run-off Property-Liability net investment income	873	708	2,343	2,053
Net gains (losses) on investments and derivatives	157	222	(362)	(43)
Allstate Protection \| Operating segments \| Allstate Protection
Segment Reporting Information
Underwriting income (loss) by segment	3,040	555	4,687	1,316
Amortization of purchased intangibles	(46)	(52)	(138)	(154)
Allstate Protection \| Operating segments \| Run-off Property-Liability
Segment Reporting Information
Underwriting income (loss) by segment	(146)	(60)	(153)	(68)
Allstate Protection \| All other
Segment Reporting Information
Allstate Protection and Run-off Property-Liability net investment income	873	708	2,343	2,053
Protection Services \| Operating segments
Segment Reporting Information
Adjusted net income (loss) by segment, after-tax	46	58	161	167
Allstate Protection and Run-off Property-Liability net investment income	25	24	74	68
Net gains (losses) on investments and derivatives	10	10	1	4
Amortization of purchased intangibles	(10)	(12)	(28)	(36)
Allstate Health and Benefits \| Operating segments
Segment Reporting Information
Adjusted net income (loss) by segment, after-tax	0	32	43	133
Allstate Protection and Run-off Property-Liability net investment income	0	25	24	69
Net gains (losses) on investments and derivatives	0	(6)	(1)	(3)
Amortization of purchased intangibles	0	(3)	(1)	(9)
Corporate \| Operating segments
Segment Reporting Information
Adjusted net income (loss) by segment, after-tax	(87)	(110)	(278)	(320)
Allstate Protection and Run-off Property-Liability net investment income	49	25	108	64
Net gains (losses) on investments and derivatives	$ 85	$ 17	$ 122	$ 19

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of 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 September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Numerator:
Net income	$	3,744	$	1,164	$	6,439	$	2,709
Less: Net loss attributable to noncontrolling interest	(2)		(26)		(11)		(30)
Net income attributable to Allstate	3,746		1,190		6,450		2,739
Less: Preferred stock dividends	29		29		88		88


Net income applicable to common shareholders	$	3,717	$	1,161	$	6,362	$	2,651

Denominator:
Weighted average common shares outstanding	263.1		264.6		264.3		264.1
Effect of dilutive potential common shares:
Stock options	2.3		2.6		2.5		2.6
Restricted stock units (non-participating) and performance stock awards	1.0		0.8		1.0		0.7
Weighted average common and dilutive potential common shares outstanding	266.4		268.0		267.8		267.4

Earnings per common share - Basic	$	14.13	$	4.39	$	24.07	$	10.04
Earnings per common share - Diluted	$	13.95	$	4.33	$	23.76	$	9.91

Anti-dilutive share-based awards excluded from diluted earnings per common share	0.5		0.6		0.4		0.5

Investments - Schedule of Rollforward of Credit Loss Allowance for Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Mortgage loans
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	$ (12)	$ (10)	$ (12)	$ (11)
Net increases related to credit losses	(6)	(1)	(6)	0
Write-offs	0	0	0	0
Ending balance	(18)	(11)	(18)	(11)
Commercial
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Ending balance	(17)	(11)	(17)	(11)
Residential
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Ending balance	$ (1)	$ 0	$ (1)	$ 0

Investments - Schedule of Portfolio Composition (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Investments [Abstract]
Fixed income securities, at fair value	$ 57,186	$ 52,747
Equity securities, at fair value	5,338	4,463
Mortgage loans, net	831	784
Limited partnership interests	9,213	9,255
Short-term investments, at fair value	8,743	4,537
Other investments, net	1,017	824
Total investments	$ 82,328	$ 72,610

Reinsurance and Indemnification - Schedule of Reinsurance and Indemnification Recoverables (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Reinsurance
Reinsurance and indemnification recoverables, net	$ 9,519	$ 8,924
Property and casualty
Reinsurance
Paid and due from reinsurers and indemnitors	294	285
Unpaid losses estimated (including IBNR)	8,993	8,602	$ 8,728	$ 8,396
Reinsurance and indemnification recoverables, net	9,287	8,887
Accident and health insurance
Reinsurance
Reinsurance and indemnification recoverables, net	$ 232	$ 37

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

+ References + Details

Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value


Assets and liabilities measured at fair value
	September 30, 2025
($ 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	$	13,516	$	9	$	—			$	13,525
Municipal	—		6,223		3				6,226
Corporate - public	—		21,853		34				21,887
Corporate - privately placed	—		10,837		156				10,993
Foreign government	—		1,435		—				1,435
ABS	—		962		24				986
MBS	—		2,045		89				2,134
Total fixed income securities	13,516		43,364		306				57,186
Equity securities (1)	4,570		367		310				5,247
Short-term investments	3,543		5,191		9				8,743
Other investments	—		14		1		$	(2)	13
Other assets	1		—		140				141

Total recurring basis assets	21,630		48,936		766		(2)		71,330
Non-recurring basis	—		—		100				100
Total assets at fair value	$	21,630	$	48,936	$	866	$	(2)	$	71,430


Investments reported at NAV									838
Total									$	72,268
Liabilities
Other liabilities	$	—	$	(31)	$	(1)	$	30	$	(2)
Total recurring basis liabilities	—		(31)		(1)		30		(2)

Total liabilities at fair value	$	—	$	(31)	$	(1)	$	30	$	(2)

(1)Excludes $91 million of securities using the measurement alternative or the equity method of accounting.


Assets and liabilities measured at fair value
	December 31, 2024
($ 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	$	11,099	$	9	$	—			$	11,108
Municipal	—		8,840		2				8,842
Corporate - public	—		21,211		22				21,233
Corporate - privately placed	—		8,849		110				8,959
Foreign government	—		1,364		—				1,364
ABS	—		1,119		26				1,145
MBS	—		8		88				96
Total fixed income securities	11,099		41,400		248				52,747
Equity securities (1)	3,600		306		407				4,313
Short-term investments	2,016		2,516		5				4,537
Other investments	—		21		1		$	(19)	3
Other assets	—		—		134				134
Assets held for sale	241		1,536		7				1,784
Total recurring basis assets	16,956		45,779		802		(19)		63,518
Non-recurring basis	—		—		3				3
Total assets at fair value	$	16,956	$	45,779	$	805	$	(19)	$	63,521


Investments reported at NAV									1,096
Total									$	64,617
Liabilities
Other liabilities	$	(1)	$	(1)	$	—	$	1	$	(1)
Total recurring basis liabilities	(1)		(1)		—		1		(1)

Total liabilities at fair value	$	(1)	$	(1)	$	—	$	1	$	(1)

(1)Excludes $150 million of preferred stock measured at cost.

Schedule of Rollforward of Level 3 Assets and Liabilities Held at Fair Value


Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended September 30, 2025
	Balance as of June 30, 2025		Total gains (losses) included in:				Transfers													Balance as of September 30, 2025
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases			Sales			Settlements
Assets
Fixed income securities:
Municipal	$	2	$	—	$	—	$	1	$	—		$	—		$	—		$	—	$	3
Corporate - public	35		—		—		—		—			—			(1)			—		34
Corporate - privately placed	109		—		1		—		—			48			—			(2)		156
ABS	39		—		—		—		(15)			—			—			—		24
MBS	88		—		—		—		—			2			—			(1)		89
Total fixed income securities	273		—		1		1		(15)			50			(1)			(3)		306
Equity securities	358		(1)		—		—		(48)			3			(2)			—		310
Short-term investments	4		—		—		—		—			6			(1)			—		9
Other investments	1		—		—		—		—			—			—			—		1
Other assets	137		3		—		—		—			—			—			—		140

Total recurring Level 3 assets	773		2		1		1		(63)			59			(4)			(3)		766
Liabilities
Other liabilities	(1)		—		—		—		—			—			—			—		(1)
Total recurring Level 3 liabilities	$	(1)	$	—	$	—	$	—	$	—		$	—		$	—		$	—	$	(1)


Rollforward of Level 3 assets and liabilities held at fair value during the nine month period ended September 30, 2025
	Balance as of December 31, 2024		Total gains (losses) included in:				Transfers													Balance as of September 30, 2025
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases			Sales			Settlements
Assets
Fixed income securities:
Municipal	$	2	$	—	$	—	$	1	$	—		$	—		$	—		$	—	$	3
Corporate - public	22		(1)		1		—		(7)			20			(1)			—		34
Corporate - privately placed	110		(1)		2		—		—			48			—			(3)		156
ABS	26		—		—		26		(41)			15			—			(2)		24
MBS	88		—		—		—		—			2			—			(1)		89
Total fixed income securities	248		(2)		3		27		(48)			85			(1)			(6)		306
Equity securities	407		29		—		—		(48)			8			(86)			—		310
Short-term investments	5		—		—		—		—			9			(5)			—		9
Other investments	1		—		—		—		—			—			—			—		1
Other assets	134		6		—		—		—			—			—			—		140
Assets held for sale	7		—		1		—		—			—			(8)			—		—
Total recurring Level 3 assets	802		33		4		27		(96)			102			(100)			(6)		766
Liabilities																				—
Other liabilities	—		(1)		—		—		—			—			—			—		(1)
Total recurring Level 3 liabilities	$	—	$	(1)	$	—	$	—	$	—		$	—		$	—		$	—	$	(1)


Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended September 30, 2024
	Balance as of June 30, 2024		Total gains (losses) included in:				Transfers				Transfers (to) from held for sale								Balance as of September 30, 2024
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3				Purchases		Sales		Settlements
Assets
Fixed income securities:
Municipal	$	7	$	(2)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	5
Corporate - public	30		—		—		—		—		(7)		5		—		—		28
Corporate - privately placed	50		—		—		—		—		—		1		—		—		51
ABS and MBS	71		—		—		—		—		—		27		—		(1)		97

Total fixed income securities	158		(2)		—		—		—		(7)		33		—		(1)		181
Equity securities	393		12		—		—		—		—		5		(2)		—		408
Short-term investments	1		—		—		—		—		—		1		—		—		2
Other investments	2		—		—		—		—		—		—		—		—		2
Other assets	121		2		—		—		—		—		—		—		—		123
Assets held for sale	—		—		—		—		—		7		—		—		—		7
Total recurring Level 3 assets	675		12		—		—		—		—		39		(2)		(1)		723
Liabilities
Total recurring Level 3 liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Rollforward of Level 3 assets and liabilities held at fair value during the nine month period ended September 30, 2024
	Balance as of December 31, 2023		Total gains (losses) included in:				Transfers				Transfers (to) from held for sale								Balance as of September 30, 2024
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3				Purchases		Sales		Settlements
Assets
Fixed income securities:
Municipal	$	11	$	(2)	$	—	$	—	$	—	$	—	$	—	$	(2)	$	(2)	$	5
Corporate - public	26		1		1		—		—		(7)		16		(9)		—		28
Corporate - privately placed	58		(6)		—		—		—		—		1		(2)		—		51
ABS and MBS	58		—		—		—		—		—		41		—		(2)		97

Total fixed income securities	153		(7)		1		—		—		(7)		58		(13)		(4)		181
Equity securities	402		18		—		—		—		—		14		(26)		—		408
Short-term investments	1		—		—		—		—		—		22		(20)		(1)		2
Other investments	2		—		—		—		—		—		—		—		—		2
Other assets	118		5		—		—		—		—		—		—		—		123
Assets held for sale	—		—		—		—		—		7		—		—		—		7
Total recurring Level 3 assets	676		16		1		—		—		—		94		(59)		(5)		723
Liabilities
Total recurring Level 3 liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Total Level 3 gains (losses) included in net income
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Net investment income	$	1	$	—	$	1	$	1
Net gains (losses) on investments and derivatives	(2)		10		25		10
Operating costs and expenses	3		2		6		5

Schedule of Valuation Changes Included in Net Income and OCI for Level 3 Assets and Liabilities


Valuation changes included in net income and OCI for Level 3 assets and liabilities still held
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Assets
Fixed income securities:
Municipal	$	—	$	(2)	$	—	$	(2)
Corporate - public	—		—		(1)		1
Corporate - privately placed	—		—		—		(6)

Total fixed income securities	—		(2)		(1)		(7)
Equity securities	(2)		12		27		23


Other assets	3		2		6		5


Total recurring Level 3 assets	$	1	$	12	$	32	$	21
Liabilities
Other liabilities	$	—	$	—	$	(1)	$	—

Total recurring Level 3 liabilities	—		—		(1)		—
Total included in net income	$	1	$	12	$	31	$	21

Components of net income
Net investment income	$	1	$	—	$	1	$	1
Net gains (losses) on investments and derivatives	(3)		10		24		15
Operating costs and expenses	3		2		6		5
Total included in net income	$	1	$	12	$	31	$	21

Assets

Corporate - public	$	—	$	—	$	1	$	1
Corporate - privately placed	1		—		2		—



Changes in unrealized net capital gains and losses reported in OCI	$	1	$	—	$	3	$	1

Schedule of Financial Instruments Not Carried at Fair Value


Financial instruments not carried at fair value
($ in millions)		September 30, 2025				December 31, 2024
Financial assets	Fair value level	Amortized cost, net (1)		Fair value		Amortized cost, net (1)		Fair value
Mortgage loans	Level 3	$	831	$	818	$	784	$	746
Bank loans	Level 3	383		394		201		207



Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (1)		Fair value

Debt	Level 2	$	8,089	$	7,997	$	8,085	$	7,740
Liability for collateral	Level 2	1,859		1,859		2,041		2,041
Liabilities held for sale	Level 3	—		—		40		40

(1)Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2025

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


Note 14			Supplemental Cash Flow Information

Non-cash investing activities include $44 million and $70 million related to mergers and exchanges completed with equity securities, fixed income securities, bank loans, commercial mortgages and limited partnerships for the nine months ended September 30, 2025 and 2024, respectively. Non-cash investing activities include $1 million and $19 million related to right-of-use property and equipment obtained in exchange for lease obligations for the nine months ended September 30, 2025 and 2024, respectively. Non-cash investing activities include $1 million related to right-of-use real estate obtained in exchange for lease obligations for the nine months ended September 30, 2024.

