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美国
证券交易委员会
华盛顿特区20549
表格10-Q
☒根据1934年证券交易所法第13或15(d)款提交的季度报告
截至季度结束日期的财务报告2024年9月30日
或者
☐　根据1934年证券交易所法第13或15(d)部分的过渡报告
过渡期从________到________
佣金文件号 1-11840
all_line_ver_notag_rgb_pos.jpg

THE 安联保险公司CORATION
(根据其章程规定的注册人准确名称)
 
特拉华州
 
36-3871531
 
 （设立或组织的其他管辖区域） （纳税人识别号码） 
 
Sanders Road 3100号, Northbrook, 伊利诺伊州    60062
(主要经营地的地址) (邮政编码)
公司电话，包括区号：(847) 402-2800
根据法案第12（b）条注册的证券：
每一类的名称交易符号每个交易所的名称
在哪个注册
每股面值为$0.01的普通股所有板块
请使用moomoo账号登录查看New York Stock Exchange
芝加哥证券交易所
5.100%固定-浮动利率次级债券，到期日2053年ALL.PR.B请使用moomoo账号登录查看New York Stock Exchange
托管股份代表5.100%非累积优先股H系列的1/1,000ALL PR H请使用moomoo账号登录查看New York Stock Exchange
托管股份代表4.750%非累积优先股I系列的1/1,000ALL PR I请使用moomoo账号登录查看New York Stock Exchange
托管股份代表7.375%非累积优先股J系列的1/1,000ALL PR J请使用moomoo账号登录查看New York Stock Exchange
请用复选标记指示注册机构是否在过去12个月内已提交证券交易法案1934年第13或15(d)条要求提交的所有报告（或者在该注册机构需要提交这些报告的较短期间内提交这些报告），并且在过去90天内一直受到这些报告要求的约束。 是 ☒没有☐
请用复选标记表明，公司是否在过去12个月内（或注册公司必须提交此类文件的较短期间内），根据S-t法规第405条规定，已经电子提交了每一个互动数据文件。 是 ☒没有☐
请勾选注册者是大型加速文件提交者、加速文件提交者、非加速文件提交者、小型报告公司还是新兴增长公司。请参见《证交易法》规则120亿.2 中“大型加速文件提交者”、“加速文件提交者”、“小型报告公司”和“新兴增长公司”的定义。
大型加速报告人
☒加速文件提交人☐
非加速文件提交人☐较小的报告公司
☐
新兴成长公司
☐
如果是新兴成长型企业，请勾选复选标记，表明注册者已选择不使用延长过渡期来符合根据证券交易法第13(a)条规定提供的任何新财务会计准则。 ☐
请勾选以下选项以指示注册人是否为外壳公司(根据交易所法规则12b-2定义)。是☐ 没有☒
截至2024年10月14日，注册人拥有 264,803,459 普通股，面值为$0.01，未解决。


好事达公司
Form 10-Q季度报告指数
2024年9月30日
第一部分 基本报表
   
项目1. 截至2024年9月30日和2023年12月31日期间未经审计的基本报表，以及截至2024年9月30日和2023年的三个月和九个月的报表
 
 
 
 
 
 
分部业绩
 
 
   
第二部分 其他信息

基本报表汇编
第一部分财务信息
项目1.基本报表
好事达公司及其子公司
简明合并利润表（未经审计）
（单位：百万美元，每股数据除外）截至三个月结束时
2020年9月30日		截至9月30日的九个月
2024202320242023
收入    
财产和意外伤害保险保费$14,333 $12,839 $41,797 $37,482 
意外伤害和健康保险费和合同费487 463 1,439 1,379 
其他收入781 592 2,129 1,750 
净投资收益783 689 2,259 1,874 
投资和衍生工具的净收益（损失）243 (86)(24)(223)
总收入16,627 14,497 47,600 42,262 
费用和支出    
财产和意外保险索赔和赔付费用10,409 10,237 30,711 32,290 
事故、健康和其他保险单项利益（包括重测收益（损失）$1, $0, $1 和 $0)
317 262 904 785 
延期政策获取成本的摊销费用2,037 1,841 5,977 5,374 
运营成本和费用2,217 1,771 6,121 5,273 
养老金和其他后离退休重新计量(收益)损失26 149 15 56 
重组及相关费用28 87 51 141 
购买的无形资产摊销71 83 210 246 
利息支出104 88 299 272 
总成本和费用15,209 14,518 44,288 44,437 
税前营业收入(损失)1,418 (21)3,312 (2,175)
所得税费用（收益）254 (17)603 (475)
1,164 (4)2,709 (1,700)
扣除：归属非控制股权股东的净（损）益 (26)1 (30)(23)
净利润（损失）归属于好事达1,190 (5)2,739 (1,677)
减：优先股股利29 36 88 99 
净利润（亏损）适用于普通股股东$1,161 $(41)$2,651 $(1,776)
每股收益:    
每股普通股基本净利润（损失）适用于普通股股东$4.39 $(0.16)$10.04 $(6.76)
基本普通股加权平均股数264.6 261.8 264.1 262.6 
普通股东每股摊薄净利润（亏损）$4.33 $(0.16)$9.91 $(6.76)
稀释后加权平均普通股268.0 261.8 267.4 262.6 
请参阅附注的简明合并财务报表。
2024年第三季度10-Q表格 1
基本报表汇编
好事达公司及其子公司
压缩综合收益（亏损）陈述（未经审计）
（以百万美元计）截至9月30日的三个月，截至9月30日的九个月
2024202320242023
$1,164 $(4)$2,709 $(1,700)
其他全面收益（亏损），税后    
变动情况：    
未实现净资本收益和损失1,299 (667)965 (257)
未实现的外币翻译调整14 (14)(1)64 
未摊销的养老金和其他离退休前期服务费用— (5)(1)(14)
未来保单责任准备金折现率
(36)30 (12)29 
其他全面收益（损失），税后1,277 (656)951 (178)
综合收益（损失）2,441 (660)3,660 (1,878)
少数股东应占综合损失(19)(1)(22)(21)
归属好事达的综合收益（损失）$2,460 $(659)$3,682 $(1,857)
请参阅附注的简明合并财务报表。
2 www.好事达.com
基本报表汇编
Allstate 公司及其子公司
未经审计的基本报表资产负债表
（金额单位：百万美元，除每股面值数据外）2024年9月30日2023年12月31日
资产
投资  
固定收益证券，按公允价值计量（摊余成本，净额$53,447 and $49,649)
$53,961 $48,865 
权益证券，按公允价值计量（成本$1,829 and $2,244)
2,091 2,411 
抵押贷款净额765 822 
有限合伙权益8,925 8,380 
短期，以公允价值计量（摊销成本 $6,995 and $5,145)
6,994 5,144 
其他投资净额866 1,055 
总投资73,602 66,677 
现金816 722 
净保险费分期收款11,041 10,044 
递延保单获取成本5,751 5,940 
再保险和赔偿索赔款净额9,013 8,809 
应计的投资收益603 539 
递延所得税— 219 
物业和设备，净值714 859 
商誉3,206 3,502 
其他资产净额5,834 6,051 
待售资产3,163 — 
总资产113,743 103,362 
负债  
产险赔案和赔付费用准备金42,743 39,858 
未来保单福利准备金274 1,347 
合同持有人资金— 888 
未赚保费27,059 24,709 
尚未支付的索赔款1,727 1,353 
递延所得税211 — 
其他负债和应计费用10,644 9,635 
Debt8,083 7,942 
待售负债2,164 — 
总负债92,905 85,732 
承诺和或有负债（注15）
股权  
优先股和额外资本实收，$1 面值， 25 百万股授权， 82.0成千上万股已发行和流通，$2,050 累积清算优先权
2,001 2,001 
普通股，每股面值为 $0.0001；.01 面值， 2.0 十亿股授权并 900百万已发行， 265百万和 262百万股流通在外
9 9 
附加已实缴资本3,987 3,854 
未分配利润51,635 49,716 
按成本核算的公司库藏股(635百万和 638百万股)
(37,006)(37,110)
累计其他综合收益(损失):  
未实现净资本收益和损失361 (604)
未实现的外币翻译调整(99)(98)
未摊销的养老金和其他离退休前期服务费用12 13 
未来保单责任准备金折现率
(23)(11)
其他综合收益（损失）累计金额合计251 (700)
好事达股东权益总额20,877 17,770 
非控股权益(39)(140)
总股本20,838 17,630 
总负债和权益$113,743 $103,362 
请参阅附注的简明合并财务报表。
2024年第三季度10-Q表格 3
基本报表汇编
好事达公司及其子公司
股东权益的压缩综合报表（未经审计）
(美元 百万，除每股数据外)截至9月30日的三个月截至9月30日的九个月
2024202320242023
优先股面值$— $— $— $— 
优先股额外资本已支付  
期初余额2,001 2,001 2,001 1,970 
优先股发行，扣除发行成本— — — 587 
优先股赎回— — — (556)
期末余额2,001 2,001 2,001 2,001 
普通股面值9 9 9 9 
普通股额外实缴资本  
期初余额3,927 3,786 3,854 3,788 
权益激励计划活动, 净额
60 25 133 23 
期末余额3,987 3,811 3,987 3,811 
未分配利润  
期初余额50,718 48,766 49,716 50,970 
净利润（损失）1,190 (5)2,739 (1,677)
普通股的分红派息（每股声明金额为$0.92, $0.89, $2.76, 和$2.67 )
(244)(234)(732)(703)
优先股派息(29)(36)(88)(99)
期末余额51,635 48,491 51,635 48,491 
自家保管的股票  
期初余额(37,036)(37,131)(37,110)(36,857)
所购股票— (26)— (333)
重新发行的股份在股权激励计划下，净额30 8 104 41 
期末余额(37,006)(37,149)(37,006)(37,149)
累积其他综合收益（损失）  
期初余额(1,026)(1,914)(700)(2,392)
未实现的净资本收益和损失的变动1,299 (667)965 (257)
未实现的外币换算调整的变动14 (14)(1)64 
未摊销的养老金及其他退休后服务信贷的变动— (5)(1)(14)
以后保单福利准备金的贴现率变动
(36)30 (12)29 
期末余额251 (2,570)251 (2,570)
好事达股东权益总额20,877 14,593 20,877 14,593 
非控股权益
期初余额(20)(145)(140)(125)
未实现净资本收益和损失的变化7 (2)8 2 
非控股（损失）收入(26)1 (30)(23)
非控股权益的资本交易
— — 123 — 
期末余额(39)(146)(39)(146)
总股本$20,838 $14,447 $20,838 $14,447 
请参阅附注的简明合并财务报表。
4 www.好事达.com
基本报表汇编
好事达公司及其子公司
压缩的现金流量表（未经审计）
（以百万美元计）截至9月30日的九个月
20242023
经营活动现金流量
净利润（损失）$2,709 $(1,700)
调整净利润（亏损）以协调由经营活动提供的净现金  
折旧、摊销和其他非现金项目404 539 
投资和衍生品的净收益（损失）24 223 
养老金和其他后离退休重新计量(收益)损失15 56 
变动内容:  
保单利益和其他保险准备金2,921 3,068 
未赚保费2,378 2,216 
递延保单获取成本(315)(385)
净保费分期收入(1,094)(934)
再保险应收款，净额(324)534 
所得税346 (532)
其他营运资产和负债162 (82)
经营活动产生的净现金流量7,226 3,003 
投资活动现金流量  
销售收入  
固定收益证券26,841 17,443 
股权证券2,137 4,755 
有限合伙权益409 590 
其他投资169 153 
投资收藏  
固定收益证券1,260 1,384 
抵押贷款74 66 
其他投资35 76 
投资购买  
固定收益证券(33,023)(23,708)
股权证券(1,631)(2,316)
有限合伙权益(915)(639)
抵押贷款(17)(138)
其他投资(125)(234)
短期和其他投资净变动(1,653)851 
不动产和设备的购买净额(160)(196)
出售房产和设备的收益18 19 
投资活动中使用的净现金(6,581)(1,894)
筹资活动现金流量  
发行债务所得款项495 743 
债务赎回和偿还
(350)(750)
优先股发行收入— 587 
优先股赎回— (575)
保险合同持有人基金存款98 99 
保险合同持有人基金提款(26)(23)
普通股股息派发(719)(692)
分红派息优先股(88)(71)
公司回购股份— (335)
根据股权激励计划重新发行的股份，净额149 17 
其他4 15 
融资活动所使用的净现金(437)(985)
现金净增加额208 124 
期初现金余额722 736 
期末作为待售资产分类的现金减少
114 — 
期末现金余额$816 $860 
请参阅附注的简明合并财务报表。
2024年第三季度10-Q表格 5
附注至简明合并财务报表

好事达公司及其子公司
附注至简明合并财务报表
(未经审计)
说明 1一般
做法的基础
附带的简明合并财务报表包括好事达公司（“公司”）及其完全拥有的子公司，主要包括好事达保险公司（“AIC”）等，这些子公司主要是财产和意外保险公司（统称为“公司”或“好事达”），以及被视为主要受益人的变量利益实体（“VIEs”）。这些简明合并财务报表已按照美国普遍公认的会计准则（“GAAP”）编制。
截至2024年9月30日以及截至2024年和2023年的三个和九个月期间的简明合并财务报表和附注未经审计。这些简明合并财务报表反映了所有调整（仅包括正常重复的应计）管理层认为有必要进行的，以便公允呈现中期财务状况、业绩和现金流量。某些金额已经重新分类以符合当年的呈现形式。
这些简明合并财务报表和附注应与2023年12月31日终了年度10-K表格中包含的合并财务报表和附注一起阅读。中期业绩不应被视为对整个年度预期结果的指标。所有重要的公司间账户和交易均已予以消除。
待售分类
当管理层具有批准行动的权力承诺计划出售业务，预计在接下来的12个月内以合理价格出售，且满足若干其他标准时，业务被分类为待售。待售的业务以其账面价值或估计的公允价值减去销售成本的较低者记录。当预计从销售中获得的收益超过业务的账面价值时，当销售完成时将确认收益。与待售分类业务相关的资产和负债将在将业务归类为待售的期间分隔在简明合并资产负债表中。有关其它细节请参阅附注3。
待处理的会计准则
对合资企业的会计处理 2023年8月，财务会计准则委员会（“FASB”）发布了指导，要求合资企业在成立日期起初度量所投资资产和承担的负债的公允价值。新的指导将于2025年1月1日或之后成立的合资企业适用前瞻性。预计采纳的影响对公司的运营结果或财务状况不会产生重大影响。
业务分部报告 2023年11月，FASB发布了通过要求披露定期提供给首席经营决策者并包含在每个报告段的利润或损失的重要段费用，来扩展段披露的指导。该指导适用于自2023年12月15日之后开始的年度期间以及自2024年12月15日之后开始的中期期间，并应回顾性地应用，允许提前采纳。该指导只影响披露。
所得税披露 2023年12月，FASB发布了增强所得税披露各个方面的指导。指导要求在所需类别清单上，对法定和有效所得税费用（利润）之间进行表格对比，包括金额和百分比。对于某些必需类别，如果个别类别至少为法定税额的5％，则必须进一步按性质和针对外国税效应进行细分。此外，实体必须披露所支付的所得税，扣除收到的退款，并按联邦、州和外国的支出分别列出，以及支付的金额，扣除收到的退款，当支付总所得税额5％或以上时，按个体管辖区分别列出。
指导中的所有要求都是年度性质的，该指导适用于2024年12月15日之后开始的年度报告期，允许提前采纳。该指导只影响披露。
气候披露 在2024年3月，美国证券交易委员会（“SEC”）通过了一项最终规则，要求注册人在其注册声明和年度报告中披露某些与气候相关的信息。该规定要求披露定性和定量信息，其中某些信息，如极端天气事件的财务报表影响，包括在审计财务报表附注中。其他披露要求包括重大与气候相关的风险、管理和治理这些风险的流程，如果目标对财务报表造成实质影响或有合理可能的话，披露目标。
6 www.好事达.com
附注至简明合并财务报表

对公司产生实质影响，并在重大情况下披露某些温室气体排放。2024年4月4日，美国证券交易委员会发布了最终规则的自愿暂停，待待决诉讼的结果。
这些要求将采取前瞻性实施，并且有分阶段的生效日期。对于公司来说，
截至2025年12月31日的年度报告的10-K表格将是首个具有新气候相关披露的年度报告。公司目前正在评估采用最终规则的影响。
Equity ratio每股普通股盈利
基本每股收益是根据普通股平均流通股数计算的，包括已授予但未发行的参与限制性股票单位。摊薄每股收益是根据普通股和摊薄后潜在普通股平均流通股数计算的。
对于公司来说，摊薄后潜在普通股包括未行使的期权，未获授予的非参与限制性股票单位，以及有待发放的业绩股票奖励。
摊薄后潜在普通股的影响不包括具有对每股收益有抵消性作用的期权，因为它们的行权价格超过期间Allstate普通股的平均市场价格或者未经承认的补偿成本对每股收益有抵消性作用。
基本和摊薄每股收益的计算
（以百万为单位，每股数据除外）截至9月30日的三个月截至9月30日的九个月
2024202320242023
分子：
 
 
 
 
净利润（损失）$1,164 $(4)$2,709 $(1,700)
扣除：归属非控制股权股东的净（损）益 (26)1 (30)(23)
净利润（损失）归属于好事达1,190 (5)2,739 (1,677)
减：优先股分红派息
29 36 88 99 
净利润（亏损）适用于普通股股东$1,161 $(41)$2,651 $(1,776)
分母：
 
 
 
 
Weighted average common shares outstanding
264.6 261.8 264.1 262.6 
稀释潜在普通股的影响 (1):
  
 
 