Non-cash financing activities include $26 million and $28 million related to the issuance of Allstate common shares for vested equity awards for the nine months ended September 30, 2025 and 2024, 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 $80 million and $86 million for the nine months ended September 30, 2025 and 2024, respectively. Non-cash operating activities include $45 million and $50 million related to right-of-use assets obtained in exchange for lease obligations for the nine months ended September 30, 2025 and 2024, 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)	Nine months ended September 30,
	2025		2024
Cash flows from operating activities
Net change in proceeds managed
Net change in fixed income securities	$	(99)	$	45
Net change in short-term investments	282		(175)
Operating cash flow provided (used)	183		(130)
Net change in cash	(1)		—
Net change in proceeds managed	$	182	$	(130)

Net change in liabilities
Liabilities for collateral, beginning of period	$	(2,041)	$	(1,891)
Liabilities for collateral, end of period	(1,859)		(2,021)
Operating cash flow (used) provided	$	(182)	$	130

Investments - Schedule of Gross Realized Gains (Losses) on Sales of Fixed Income Securities (Details) - Fixed income securities - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Securities, Available-for-Sale [Line Items]
Gross realized gains	$ 142	$ 201	$ 329	$ 275
Gross realized losses	$ (35)	$ (93)	$ (600)	$ (363)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Dispositions

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Dispositions


Note 3			Dispositions

Employer voluntary benefits (“EVB”) business disposition On April 1, 2025, the Company closed the sale of American Heritage Life Insurance Company and American Heritage Service Company, comprising the Company’s employer voluntary benefits business for $1.9 billion in cash, net of purchase price adjustments. The Company recorded a gain on the sale of

$888 million or $641 million, after-tax for the nine months ended September 30, 2025.

The EVB business generated $243 million of premiums and contract charges and $22 million of adjusted net income for the three months ended March 31, 2025.


Major classes of assets and liabilities disposed of in EVB transaction
($ in millions)	April 1, 2025		December 31, 2024
Assets
Investments
Fixed income securities, at fair value (amortized cost, net $1,765 and $1,809)	$	1,676	$	1,699


Short-term, at fair value (amortized cost $64 and $85)	64		85
Other investments, net	116		122
Total investments	1,856		1,906
Cash	29		—
Deferred policy acquisition costs	525		521
Reinsurance recoverables, net	117		111

Other assets (1)	523		554
Total assets	$	3,050	$	3,092

Liabilities
Reserve for future policy benefits	$	1,096	$	1,085
Contractholder funds	882		890
Other liabilities and accrued expenses	124		138
Total liabilities	$	2,102	$	2,113

(1)Included $249 million of goodwill at April 1, 2025.

Shareholders' equity included $51 million of accumulated other comprehensive losses related to assets and liabilities disposed of on April 1, 2025.

Group health business disposition On July 1, 2025, the Company closed the sale of Direct General Life Insurance Company, NSM Sales Corporation and The Association Benefits Solution, LLC, comprising the Company’s group health business for $1.23 billion in

cash, net of purchase price adjustments. The Company recorded a gain on the sale of $722 million or $506 million, after-tax in the third quarter of 2025.

The group health business generated $247 million of premiums and contract charges and $21 million of adjusted net income for the six months ended June 30, 2025.


Major classes of assets and liabilities disposed of in group health business transaction
($ in millions)	July 1, 2025
Assets
Investments
Fixed income securities, at fair value (amortized cost, net $142)	$	143
Short-term, at fair value (amortized cost $177)	177
Total investments	320
Cash	88
Deferred policy acquisition costs	1

Other assets (1)	305
Total assets	$	714

Liabilities

Other liabilities and accrued expenses	$	9
Total liabilities	$	9

(1)Included $152 million of goodwill at July 1, 2025.

In addition, reserves for future policy benefits of $200 million were reinsured to Nationwide Life Insurance Company with a corresponding reinsurance recoverable established on July 1, 2025.

In connection with these sales, the Company is providing transition services for 24 months from the respective dates of closing.

Investments - Schedule of Change in Unrealized Net Capital Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses			$ 1,435
Amounts recognized for:
Reclassification of noncontrolling interest			(3)
Deferred income taxes			(310)
Change in unrealized net capital gains and losses, after-tax	$ 315	$ 1,299	1,122	$ 965
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			110
Fixed income securities
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses			1,323
Short-term investments
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses			2
Derivative instruments
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses			$ 0

Fair Value of Assets and Liabilities - Schedule of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Financial assets
Mortgage loans	$ 831	$ 784
Financial liabilities
Debt	8,089	8,085
Liability for collateral	1,859	2,041	$ 2,021	$ 1,891
Liabilities held for sale	0	2,113
Significant unobservable inputs (Level 3) \| Amortized cost, net
Financial assets
Mortgage loans	831	784
Bank loans	383	201
Financial liabilities
Liabilities held for sale	0	40
Significant unobservable inputs (Level 3) \| Fair value
Financial assets
Mortgage loans	818	746
Bank loans	394	207
Financial liabilities
Liabilities held for sale	0	40
Significant other observable inputs (Level 2) \| Amortized cost, net
Financial liabilities
Debt	8,089	8,085
Liability for collateral	1,859	2,041
Significant other observable inputs (Level 2) \| Fair value
Financial liabilities
Debt	7,997	7,740
Liability for collateral	$ 1,859	$ 2,041

Investments - Schedule of Gross Unrealized Losses and Fair Value by Type and Length of Time Held in a Continuous Unrealized Loss Position (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) contract	Dec. 31, 2024 USD ($) contract
Total unrealized losses
Fixed income securities, at fair value	$ 57,186	$ 52,747
Fixed income securities
Less than 12 months
Number of issues \| contract	843	2,204
Fair value	$ 12,770	$ 22,824
Unrealized losses	$ (89)	$ (491)
12 months or more
Number of issues \| contract	1,584	2,583
Fair value	$ 6,701	$ 10,500
Unrealized losses	(305)	(739)
Total unrealized losses
Total unrealized losses	(394)	(1,230)
Fixed income securities, at fair value	8	16
Fixed income securities, unrealized losses	0	1
Fixed income securities, credit loss allowance	$ 1	$ 3
U.S. government and agencies
Less than 12 months
Number of issues \| contract	36	179
Fair value	$ 6,679	$ 8,520
Unrealized losses	$ (16)	$ (256)
12 months or more
Number of issues \| contract	74	99
Fair value	$ 260	$ 801
Unrealized losses	(4)	(74)
Total unrealized losses
Total unrealized losses	(20)	(330)
Fixed income securities, at fair value	$ 13,525	$ 11,108
Municipal
Less than 12 months
Number of issues \| contract	342	990
Fair value	$ 2,262	$ 4,889
Unrealized losses	$ (49)	$ (67)
12 months or more
Number of issues \| contract	526	1,089
Fair value	$ 958	$ 1,693
Unrealized losses	(50)	(109)
Total unrealized losses
Total unrealized losses	(99)	(176)
Fixed income securities, at fair value	$ 6,226	$ 8,842
Corporate
Less than 12 months
Number of issues \| contract	351	943
Fair value	$ 3,030	$ 9,178
Unrealized losses	$ (18)	$ (166)
12 months or more
Number of issues \| contract	852	1,237
Fair value	$ 5,393	$ 7,877
Unrealized losses	(242)	(544)
Total unrealized losses
Total unrealized losses	(260)	(710)
Fixed income securities, at fair value	$ 32,880	$ 30,192
Foreign government
Less than 12 months
Number of issues \| contract	45	42
Fair value	$ 173	$ 159
Unrealized losses	$ (3)	$ (2)
12 months or more
Number of issues \| contract	56	73
Fair value	$ 43	$ 73
Unrealized losses	(7)	(8)
Total unrealized losses
Total unrealized losses	(10)	(10)
Fixed income securities, at fair value	$ 1,435	$ 1,364
ABS
Less than 12 months
Number of issues \| contract	20	15
Fair value	$ 85	$ 76
Unrealized losses	$ (1)	$ 0
12 months or more
Number of issues \| contract	12	15
Fair value	$ 44	$ 51
Unrealized losses	(2)	(4)
Total unrealized losses
Total unrealized losses	(3)	(4)
Fixed income securities, at fair value	$ 986	$ 1,145
MBS
Less than 12 months
Number of issues \| contract	49	35
Fair value	$ 541	$ 2
Unrealized losses	$ (2)	$ 0
12 months or more
Number of issues \| contract	64	70
Fair value	$ 3	$ 5
Unrealized losses	0	0
Total unrealized losses
Total unrealized losses	(2)	0
Fixed income securities, at fair value	$ 2,134	$ 96
Investment grade fixed income securities
Less than 12 months
Number of issues \| contract	695	2,002
Fair value	$ 12,102	$ 21,846
Unrealized losses	$ (82)	$ (473)
12 months or more
Number of issues \| contract	1,428	2,367
Fair value	$ 5,955	$ 9,281
Unrealized losses	(271)	(655)
Total unrealized losses
Total unrealized losses	$ (353)	$ (1,128)
Below investment grade fixed income securities
Less than 12 months
Number of issues \| contract	148	202
Fair value	$ 668	$ 978
Unrealized losses	$ (7)	$ (18)
12 months or more
Number of issues \| contract	156	216
Fair value	$ 746	$ 1,219
Unrealized losses	(34)	(84)
Total unrealized losses
Total unrealized losses	$ (41)	$ (102)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Dispositions - Schedule of Major Classes of Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jul. 01, 2025	Apr. 01, 2025	Dec. 31, 2024
Investments
Total assets	$ 0			$ 3,092
Liabilities
Total liabilities	0			2,113
Goodwill	$ 3,118			3,245
Disposal Group, Held-for-Sale, Not Discontinued Operations \| EVB
Investments
Fixed income securities, at fair value			$ 1,676	1,699
Short-term, at fair value			64	85
Other investments, net			116	122
Total investments			1,856	1,906
Cash			29	0
Deferred policy acquisition costs			525	521
Goodwill			117	111
Other assets			523	554
Total assets			3,050	3,092
Liabilities
Reserve for future policy benefits			1,096	1,085
Contractholder funds			882	890
Other liabilities and accrued expenses			124	138
Total liabilities			2,102	2,113
Fixed income securities, amortized cost			1,765	1,809
Short term, amortized cost			64	$ 85
Goodwill			$ 249
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Group Health
Investments
Fixed income securities, at fair value		$ 143
Short-term, at fair value		177
Total investments		320
Cash		88
Deferred policy acquisition costs		1
Other assets		305
Total assets		714
Liabilities
Reserve for future policy benefits		200
Other liabilities and accrued expenses		9
Total liabilities		9
Fixed income securities, amortized cost		142
Short term, amortized cost		177
Goodwill		$ 152

Reinsurance and Indemnification - Schedule of Effects of Reinsurance Ceded and Indemnification Programs on Property and Casualty Premiums Earned and Accident and Health Insurance Premiums and Contract Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property and casualty insurance premiums earned
Reinsurance
Property and casualty insurance premiums earned	$ (640)	$ (552)	$ (1,791)	$ (1,697)
Accident and health insurance premiums and contract charges
Reinsurance
Accident and health insurance premiums and contract charges	$ (122)	$ (16)	$ (145)	$ (37)

- Definition

Amount of earned premiums ceded to other entities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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-Name Accounting Standards Codification
-Section 55
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479032/944-605-50-1

+ Details

Investments

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Investments


Note 5			Investments


Portfolio composition
($ in millions)	September 30, 2025		December 31, 2024
Fixed income securities, at fair value	$	57,186	$	52,747
Equity securities, at fair value	5,338		4,463
Mortgage loans, net	831		784
Limited partnership interests	9,213		9,255
Short-term investments, at fair value	8,743		4,537
Other investments, net	1,017		824
Total	$	82,328	$	72,610


Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)	Amortized cost, net		Gross unrealized				Fair value
			Gains		Losses
September 30, 2025
U.S. government and agencies	$	13,490	$	55	$	(20)	$	13,525
Municipal	6,258		67		(99)		6,226
Corporate	32,484		656		(260)		32,880
Foreign government	1,422		23		(10)		1,435
Asset-backed securities (“ABS”)	976		13		(3)		986
Mortgage-backed securities (“MBS”)	2,102		34		(2)		2,134
Total fixed income securities	$	56,732	$	848	$	(394)	$	57,186

December 31, 2024
U.S. government and agencies	$	11,423	$	15	$	(330)	$	11,108
Municipal	8,985		33		(176)		8,842
Corporate	30,630		272		(710)		30,192
Foreign government	1,352		22		(10)		1,364
ABS	1,130		19		(4)		1,145
MBS	96		—		—		96
Total fixed income securities	$	53,616	$	361	$	(1,230)	$	52,747


Scheduled maturities for fixed income securities
($ in millions)	September 30, 2025				December 31, 2024
	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Due in one year or less	$	1,941	$	1,929	$	1,544	$	1,531
Due after one year through five years	22,197		22,331		22,889		22,595
Due after five years through ten years	20,443		20,699		17,431		17,130
Due after ten years	9,073		9,107		10,526		10,250
	53,654		54,066		52,390		51,506
ABS and MBS	3,078		3,120		1,226		1,241
Total	$	56,732	$	57,186	$	53,616	$	52,747

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 September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Fixed income securities	$	634	$	587	$	1,844	$	1,684
Equity securities	19		17		56		50
Mortgage loans	11		9		30		27
Limited partnership interests	226		138		494		440
Short-term investments	104		87		273		216
Other investments	26		25		71		71
Investment income, before expense	1,020		863		2,768		2,488
Investment expense	(71)		(80)		(211)		(229)
Net investment income	$	949	$	783	$	2,557	$	2,259