股票期权
2.6 — 2.6 — 
限制性股票单位（非参与）和绩效股票奖励
0.8 — 0.7 — 
加权平均普通股及稀释潜在普通股流通在外
268.0 261.8 267.4 262.6 
普通股每股收益-基本$4.39 $(0.16)$10.04 $(6.76)
每股收益 - 稀释后 (1)
$4.33 $(0.16)$9.91 $(6.76)
排除反稀释期权后每股收益
0.6 3.1 0.5 3.0 
由于适用于普通股东的净损失而排除的加权平均稀释潜在普通股数 (1)
— 1.5 — 1.9 
(1)由于截至2023年9月30日的三个月和九个月的净亏损，基本每股收益的带权平均股份也用于计算摊薄每股收益，因为所有具有稀释潜力的普通股都是抗稀释的，因此被排除在计算之外。
​处分
在2024年8月13日，公司与StanCorp金融集团签订了一份股票购买协议（以下简称“购买协议”），以卖出美国遗产人寿保险公司和美国遗产服务公司，这些公司构成了公司的雇主自愿福利业务，交易金额约为2.0十亿美元现金。雇主自愿福利业务在好事达健康与福利部门报告，截至2024年9月30日，该业务的资产和负债被分类为待售。交易价格减去销售成本超过了与该交易相关的净资产的账面价值，导致了一个
预计将在交易关闭时确认的收益。预计的出售收益将受到与某些交易前交易相关的购买价格调整、净资产账面价值变化、累计其他全面收入变化以及相关税务影响的影响。
账面价值中包含的商誉金额是基于雇主自愿福利业务相对于好事达健康与福利部门的相对公允价值，并在下表中的其他资产中报告。
2024年第三季度10-Q表格 7
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该交易预计在2025年上半年完成，但需获得监管批准及其他惯例结束条件。公司继续推进团体健康和个人健康业务的销售。
雇主自愿福利业务产生了$248 百万美元和美元742 截至2024年9月30日，三个月和九个月的保费及合同费用分别为$百万，调整后的净利润为$19 百万美元和美元64 分别为截至2024年9月30日的三个和九个月的$百万。
主要的资产和负债类别被分类为待售
($ in millions)2024年9月30日
资产
投资
固定收益证券，按公允价值计量（摊余成本，净额$1,691)
$1,641 
权益证券，按公允价值计量（成本$1)
1 
短期，以公允价值计量（摊销成本 $76)
76 
其他投资净额
121 
总投资1,839 
现金114 
延期政策收购成本516 
再保险应收款，净额117 
其他资产577 
待售资产总额$3,163 
负债
未来保单福利准备金$1,141 
合同持有人资金891 
其他负债和应计费用132 
待售负债总额$2,164 
股东权益中包括$65 与持有待售资产和负债相关的累积其他综合损失为$百万。
注释 4可报告的细分
测量部门利润或亏损
用于评估绩效的部门利润或亏损的衡量标准在好事达保护和清算财产责任部门为承保收入，而在保护服务、好事达健康与福利以及公司和其他部门为调整后的净利润。
好事达保护和清算财产责任部门包括财产责任。公司不将投资收入、投资和衍生品的净收益和损失或资产分配给好事达保护和清算财产责任部门。管理层在财产责任、保护服务、好事达健康与福利，以及公司和其他级别审核资产以供决策之用。
核算收入 计算方式为已赚取的保费和其他营业收入减去索赔和索赔费用、递延保单收购成本（“DAC”）的摊销、运营成本和费用、购买无形资产的摊销或减值以及根据公认会计原则确定的重组及相关费用。
调整后净利润适用于普通股股东的净利润（亏损），不包括：
•投资和衍生品的净收益和损失
•养老金和其他后退休重新计量的收益和损失
•已购无形资产的摊销或减值
•处置的收益或损失
•针对其他显著的非经常性、稀有或飞凡项目的调整，当(a)费用或收益的性质使得在两年内合理不太可能再次发生，或(b)在过去两年内没有类似的费用或收益
•与调节项目相关的所得税费用或收益
以下提供这些指标与适用于普通股东的净利润（损失）之间的调节
8 www.好事达.com
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各报告部门的财务业绩
截至9月30日的三个月截至9月30日的九个月
($ in millions)2024202320242023
按部门划分的核保净利润
好事达保险$555 $(331)$1,316 $(3,421)
清偿财产责任
(60)(83)(68)(88)
总财产责任 495 (414)1,248 (3,509)
按部门调整净利润（亏损），税后
保护服务 58 27 167 102 
好事达健康与福利
37 69 151 182 
公司及其他(110)(110)(320)(310)
调整项目
好事达保险和摊销财产责任净投资收益
708 627 2,053 1,680 
投资和衍生工具的净收益（损失）243 (86)(24)(223)
养老金和其他离退休再计量收益（亏损）(26)(149)(15)(56)
购买的无形资产摊销 (1)
(19)(23)(56)(71)
处置收益（损失） 1 (5)6 (4)
Non-recurring costs (2)
— — — (90)
财产责任险和调节项目的所得税（费用）收益 (3)
(251)25 (588)501 
总调节项目656 389 1,376 1,737 
扣除：非控股权益应占净（损失）利润 (4)
(25)2 (29)(22)
净利润（亏损）适用于普通股股东$1,161 $(41)$2,651 $(1,776)
(1)不包括好事达保护中的购置无形资产的摊销，这已经在承保收入中包含在上面。
(2)涉及非常规诉讼的结算费用，超出业务日常范围。
(3)报告环节的税务计算和与净利润（亏损）调节项目相关的所得税收益（费用）是根据适用于报告实体的司法管辖区税法分别计算的。
(4)反映归属于财产责任非控股权益的净（亏损）收益。
2024年第三季度10-Q表格 9
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可报告的业务收入信息
（以百万美元计）截至9月30日的三个月截至9月30日的九个月
2024202320242023
财产责任    
保险费    
汽车$9,270 $8,345 $27,127 $24,374 
住宅业主3,403 2,969 9,812 8,662 
其他个人保险718 608 2,078 1,757 
商业线151 194 478 628 
其他业务保险152 154 438 405 
好事达保护13,694 12,270 39,933 35,826 
清偿财产责任
— — — — 
全部财产责任保险保费13,694 12,270 39,933 35,826 
其他收入531 393 1,402 1,135 
净投资收益708 627 2,053 1,680 
投资和衍生工具的净收益（损失）222 (62)(43)(185)
财产-责任总额15,155 13,228 43,345 38,456 
保护服务   
保护计划480 392 1,372 1,126 
路边援助34 51 115 148 
保护和保险产品
125 126 377 382 
部门间保费和服务费 (1)
49 34 123 102 
其他收入110 75 293 243 
净投资收益24 19 68 53 
投资和衍生工具的净收益（损失）10 (8)4 (13)
全面保护服务832 689 2,352 2,041 
好事达健康与福利
雇主自愿福利248 253 742 753 
团体健康120 111 358 328 
个人健康119 99 339 298 
其他收入123 104 378 306 
净投资收益26 20 74 60 
投资和衍生工具的净收益（损失）(6)(2)(4)1 
好事达健康与福利总额
630 585 1,887 1,746 
公司及其他    
其他收入17 20 56 66 
净投资收益25 23 64 81 
投资和衍生工具的净收益（损失）17 (14)19 (26)
公司及其他总计59 29 139 121 
跨部门消除 (1)
(49)(34)(123)(102)
营业收入合计$16,627 $14,497 $47,600 $42,262 
(1)各业务部门之间的保险费和服务费主要与Arity和好事达道路救援相关，并在简化合并的基本报表中被抵消。
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注5投资
组合构成
（单位：百万美元）2024年9月30日2023年12月31日
固定收益证券，按公允值计量$53,961 $48,865 
权益证券，按公允价值计量2,091 2,411 
抵押贷款净额765 822 
有限合伙权益 8,925 8,380 
短期投资，按公允价值计量6,994 5,144 
其他投资净额866 1,055 
总计$73,602 $66,677 
固定收入证券的摊销成本、未实现的总收益（损失）和公允价值
（以百万美元计）摊销成本、净值未经实现的总收入
公允价值
价值
收益损失
2024年9月30日    
美国政府及机构$9,125 $162 $(41)$9,246 
市政8,223 131 (96)8,258 
公司33,480 799 (483)33,796 
外国政府1,446 37 (6)1,477 
ABS1,173 14 (3)1,184 
总固定收益证券$53,447 $1,143 $(629)$53,961 
2023年12月31日    
美国政府及机构$8,624 $114 $(119)$8,619 
市政6,049 109 (152)6,006 
公司31,951 397 (1,143)31,205 
外国政府1,286 17 (13)1,290 
ABS1,739 13 (7)1,745 
总固定收益证券$49,649 $650 $(1,434)$48,865 
固定收益证券的计划到期
($ in millions)2024年9月30日2023年12月31日
摊销成本，净额
公正
价值
摊销成本，净额
公正
价值
一年或以下到期$2,663 $2,641 $3,422 $3,374 
一年至五年到期22,966 22,968 23,218 22,614 
5年至10年到期的债务证券17,073 17,351 12,553 12,273 
10年以上到期的债务证券9,572 9,817 8,717 8,859 
 52,274 52,777 47,910 47,120 
ABS1,173 1,184 1,739 1,745 
总计$53,447 $53,961 $49,649 $48,865 
实际到期可能与预定的到期日期不同，因为发行人可能会进行提前赎回和全额支付。由于本金可能在合同到期日前提前偿还，资产支持证券（ABS）单独显示。
净投资收益
（单位：百万美元）截至9月30日的三个月截至9月30日的九个月
2024202320242023
固定收益证券$587 $457 $1,684 $1,269 
股权证券17 15 50 47 
抵押贷款9 9 27 25 
有限合伙权益138 190 440 446 
短期投资87 59 216 194 
其他投资25 41 71 121 
投资收益，在开销之前863 771 2,488 2,102 
投资支出(80)(82)(229)(228)
净投资收益
$783 $689 $2,259 $1,874 
2024年第三季度10-Q表格 11
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投资和衍生品按资产类型的净收益（损失）
（单位：百万美元）截至9月30日的三个月截至9月30日的九个月
2024202320242023
固定收益证券$105 $(129)$(92)$(397)
股权证券119 (35)195 153 
抵押贷款(1)(1)— (4)
有限合伙权益(8)(6)(13)1 
衍生品20 31 (3)(28)
其他投资8 54 12 52 
其他 (1)
— — (123)— 
投资和衍生工具的净收益（损失）$243 $(86)$(24)$(223)
(1)关于由Adirondack保险交易所和New Jersey Skylands保险协会（统称“相互交易所”）发行的剩余款项的账面价值损失。更多详细信息请参见注释8。
按交易类型计算的投资和衍生品的净收益（亏损）
（单位：百万美元）
截至9月30日的三个月截至9月30日的九个月
2024202320242023
销售额$116 $(63)$(85)$(313)
信用损失 2016年6月，FASB发布了会计准则更新No.2016-13，金融工具-信用损失（主题326）：测量摊销成本基础上金融工具的信用损失，该标准引入了预期信用损失方法来测量按摊销成本基础计量的金融资产上的信用损失，取代了先前的已发生损失计量方法。2019年11月，FASB发布了ASU 2019-10，强调了采纳时间表。对于较小的报告实体，主题326对于从2022年12月15日开始的年度报告有效，包括这些财政年度的中间时段，在2023年4月1日对于公司进行有效。此标准的采纳对公司的财务报表没有产生实质性影响。(12)(20)(143)(69)
权益投资的估值变动 (1)
119 (34)207 187 
衍生品的估值变动和结算20 31 (3)(28)
投资和衍生工具的净收益（损失）$243 $(86)$(24)$(223)
(1)包括股票估值变动和某些有限合伙权益，其中基础资产主要是公开股票。
固收证券销售的总体实现盈利（亏损）
（单位：百万美元）截至9月30日的三个月截至9月30日的九个月
2024202320242023
总实现收益$201 $11 $275 $85 
总体已实现的亏损 (93)(133)(363)(459)
尚持有资产的净增值（减少）在净利润中确认
（单位：百万美元）截至9月30日的三个月截至9月30日的九个月
2024202320242023
股权证券$107 $(32)$170 $31 
以公允价值计量的有限合伙权益
18 19 65 67 
总计$125 $(13)$235 $98 
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在净利润中确认的信用损失
（单位：百万美元）截至9月30日的三个月截至9月30日的九个月
2024202320242023
资产
固定收益证券:    
市政$(2)$— $(2)$— 
公司(1)(7)(2)(23)
总固定收益证券(3)(7)(4)(23)
抵押贷款(1)(1)— (4)
有限合伙权益(8)(9)(24)(25)
其他投资
银行贷款— (2)5 (16)
房地产
— — 2 — 
其他资产
— — (123)— 
按资产类型划分的总信贷损失$(12)$(19)$(144)$(68)
负债
对商业抵押贷款和银行贷款的承诺— (1)1 (1)
总计 $(12)$(20)$(143)$(69)
未实现的净资本增值和损失包括在累计其他全面收入中（“AOCI”）
（单位：百万美元）
公允价值
价值
总未实现
未实现净
（损失）
2024年9月30日收益损失
固定收益证券$53,961 $1,143 $(629)$514 
短期投资6,994 — (1)(1)
衍生工具— — (2)(2)
有限合伙权益
   — 
被列为待售资产的投资(50)
税前未实现净资本收益和损失   461 
非控制权益重分类   5 
递延所得税   (105)
未实现净资本收益和损失，税后   $361 
2023年12月31日
固定收益证券$48,865 $650 $(1,434)$(784)
短期投资5,144 — (1)(1)
衍生工具 — — (2)(2)
有限合伙权益 (1)
 