Net gains (losses) on investments and derivatives by type
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Fixed income securities	$	107	$	105	$	(271)	$	(92)
Equity securities	191		119		243		195
Mortgage loans	(6)		(1)		(6)		—
Limited partnership interests	(32)		(8)		(24)		(13)
Derivatives	6		20		(78)		(3)
Other investments	(14)		8		(38)		12
Other (1)	—		—		(67)		(123)
Net gains (losses) on investments and derivatives	$	252	$	243	$	(241)	$	(24)


Net gains (losses) on investments and derivatives by transaction type
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Sales	$	69	$	116	$	(313)	$	(85)
Credit losses	(23)		(12)		(103)		(143)
Valuation change of equity investments (1)	200		119		253		207
Valuation change and settlements of derivatives	6		20		(78)		(3)
Net gains (losses) on investments and derivatives	$	252	$	243	$	(241)	$	(24)

(1)Includes valuation change 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 September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Gross realized gains	$	142	$	201	$	329	$	275
Gross realized losses	(35)		(93)		(600)		(363)


Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Equity securities	$	178	$	107	$	291	$	170
Limited partnership interests carried at fair value	16		18		(13)		65
Total	$	194	$	125	$	278	$	235


Credit losses recognized in net income
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Fixed income securities:
Municipal	$	—	$	(2)	$	—	$	(2)
Corporate	—		(1)		—		(2)


Total fixed income securities	—		(3)		—		(4)
Mortgage loans	(6)		(1)		(6)		—
Limited partnership interests	(8)		(8)		(12)		(24)
Other investments
Bank loans	(3)		—		(12)		5
Real estate	(6)		—		(6)		2

Other assets	—		—		(52)		(123)
Commitments to fund line of credit, commercial mortgage loans and bank loans	—		—		(15)		1
Total	$	(23)	$	(12)	$	(103)	$	(143)


Unrealized net capital gains and losses included in accumulated other comprehensive income (“AOCI”)
($ in millions)	Fair value		Gross unrealized				Unrealized net gains (losses)
September 30, 2025			Gains		Losses
Fixed income securities	$	57,186	$	848	$	(394)	$	454
Short-term investments	8,743		—		—		—
Derivative instruments (1)	—		—		(2)		(2)


Unrealized net capital gains and losses, pre-tax							452
Reclassification of noncontrolling interest							—
Deferred income taxes							(101)
Unrealized net capital gains and losses, after-tax							$	351

December 31, 2024
Fixed income securities	$	52,747	$	361	$	(1,230)	$	(869)
Short-term investments	4,537		—		(2)		(2)
Derivative instruments (1)	—		—		(2)		(2)

Investments classified as held for sale							(110)
Unrealized net capital gains and losses, pre-tax							(983)
Reclassification of noncontrolling interest							3
Deferred income taxes							209
Unrealized net capital gains and losses, after-tax							$	(771)

(1)Includes the effective portion of losses on terminated cash flow hedges.


Change in unrealized net capital gains (losses)
($ in millions)	Nine months ended September 30, 2025
Fixed income securities	$	1,323
Short-term investments	2
Derivative instruments	—

Investments classified as held for sale (1)	110
Total	1,435
Reclassification of noncontrolling interest	(3)
Deferred income taxes	(310)
Change in unrealized net capital gains and losses, after-tax	$	1,122

(1)Unrealized net capital gains and losses for investments disposed of in the EVB business sale.

Mortgage loans The Company’s mortgage loans totaled $831 million and $784 million, net of credit loss allowance, as of September 30, 2025 and December 31, 2024, respectively, and are primarily commercial mortgage loans collateralized by a variety of commercial real estate property types located across the United States. Substantially all of the commercial mortgage loans are non-recourse to the borrower. Residential mortgage loans totaled $151 million and $61 million as of September 30, 2025 and December 31, 2024, respectively, and have recourse to the borrower.

Limited partnership interests


Carrying value for limited partnership interests
($ in millions)	September 30, 2025		December 31, 2024
Private equity	$	7,515	$	7,734
Real estate	1,466		1,236
Other (1)	232		285
Total	$	9,213	$	9,255

(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.

Short-term investments, including money market funds, commercial paper, U.S. Treasury bills, fixed income securities with a contractual maturity of one year or less at time of acquisition and other short-term investments, are carried at fair value. As of September 30, 2025 and December 31, 2024, the fair value of short-term investments totaled $8.74 billion and $4.54 billion, respectively.

Other investments primarily consist of bank loans, real estate and derivatives. Bank loans are primarily senior secured corporate loans and are carried at amortized cost, net. Real estate is carried at cost less accumulated depreciation.


Other investments by asset type
($ in millions)	September 30, 2025		December 31, 2024
Bank loans, net	$	383	$	201
Real estate	621		620

Other	13		3
Total	$	1,017	$	824

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 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 reduces the credit loss allowance.

Recoveries after write-offs are recognized when received.

Accrued interest excluded from the amortized cost of fixed income securities totaled $561 million and $574 million as of September 30, 2025 and December 31, 2024, respectively, 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 September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Beginning balance	$	(17)	$	(19)	$	(17)	$	(36)
Credit losses on securities for which credit losses not previously reported	—		(3)		(1)		(10)
Net (increases) decreases related to credit losses previously reported	—		—		1		3
(Increase) decrease related to sales and other	—		—		—		3
Write-offs	12		—		12		18

Ending balance	$	(5)	$	(22)	$	(5)	$	(22)

Components of credit loss allowance as of September 30
Municipal bonds					$	—	$	(2)
Corporate bonds					(4)		(18)
ABS					(1)		(2)

Total					$	(5)	$	(22)


Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position (1)
($ 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
September 30, 2025
Fixed income securities
U.S. government and agencies	36	$	6,679	$	(16)	74	$	260	$	(4)	$	(20)
Municipal	342	2,262		(49)		526	958		(50)		(99)
Corporate	351	3,030		(18)		852	5,393		(242)		(260)
Foreign government	45	173		(3)		56	43		(7)		(10)
ABS	20	85		(1)		12	44		(2)		(3)
MBS	49	541		(2)		64	3		—		(2)
Total fixed income securities	843	$	12,770	$	(89)	1,584	$	6,701	$	(305)	$	(394)
Investment grade fixed income securities	695	$	12,102	$	(82)	1,428	$	5,955	$	(271)	$	(353)
Below investment grade fixed income securities	148	668		(7)		156	746		(34)		(41)
Total fixed income securities	843	$	12,770	$	(89)	1,584	$	6,701	$	(305)	$	(394)

December 31, 2024
Fixed income securities
U.S. government and agencies	179	$	8,520	$	(256)	99	$	801	$	(74)	$	(330)
Municipal	990	4,889		(67)		1,089	1,693		(109)		(176)
Corporate	943	9,178		(166)		1,237	7,877		(544)		(710)
Foreign government	42	159		(2)		73	73		(8)		(10)
ABS	15	76		—		15	51		(4)		(4)
MBS	35	2		—		70	5		—		—
Total fixed income securities	2,204	$	22,824	$	(491)	2,583	$	10,500	$	(739)	$	(1,230)
Investment grade fixed income securities	2,002	$	21,846	$	(473)	2,367	$	9,281	$	(655)	$	(1,128)
Below investment grade fixed income securities	202	978		(18)		216	1,219		(84)		(102)
Total fixed income securities	2,204	$	22,824	$	(491)	2,583	$	10,500	$	(739)	$	(1,230)


Gross unrealized losses by unrealized loss position and credit quality as of September 30, 2025
($ in millions)	Investment grade		Below investment grade		Total
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1)	$	(331)	$	(37)	$	(368)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (2)	(22)		(4)		(26)
Total unrealized losses	$	(353)	$	(41)	$	(394)

(1)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.

Investment grade is defined as a security having a National Association of Insurance Commissioners (“NAIC”) designation of 1 or 2, which is comparable to a rating of Aaa, Aa, A or Baa from Moody’s Investors Service (“Moody’s”) or AAA, AA, A or BBB from S&P Global Ratings (“S&P”), 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 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 September 30, 2025, 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 and bank 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.

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.

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 commercial 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.

If the debt service coverage ratio is below 1.0 and the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable term, the decrease in cash flows from the properties is considered temporary, or there are other risk mitigating circumstances such as additional collateral, escrow balances or borrower guarantees, the commercial loans may not be considered impaired.


Commercial mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
	September 30, 2025														December 31, 2024
($ in millions)	2020 and prior		2021		2022		2023		2024		2025		Total		Total

1.0 - 1.25	$	37	$	—	$	—	$	25	$	39	$	—	$	101	$	137
1.26 - 1.50	31		—		42		19		—		—		92		105
Above 1.50	202		164		47		76		15		—		504		493
Amortized cost before allowance	$	270	$	164	$	89	$	120	$	54	$	—	$	697	$	735
Allowance													(17)		(12)
Amortized cost, net													$	680	$	723


Payment status of mortgage loans
	September 30, 2025
($ in millions)	Commercial		Residential		Total
Less than 90 days past due	$	23	$	1	$	24
90 days or greater past due	—		—		—
Total past due before allowance	23		1		24
Current before allowance	674		151		825
Total mortgage loans before allowance	697		152		849
Allowance	(17)		(1)		(18)
Total mortgage loans	$	680	$	151	$	831

Payments on all mortgage loans were current as of December 31, 2024.


Rollforward of credit loss allowance for mortgage loans
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Beginning balance	$	(12)	$	(10)	$	(12)	$	(11)

Net increases related to credit losses	(6)		(1)		(6)		—
Write-offs	—		—		—		—


Ending balance	$	(18)	$	(11)	$	(18)	$	(11)

Components of credit loss allowance as of September 30
Commercial					$	(17)	$	(11)
Residential					(1)		—
Total					$	(18)	$	(11)

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 either received from the Securities Valuation Office of the NAIC based on availability of applicable ratings from rating agencies on the NAIC credit rating provider list or a comparable internal rating. 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
	September 30, 2025														December 31, 2024
($ in millions)	2020 and prior		2021		2022		2023		2024		2025		Total		Total
NAIC 1 / A	$	—	$	—	$	—	$	—	$	44	$	155	$	199	$	45
NAIC 2 / BBB	—		—		—		—		1		49		50		6
NAIC 3 / BB	—		—		1		2		8		14		25		27
NAIC 4 / B	1		2		—		28		27		50		108		122
NAIC 5-6 / CCC and below	—		—		1		8		1		8		18		11
Amortized cost before allowance	$	1	$	2	$	2	$	38	$	81	$	276	$	400	$	211
Allowance													(17)		(10)
Amortized cost, net													$	383	$	201


Rollforward of credit loss allowance for bank loans
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Beginning balance	$	(17)	$	(11)	$	(10)	$	(22)

Net (increases) decreases related to credit losses	(3)		—		(12)		5

Write-offs	3		—		5		6

Ending balance	$	(17)	$	(11)	$	(17)	$	(11)

Dispositions - Narrative (Details) - USD ($) $ in Millions			3 Months Ended			6 Months Ended	9 Months Ended
Dispositions - Narrative (Details) - USD ($) $ in Millions	Jul. 01, 2025	Apr. 01, 2025	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition of operations			$ 720		$ 0		$ 1,610	$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| EVB
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposal		$ 1,900
Gain on disposition of operations							888
Gain on sale of business after tax							$ 641
Premiums and contract charges				$ 243
Adjusted net income (loss) by segment, after-tax				$ 22
Accumulated other comprehensive losses		51
Reserve for future policy benefits		$ 1,096							$ 1,085
Number of period provided for transition services		24 months
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Group Health
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposal	$ 1,230
Gain on disposition of operations			722
Gain on sale of business after tax			$ 506
Premiums and contract charges						$ 247
Adjusted net income (loss) by segment, after-tax						$ 21
Reserve for future policy benefits	$ 200
Number of period provided for transition services	24 months

Investments - Schedule of Maturities for Fixed Income Securities (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Amortized cost, net
Due in one year or less	$ 1,941	$ 1,544
Due after one year through five years	22,197	22,889
Due after five years through ten years	20,443	17,431
Due after ten years	9,073	10,526
Subtotal	53,654	52,390
ABS and MBS	3,078	1,226
Amortized cost, net	56,732	53,616
Fair value
Due in one year or less	1,929	1,531
Due after one year through five years	22,331	22,595
Due after five years through ten years	20,699	17,130
Due after ten years	9,107	10,250
Subtotal	54,066	51,506
ABS and MBS	3,120	1,241
Fair value	$ 57,186	$ 52,747

Investments - Schedule of Rollforward of Credit Loss Allowance for Bank Loans (Details) - Bank loans, net - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	$ (17)	$ (11)	$ (10)	$ (22)
Net (increases) decreases related to credit losses	(3)	0	(12)	5
Write-offs	3	0	5	6
Ending balance	$ (17)	$ (11)	$ (17)	$ (11)

Derivative Financial Instruments - Schedule of Gross and Net Amounts for OTC Derivatives (Details) - OTC derivatives - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Asset derivatives
Gross amount	$ 2	$ 21
Counter-party netting	(2)	(1)
Cash collateral (received) pledged	0	(18)
Net amount on balance sheet	0	2
Securities collateral (received) pledged	0	0
Net amount	0	2
Liability derivatives
Gross amount	(32)	(1)
Counter-party netting	2	1
Cash collateral (received) pledged	28	0
Net amount on balance sheet	(2)	0
Securities collateral (received) pledged	0	0
Net amount	$ (2)	$ 0

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income	$ 3,744	$ 1,164	$ 6,439	$ 2,709
Less: Net loss attributable to noncontrolling interest	(2)	(26)	(11)	(30)
Net income attributable to Allstate	3,746	1,190	6,450	2,739
Less: Preferred stock dividends	29	29	88	88
Net income applicable to common shareholders, basic	3,717	1,161	6,362	2,651
Net income applicable to common shareholders, diluted	$ 3,717	$ 1,161	$ 6,362	$ 2,651
Denominator:
Weighted average common shares outstanding (in shares)	263.1	264.6	264.3	264.1
Effect of dilutive potential common shares
Stock options (in shares)	2.3	2.6	2.5	2.6
Restricted stock units (non-participating) and performance stock awards (in shares)	1.0	0.8	1.0	0.7
Weighted average common and dilutive potential common shares outstanding (in shares)	266.4	268.0	267.8	267.4
Earnings per common share:
Earnings per common share - Basic (in dollars per share)	$ 14.13	$ 4.39	$ 24.07	$ 10.04
Earnings per common share - Diluted (in dollars per share)	$ 13.95	$ 4.33	$ 23.76	$ 9.91
Anti-dilutive share-based awards excluded from diluted earnings per common share (in shares)	0.5	0.6	0.4	0.5

Reportable Segments - Schedule of Additional Significant Financial Performance Data (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information
Amortization of DAC	$ 2,101	$ 2,037	$ 6,264	$ 5,977
Amortization of purchased intangibles	59	71	175	210
Income tax expense	1,075	254	1,802	603
Operating segments
Segment Reporting Information
Amortization of DAC	2,101	2,037	6,264	5,977
Amortization of purchased intangibles	59	71	175	210
Income tax expense	1,075	254	1,802	603
All other
Segment Reporting Information
Amortization of DAC	7	7	20	21
Amortization of purchased intangibles	3	4	8	11
Income tax expense	(2)	0	(5)	2
Allstate Protection and Run-off Property-Liability \| Operating segments
Segment Reporting Information
Income tax expense	817	257	1,315	599
Allstate Protection and Run-off Property-Liability \| Operating segments \| Allstate Protection
Segment Reporting Information
Amortization of DAC	1,757	1,696	5,231	4,977
Amortization of purchased intangibles	46	52	138	154
Protection Services \| Operating segments
Segment Reporting Information
Amortization of DAC	337	304	983	889
Amortization of purchased intangibles	10	12	28	36
Income tax expense	15	14	44	43
Allstate Health and Benefits \| Operating segments
Segment Reporting Information
Amortization of DAC	0	30	30	90
Amortization of purchased intangibles	0	3	1	9
Income tax expense	216	8	474	34
Corporate \| Operating segments
Segment Reporting Information
Income tax expense	$ 29	$ (25)	$ (26)	$ (75)

Company Restructuring - Schedule of Restructuring Activity (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	$ 27
Expense incurred	48
Payments and non-cash charges	(54)
Restructuring liability, ending balance	21
Employee costs
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	25
Expense incurred	45
Payments and non-cash charges	(51)
Restructuring liability, ending balance	19
Exit costs
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	2
Expense incurred	3
Payments and non-cash charges	(3)
Restructuring liability, ending balance	$ 2

Investments - Schedule of Credit Losses Recognized in Net Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Realized capital gains and losses by asset type
Commitments to fund line of credit, commercial mortgage loans and bank loans	$ 0	$ 0	$ (15)	$ 1
Total	(23)	(12)	(103)	(143)
Fixed income securities
Realized capital gains and losses by asset type
Total credit losses by asset type	0	(3)	0	(4)
Municipal
Realized capital gains and losses by asset type
Total	0	(2)	0	(2)
Corporate
Realized capital gains and losses by asset type
Total credit losses by asset type	0	(1)	0	(2)
Mortgage loans
Realized capital gains and losses by asset type
Total credit losses by asset type	(6)	(1)	(6)	0
Limited partnership interests
Realized capital gains and losses by asset type
Total credit losses by asset type	(8)	(8)	(12)	(24)
Bank loans
Realized capital gains and losses by asset type
Total credit losses by asset type	(3)	0	(12)	5
Real estate
Realized capital gains and losses by asset type
Total credit losses by asset type	(6)	0	(6)	2
Other assets
Realized capital gains and losses by asset type
Total credit losses by asset type	$ 0	$ 0	$ (52)	$ (123)

Reinsurance and Indemnification - Schedule of Effects of Reinsurance Ceded and Indemnification Programs on Property and Casualty Insurance Claims and Claims Expense and Accident, Health and Other Policy Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property and casualty insurance claims and claims expense
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	$ (163)	$ (662)	$ (1,989)	$ (1,178)
Accident, health and other policy benefits
Reductions to costs and expenses due to reinsurance ceded amounts
Ceded losses incurred	$ (112)	$ (13)	$ (140)	$ (27)

Investments - Schedule of Gross Unrealized Losses by Unrealized Loss Position and Credit Quality (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Investment grade fixed income securities
Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	$ (331)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	(22)
Total unrealized losses	(353)	$ (1,128)
Below investment grade fixed income securities
Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	(37)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	(4)
Total unrealized losses	(41)	(102)
Fixed income securities
Investments [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	(368)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	(26)
Total unrealized losses	$ (394)	$ (1,230)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investments - Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value for Fixed Income Securities (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	$ 56,732	$ 53,616
Gross unrealized gains	848	361
Gross unrealized losses	(394)	(1,230)
Fair value	57,186	52,747
U.S. government and agencies
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	13,490	11,423
Gross unrealized gains	55	15
Gross unrealized losses	(20)	(330)
Fair value	13,525	11,108
Municipal
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	6,258	8,985
Gross unrealized gains	67	33
Gross unrealized losses	(99)	(176)
Fair value	6,226	8,842
Corporate
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	32,484	30,630
Gross unrealized gains	656	272
Gross unrealized losses	(260)	(710)
Fair value	32,880	30,192
Foreign government
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	1,422	1,352
Gross unrealized gains	23	22
Gross unrealized losses	(10)	(10)
Fair value	1,435	1,364
ABS
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	976	1,130
Gross unrealized gains	13	19
Gross unrealized losses	(3)	(4)
Fair value	986	1,145
MBS
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	2,102	96
Gross unrealized gains	34	0
Gross unrealized losses	(2)	0
Fair value	$ 2,134	$ 96

Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Benefit Plans - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Remeasurement (gains) losses	$ (108)	$ 26	$ (30)	$ 15
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Remeasurement (gains) losses	$ (107)	$ 19	$ (30)	$ 11
Discount rate	5.44%		5.44%		5.51%	5.71%
Discretionary contribution to the qualified pension plan			$ 35

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Guarantees and Contingent Liabilities

9 Months Ended

Sep. 30, 2025

Guarantees and Contingent Liabilities

Guarantees and Contingent Liabilities


Note 12			Guarantees and Contingent Liabilities

Shared markets and state facility assessments

The Company is required to participate in assigned risk plans, reinsurance facilities and joint underwriting associations in various states that provide insurance coverage to individuals or entities that otherwise are unable to purchase such coverage from private insurers.

The Company routinely reviews its exposure to assessments from these plans, facilities and government programs. Underwriting results related to these arrangements, which tend to be adverse, have been immaterial to the Company’s results of operations in the last two years. Because of the Company’s participation, it may be exposed to losses that surpass the capitalization of these facilities or assessments from these facilities.

California FAIR Plan Association On February 11, 2025, the FAIR Plan received regulatory approval to assess member insurers $1.00 billion. The Company’s personal lines and commercial lines average market share used for the assessment was 4.6% and 2.0%, respectively, net of credits. Members are allowed to request the state insurance commission’s approval to collect temporary supplemental fees from policyholders in the state in order to recoup amounts assessed. Insurers can request recoupment for 50% of their portion of assessments up to $1.00 billion and 100% thereafter for each residential property and commercial property insurance. The Company paid $45 million in FAIR Plan assessments in the first quarter of 2025, and has received approval from the California Department of Insurance for recoupment of

amounts paid. At September 30, 2025, we have accrued for the Company’s share of future estimated assessments based on the wildfire event that began on January 7, 2025. Several of the Company’s traditional markets per occurrence reinsurance agreements also provide for the inclusion of non-recoupable assessments as part of the definition of loss.

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 of the risk of loss. 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.

In connection with the sales of Allstate Life Insurance Company of New York to Wilton Reassurance Company (“Wilton”) and Allstate Life Insurance Company and Allstate Assurance Company to Everlake

US Holdings Company (“Everlake”) in 2021, AIC agreed to indemnify Wilton and AIC and Allstate Financial Insurance Holdings Corporation (collectively, the “Sellers”) agreed to indemnify Everlake. The indemnification is in connection with certain representations, warranties and covenants of the Sellers, and certain liabilities specifically excluded from the transactions, subject to specific contractual limitations regarding the Sellers’ maximum obligations. Management does not believe these indemnifications will have a material effect on results of operations, cash flows or financial position of the Company.

The aggregate liability balance related to all guarantees was immaterial as of September 30, 2025.

Regulation and compliance

The Company is subject to extensive laws, regulations, administrative directives, and regulatory actions. From time to time, regulatory authorities or legislative bodies seek to influence and restrict premium rates, require premium refunds to policyholders, require reinstatement of terminated policies, prescribe rules or guidelines on how affiliates compete in the marketplace, restrict the ability of insurers to cancel or non-renew policies, require insurers to continue to write new policies or limit their ability to write new policies, limit insurers’ ability to change coverage terms or to impose underwriting standards, impose additional regulations regarding agency and broker compensation, regulate the nature of and amount of investments, impose fines and penalties for unintended errors or mistakes, impose additional regulations regarding cybersecurity and privacy, and otherwise expand overall regulation of insurance products and the insurance industry. In addition, the Company is subject to laws and regulations administered and enforced by federal agencies, international agencies, and other organizations, including but not limited to the SEC, the Financial Industry Regulatory Authority, the U.S. Equal Employment Opportunity Commission, and the U.S. Department of Justice. The Company has established procedures and policies to facilitate compliance with laws and regulations, to foster prudent business operations, and to support financial reporting. The Company routinely reviews its practices to validate compliance with laws and regulations and with internal procedures and policies. As a result of these reviews, from time to time the Company may decide to modify some of its procedures and policies. Such modifications, and the reviews that led to them, may be accompanied by payments being made and costs being incurred. The ultimate changes and eventual effects of these actions on the Company’s business, if any, are uncertain.

Legal and regulatory proceedings and inquiries

The Company and certain subsidiaries are involved in a number of lawsuits, regulatory inquiries, and other legal proceedings arising out of various aspects of its business.

Background These matters raise difficult and complicated factual and legal issues and are subject to many uncertainties and complexities, including the

underlying facts of each matter; novel legal issues; variations between jurisdictions in which matters are being litigated, heard, or investigated; changes in assigned judges; differences or developments in applicable laws and judicial interpretations; judges reconsidering prior rulings; the length of time before many of these matters might be resolved by settlement, through litigation, or otherwise; adjustments with respect to anticipated trial schedules and other proceedings; developments in similar actions against other companies; the fact that some of the lawsuits are putative class actions in which a class has not been certified and in which the purported class may not be clearly defined; the fact that some of the lawsuits involve multi-state class actions in which the applicable law(s) for the claims at issue is in dispute and therefore unclear; and the challenging legal environment faced by corporations and insurance companies.

The outcome of these matters may be affected by decisions, verdicts, and settlements, and the timing of such decisions, verdicts, and settlements, in other individual and class action lawsuits that involve the Company, other insurers, or other entities and by other legal, governmental, and regulatory actions that involve the Company, other insurers, or other entities. The outcome may also be affected by future state or federal legislation, the timing or substance of which cannot be predicted.

In the lawsuits, plaintiffs seek a variety of remedies which may include equitable relief in the form of injunctive and other remedies and monetary relief in the form of contractual and extra-contractual damages. In some cases, the monetary damages sought may include punitive or treble damages. Often specific information about the relief sought, such as the amount of damages, is not available because plaintiffs have not requested specific relief in their pleadings. When specific monetary demands are made, they are often set just below a state court jurisdictional limit in order to seek the maximum amount available in state court, regardless of the specifics of the case, while still avoiding the risk of removal to federal court. In Allstate’s experience, monetary demands in pleadings bear little relation to the ultimate loss, if any, to the Company.

In connection with regulatory examinations and proceedings, government authorities may seek various forms of relief, including penalties, restitution, and changes in business practices. The Company may not be advised of the nature and extent of relief sought until the final stages of the examination or proceeding.

Accrual and disclosure policy The Company reviews its lawsuits, regulatory inquiries, and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for such matters at management’s best estimate, which may include the low end of a range of loss, 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 $52 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 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: Sims, et al. v. Allstate Fire and Casualty Insurance Company, et al. (W.D. Tex. filed June 2022); Thompson, et al. v. Allstate Insurance Company (Circuit Court of Cole Co., Mo. filed June 2022); Hill v. Allstate Vehicle and Property Insurance Company (Circuit Court of Cole Co., Mo. filed October 2022); and Hernandez v. Allstate Vehicle and Property Insurance Company (D. Ariz. filed April 2023). No classes have been certified in any of 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 alleged systematic underpayments result from 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; and/or (b) the Company allegedly does not pay sales tax, title fees,

registration fees, and/or other specified fees or costs that are allegedly mandatory under policy language or state legal authority. The Company is currently defending the following lawsuits: Golla v. Allstate Insurance Company (N.D. Ohio filed June 2023); Bibbs v. Allstate Insurance Company and Allstate Fire and Casualty Insurance Company (N.D. Ohio filed August 2023); Katz v. Esurance Property and Casualty Insurance Company and National General Insurance Company (E.D.N.Y. filed February 2024); Schott v. Allstate Insurance Company and Allstate Property and Casualty Insurance Company (M.D. Ga. filed October 2024) and Tang v. Allstate Insurance Company, et al. (C.D. Cal. filed September 2025). No classes have been certified in any of these matters. A settlement has been reached in Jarrett-Kelly v. Direct General Insurance Agency, Inc. (Circuit Court of Pulaski Co., Ark. filed May 2024) and the case is awaiting court dismissal.