 
 
(4)
未实现的税前资本收益和损失   (791)
非控股权重分类   13 
递延所得税   174 
未实现的税后资本收益和损失   $(604)
(1)未实现的有限合伙权益的净资本收益和损失代表公司对权益法核算（"EMA"）有限合伙企业的其他综合收益的份额。公平值和毛未实现收益与损失不适用。
未实现净资本增值（损失）变动
（单位：百万美元）2024年9月30日结束的九个月
固定收益证券$1,298 
短期投资— 
衍生工具— 
有限合伙权益4 
投资分类为待售
(50)
总计1,252 
非控股权益的重新分类(8)
递延所得税(279)
未实现净资本收益和损失的变动，税后
$965 
2024年第三季度10-Q表格 13
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有限合伙权益的账面价值
($ in millions)2024年9月30日2023年12月31日
股权投资$7,531 $7,154 
房地产1,246 1,085 
其他 (1)
148 141 
总计$8,925 $8,380 
(1)其他包括某些有限合伙权益，其基础资产主要是公共股权和债务证券。
短期投资 包括货币市场基金、商业票据、美国国债和其他短期投资，按公允价值计量。截至2024年9月30日和2023年12月31日，短期投资的公允价值总额为$6.99私人股权和其他投资的金额分别为52.27亿美元和53.98亿美元，截至2023年7月31日和2023年1月31日。5.14分别为十亿美元。
其他投资 主要包括银行贷款、房地产和衍生品。银行贷款主要是高级担保企业贷款，按摊销成本净额计量。房地产按成本减累计折旧计量。
按资产类型划分的其他投资
（单位：百万美元）2024年9月30日2023年12月31日
银行贷款，净额$187 $224 
房地产677 709 
投保贷款— 119 
其他2 3 
总计$866 $1,055 
投资组合监控和信用损失
固定收益证券 公司有一套全面的投资组合监控流程，以识别和评估可能需要信用损失准备金的每一项固收安防-半导体.
对于每个处于未实现损失状态的固收安防-半导体，公司评估管理层是否作出了卖出决定，或者公司在恢复摊销成本基数之前更有可能被要求卖出该安防-半导体，原因可能包括流动性、合同或监管目的。如果某个安防-半导体符合这两个标准中的任何一个，任何现有的信用损失准备金将根据资产的摊销成本基数以及任何剩余的未实现损失进行注销，增量损失将记录在收益中。
如果公司尚未作出卖出固收安防-半导体的决定，并且更不可能在恢复其摊销成本基数之前被要求卖出该固收安防-半导体，公司评估是否期望收到足够的现金流以回收该安防-半导体的全部摊销成本基数。公司根据对未来现金流的最佳估计，考虑过往事件、当前控件和合理且可支持的预测来计算估计的回收价值。估计的未来现金流根据安防-半导体目前的有效利率进行折现，并与该安防-半导体的摊销成本进行比较。
现金流估计的确定本质上是主观的，方法论可能会根据特定于安防-半导体的事实和情况而有所不同。所有合理可获得的与该安防-半导体可收回性相关的信息都在开发预期收回现金流的估计时予以考虑。这些信息通常包括但不限于，
安防-半导体的剩余付款条款、预付款速度、发行或发行人的财务状况和未来收益潜力、预期违约、预期回收、基础担保品的价值、发放年份、基础担保品的地理集中度、可用储备或托管、当前的次级水平、第三方担保及其他信用增强。其他信息，如行业分析师报告和预测、信用评级、债券保险人的财务状况（对于受保的固收安防-半导体）、以及其他与合同现金流的实现相关的市场数据，也可以考虑。如果公司确定该安防-半导体依赖于担保品的清算以进行最终结算，则将使用担保品的公允价值估计回收价值。
如果公司预计无法获得足够的现金流来收回债券型安防-半导体的全额摊销成本，则在盈利中记录一项信用损失准备金，以弥补预计现金流的不足；然而，摊销成本减去信用损失准备金不应低于安防-半导体的公允价值。与信用无关的未实现损失部分仍然分类在其他综合收益中。如果公司确定债券型安防-半导体没有足够的现金流或其他信息来估计安防-半导体的回收价值，则公司可能会认为全部公允价值的下降被视为与信用相关，并将在收益中记录损失。
当安防-半导体被卖出或以其他方式处置，或当安防-半导体被视为不可收回并注销时，公司将撤销之前在信用损失准备金中确认的金额。注销后的回收在收到时确认。截止到2024年9月30日和2023年12月31日，债券型安防-半导体的摊销成本中排除的应计利息总额为$560 百万美元和美元495 百万，并在应计中报告
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投资收益在合并财务状况表中的行。公司监控应计利息，并在预期无法收回时将其注销。
公司的投资组合监控过程包括对所有安防-半导体的季度审查，以识别安防-半导体的公允价值与其摊销成本相比低于内部设定的阈值的情况。该过程还包括监控其他信用损失因子，如评级、评级下调和支付违约。被识别的安防-半导体，以及公司可能担心的其他安防-半导体，都会使用所有合理可用的信息评估潜在的信用损失，以相关信息为基础，关于可回收性或复苏的
安防-半导体。公司对这些安防-半导体信用损失的评估中固有着关于问题或发行者的财务状况和未来盈利潜力的假设和估算。在评估公允价值下降是否需要计提信用损失准备时，可能考虑的因素包括：1）问题或发行者的财务状况、短期和长期前景，包括相关行业板块的市场条件和趋势、地理位置及评级机构的行动和发行价格的影响；2）安防-半导体处于未实现损失状态的具体原因，包括可能影响流动性的整体市场条件；3）公允价值低于摊销成本的程度。
固收证券信用损失准备金的续拨
截至9月30日的三个月截至9月30日的九个月
（单位：百万美元）2024202320242023
开始余额$(19)$(29)$(36)$(13)
有关之前未报告的证券信用损失(3)(8)(10)(12)
与先前报告的信用损失相关的净增减— 1 3 (11)
与销售和其他相关的准备金增减
— (1)3 (1)
注销— — 18 — 
结束余额$(22)$(37)$(22)$(37)
截至9月30日的信贷损失准备金元件
市政债券
$(2)$— 
公司债券(18)(34)
ABS(2)(3)
总计$(22)$(37)
2024年第三季度10-Q表格 15
附注至简明合并财务报表