The Company is defending a class action in the U.S. District Court for the District of Arizona that alleges underpayment of uninsured/underinsured motorist claims, Dorazio v. Allstate Fire and Casualty Insurance Company, filed December 2022. The plaintiffs allege that uninsured/underinsured motorist coverages must be stacked, which is combining separate uninsured/underinsured coverage limits of multiple vehicles into one higher coverage limit, where the defendants allegedly did not include specified policy language and did not provide specified notice to policyholders. A settlement in principle has been reached in Loughran v. MIC General Insurance Corporation, a second putative class action alleging the same claims. In July 2023, the Arizona Supreme Court issued a ruling in Franklin v. CSAA General Insurance, a matter involving another insurer. The Franklin decision held, under the factual circumstances of that case, that stacking of uninsured/underinsured motorist coverages was required because the insurer did not include specified policy language and did not issue specified notice.

The Company is currently defending its insured in a bodily injury lawsuit arising from an automobile accident, Simon v. Holguin (Pierce County Superior Court, Wash. filed September 8, 2020). On October 21, 2022, a jury returned a verdict against the insured. The Company, on behalf of its insured, appealed the verdict to the Washington Court of Appeals, Division II, which affirmed the judgment on June 16, 2025. On September 19, 2025, the Company filed a petition for review with the Washington Supreme Court. The Company continues to defend the litigation and oppose plaintiff’s allegations.

Other proceedings The Company is defending two putative class actions in the U.S. District Court for the Eastern District of California, Holland Hewitt v. Allstate Life Insurance Company filed May 2020 and Farley v. Lincoln Benefit Life Company (“LBL”) filed December 2020, following the sale of ALIC. On April 19, 2023, the district court certified a class in Farley. On August 29, 2025, the Ninth Circuit Court of Appeals reversed the district court’s order certifying a class. On March 27, 2024, the Magistrate Judge issued his Findings and

Recommendations denying class certification in Hewitt. Plaintiffs filed their objection to the Magistrate’s recommendation. In these cases, plaintiffs generally allege that the defendants failed to comply with certain California statutes which address contractual grace periods and lapse notice requirements for certain life insurance policies. Plaintiffs claim that these statutes apply to life insurance policies that existed before the statutes’ effective date. The plaintiffs seek damages and injunctive relief. Similar litigation is pending against other insurance carriers. In August 2021, the California Supreme Court in McHugh v. Protective Life, a matter involving another insurer, determined that the statutory notice requirements apply to life insurance policies issued before the statutes’ effective date. The Company asserts various defenses to plaintiffs’ claims and to class certification.

On July 24, 2024, the Department of Justice filed a civil suit in the U.S. District Court for the Western District of Pennsylvania against National General Holdings Corp., National General Insurance Company, National General Lender Services, Inc. and Newport Management Corp. The suit alleges that certain services that National General provided as a vendor to a large national bank for its collateral protection insurance program violated the Financial Institutions, Reform, Recovery, and Enforcement Act of 1989 (the “Act”), and it seeks civil monetary penalties available under the Act.

The Company is subject to lawsuits related to the collection and use of driving behavior data, including a civil lawsuit filed by the Texas Attorney General in Montgomery County, Texas District Court and putative class actions filed in federal court. The lawsuits allege privacy and consumer protection claims and seek actual, statutory and punitive damages, restitution, injunctive relief and attorneys’ fees.

The Company is defending a class action lawsuit in the U.S. District Court for the Central District of California, Canchola, et al v. Allstate Insurance Company, filed March 2023. Plaintiffs generally allege that Allstate owes them business expenses incurred in their operation of Allstate Exclusive Agencies under the California Labor Code because they were misclassified as independent contractors. The Company continues to defend the litigation and oppose plaintiffs’ allegations.

The Company is currently defending litigation relating to the non-payment of trust preferred securities (“TruPS”), Alesco Preferred Funding VIII, Ltd., et al. v. ACP Re, Ltd., et al. and Preferred Term Securities XXV, Ltd., et al. v ACP Re, Ltd., et al. Plaintiffs are the holders of TruPS that were issued by companies subsequently acquired by a former National General affiliate. Plaintiffs filed this lawsuit against National General and several other defendants, alleging that they are successors to the TruPS issuers and are responsible for repayment of the principal and interest owed under the TruPS. Plaintiffs assert claims of breach of contract, tortious interference with contract and fraud against all defendants. The Company denies all allegations and continues to defend plaintiffs’ claims.

Condensed Consolidated Statements of Financial Position (unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Fixed income securities, at fair value, amortized cost	$ 56,732	$ 53,616
Equity securities, at fair value, cost	4,943	4,329
Short-term, at fair value, amortized cost	$ 8,743	$ 4,539
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)	82,000	82,000
Preferred stock, shares outstanding (in shares)	82,000	82,000
Preferred stock, value aggregate liquidation preference	$ 2,050	$ 2,050
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000.0	2,000,000,000.0
Common stock, shares issued (in shares)	900,000,000	900,000,000
Common stock, shares outstanding (in shares)	262,000,000	265,000,000
Treasury stock, shares (in shares)	638,000,000	635,000,000

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Assets and Liabilities of Reciprocal Exchanges


Assets and liabilities of Reciprocal Exchanges
($ in millions)	September 30, 2025		December 31, 2024
Assets
Fixed income securities	$	3	$	47
Short-term investments	74		112

Premium installment and other receivables, net	—		9
Reinsurance recoverables, net	32		76
Other assets	—		25
Total assets	$	109	$	269
Liabilities
Reserve for property and casualty insurance claims and claims expense	$	131	$	214
Unearned premiums	—		22
Other liabilities and expenses	187		235
Total liabilities	$	318	$	471

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Condensed Consolidated Statements of Shareholders’ Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 1.00	$ 0.92	$ 3.00	$ 2.76

Reinsurance and Indemnification

9 Months Ended

Sep. 30, 2025

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 September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Property and casualty insurance premiums earned	$	(640)	$	(552)	$	(1,791)	$	(1,697)
Accident and health insurance premiums and contract charges (1)	(122)		(16)		(145)		(37)


Effects of reinsurance ceded and indemnification programs on property and casualty insurance claims and claims expense and accident, health and other policy benefits
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Property and casualty insurance claims and claims expense (2)	$	(163)	$	(662)	$	(1,989)	$	(1,178)
Accident, health and other policy benefits (1)	(112)		(13)		(140)		(27)

(1)Includes group health business sold through reinsurance to Nationwide Life Insurance Company.

(2)2025 includes ceded losses related to the Nationwide Reinsurance Program for the California wildfires.

Reinsurance and indemnification recoverables


Reinsurance and indemnification recoverables, net
($ in millions)	September 30, 2025		December 31, 2024
Property and casualty
Paid and due from reinsurers and indemnitors	$	294	$	285
Unpaid losses estimated (including IBNR)	8,993		8,602
Total property and casualty	$	9,287	$	8,887
Accident and health insurance	232		37
Total	$	9,519	$	8,924


Rollforward of credit loss allowance for reinsurance recoverables
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Property and casualty (1) (2)
Beginning balance	$	(63)	$	(64)	$	(63)	$	(62)
(Increase) decrease in the provision for credit losses	(1)		2		(1)		—
Write-offs	10		—		10		—
Ending balance	$	(54)	$	(62)	$	(54)	$	(62)

(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.

Indemnification programs

Federal Government - National Flood Insurance Program (“NFIP”) NFIP is a program administered by the Federal Emergency Management Agency (“FEMA”) whereby the Company sells and services NFIP flood insurance policies as an agent of FEMA and receives fees for its services. The Company is fully indemnified for claims and claim expenses and does not retain any ultimate risk for the indemnified business. The federal government is obligated to pay all claims and certain allocated loss adjustment expenses in accordance with the arrangement.

Congressional authorization for the NFIP is periodically evaluated and may be subjected to freezes, including when the federal government experiences a shutdown. Congress must periodically renew the funding of the program as well as consider

reforms to the program that would be incorporated in legislation to reauthorize the NFIP. Legislation that extended the NFIP authorization to September 30, 2025 has expired and the federal government shutdown has frozen the NFIP. As a result, existing policies remain valid, but insurance companies operating on behalf of the NFIP may not enter into new flood insurance contracts. The program will also have limited ability to issue increased coverage on existing policies, or issue renewal policies. The NFIP has the authority to process and pay new and existing flood insurance claims from the National Flood Insurance Fund and the National Flood Insurance Reserve Fund, but its borrowing capacity is reduced to $1 billion which has been exceeded by the current program debt of $22.5 billion.

Fair Value of Assets and Liabilities - Schedule of Valuation Changes Included in Net Income and OCI for Level 3 Assets and Liabilities Held (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	$ 1	$ 12	$ 32	$ 21
Total recurring Level 3 liabilities	$ 0	$ 0	$ (1)	$ 0
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag	Total included in net income	Total included in net income	Total included in net income	Total included in net income
Total included in net income	$ 1	$ 12	$ 31	$ 21
Total included in net income	1	12	31	21
Changes in unrealized net capital gains and losses reported in OCI	1	0	3	1
Other liabilities
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 liabilities	$ 0	$ 0	$ (1)	$ 0
Net investment income
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net investment income	Net investment income	Net investment income	Net investment income
Total included in net income	$ 1	$ 0	$ 1	$ 1
Net gains (losses) on investments and derivatives
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net gains (losses) on investments and derivatives	Net gains (losses) on investments and derivatives	Net gains (losses) on investments and derivatives	Net gains (losses) on investments and derivatives
Total included in net income	$ (3)	$ 10	$ 24	$ 15
Operating costs and expenses
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses
Total included in net income	$ 3	$ 2	$ 6	$ 5
Fixed income securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	0	(2)	(1)	(7)
Municipal
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	0	(2)	0	(2)
Corporate - public
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	0	0	(1)	1
Changes in unrealized net capital gains and losses reported in OCI	0	0	1	1
Corporate - privately placed
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	0	0	0	(6)
Changes in unrealized net capital gains and losses reported in OCI	1	0	2	0
Equity securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	(2)	12	27	23
Other assets
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	$ 3	$ 2	$ 6	$ 5

Derivative Financial Instruments - Schedule of Exchange Traded and Cleared Margin Deposits (Details) $ in Millions	Sep. 30, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Pledged by the Company	$ 88
Received by the Company	$ 1

Fair Value of Assets and Liabilities - Schedule of Rollforward of Level 3 Assets and Liabilities Held at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Assets
Balance at beginning of period	$ 773	$ 675	$ 802	$ 676
Total gains (losses) included in: Net income	2	12	33	16
Total gains (losses) included in: OCI	1	0	4	1
Transfers Into Level 3	1	0	27	0
Transfers Out of Level 3	(63)	0	(96)	0
Transfers (to) from held for sale		0		0
Purchases	59	39	102	94
Sales	(4)	(2)	(100)	(59)
Settlements	(3)	(1)	(6)	(5)
Balance at end of period	766	723	766	723
Liabilities
Balance at the beginning of the period	(1)	0	0	0
Total gains (losses) included in: net income	0	0	(1)	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	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Balance at the end of the period	$ (1)	$ 0	$ (1)	$ 0
Net investment income
Total Level 3 gains (losses) included in net income
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net investment income	Net investment income	Net investment income	Net investment income
Gain (loss) included in earnings	$ 1	$ 0	$ 1	$ 1
Net gains (losses) on investments and derivatives
Total Level 3 gains (losses) included in net income
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net gains (losses) on investments and derivatives	Net gains (losses) on investments and derivatives	Net gains (losses) on investments and derivatives	Net gains (losses) on investments and derivatives
Gain (loss) included in earnings	$ (2)	$ 10	$ 25	$ 10
Operating costs and expenses
Total Level 3 gains (losses) included in net income
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses	Operating costs and expenses
Gain (loss) included in earnings	$ 3	$ 2	$ 6	$ 5
Other liabilities
Liabilities
Balance at the beginning of the period	(1)		0
Total gains (losses) included in: net income	0		(1)
Total gains (losses) included in: OCI	0		0
Transfers into Level 3	0		0
Transfers out of Level 3	0		0
Purchases	0		0
Sales	0		0
Settlements	0		0
Balance at the end of the period	(1)		(1)
Municipal
Assets
Balance at beginning of period	2	7	2	11
Total gains (losses) included in: Net income	0	(2)	0	(2)
Total gains (losses) included in: OCI	0	0	0	0
Transfers Into Level 3	1	0	1	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	(2)
Settlements	0	0	0	(2)
Balance at end of period	3	5	3	5
Corporate - public
Assets
Balance at beginning of period	35	30	22	26
Total gains (losses) included in: Net income	0	0	(1)	1
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	(7)	0
Transfers (to) from held for sale		(7)		(7)
Purchases	0	5	20	16
Sales	(1)	0	(1)	(9)
Settlements	0	0	0	0
Balance at end of period	34	28	34	28
Corporate - privately placed
Assets
Balance at beginning of period	109	50	110	58
Total gains (losses) included in: Net income	0	0	(1)	(6)
Total gains (losses) included in: OCI	1	0	2	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	48	1	48	1
Sales	0	0	0	(2)
Settlements	(2)	0	(3)	0
Balance at end of period	156	51	156	51
ABS
Assets
Balance at beginning of period	39		26
Total gains (losses) included in: Net income	0		0
Total gains (losses) included in: OCI	0		0
Transfers Into Level 3	0		26
Transfers Out of Level 3	(15)		(41)
Purchases	0		15
Sales	0		0
Settlements	0		(2)
Balance at end of period	24		24
MBS
Assets
Balance at beginning of period	88		88
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
Purchases	2		2
Sales	0		0
Settlements	(1)		(1)
Balance at end of period	89		89
ABS and MBS
Assets
Balance at beginning of period		71		58
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		27		41
Sales		0		0
Settlements		(1)		(2)
Balance at end of period		97		97
Fixed income securities
Assets
Balance at beginning of period	273	158	248	153
Total gains (losses) included in: Net income	0	(2)	(2)	(7)
Total gains (losses) included in: OCI	1	0	3	1
Transfers Into Level 3	1	0	27	0
Transfers Out of Level 3	(15)	0	(48)	0
Transfers (to) from held for sale		(7)		(7)
Purchases	50	33	85	58
Sales	(1)	0	(1)	(13)
Settlements	(3)	(1)	(6)	(4)
Balance at end of period	306	181	306	181
Equity securities
Assets
Balance at beginning of period	358	393	407	402
Total gains (losses) included in: Net income	(1)	12	29	18
Total gains (losses) included in: OCI	0	0	0	0
Transfers Into Level 3	0	0	0	0
Transfers Out of Level 3	(48)	0	(48)	0
Transfers (to) from held for sale		0		0
Purchases	3	5	8	14
Sales	(2)	(2)	(86)	(26)
Settlements	0	0	0	0
Balance at end of period	310	408	310	408
Short-term investments
Assets
Balance at beginning of period	4	1	5	1
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	6	1	9	22
Sales	(1)	0	(5)	(20)
Settlements	0	0	0	(1)
Balance at end of period	9	2	9	2
Other investments
Assets
Balance at beginning of period	1	2	1	2
Total gains (losses) included in: Net income	0	0	0	0
Total gains (losses) included in: OCI	0	0	0	0
Transfers Into Level 3	0	0	0	0
Transfers Out of Level 3	0	0	0	0
Transfers (to) from held for sale		0		0
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	1	2	1	2
Other assets
Assets
Balance at beginning of period	137	121	134	118
Total gains (losses) included in: Net income	3	2	6	5
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
Settlements	0	0	0	0
Balance at end of period	140	123	140	123
Assets held for sale
Assets
Balance at beginning of period		0	7	0
Total gains (losses) included in: Net income		0	0	0
Total gains (losses) included in: OCI		0	1	0
Transfers Into Level 3		0	0	0
Transfers Out of Level 3		0	0	0
Transfers (to) from held for sale		7		7
Purchases		0	0	0
Sales		0	(8)	0
Settlements		0	0	0
Balance at end of period	$ 0	$ 7	$ 0	$ 7