持续未实现损失和按类型及持有时间长度分类的公允价值 (1)
（单位：百万美元）少于12个月12个月或更长时间
总计
未实现
损失
数字
的
发行
公允价值
价值
未实现
损失
数字
的
发行
公允价值
价值
未实现
损失
2024年9月30日       
固定收益证券       
美国政府及机构33 $1,299 $(11)69 $914 $(30)$(41)
市政119 352 (1)1,214 1,817 (95)(96)
公司149 1,288 (18)1,249 10,608 (465)(483)
外国政府1 10 — 56 139 (6)(6)
ABS19 82 — 85 44 (3)(3)
总固定收益证券321 $3,031 $(30)2,673 $13,522 $(599)$(629)
投资级固收证券280 $2,755 $(25)2,459 $11,984 $(533)$(558)
非投资级固收证券41 276 (5)214 1,538 (66)(71)
总固定收益证券321 $3,031 $(30)2,673 $13,522 $(599)$(629)
2023年12月31日       
固定收益证券       
美国政府及机构63 $2,554 $(38)117 $2,513 $(81)$(119)
市政271 400 (4)1,784 2,245 (148)(152)
公司251 2,225 (48)2,106 17,319 (1,095)(1,143)
外国政府7 31 — 75 356 (13)(13)
ABS19 64 (1)150 584 (6)(7)
总固定收益证券611 $5,274 $(91)4,232 $23,017 $(1,343)$(1,434)
投资级固收证券568 $5,061 $(83)3,864 $20,429 $(1,151)$(1,234)
非投资级固收证券43 213 (8)368 2,588 (192)(200)
总固定收益证券611 $5,274 $(91)4,232 $23,017 $(1,343)$(1,434)
(1)包括公允价值为$的固收证券19 百万美元和美元32 百万和未实现损失为$7 百万美元和美元3 百万，信用损失准备为$3 百万美元和美元8 百万。
截至2024年9月30日按未实现损失位置和信用质量计算的总未实现损失
（单位：百万美元）
投资
等级
低于投资级总计
未实现损失位置低于摊销成本20%的固收证券，净额 (1)
$(546)$(64)$(610)
未实现损失位置大于或等于摊销成本20%的固收证券，净额 (2)
(12)(7)(19)
未实现总损失$(558)$(71)$(629)
(1)与未实现损失小于摊销成本净额20%的证券相关，程度表明这些证券不构成高信用损失风险。
(2)根据折现现金流、财务控件以及该问题或发行人的近期和长期前景等因素进行评估，并被认为具有足够的资源来履行合同义务。
投资级别被定义为具有全国保险监督官协会（“NAIC”）1或2的证券，这与穆迪的Aaa、Aa、A或Baa评级或标准普尔全球评级（“S&P”）的AAA、AA、A或BBb评级相当，或者如果没有外部提供的评级，则为可比的内部评级。某些证券的市场价格可能存在信用利差，暗示比当前的第三方评级更高或更低的信用质量。投资级证券的未实现损失主要与市场收益率的上升有关，这可能包括自最初购买以来无风险利率的上升或信用利差的扩大。随着证券接近到期，这些未实现的损失预计会逆转。
处于未实现损失状态的资产证券化（ABS）根据实际和预计的抵押品损失，评估与相应证券化信托中的证券位置相关的损失、证券特定的现金流预期和信用评级。该评估还考虑了信用增强，以（i）来自信托中其他类别证券的次级性进行衡量，合约义务在公司持有的证券类别之前吸收损失，以及（ii）对公司持有的证券类别有利的证券化信托中嵌入的其他结构特征的预期影响，如超抵押和超额利差。处于未实现损失状态的市政债券根据基础信用进行了评估。
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主要债务人的质量、义务类型和基础资产的质量。
截至2024年9月30日，公司尚未做出出售的决定，并且公司被要求在未实现损失之前出售固定收益证券的可能性不高于不出售。
贷款 公司在抵押贷款和银行贷款的发放或购买时建立信用损失准备金，并为未拨款承诺建立准备金，除非这些承诺可以被公司无条件取消。公司使用默认概率和违约损失模型来估计抵押贷款和银行贷款的当前预期信用损失，该模型考虑所有相关信息，包括过去事件、当前状况和资产生命周期内合理且可靠的预测。公司还会考虑历史损失、预期提前还款以及各种经济因素等因素。对于抵押贷款，公司考虑发放年份和物业层面信息，如债务服务覆盖率、物业类型、物业位置和抵押品价值。对于银行贷款，公司考虑借款人的信用评级、信用利差和贷款类型。在合理且可靠的预测期结束后，公司的模型恢复到历史损失趋势。
在贷款具有相似风险特征时，根据池的基础进行评估。公司通过季度信用监测过程监控贷款，以判断它们何时不再具有相似风险特征，并在评估信用损失时进行单独评估。
当没有合理的回收期待时，贷款将从其相应的准备金中冲销。如果在冲销后贷款有所回收，那么预期信用损失的估计将包括预期的回收。
对于处于违约状态的贷款，或者未能及时收回本金和利息的情况下，将暂停收入的确认。
对不计息状态下贷款的应收累积收入进行可回收性监控，且当不可收回时将通过净投资收益冲销。不计息状态下贷款的现金收入一般记作摊销成本的减少。
应计利息不包括在贷款的摊销成本中，并在综合财务状况表的应计投资收益一栏中报告。截至2024年9月30日和2023年12月31日，银行贷款或抵押贷款的应计利息并不显著。
抵押贷款 当判断某笔抵押贷款应单独评估时，公司使用多种方法来估计个别贷款的信用损失，例如，在适用时使用抵押品价值减去预计卖出成本，包括在止赎可能发生或预期的还款主要通过抵押品的控件或出售提供，并且借款人正经历财务困境时。当使用抵押品价值时，当抵押品的公允价值超过贷款的摊销成本时，抵押贷款可能没有信用损失准备金。另一种方法是利用贷款预期未来还款现金流的现值，按贷款的当前有效利率折现来估计信用损失。个别贷款的信用损失准备金会根据抵押品的公允价值减去卖出成本（如适用）或贷款预期未来还款现金流的现值的后续变化进行调整。
债务服务覆盖率在估计抵押贷款信用损失准备金时被视为一个关键的信用质量指标。债务服务覆盖率代表可供借款人用于满足本金和利息支付义务的来自该物业的预计现金流量。债务服务覆盖率估算每年更新，或者如果条件需要时，基于公司的信用监控流程更频繁更新。
按照债务服务覆盖比率分布和起始年份摊销的按揭贷款成本
2024年9月30日2023年12月31日
（单位：百万美元）2019年及之前20202021202220232024总计总计
低于1.0$— $— $— $— $— $— $— $13 
1.0 - 1.2560 — — 18 27 — 105 41 
1.26 - 1.5048 10 — 30 41 — 129 133 
高于1.50185 41 183 42 76 15 542 646 
津贴前摊销成本$293 $51 $183 $90 $144 $15 $776 $833 
津贴(11)(11)
摊销成本，净额$765 $822 

2024年第三季度10-Q表格 17
附注至简明合并财务报表

以债务服务覆盖率低于1.0且未被视为减值的抵押贷款，主要涉及借款人具备财务能力来为房产的营业收入短缺提供资金的情况，房产现金流减少被视为
暂时性的，或者存在其他风险缓解情况，如额外保证金、托管余额或借款人担保。截至2024年9月30日和2023年12月31日，所有抵押贷款的支付均为正常。
抵押贷款信用损失准备金的滚动调整
截至9月30日的三个月截至9月30日的九个月
（单位：百万美元）2024202320242023
开始余额$(10)$(10)$(11)$(7)
与信用损失相关的净增加(1)(1)— (4)
注销— — — — 
期末余额
$(11)$(11)$(11)$(11)
银行贷款 当确定银行贷款应进行单独评估时，公司使用多种方法来估计个别贷款的信用损失，例如按贷款当前有效利率折现的贷款未来预期还款现金流的现值。

借款人的信用评级被视为估计银行贷款信用损失准备金的重要信用质量指标。这些评级是根据可用的评级机构在NAIC信用评级提供者名单上的评级而从NAIC的证券估值办公室获得的，或者是一个可比较的内部评级。资产获取的年份被确定为来源年份。
按信用评级和原始年份分摊成本的银行贷款
2024年9月30日2023年12月31日
（单位：百万美元）2019年及之前20202021202220232024总计总计
NAIC 1 / A
$— $— $— $— $— $10 $10 $— 
NAIC 2 / BBb — — — — — 37 37 9 
NAIC 3 / BB— — 2 — 2 15 19 38 
NAIC 4 / B25 1 4 2 38 49 119 153 
NAIC 5-6 / CCC及以下— — — — 10 3 13 46 
摊销成本在备抵之前$25 $1 $6 $2 $50 $114 $198 $246 
津贴(11)(22)
摊销成本，净额$187 $224 
银行贷款信用损失准备的前移
($ in millions)截至9月30日的三个月截至9月30日的九个月
2024202320242023
开始余额$(11)$(62)$(22)$(57)
与信用损失相关的净（增加）减少— (2)5 (16)
与销售相关的减少准备金— 28 — 34 
注销— — 6 3 
结束余额
$(11)$(36)$(11)$(36)
注6资产和负债的公平价值
公允价值被定义为在计量日市场参与者之间进行有序交易时可收到的出售资产的价格或转让负债的支付价格。用于确定公允价值的输入的层次结构通过要求在可用时使用可观察的输入最大化可观察的输入的使用，并通过最小化不可观察的输入的使用。在资产和负债以公允价值记录在财务状况简明综合报表上的情况下，这些资产和负债被分类为
公允价值层次根据输入的可观察性将资产和负债分类为：
一级： 资产和负债的价值基于公司可以获取的活跃市场中相同资产或负债的未经调整的报价价格。
二级： 资产和负债的价值基于以下内容：
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(a)活跃市场中类似资产或负债的报价；
(b)非活跃市场中相同或相似资产或负债的报价；或
(c)估值模型，其输入在资产或负债的整个期限内均可直接或间接观察。
第 3 级： 其价值以价格或估值技术为基础的资产和负债，这些投入既不可观察，又对整体公允价值衡量具有重要意义。不可观察的输入反映了公司对市场参与者在估值资产和负债时将使用的假设的估计。
可观测输入的可用性因仪器而异。在公允价值基于内部开发的定价模型或市场上不可观察的投入的情况下，公允价值的确定需要更多的判断力。对于归类为3级的工具，公司在确定公允价值时所做的判断程度通常最大。在许多情况下，用于衡量公允价值的估值输入属于公允价值层次结构的不同层次。公允价值层次结构中的类别级别是根据对整个公允价值衡量具有重要意义的最低级别输入确定的。公司使用截至评估之日的最新价格和投入，包括在市场混乱期间。在市场混乱时期，许多工具观察价格和投入的能力可能会降低。
公司负责确定公允价值以及支持假设和方法。通过执行旨在确保包括投入和假设在内的估值方法的总体合理性和一致性应用以及会计准则的遵守的各种流程和控制措施，公司可以确信资产和负债得到适当估值。对于从第三方获得的公允价值或内部估算的公允价值，公司的流程和控制措施旨在确保估值方法适当且一致地适用，投入和假设合理且符合确定公允价值的目标，并准确记录公允价值。例如，与先前从估值服务提供商或经纪人处获得或从内部模型得出的公允价值相比，公司持续评估证券价格过时或超过一定门槛的个人公允价值的合理性。公司执行程序以了解和评估估值服务提供商的方法、流程和控制措施。
此外，公司可以通过将从估值服务提供商或经纪人那里获得的信息与选定证券的其他第三方估值来源进行比较来验证公允价值的合理性。公司执行持续的价格验证程序，例如对实际价格进行回溯测试
销售额，这证实了内部模型中使用的市场可观察数据的各种输入。当预计公允价值的确定将更具可变性时，公司将通过具有相关专业知识且独立于负责执行投资交易的管理层成员的审查对其进行验证。
公司有两种类型的投资在公允价值层次结构中被归类为第三级的情况：
(1)市场无法观察到对公允价值估算模型重要的特定投入。这主要发生在公司使用经纪人报价对某些证券进行估值，而这些证券的投入尚未得到证实可以被市场观察，以及使用使用大量非市场可观察输入的估值模型。
(2)继续收到来自独立第三方估值服务提供商的报价，所有重要输入均可供市场观察；但是，与正常市场活动相比，该资产的交易量和活动水平已显著下降，因此市场可观察程度已下降到可以归类为三级衡量标准的程度。在确定特定资产的交易量和活动水平是否出现显著下降时考虑的指标包括一级市场的新发行量、二级市场的交易量、相对于历史水平的信贷利差水平、适用的买卖差价差，以及市场参与者和其他定价来源之间的价格共识。
某些资产不定期按公允价值记账，包括抵押贷款、银行贷款、房地产和保单贷款，只有在按公允价值报告个人投资时才包含在公允价值层次结构披露中。
在确定公允价值时，公司主要使用市场方法，该方法通常使用相同或相似工具的市场交易数据。在较小程度上，公司使用收益法，该方法涉及根据折扣现金流方法确定公允价值。对于大多数二级和三级估值，将市场和收益方法相结合。
定期按公允价值计量的二级和三级资产和负债的重要投入和估值技术摘要
2 级测量
•固定收益证券：
美国政府和机构、市政、企业-公共和外国政府： 估值的主要输入包括非活跃市场中相同或相似资产的报价、合同现金流、基准收益率和信贷利差。
2024年第三季度10-Q表格 19
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企业 - 私募发售： 私募发售的估值使用广泛接受的贴现现金流模型，该模型在金融服务行业中被广泛使用，并且使用可观察的市场输入和主要来源于可证实的市场数据的输入。贴现现金流模型的主要输入包括利率收益曲线，以及为类似资产在未活跃市场中发布的信用利差，这些都反映了发行者的信用质量和行业板块。
企业 - 私募发售还包括可赎回优先股，这些优先股的估值使用未活跃市场中相同或相似资产的报价、合同现金流、基准收益率、基础股票价格和信用利差。
资产支持证券（ABS）： 估值的主要输入包括未活跃市场中相同或相似资产的报价、合同现金流、基准收益率、抵押品表现和信用利差。某些ABS的估值基于非约束性经纪报价，其输入已被证实为市场可观察的。包括在ABS中的住宅抵押贷款支持证券也将预付款速度作为估值的主要输入。
•权益证券： 估值的主要输入包括未活跃市场中相同或相似资产的报价或报价净资产值。
•短期投资： 估值的主要输入包括在不活跃市场上相同或类似资产的报价、合同现金流、基准收益率和信用利差。
•其他投资: 在不活跃交易的交易所上市的独立衍生品的估值基于在不活跃市场上相同工具的报价。
场外交易（“OTC”）衍生品，包括利率掉期、外汇掉期、总回报掉期、外汇远期合约、某些期权和某些信用违约掉期，使用依赖于输入的模型进行估值，这些输入包括利率收益率曲线、隐含波动率、指数价格水平、货币汇率以及可观察到的信用利差，这些输入在合同的全期内基本上都是可观察的。支撑模型的估值技术在金融服务行业被广泛认可，不涉及重大判断。
•待售资产： 包括美国政府及其机构、地方政府、企业和抵押贷款支持的固定收益证券。重要的输入和估值技术基于上述各自资产类型。

第三级计量
•固定收益证券:
市政： 包括未通过第三方信用评级机构评级的市政债券。这些市政债券估值的主要输入包括未能在市场上观察到的相同或相似资产的报价、合同现金流、基准收益率和信用利差。还包括基于未得到确认的非约束性经纪人报价进行估值的市政债券，以及基于预期现金流现值进行估值的违约市政债券。
企业 - 公共和私募： 主要基于未得到确认的非约束性经纪人报价进行估值。企业固收证券的其他输入包括预期现金流、利率收益率曲线，以及发布的类似资产的信用利差，这些资产考虑了发行人的信用质量和行业板块。
ABS： 估值的主要输入包括预期现金流、基准收益率、抵押品表现和信用利差。包括在ABS中的住宅抵押贷款支持证券也将提前还款速度作为估值的主要输入。
•权益证券： 估值的主要输入包括未能在市场上观察到的相同或相似资产的报价或报价的净资产值。
•短期投资： 对于某些短期投资，摊销成本被用作公允价值的最佳估计。
•其他投资: 某些期权（包括互换期权）使用在金融服务行业广泛接受的模型进行估值。这些因非市场可观察输入（如波动率）的重要性而被归类为第3级。其他主要输入包括利率收益曲线和在相对流动性较低的市场中与之相同或相似的资产的报价。
•其他资产： 包含在好事达人寿保险公司（“ALIC”）的销售协议中的或有对价条款，符合衍生品的定义。该衍生品内部估值采用一个模型，该模型包含随机确定的现金流和包括即期和远期利率、波动率、企业信用利差以及流动性折扣的输入。由于非市场可观察输入的重要性，该衍生品被归类为第3级。
•待售资产： 包括企业固定收益证券。重要输入和估值技术基于上述各自的资产类型。
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基于非经常性基础计价的资产
包括长期资产，如房地产业，要通过卖出处置，这些资产已按公允价值减去销售成本和已写入与确认信用损失相关的银行贷款到公允价值。
投资被排除在公允价值层次之外
以资产净值（NAV）报告的投资
按公允价值计量的有限合伙企业，这些企业的公允价值无法明确确定，使用由投资者提供的NAV
这些投资通常无法由投资者赎回，并且通常未经普通合伙人批准无法出售。公司获得收入分配和投资者基础资产清算的收益，通常发生在典型合同期限的第4-9年。 10-12 年。截至2024年9月30日，公司已承诺在这些有限合伙企业利益中投资$161 百万。
以公允价值计量的资产和负债
2024年9月30日
（单位：百万美元）在活跃市场上相同资产的报价（一级）重要的其他可观察输入（二级）重要的不可观察输入（三级）交易对手和现金抵押清算总计
资产     
固定收益证券:     
美国政府及机构$9,239 $7 $—  $9,246 
市政— 8,253 5  8,258 
企业 - 公开— 24,292 28  24,320 
企业 - 私下放置— 9,425 51 9,476 
外国政府— 1,477 —  1,477 
ABS— 1,087 97 1,184 
总固定收益证券9,239 44,541 181  53,961 
股票证券 (1)
1,295 238 408 
 
1,941 
短期投资2,771 4,221 2  6,994 
其他投资— 1 2 $(1)2 
其他资产2 — 123  125 
待售资产
177 1,534 7 — 1,718 
总固收资产13,484 50,535 723 (1)64,741 
非固收基础
— — 1  1 
公平价值下的全部资产$13,484 $50,535 $724 $(1)$64,742 
总资产中以公允价值计量的资产所占比例20.8 %78.1 %1.1 %— %100.0 %
以净资产价值（NAV）报告的投资1,124 
总计$65,866 
负债     
其他负债$(9)$(16)$— $16 $(9)
总循环基础负债(9)(16)— 16 (9)
公允价值下的总负债$(9)$(16)$— $16 $(9)
总负债的占比为公允价值100.0 %177.8 %— %(177.8)%100.0 %
(1)不包括已签订但尚未开始的租赁支付$的租赁支付。150百万的优先股以成本计量。
2024年第三季度10-Q表格 21
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以公允价值计量的资产和负债
2023年12月31日
（以百万美元计）相同资产在活跃市场上的报价（一级）重要其他可观察输入（二级）重要不可观察输入（三级）交易对手和现金抵押净额总计
资产     
固定收益证券:     
美国政府及机构$8,606 $13 $—  $8,619 
市政— 5,995 11  6,006 
公司 - 公开— 23,272 26  23,298 
公司 - 私下安排— 7,849 58 7,907 
外国政府— 1,290 —  1,290 
ABS— 1,687 58 1,745 
总固定收益证券8,606 40,106 153  48,865 
股权证券 (1)
1,656 203 402 
 