Investments - Schedule of Carrying Value for Limited Partnership Interests (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 9,213	$ 9,255
Private equity
Debt and Equity Securities, FV-NI [Line Items]
Total	7,515	7,734
Real estate
Debt and Equity Securities, FV-NI [Line Items]
Total	1,466	1,236
Other
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 232	$ 285

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Variable Interest Entity [Line Items]
Net gains (losses) on investments and derivatives	$ 252		$ 243		$ (241)	$ (24)
Interests in surplus notes (in percent)	100.00%				100.00%
Skyland
Variable Interest Entity [Line Items]
Quota share (as a percent)	100.00%				100.00%
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net gains (losses) on investments and derivatives		$ (67)		$ (123)
Management fee			2			23
Variable Interest Entity, Primary Beneficiary \| Allstate Protection
Variable Interest Entity [Line Items]
Insurance premiums and contract charges	$ 0		48		$ (1)	170
Costs and expenses	3		62		10	207
Variable Interest Entity, Primary Beneficiary \| Consolidation, Eliminations
Variable Interest Entity [Line Items]
Ceded losses incurred	$ (1)		$ (6)		$ (1)	$ 24

General

9 Months Ended

Sep. 30, 2025

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 (collectively referred to as the “Company” or “Allstate”) and variable interest entities (“VIEs”) 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 September 30, 2025 and for the three and nine month periods ended September 30, 2025 and 2024 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, 2024. 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. Certain amounts have been reclassified to conform to current year presentation.

Adopted accounting standard

Accounting for joint ventures Effective January 1, 2025, the Company adopted the new Financial Accounting Standards Board (“FASB”) guidance requiring a joint venture to initially measure assets contributed and liabilities assumed at fair value as of the formation date. The adoption had no impact on the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Financial Position.

Pending accounting standards

Income tax disclosures In December 2023, the FASB issued guidance enhancing various aspects of income tax disclosures. The guidance requires a tabular reconciliation between statutory and effective income tax expense (benefit) with both amounts and percentages for a list of required categories. For certain required categories where an individual category is at least five percent of the statutory tax amount, the required category must be further broken out by nature and, for foreign tax effects, jurisdiction. Additionally, entities must disclose income taxes paid,

net of refunds received, broken out between federal, state and foreign, and amounts paid, net of refunds received, to an individual jurisdiction when it is five percent or more of the total income taxes paid, net of refunds received.

All requirements in the guidance are annual in nature, and the guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The guidance affects disclosures only.

Disaggregated income statement disclosures In November 2024, the FASB issued guidance requiring disaggregated information about specific expense categories included in certain income statement expense line items. The guidance outlines the specific costs that are required to be disclosed, which include costs such as: employee compensation, depreciation, intangible asset amortization and selling costs. It also requires qualitative descriptions of the amounts remaining in the relevant income statement captions that are not separately disaggregated quantitatively in the notes to the financial statements and the Company's definition of selling expenses.

The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The standard is effective on a prospective basis, with the option for retrospective application. The guidance affects disclosures only.

Credit losses In July 2025, the FASB issued guidance providing a practical expedient for estimating credit losses on current accounts receivable and contract assets arising from revenue transactions under ASC 606. The update now allows entities to assume current conditions remain unchanged for the asset's remaining life when estimating expected credit losses, simplifying the estimation process.

The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company does not expect the impact of this standard to be material to its financial statements and disclosures.

Internal-use software In September 2025, the FASB issued guidance which updates the accounting for internal-use software by replacing the stage-based model with a principles-based approach. The new guidance requires capitalization once management commits to funding and it is probable the software will be completed and used as intended (probable-to-complete recognition threshold). The standard also clarifies that costs cannot be capitalized when significant development uncertainty exists, such as unresolved technological innovations or unclear performance requirements. In addition, website

development costs are now included under the same guidance.

The new guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the

beginning of an annual reporting period. The standard may be adopted prospectively, retrospectively, or using a modified transition approach. The Company is currently evaluating the impact of this standard on its financial statements and disclosures.

Investments - Schedule of Bank Loans Amortized Cost by Credit Rating and Year of Origination (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Amortized cost, net	$ 831	$ 784
Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	400	211
Allowance	(17)	(10)
Amortized cost, net	383	201
NAIC 1 / A \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	199	45
NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	50	6
NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	25	27
NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	108	122
NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	18	$ 11
2020 and prior \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
2020 and prior \| NAIC 1 / A \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2020 and prior \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2020 and prior \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2020 and prior \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
2020 and prior \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2021 \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	2
2021 \| NAIC 1 / A \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2021 \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2021 \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2021 \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	2
2021 \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2022 \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	2
2022 \| NAIC 1 / A \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2022 \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2022 \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
2022 \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2022 \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
2023 \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	38
2023 \| NAIC 1 / A \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2023 \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	0
2023 \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	2
2023 \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	28
2023 \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	8
2024 \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	81
2024 \| NAIC 1 / A \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	44
2024 \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
2024 \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	8
2024 \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	27
2024 \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	1
2025 \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	276
2025 \| NAIC 1 / A \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	155
2025 \| NAIC 2 / BBB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	49
2025 \| NAIC 3 / BB \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	14
2025 \| NAIC 4 / B \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	50
2025 \| NAIC 5-6 / CCC and below \| Bank loans, net
Debt Securities, Available-for-Sale [Line Items]
Amortized cost before allowance	$ 8

Company Restructuring (Tables)

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activity


Restructuring activity during the period
($ in millions)	Employee costs		Exit costs		Total liability
Restructuring liability as of December 31, 2024	$	25	$	2	$	27
Expense incurred	45		3		48

Payments and non-cash charges	(51)		(3)		(54)
Restructuring liability as of September 30, 2025	$	19	$	2	$	21

Condensed Consolidated Statements of Financial Position (unaudited) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Investments
Fixed income securities, at fair value (amortized cost, net $56,732 and $53,616)	$ 57,186	$ 52,747
Equity securities, at fair value (cost $4,943 and $4,329)	5,338	4,463
Mortgage loans, net	831	784
Limited partnership interests	9,213	9,255
Short-term, at fair value (amortized cost $8,743 and $4,539)	8,743	4,537
Other investments, net	1,017	824
Total investments	82,328	72,610
Cash	931	704
Premium installment receivables, net	11,745	10,614
Deferred policy acquisition costs	6,095	5,773
Reinsurance and indemnification recoverables, net	9,519	8,924
Accrued investment income	617	615
Deferred income taxes	0	231
Property and equipment, net	601	669
Goodwill	3,118	3,245
Other assets, net	5,448	5,140
Assets held for sale	0	3,092
Total assets	120,402	111,617
Liabilities
Reserve for property and casualty insurance claims and claims expense	43,103	41,917
Unearned premiums	29,157	26,909
Claim payments outstanding	1,554	1,567
Deferred income taxes	311	0
Other liabilities and accrued expenses	10,699	9,659
Debt	8,089	8,085
Liabilities held for sale	0	2,113
Total liabilities	92,913	90,250
Commitments and Contingent Liabilities (Note 12)
Equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference	2,001	2,001
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 262 million and 265 million shares outstanding	9	9
Additional capital paid-in	4,117	4,029
Retained income	58,853	53,288
Treasury stock, at cost (638 million and 635 million shares)	(37,773)	(36,996)
Accumulated other comprehensive income (loss):
Unrealized net capital gains and losses	351	(771)
Unrealized foreign currency translation adjustments	(66)	(145)
Unamortized pension and other postretirement prior service credit	10	11
Discount rate for reserve for future policy benefits	3	16
Total accumulated other comprehensive income (loss)	298	(889)
Total Allstate shareholders’ equity	27,505	21,442
Noncontrolling interest	(16)	(75)
Total equity	27,489	21,367
Total liabilities and equity	$ 120,402	$ 111,617

Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Other Comprehensive Income (Loss)


Note 15			Other Comprehensive Income (Loss)


Components of other comprehensive income (loss) on a pre-tax and after-tax basis
($ in millions)	Three months ended September 30,
	2025						2024
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$	482	$	(105)	$	377	$	1,753	$	(388)	$	1,365
Less: reclassification adjustment of realized capital gains and losses	79		(17)		62		83		(17)		66
Unrealized net capital gains and losses	403		(88)		315		1,670		(371)		1,299
Unrealized foreign currency translation adjustments	51		(11)		40		18		(4)		14
Unamortized pension and other postretirement prior service credit (1)	(1)		—		(1)		—		—		—
Discount rate for reserve for future policy benefits	1		—		1		(46)		10		(36)
Other comprehensive income (loss)	$	454	$	(99)	$	355	$	1,642	$	(365)	$	1,277

	Nine months ended September 30,
	2025						2024
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$	1,049	$	(230)	$	819	$	1,118	$	(253)	$	865
Less: reclassification adjustment of realized capital gains and losses	(383)		80		(303)		(126)		26		(100)
Unrealized net capital gains and losses	1,432		(310)		1,122		1,244		(279)		965
Unrealized foreign currency translation adjustments	100		(21)		79		(1)		—		(1)
Unamortized pension and other postretirement prior service credit (1)	(1)		—		(1)		(2)		1		(1)
Discount rate for reserve for future policy benefits	(17)		4		(13)		(15)		3		(12)
Other comprehensive income (loss)	$	1,514	$	(327)	$	1,187	$	1,226	$	(275)	$	951

(1) Represents prior service credits reclassified out of other comprehensive income and amortized into operating costs and expenses.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 20, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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	3100 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	402-2800
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		261,681,708
Entity Central Index Key	0000899051
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock, par value $.01 per share \| 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 $.01 per share \| 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
5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053 \| 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 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
Series J 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 7.375% Noncumulative Preferred Stock, Series J
Trading Symbol	ALL PR J
Security Exchange Name	NYSE

Reportable Segments

9 Months Ended

Sep. 30, 2025

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 segments and adjusted net income for the Protection Services and Corporate segments. The dispositions of the EVB and group health businesses did not qualify for discontinued operations. Starting in the third quarter of 2025, the Allstate Health and Benefits segment is no longer a reportable segment, with results of this segment recast to reflect only the results of the EVB and group health businesses. The retained individual health business, previously included in the Allstate Health and Benefits segment, is a non-reportable segment with results included in all other for all periods presented.

Allstate Protection and Run-off Property-Liability segments comprise Property-Liability. The Company does not allocate investment income, net gains and losses on investments and derivatives, or assets to the Allstate Protection and Run-off Property-Liability segments. Management reviews assets at the Property-Liability, Protection Services and Corporate levels for decision-making purposes.

Underwriting income is calculated as premiums earned and other revenue, less claims and claims expenses, amortization of deferred policy acquisition costs (“DAC”), operating costs and expenses, amortization or impairment of purchased intangibles and restructuring and related charges as determined using GAAP.

Adjusted net income (loss) is net income (loss) applicable to common shareholders, excluding:


•			Net gains and losses on investments and derivatives
•			Pension and other postretirement remeasurement gains and losses
•			Amortization or impairment of purchased intangibles
•			Gain or loss on disposition
•			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 September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Underwriting income (loss) by segment
Allstate Protection	$	3,040	$	555	$	4,687	$	1,316
Run-off Property-Liability	(146)		(60)		(153)		(68)


Adjusted net income (loss) by segment, after-tax
Protection Services	46		58		161		167
Allstate Health and Benefits	—		32		43		133
Corporate	(87)		(110)		(278)		(320)

Reconciliation of segment performance measures to net income (loss) applicable to common shareholders
Allstate Protection and Run-off Property-Liability net investment income	873		708		2,343		2,053
Net gains (losses) on investments and derivatives	252		243		(241)		(24)
Pension and other postretirement remeasurement gains (losses)	108		(26)		30		(15)

Amortization of purchased intangibles (1)	(13)		(19)		(37)		(56)

Gain on disposition	723		1		1,616		6

All other (2)	(7)		5		(16)		18
Income tax (expense) benefit on Allstate Protection and Run-off Property-Liability and reconciling items (3)	(1,073)		(251)		(1,803)		(588)
Total reconciling items	863		661		1,892		1,394

Less: Net loss attributable to noncontrolling interest (4)	(1)		(25)		(10)		(29)

Net income applicable to common shareholders	$	3,717	$	1,161	$	6,362	$	2,651

(1)Excludes amortization of purchased intangibles in Allstate Protection, which is already included above in underwriting income.

(4)Reflects net loss attributable to noncontrolling interest in Allstate Protection.


Reportable segments revenue information
($ in millions)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Allstate Protection
Insurance premiums
Auto	$	9,593	$	9,270	$	28,468	$	27,127
Homeowners	3,880		3,403		11,308		9,812
Other personal lines	800		718		2,320		2,078
Commercial lines	99		151		316		478
Other business lines	161		152		494		438
Total Allstate Protection insurance premiums	14,533		13,694		42,906		39,933
Other revenue	518		531		1,510		1,402
Total Allstate Protection	15,051		14,225		44,416		41,335

Run-off Property-Liability	—		—		—		—

Protection Services
Protection plans	552		480		1,593		1,372
Roadside assistance	42		34		117		115
Protection and insurance products	126		125		376		377
Intersegment premiums and service fees (1)	33		49		106		123
Other revenue	124		110		363		293
Net investment income	25		24		74		68
Net gains (losses) on investments and derivatives	10		10		1		4
Total Protection Services	912		832		2,630		2,352

Allstate Health and Benefits
Employer voluntary benefits	—		248		243		742
Group health	—		120		247		358
Other revenue	—		81		163		245
Net investment income	—		25		24		69
Net gains (losses) on investments and derivatives	—		(6)		(1)		(3)
Total Allstate Health and Benefits	—		468		676		1,411

Corporate
Other revenue	24		17		62		56
Net investment income	49		25		108		64
Net gains (losses) on investments and derivatives	85		17		122		19
Total Corporate	158		59		292		139

Reconciliation of revenue
Allstate Protection and Run-off Property-Liability net investment income	873		708		2,343		2,053
Allstate Protection and Run-off Property-Liability net gains (losses) on investments and derivatives	157		222		(362)		(43)
All other	137		162		451		476
Intersegment eliminations (1)	(33)		(49)		(106)		(123)

Consolidated revenues	$	17,255	$	16,627	$	50,340	$	47,600

(1)Intersegment insurance premiums and service fees are primarily related to Arity and Roadside and are eliminated in the condensed consolidated financial statements.


Reportable segments expense information used in measure for segment profit or loss
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Allstate Protection
Claims and claims expense excluding catastrophe losses and prior year reserve reestimates (1)	$	8,304	$	8,501	$	25,467	$	25,701
Catastrophe losses	558		1,703		4,750		4,554
Non-catastrophe prior year reserve reestimates	(542)		(14)		(1,158)		(73)
Amortization of DAC	1,757		1,696		5,231		4,977
Advertising expense	575		519		1,540		1,204
Amortization of purchased intangibles	46		52		138		154
Restructuring and related charges	15		23		44		45
Other segment expenses (2)	1,298		1,190		3,717		3,457
Total	12,011		13,670		39,729		40,019

Run-off Property-Liability
Claims and claims expense prior year reserve reestimates (3)	146		59		151		65
Other segment expenses (2)	—		1		2		3
Total	146		60		153		68

Protection Services
Claims and claims expense	193		166		524		481
Amortization of DAC	337		304		983		889
Non-deferrable commissions	116		94		327		251
Restructuring and related charges	1		—		2		1
Other segment expenses (2)	194		186		582		509
Income taxes on operations	16		15		51		51
Total	857		765		2,469		2,182

Allstate Health and Benefits
Accident, health and other policy benefits	—		255		379		723
Amortization of DAC	—		30		30		90
Restructuring and related charges	—		1		—		2
Other segment expenses (2)	—		147		213		430
Income taxes on operations	—		9		12		36
Total	—		442		634		1,281

Corporate
Interest expense	101		104		301		299
Restructuring and related charges	—		3		—		2
Other segment expenses (2)	42		39		119		128
Income taxes on operations	(12)		(23)		(60)		(77)
Preferred stock dividends	29		29		88		88
Total	$	160	$	152	$	448	$	440

(2)Includes employee-related costs, professional services, technology and other operating costs and expenses.


Additional significant financial performance data
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Amortization of DAC
Allstate Protection	$	1,757	$	1,696	$	5,231	$	4,977
Protection Services	337		304		983		889
Allstate Health and Benefits	—		30		30		90
All other	7		7		20		21
Consolidated	$	2,101	$	2,037	$	6,264	$	5,977

Amortization of purchased intangibles
Allstate Protection	$	46	$	52	$	138	$	154
Protection Services	10		12		28		36
Allstate Health and Benefits	—		3		1		9
All other	3		4		8		11
Consolidated	$	59	$	71	$	175	$	210

Income tax expense (benefit)
Allstate Protection and Run-off Property-Liability	$	817	$	257	$	1,315	$	599
Protection Services	15		14		44		43
Allstate Health and Benefits (1)	216		8		474		34
Corporate	29		(25)		(26)		(75)
All other	(2)		—		(5)		2
Consolidated	$	1,075	$	254	$	1,802	$	603

(1)Includes income tax expense on the gain on sale of the EVB and group health businesses.

Capital expenditures for long-lived assets are generally made at the Property-Liability level as the Company does not allocate assets to the Allstate Protection and Run-off Property-Liability segments. A portion of these long-lived assets are used by entities included in the Protection Services, Corporate and until July 1, 2025, Allstate Health and Benefits segments and accordingly, are charged to these segments in proportion to their use.


Reportable segments total assets, investments and deferred policy acquisition costs
($ in millions)	September 30, 2025		December 31, 2024
Assets
Allstate Protection and Run-off Property-Liability	$	105,668	$	96,988
Protection Services	8,442		7,540
Allstate Health and Benefits	—		3,714
Corporate	5,318		2,727
All other	974		648
Consolidated	$	120,402	$	111,617

Investments (1)
Allstate Protection and Run-off Property-Liability	$	74,390	$	67,671
Protection Services	2,501		2,228
Allstate Health and Benefits (2)	—		219
Corporate	5,240		2,332
All other	197		160
Consolidated	$	82,328	$	72,610

Deferred policy acquisition costs
Allstate Protection	$	2,802	$	2,548
Protection Services	3,212		3,161
Allstate Health and Benefits (2)	—		1
All other	81		63
Consolidated	$	6,095	$	5,773

(1)The balances reflect the elimination of related party investments between segments.

(2)As of December 31, 2024, $1.91 billion of investments and $521 million of deferred policy acquisition costs were classified as held for sale and not included in the table above.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Fair Value of Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets
Fixed income securities, at fair value	$ 57,186	$ 52,747
Equity securities	5,338	4,463
Short-term investments	8,743	4,537
Other investments	1,017	824
Assets held for sale	0	3,092
Total assets at fair value	71,430	63,521
Counterparty and cash collateral netting	(2)	(19)
Total	72,268	64,617
Liabilities
Preferred stock measured at cost	91	150
U.S. government and agencies
Assets
Fixed income securities, at fair value	13,525	11,108
Municipal
Assets
Fixed income securities, at fair value	6,226	8,842
Foreign government
Assets
Fixed income securities, at fair value	1,435	1,364
ABS
Assets
Fixed income securities, at fair value	986	1,145
MBS
Assets
Fixed income securities, at fair value	2,134	96
Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	21,630	16,956
Significant other observable inputs (Level 2)
Assets
Total assets at fair value	48,936	45,779
Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	866	805
Reported to NAV
Assets
Investments reported at NAV	838	1,096
Recurring basis
Assets
Fixed income securities, at fair value	57,186	52,747
Equity securities	5,247	4,313
Short-term investments	8,743	4,537
Other investments	13	3
Other investments	(2)	(19)
Other assets	141	134
Assets held for sale		1,784
Total assets at fair value	71,330	63,518
Counterparty and cash collateral netting	(2)	(19)
Liabilities
Other liabilities	(2)	(1)
Other liabilities	30	1
Counterparty and cash collateral netting	30	1
Total recurring basis liabilities	(2)	(1)
Recurring basis \| U.S. government and agencies
Assets
Fixed income securities, at fair value	13,525	11,108
Recurring basis \| Municipal
Assets
Fixed income securities, at fair value	6,226	8,842
Recurring basis \| Corporate - public
Assets
Fixed income securities, at fair value	21,887	21,233
Recurring basis \| Corporate - privately placed
Assets
Fixed income securities, at fair value	10,993	8,959
Recurring basis \| Foreign government
Assets
Fixed income securities, at fair value	1,435	1,364
Recurring basis \| ABS
Assets
Fixed income securities, at fair value	986	1,145
Recurring basis \| MBS
Assets
Fixed income securities, at fair value	2,134	96
Recurring basis \| Quoted prices in active markets for identical assets (Level 1)
Assets
Fixed income securities, at fair value	13,516	11,099
Equity securities	4,570	3,600
Short-term investments	3,543	2,016
Other investments	0	0
Other assets	1	0
Assets held for sale		241
Total assets at fair value	21,630	16,956
Liabilities
Other liabilities	0	(1)
Total recurring basis liabilities	0	(1)
Recurring basis \| Quoted prices in active markets for identical assets (Level 1) \| U.S. government and agencies
Assets
Fixed income securities, at fair value	13,516	11,099
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	43,364	41,400
Equity securities	367	306
Short-term investments	5,191	2,516
Other investments	14	21
Other assets	0	0
Assets held for sale		1,536
Total assets at fair value	48,936	45,779
Liabilities
Other liabilities	(31)	(1)
Total recurring basis liabilities	(31)	(1)
Recurring basis \| Significant other observable inputs (Level 2) \| U.S. government and agencies
Assets
Fixed income securities, at fair value	9	9
Recurring basis \| Significant other observable inputs (Level 2) \| Municipal
Assets
Fixed income securities, at fair value	6,223	8,840
Recurring basis \| Significant other observable inputs (Level 2) \| Corporate - public
Assets
Fixed income securities, at fair value	21,853	21,211
Recurring basis \| Significant other observable inputs (Level 2) \| Corporate - privately placed
Assets
Fixed income securities, at fair value	10,837	8,849
Recurring basis \| Significant other observable inputs (Level 2) \| Foreign government
Assets
Fixed income securities, at fair value	1,435	1,364
Recurring basis \| Significant other observable inputs (Level 2) \| ABS
Assets
Fixed income securities, at fair value	962	1,119
Recurring basis \| Significant other observable inputs (Level 2) \| MBS
Assets
Fixed income securities, at fair value	2,045	8
Recurring basis \| Significant unobservable inputs (Level 3)
Assets
Fixed income securities, at fair value	306	248
Equity securities	310	407
Short-term investments	9	5
Other investments	1	1
Other assets	140	134
Assets held for sale		7
Total assets at fair value	766	802
Liabilities
Other liabilities	(1)	0
Total recurring basis liabilities	(1)	0
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	3	2
Recurring basis \| Significant unobservable inputs (Level 3) \| Corporate - public
Assets
Fixed income securities, at fair value	34	22
Recurring basis \| Significant unobservable inputs (Level 3) \| Corporate - privately placed
Assets
Fixed income securities, at fair value	156	110
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	24	26
Recurring basis \| Significant unobservable inputs (Level 3) \| MBS
Assets
Fixed income securities, at fair value	89	88
Non-recurring basis
Assets
Total assets at fair value	100	3
Non-recurring basis \| Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	0	0
Non-recurring basis \| Significant other observable inputs (Level 2)
Assets
Total assets at fair value	0	0
Non-recurring basis \| Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	$ 100	$ 3

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Supplemental Cash Flow Information [Abstract]
Transfer from investments	$ 44	$ 70
Non-cash investing activities, right-of-use asset, property and equipment obtained	1	19
Noncash investing activities, right-of-use asset, real estate, obtained		1
Non-cash financing activities related to the issuance of shares for vested restricted stock units	26	28
Operating lease, payments	80	86
Right-of-use asset obtained in exchange for operating lease liability	$ 45	$ 50

Dispositions (Table)

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Major Classes of Assets and Liabilities Classified As Held For Sale


Major classes of assets and liabilities disposed of in EVB transaction
($ in millions)	April 1, 2025		December 31, 2024
Assets
Investments
Fixed income securities, at fair value (amortized cost, net $1,765 and $1,809)	$	1,676	$	1,699


Short-term, at fair value (amortized cost $64 and $85)	64		85
Other investments, net	116		122
Total investments	1,856		1,906
Cash	29		—
Deferred policy acquisition costs	525		521
Reinsurance recoverables, net	117		111

Other assets (1)	523		554
Total assets	$	3,050	$	3,092

Liabilities
Reserve for future policy benefits	$	1,096	$	1,085
Contractholder funds	882		890
Other liabilities and accrued expenses	124		138
Total liabilities	$	2,102	$	2,113

(1)Included $249 million of goodwill at April 1, 2025.