2,261 
短期投资1,676 3,467 1 
 
5,144 
其他投资— 3 2 $(2)3 
其他资产3 — 118  121 
总共的经常性资产11,941 43,779 676 (2)56,394 
非经常性基础— — 15  15 
公平价值下的全部资产$11,941 $43,779 $691 $(2)$56,409 
资产总额中按公允价值计量的比例21.2 %77.6 %1.2 %— %100.0 %
净资产值报告的投资1,165 
总计$57,574 
负债     
其他负债$(2)$(10)$— $8 $(4)
总经常基础负债(2)(10)— 8 (4)
公允价值下的总负债$(2)$(10)$— $8 $(4)
负债总额中按公允价值计量的比例50.0 %250.0 %— %(200.0)%100.0 %
(1)不包括已签订但尚未开始的租赁支付$的租赁支付。150百万的优先股以成本计量。
截至2024年9月30日和2023年12月31日，固收证券的第3级公允价值计量总额为$181 百万美元和美元153 百万，分别包括$28 百万美元和美元26 百万，分别是根据非正式经纪报价估值的证券，其中的输入没有得到市场可观察的证据确认，及$5 百万美元和美元11 百万，分别是未被第三方信用评级机构评级的市政固收证券。
对于根据非正式经纪报价估值的固收证券，信用利差的增加（减少）将导致公允价值降低（提高）；而未被第三方信用评级机构评级的市政债券的信用评级的增加（减少）将导致公允价值提高（降低）。
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截至2024年9月30日止三个月期间，按公允价值持有的第3级资产和负债的滚动表
截至余额
2024年6月30日		总收益（损失）
包含在：		 转移
转移（到）出售持有的资产
截至余额
2024年9月30日
($ in millions)净利润收益进入第3级退出第3级采购销售额问题结算
资产
固定收益证券:
市政$7 $(2)$— $— $— $— $— $— $— $— $5 
企业 - 公开30 — — — — (7)5 — — — 28 
企业 - 私募50 — — — — — 1 — — — 51 
ABS71 — — — — — 27 — — (1)97 
总固定收益证券158 (2)— — — (7)33 — — (1)181 
股权证券393 12 — — — — 5 (2)— — 408 
短期投资1 — — — — — 1 — — — 2 
其他投资2 — — — — — — — — — 2 
其他资产121 2 — — — — — — — — 123 
待售资产
— — — — — 7 — — — — 7 
总计持续性三级资产$675 $12 $— $— $— $— $39 $(2)$— $(1)$723 
截至2024年9月30日的九个月期间按公允价值持有的三级资产和负债的滚动情况
截至2023年12月31日的余额总收益（损失）
包含在：		转移
从待售资产的转移（到）
截至2024年9月30日的余额
($ in millions)净利润收益进入三级退出三级采购销售额问题结算
资产
固定收益证券:
市政$11 $(2)$— $— $— $— $— $(2)$— $(2)$5 
公司 - 公开26 1 1 — — (7)16 (9)— — 28 
公司 - 私募58 (6)— — — — 1 (2)— — 51 
ABS58 — — — — — 41 — — (2)97 
总固定收益证券153 (7)1 — — (7)58 (13)— (4)181 
股权证券402 18 — — — — 14 (26)— — 408 
短期投资1 — — — — — 22 (20)— (1)2 
其他投资2 — — — — — — — — — 2 
其他资产118 5 — — — — — — — — 123 
待售资产— — — — — 7 — — — — 7 
总计经常性第三级资产$676 $16 $1 $— $— $— $94 $(59)$— $(5)$723 
2024年第三季度10-Q表格 23
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在2023年9月30日结束的三个月期间，按公允价值计量持有的三级资产和负债的结转
截至余额
2023年6月30日		总盈利（亏损）
包括在:		转移 截至余额
 2023年9月30日
($ in millions)净利润收益进入第三级离开第三级采购销售额问题结算
资产
固定收益证券:
市政$12 $— $— $— $— $— $(1)$— $— $11 
公司 - 公开26 — (1)— — — — — — 25 
公司 - 私下安排60 — (1)— — — — — — 59 
ABS34 — — — — 4 — — — 38 
总固定收益证券132 — (2)— — 4 (1)— — 133 
股权证券381 15 — — — — (13)— — 383 
短期投资6 — — — — 10 — — — 16 
其他投资2 — — — — — — — — 2 
其他资产104 9 — — — — — — — 113 
总共的经常性三级资产$625 $24 $(2)$— $— $14 $(14)$— $— $647 
在2023年9月30日结束的九个月期间，按公允价值计量持有的3级资产和负债的滚存
截至的余额
2022年12月31日		总收益（损失）
 包括在其中:		 转移 截至2023年9月30日的余额
($ in millions)净利润收益进入三级离开三级采购销售额问题结算
资产
固定收益证券:
市政$21 $3 $(1)$— $— $— $(10)$— $(2)$11 
公司 - 公开69 (1)1 — — — (44)— — 25 
公司 - 私下安排55 (11)— 16 — 1 (2)— — 59 
ABS28 — — — — 11 — — (1)38 
总固定收益证券173 (9)— 16 — 12 (56)— (3)133 
股权证券333 22 — — — 70 (42)— — 383 
短期投资6 — — — — 10 — — — 16 
其他投资3 (1)— — — — — — — 2 
其他资产103 10 — — — — — — — 113 
总计循环等级3资产$618 $22 $— $16 $— $92 $(98)$— $(3)$647 
净利润中包括的总三级收益（损失）
截至9月30日的三个月截至9月30日的九个月
($ in millions)2024202320242023
净投资收益$— $(1)$1 $(3)
投资和衍生品的净收益（损失） (1)
10 16 10 15 
营业成本和费用 (1)
2 9 5 10 
(1)在2024年第一季度之前，包括运营成本和费用内的三级收益（损失）已在此表中报告，包括投资和衍生品净收益（损失）。历史结果已更新以符合此展示。
截至2024年9月30日的三个月和九个月中，没有转入第3级。在截至2023年9月30日的三个月中，也没有转入第3级。2023年截至9月30日的九个月中转入第3级的情况包括某些证券的减值，这些证券使用了内部价格定价，而这些输入的市场可观察性未得到证实，导致这些证券被分类为第3级。
没有得到证实为市场可观察的结果，使得这些证券被分类为第3级。
截至2024年和2023年9月30日的三个月和九个月中，没有转出第3级。
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估值变动包括在净利润和持有的Level 3资产和负债的OCI中
截至9月30日的三个月截至9月30日的九个月
($ in millions)2024202320242023
资产    
固定收益证券:
市政$(2)$— $(2)$— 
公司 - 公开— — 1 — 
公司 - 私下安排— — (6)(11)
总固定收益证券(2)— (7)(11)
股权证券12 15 23 21 
其他投资— — — (1)
其他资产2 9 5 10 
总共的经常性三级资产$12 $24 $21 $19 
净利润中包含的总计$12 $24 $21 $19 
净利润的元件
净投资收益$— $(1)$1 $(3)
投资和衍生工具的净收益（损失）10 16 15 12 
运营成本和费用2 9 5 10 
净利润中包括的总额$12 $24 $21 $19 
资产
公司 - 公开$— $(1)$1 $— 
公司 - 私下安排— (1)— — 
OCI中报告的未实现净资本收益和损失的变动$— $(2)$1 $— 
未按公允价值计量的金融工具
（单位：百万美元）2024年9月30日2023年12月31日
金融资产公允价值水平摊销成本，净额
公允价值
价值
摊销成本，净额
公允价值
价值
抵押贷款三级$765 $736 $822 $769 
银行贷款三级187 197 224 238 
金融负债公允价值水平
账面价值 (2)
公允价值
价值
账面价值 (2)
公允价值
价值
投资合同的合同持有人资金 (1)
三级$— $— $46 $46 
Debt二级8,083 8,027 7,942 7,655 
对抵押品的负债二级2,021 2,021 1,891 1,891 
待售负债
三级41 41 — — 
(1)截至2024年9月30日，所有投资合同中的合同持有人基金均为待售状态。
(2)代表在资产负债表上报告的金额。
注7衍生金融工具
公司使用衍生品来降低风险，并通过资产复制来提高投资组合的回报。风险降低活动集中于管理由于无风险利率变化、股市估值变化、信用利差增加和外汇波动带来的某些资产和负债的风险。
资产复制是指通过使用衍生品“合成”创造资产。公司通过结合信用违约掉期、指数总回报掉期、期权、期货或外汇远期合约以及一种或多种高评级的固定收益证券，主要是投资级主债券，进行合成
复制一个或多个现金市场证券的经济特征。公司使用期货、指数总回报掉期和期权来复制股票证券，以增加股票敞口。
财产-责任可能使用利率掉期、掉期期权、期货和期权来管理现有投资的利率风险。这些工具被用于改变投资组合的久期，以抵消利率对其固定收益证券公允价值的经济影响。固定收益指数总回报掉期被用来抵消在市场价值下降期间固定收益投资组合的估值损失。信用违约掉期通常用于减轻财产-责任中的信用风险。
2024年第三季度10-Q表格 25
附注至简明合并财务报表

固收投资组合。股指总回报掉期、期货和期权被财产与责任部门用于抵消股票投资组合在股市价值下降期间的估值损失。此外，股指期货被用于对冲延期薪酬责任合同相关的市场风险。股票衍生品也可被用于复制现金市场头寸以增加股票暴露。远期合同主要被财产与责任部门用于对冲持有以外币计价的投资和境外业务所涉及的外币风险。
当衍生品符合特定标准时，可以被指定为会计套期保值，按公允价值、现金流量、外币公允价值或外币现金流量套期保值核算。
合同中规定的名义金额用于计算协议支付的交换，并且通常不代表这些协议的盈利或损失潜力。然而，在公司出售信用保护的信用违约掉期中，规定的名义金额代表潜在损失的最大金额，假设... 没有 恢复。
公允价值，等于账面价值，是公司在报告日终止衍生合同时将收到或支付的预计金额。场外交易衍生品的账面价值金额进一步调整，以反映如果有的可执行主套期净额协议的影响，并按交易对手协议以净额方式，在合并财务状况简表中呈现。
对于那些符合条件并被指定为公允价值会计套期保值的衍生品，净
利润包括衍生工具和受保风险的公允价值变动。对于现金流量套期保值，收益和损失从综合收益中分期摊销，并在预期交易对受保风险产生的净利润。
非套保会计通常用于“组合”级别的套期保值战略，其中被套期项目的条款不符合严格的同质性要求，无法适用套期会计。对于非套期衍生工具，净利润包括公允价值变动和应计周期支付变动，如果适用的话。除用于资产复制和非套期嵌入式衍生工具的非对冲衍生工具外，所有公司的衍生工具都会至少每季度评估其持续有效性，确定其是否作为会计对冲或非对冲衍生金融工具。
2021年与ALIC及其某些关联企业的出售相关，销售协议包括一个涉及有条件收购的规定，该规定可在一个期限内获得，首次潜在付款日期为2026年1月1日，最终潜在付款日期为2035年1月1日。有条件收购每年根据前三年的平均十年期国债利率与指定利率的比较确定，这被视为衍生物的定义并按公允价值计量，公允价值的周期变动反映在收入中。与有条件收购相关的抵押要求。 十年 在2021年出售ALIC及某些关联方期间，销售协议包括一个涉及有条件收购的规定，可在一个期段内获得，首次潜在付款日期为2026年1月1日，最终潜在付款日期为2035年1月1日。有条件收购每年根据前三年的平均十年期国债利率与指定利率的比较确定，这被视为衍生工具并根据公允价值核算，公允价值的周期变动反映在收入中。与有条件收购相关的没有抵押要求。
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2024年9月30日衍生工具成交量和公允价值仓位摘要
（单位：百万美元，除合同数量外） 
成交量 (1)
   