Major classes of assets and liabilities disposed of in group health business transaction
($ in millions)	July 1, 2025
Assets
Investments
Fixed income securities, at fair value (amortized cost, net $142)	$	143
Short-term, at fair value (amortized cost $177)	177
Total investments	320
Cash	88
Deferred policy acquisition costs	1

Other assets (1)	305
Total assets	$	714

Liabilities

Other liabilities and accrued expenses	$	9
Total liabilities	$	9

(1)Included $152 million of goodwill at July 1, 2025.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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-Name Accounting Standards Codification
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+ Details

Derivative Financial Instruments and Off-balance Sheet Financial Instruments - Schedule of OTC Derivatives Counterparty Credit Exposure by Counterparty Credit Rating (Details) $ in Millions	Sep. 30, 2025 USD ($) counter-party	Dec. 31, 2024 USD ($) counter-party
Credit Derivatives
Number of counter-parties \| counter-party	1	4
Notional amount	$ 37	$ 602
Credit exposure	0	20
Exposure, net of collateral	$ 0	$ 2
AA-
Credit Derivatives
Number of counter-parties \| counter-party	1	1
Notional amount	$ 37	$ 213
Credit exposure	0	10
Exposure, net of collateral	$ 0	$ 1
A+
Credit Derivatives
Number of counter-parties \| counter-party	0	3
Notional amount	$ 0	$ 389
Credit exposure	0	10
Exposure, net of collateral	$ 0	$ 1

Company Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and related charges	$ 17	$ 28	$ 48	$ 51
Employee costs
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date for active programs	$ 64		$ 64

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value of Assets and Liabilities

9 Months Ended

Sep. 30, 2025

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, real estate 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 securities 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, MBS fixed income securities and short-term. The significant inputs and valuation techniques are based on the respective asset type as described above.

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 that are not market observable, 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: Primarily valued using a discounted cash flow model that is widely accepted in the financial services industry using inputs that have not been corroborated to be market observable. In certain situations, non-binding broker quotes where the inputs have not been corroborated to be market observable are used. Other inputs for corporate fixed income securities include expected cash flows, an interest rate yield curve, as well as published credit spreads for similar assets that incorporate the credit quality and industry sector of the issuer.

ABS and MBS: The primary inputs to the valuation include expected cash flows, benchmark yields, collateral performance and credit spreads. 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 that are not market observable.

•Short-term: For certain short-term investments, amortized cost is used as the best estimate of fair value.

•Other investments: 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 quoted prices for identical or similar assets in markets that exhibit less liquidity relative to those markets supporting Level 2 fair value measurements. Certain OTC interest rate swaps associated with real estate investments are valued using non-market observable counterparty valuations.

•Other assets: Includes the contingent consideration provision in the sale agreement for Allstate Life Insurance Company (“ALIC”) which meets the definition of a derivative. This derivative is valued internally using a model that includes stochastically determined cash flows and inputs that include spot and forward interest rates, volatility, corporate credit spreads and a liquidity discount. This derivative is categorized as Level 3 due to the significance of non-market observable inputs.

•Assets held for sale: Comprise corporate fixed income securities. The significant inputs and valuation techniques are based on the respective asset type as described above.

Assets measured at fair value on a non-recurring basis

Comprise long-lived assets to be disposed of by sale, including real estate, that are written down to fair value less costs to sell and bank loans, limited partnerships and commercial mortgages written down to fair value in connection with recognizing credit losses.

Investments excluded from the fair value hierarchy

Investments reported at net asset value (“NAV”)

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 September 30, 2025, the Company has commitments to invest $127 million in limited partnership interests that are reported at net asset value.


Assets and liabilities measured at fair value
	September 30, 2025
($ 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	$	13,516	$	9	$	—			$	13,525
Municipal	—		6,223		3				6,226
Corporate - public	—		21,853		34				21,887
Corporate - privately placed	—		10,837		156				10,993
Foreign government	—		1,435		—				1,435
ABS	—		962		24				986
MBS	—		2,045		89				2,134
Total fixed income securities	13,516		43,364		306				57,186
Equity securities (1)	4,570		367		310				5,247
Short-term investments	3,543		5,191		9				8,743
Other investments	—		14		1		$	(2)	13
Other assets	1		—		140				141

Total recurring basis assets	21,630		48,936		766		(2)		71,330
Non-recurring basis	—		—		100				100
Total assets at fair value	$	21,630	$	48,936	$	866	$	(2)	$	71,430


Investments reported at NAV									838
Total									$	72,268
Liabilities
Other liabilities	$	—	$	(31)	$	(1)	$	30	$	(2)
Total recurring basis liabilities	—		(31)		(1)		30		(2)

Total liabilities at fair value	$	—	$	(31)	$	(1)	$	30	$	(2)

(1)Excludes $91 million of securities using the measurement alternative or the equity method of accounting.


Assets and liabilities measured at fair value
	December 31, 2024
($ 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	$	11,099	$	9	$	—			$	11,108
Municipal	—		8,840		2				8,842
Corporate - public	—		21,211		22				21,233
Corporate - privately placed	—		8,849		110				8,959
Foreign government	—		1,364		—				1,364
ABS	—		1,119		26				1,145
MBS	—		8		88				96
Total fixed income securities	11,099		41,400		248				52,747
Equity securities (1)	3,600		306		407				4,313
Short-term investments	2,016		2,516		5				4,537
Other investments	—		21		1		$	(19)	3
Other assets	—		—		134				134
Assets held for sale	241		1,536		7				1,784
Total recurring basis assets	16,956		45,779		802		(19)		63,518
Non-recurring basis	—		—		3				3
Total assets at fair value	$	16,956	$	45,779	$	805	$	(19)	$	63,521


Investments reported at NAV									1,096
Total									$	64,617
Liabilities
Other liabilities	$	(1)	$	(1)	$	—	$	1	$	(1)
Total recurring basis liabilities	(1)		(1)		—		1		(1)

Total liabilities at fair value	$	(1)	$	(1)	$	—	$	1	$	(1)

(1)Excludes $150 million of preferred stock measured at cost.

As of September 30, 2025 and December 31, 2024, Level 3 fair value measurements of fixed income securities totaled $306 million and $248 million, respectively, and included $82 million and $87 million, respectively, of securities valued based on third-party discounted cash flow pricing models where the inputs have not been corroborated to be market observable, $25 million and $22 million, respectively, of securities valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable and $3 million and $2 million, respectively, of municipal fixed income securities that are not rated by third-party credit rating agencies.

An increase (decrease) in credit spreads for fixed income securities valued based on third-party discounted cash flow pricing models or 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 September 30, 2025
	Balance as of June 30, 2025		Total gains (losses) included in:				Transfers													Balance as of September 30, 2025
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases			Sales			Settlements
Assets
Fixed income securities:
Municipal	$	2	$	—	$	—	$	1	$	—		$	—		$	—		$	—	$	3
Corporate - public	35		—		—		—		—			—			(1)			—		34
Corporate - privately placed	109		—		1		—		—			48			—			(2)		156
ABS	39		—		—		—		(15)			—			—			—		24
MBS	88		—		—		—		—			2			—			(1)		89
Total fixed income securities	273		—		1		1		(15)			50			(1)			(3)		306
Equity securities	358		(1)		—		—		(48)			3			(2)			—		310
Short-term investments	4		—		—		—		—			6			(1)			—		9
Other investments	1		—		—		—		—			—			—			—		1
Other assets	137		3		—		—		—			—			—			—		140

Total recurring Level 3 assets	773		2		1		1		(63)			59			(4)			(3)		766
Liabilities
Other liabilities	(1)		—		—		—		—			—			—			—		(1)
Total recurring Level 3 liabilities	$	(1)	$	—	$	—	$	—	$	—		$	—		$	—		$	—	$	(1)


Rollforward of Level 3 assets and liabilities held at fair value during the nine month period ended September 30, 2025
	Balance as of December 31, 2024		Total gains (losses) included in:				Transfers													Balance as of September 30, 2025
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases			Sales			Settlements
Assets
Fixed income securities:
Municipal	$	2	$	—	$	—	$	1	$	—		$	—		$	—		$	—	$	3
Corporate - public	22		(1)		1		—		(7)			20			(1)			—		34
Corporate - privately placed	110		(1)		2		—		—			48			—			(3)		156
ABS	26		—		—		26		(41)			15			—			(2)		24
MBS	88		—		—		—		—			2			—			(1)		89
Total fixed income securities	248		(2)		3		27		(48)			85			(1)			(6)		306
Equity securities	407		29		—		—		(48)			8			(86)			—		310
Short-term investments	5		—		—		—		—			9			(5)			—		9
Other investments	1		—		—		—		—			—			—			—		1
Other assets	134		6		—		—		—			—			—			—		140
Assets held for sale	7		—		1		—		—			—			(8)			—		—
Total recurring Level 3 assets	802		33		4		27		(96)			102			(100)			(6)		766
Liabilities																				—
Other liabilities	—		(1)		—		—		—			—			—			—		(1)
Total recurring Level 3 liabilities	$	—	$	(1)	$	—	$	—	$	—		$	—		$	—		$	—	$	(1)


Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended September 30, 2024
	Balance as of June 30, 2024		Total gains (losses) included in:				Transfers				Transfers (to) from held for sale								Balance as of September 30, 2024
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3				Purchases		Sales		Settlements
Assets
Fixed income securities:
Municipal	$	7	$	(2)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	5
Corporate - public	30		—		—		—		—		(7)		5		—		—		28
Corporate - privately placed	50		—		—		—		—		—		1		—		—		51
ABS and MBS	71		—		—		—		—		—		27		—		(1)		97

Total fixed income securities	158		(2)		—		—		—		(7)		33		—		(1)		181
Equity securities	393		12		—		—		—		—		5		(2)		—		408
Short-term investments	1		—		—		—		—		—		1		—		—		2
Other investments	2		—		—		—		—		—		—		—		—		2
Other assets	121		2		—		—		—		—		—		—		—		123
Assets held for sale	—		—		—		—		—		7		—		—		—		7
Total recurring Level 3 assets	675		12		—		—		—		—		39		(2)		(1)		723
Liabilities
Total recurring Level 3 liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Rollforward of Level 3 assets and liabilities held at fair value during the nine month period ended September 30, 2024
	Balance as of December 31, 2023		Total gains (losses) included in:				Transfers				Transfers (to) from held for sale								Balance as of September 30, 2024
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3				Purchases		Sales		Settlements
Assets
Fixed income securities:
Municipal	$	11	$	(2)	$	—	$	—	$	—	$	—	$	—	$	(2)	$	(2)	$	5
Corporate - public	26		1		1		—		—		(7)		16		(9)		—		28
Corporate - privately placed	58		(6)		—		—		—		—		1		(2)		—		51
ABS and MBS	58		—		—		—		—		—		41		—		(2)		97

Total fixed income securities	153		(7)		1		—		—		(7)		58		(13)		(4)		181
Equity securities	402		18		—		—		—		—		14		(26)		—		408
Short-term investments	1		—		—		—		—		—		22		(20)		(1)		2
Other investments	2		—		—		—		—		—		—		—		—		2
Other assets	118		5		—		—		—		—		—		—		—		123
Assets held for sale	—		—		—		—		—		7		—		—		—		7
Total recurring Level 3 assets	676		16		1		—		—		—		94		(59)		(5)		723
Liabilities
Total recurring Level 3 liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Total Level 3 gains (losses) included in net income
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Net investment income	$	1	$	—	$	1	$	1
Net gains (losses) on investments and derivatives	(2)		10		25		10
Operating costs and expenses	3		2		6		5

Transfers into Level 3 during the three and nine months ended September 30, 2025 included situations where a rating was not provided by third-party rating agencies resulting in the security being classified as Level 3. Transfers into Level 3 during the nine months ended September 30, 2025 also 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 nine months ended September 30, 2025 included situations where a quote that was not provided by the Company’s independent third-party valuation service provider in the prior period became available in the current period. Any gains or losses related to the

change in valuation source for individual securities were not significant.

There were no transfers into or out of Level 3 during the three and nine months ended September 30, 2024.


Valuation changes included in net income and OCI for Level 3 assets and liabilities still held
	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Assets
Fixed income securities:
Municipal	$	—	$	(2)	$	—	$	(2)
Corporate - public	—		—		(1)		1
Corporate - privately placed	—		—		—		(6)

Total fixed income securities	—		(2)		(1)		(7)
Equity securities	(2)		12		27		23


Other assets	3		2		6		5


Total recurring Level 3 assets	$	1	$	12	$	32	$	21
Liabilities
Other liabilities	$	—	$	—	$	(1)	$	—

Total recurring Level 3 liabilities	—		—		(1)		—
Total included in net income	$	1	$	12	$	31	$	21

Components of net income
Net investment income	$	1	$	—	$	1	$	1
Net gains (losses) on investments and derivatives	(3)		10		24		15
Operating costs and expenses	3		2		6		5
Total included in net income	$	1	$	12	$	31	$	21

Assets

Corporate - public	$	—	$	—	$	1	$	1
Corporate - privately placed	1		—		2		—



Changes in unrealized net capital gains and losses reported in OCI	$	1	$	—	$	3	$	1


Financial instruments not carried at fair value
($ in millions)		September 30, 2025				December 31, 2024
Financial assets	Fair value level	Amortized cost, net (1)		Fair value		Amortized cost, net (1)		Fair value
Mortgage loans	Level 3	$	831	$	818	$	784	$	746
Bank loans	Level 3	383		394		201		207



Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (1)		Fair value

Debt	Level 2	$	8,089	$	7,997	$	8,085	$	7,740
Liability for collateral	Level 2	1,859		1,859		2,041		2,041
Liabilities held for sale	Level 3	—		—		40		40

(1)Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details