资产负债表项目位置名义金额合同数公平价值，净额总资产总负债
资产衍生品      
未作为会计避险工具指定的衍生品   
 
 
利率合同    
 
 
期货其他资产n/a3,520 $1 $1 $— 
股票和指数合约    
 
 
期货其他资产n/a1,045 1 1 — 
外币合同    
 
 
汇率期货其他投资$383 n/a(8)1 (9)
附带条款考虑 其他资产250 n/a123 123 — 
信用违约合同    
 
 
信用违约掉期 - 购买保护其他投资30 n/a— — — 
资产衍生产品总额 $663 4,565 $117 $126 $(9)
负债衍生品      
未被指定为会计避险工具的衍生品     
利率合同      
期货其他负债和应计费用n/a22,106 $(9)$— $(9)
股票和指数合约      
期货其他负债和应计费用n/a284 — — — 
外币合同      
汇率期货其他负债和应计费用$262 n/a(7)— (7)
负债衍生品总额 262 22,390 (16)$— $(16)
总衍生品 $925 26,955 $101   
(1)    场外交易和清算衍生合同的成交量由其名义金额表示。交易所交易衍生品的成交量由合约数量表示，这是其交易的基础。(n/a = 不适用)
2024年第三季度10-Q表格 27
附注至简明合并财务报表

2023年12月31日衍生工具的成交量和公平价值部位摘要
（以百万美元计，合同数量除外） 
成交量(1)
   
资产负债表项目位置名义金额合同数公平价值，净额总资产总负债
资产衍生品      
未被指定为会计避险工具的衍生品    
 
利率合同     
 
期货其他资产n/a20,479 $2 $2 $— 
股票和指数合约     
 
选项其他投资n/a32 — — — 
期货 其他资产n/a1,305 1 1 — 
外币合同     
 
汇率期货其他投资$278 n/a(2)2 (4)
附带条件其他资产250 n/a118 118 — 
信用违约合同    
 
信用违约互换 - 购买保护其他投资34 n/a(1)— (1)
资产衍生品总额 $562 21,816 $118 $123 $(5)
负债衍生品      
未指定为会计套期工具的衍生品     
利率合同      
期货其他负债及应计费用n/a2,175 $(1)$— $(1)
股票和指数合约      
期货其他负债和应计费用n/a980 (1)— (1)
外币合同      
汇率期货其他负债和应计费用$306 n/a(3)1 (4)
信用违约合同      
信用违约掉期 – 购买保护其他负债和应计费用19 n/a(1)— (1)
衍生负债合计 325 3,155 (6)$1 $(7)
总衍生品 $887 24,971 $112   
(1)    场外交易和清算衍生合同的成交量由其名义金额表示。交易所交易衍生品的成交量由合约数量表示，这是其交易的基础。(n/a = 不适用)
场外交易衍生品的毛额和净额 (1)
（单位：百万美元） 抵消   
毛额对手方净额现金担保（已收）质押资产负债表上的净额证券担保（已收）质押净金额
2024年9月30日      
资产衍生品$1 $(9)$8 $— $— $— 
负债衍生品(16)9 7 — — — 
2023年12月31日      
资产衍生品$3 $(6)$4 $1 $— $1 
负债衍生品(10)6 2 (2)— (2)
(1)所有板块的场外衍生品都受可执行的主净额协议约束。
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在未被指定为会计对冲的衍生工具上报告的公允价值变动和结算的收益（损失）
（以百万美元计）投资和衍生工具的净收益（损失）运营成本和费用在衍生工具上确认的净利润总收益（损失）
2024年9月30日止三个月   
利率合同$42 $— $42 
股票和指数合约(2)10 8 
附带条件— 2 2 
外币合同(23)— (23)
信用违约合同3 — 3 
总计$20 $12 $32 
2024年9月30日结束的九个月   
利率合同$21 $— $21 
股票和指数合约(17)24 7 
附带条件— 5 5 
外币合同(9)— (9)
信用违约合同2 — 2 
总计$(3)$29 $26 
2023年9月30日结束的三个月   
利率合同$5 $— $5 
股票和指数合约10 (10)— 
附带条件— 9 9 
外币合同17 — 17 
信用违约合同(1)— (1)
总计$31 $(1)$30 
截至2023年9月30日的九个月中，   
利率合同$(12)$— $(12)
股票和指数合约(6)8 2 
附带条件— 10 10 
外币合同6 — 6 
信用违约合同(16)— (16)
总计$(28)$18 $(10)
公司通过利用备受好评的交易对手、设立风险控制限制、签订具有法律约束力的主净额协议（MNAs）以及在适当时获得抵押品来管理其信用风险敞口。公司在场外衍生品交易中使用MNAs，允许任一方对应交易应付款项进行净结算，当超过某些预先确定的风险限制时，抵押品要么被质押，要么被获得。
场外现金和证券抵押
（以百万美元计）2024年9月30日
由公司质押$15 
质押给公司 (1)
— 
(1) $14 百万 的 根据MNAs提供质押品用于包含信用风险相关条款的合同中的负债条款。
公司未因交易对手不履行而遭受任何衍生金融工具损失。其他衍生工具，包括期货和某些期权合同，在要求保证金存款并保证交易执行的有组织交易所上交易，从而降低潜在的信用风险。
交易对手信用敞口代表公司的潜在损失，如果所有交易对手同时未履行合同条款，并且所有质押品（如果有）变得毫无价值。此风险通过报告日期具有正价值的场外衍生合同的公允价值减去任何已生效的主净合约协议的影响来衡量。截至2024年9月30日和2023年12月31日，公司未有任何交易对手信用敞口。
对于某些交易所交易和结算衍生品，需要保证金存款以及每日现金结算保证金账户。
交易所交易和结算保证金存款
（以百万美元计）2024年9月30日
公司所承诺的$82 
公司接收到
— 
市场风险是公司由于市场利率和价格不利变化而产生损失的风险。公司目前持有的所有衍生金融工具都存在市场风险，因为这些工具可能在市场条件不利变化时减值。为了限制这种风险，
2024年第三季度10-Q表格 29
附注至简明合并财务报表

公司的高级管理层已建立风险控制限额。此外，公司用于风险管理目的的衍生金融工具的公允价值变动通常会被相关资产、负债或预测交易的对冲风险成分的公允价值或现金流的变动所抵消。
公司的某些衍生交易包含信用风险附带的终止事件和交叉违约条款。信用风险附带的终止事件允许对手方在特定日期终止衍生协议或特定交易，如果AIC的财务实力信用评级
在穆迪或标普的评级低于某一水平。信用风险附带的交叉违约条款允许对手方在公司在某些债务工具上违约达到预定阈值时终止衍生协议。
下表总结了具备终止、交叉违约或抵押信用风险附带特征的衍生工具的公允价值，这些衍生工具处于负债位置，同时符合在法律上可强制执行的MNA条款中的规定，抵消的资产和抵押品的公允价值。
（以百万美元计）2024年9月30日2023年12月31日
包含信用风险附加特性的合同的总负债公允价值$16 $10 
包含信用风险附加特性且受制于MNA的合同的总资产公允价值(1)(3)
根据MNA发布的用于包含信用风险附加特性的合同的抵押品(14)(5)
如果所有特性同时被触发，则包含信用风险附加特性的合同的最大额外风险敞口$1 $2 
注释 8可变利益实体
合并后的VIE主要包括纽约互惠保险公司阿迪朗达克保险交易所（“阿迪朗达克”）和新泽西州互惠保险公司新泽西斯天地保险协会（“Skylands”）。互惠交易所是以非法人协会的形式组织的保险公司。公司不拥有互惠交易所的股权，互惠交易所的股权归其各自的保单持有人所有。
互惠交易所的业绩包含在Allstate Protection板块中，因为该公司管理互惠交易所的业务运营，并有权指导其对经济表现影响最大的活动。该公司因向互惠交易所提供的服务而收到了总额为美元的管理费2百万和美元23截至2024年9月30日的三个月和九个月中分别为百万美元，而这一数字为美元14百万和美元37 在截至2023年9月30日的三个月和九个月中，分别为百万美元。此外，截至2024年9月30日和2023年12月31日，公司持有的权益为美元123百万美元为盈余票据的形式，为互惠交易所提供资本并吸收预期损失。
由于持续的营业亏损，公司记录了盈余票据的账面价值亏损，金额为美元1232024 年第一季度达到百万美元。正如公司预期的那样，该亏损已反映为归属于非控股权益的资本交易 100其盈余票据权益的百分比用于吸收互惠交易所的预期损失。
阿迪朗达克和斯凯兰兹几乎退出所有业务的写作。随着互惠保险公司的解散，保单持有人将分享任何剩余的未分配盈余，但不受
对互惠交易所未分配盈余的任何赤字进行评估。互惠交易所的资产只能用于偿还互惠交易所的债务，一般债权人对公司没有追索权。
纽约州金融服务部已批准阿迪朗达克的提款计划，即不续保或取消自2024年12月31日起生效的所有保单。国家通用控股公司订立了美元15与阿迪朗达克签订的百万信贷额度协议，用于在无力支付时支付索赔，该协议将在进行最终储备研究以确定自2027年12月31日起是否需要额外资金后到期。截至 2024 年 9 月 30 日，有 不 信贷额度的未清余额。此外，公司免除了阿迪朗达克在2024年7月1日之后应付的所有费用，不包括与个人索赔相关的损失调整费用。
新泽西州银行和保险部已确认代表Skylands提交的提款计划，该计划从2024年12月14日起停止提供个人线路保险，但住宅火灾和船舶保单除外。Skylands 有一个 100与公司签订的配额股份再保险协议百分比将Skylands的所有业务割让给公司。割让给公司的索赔和索赔费用为美元 (6) 百万和美元24 截至2024年9月30日的三个月和九个月中分别为百万美元，而这一数字为美元10 百万和美元27 在截至2023年9月30日的三个月和九个月中，分别为百万美元。
互惠交易所产生了美元48 百万和美元170 截至2024年9月30日的三个月和九个月中，已赚取的保费分别为百万美元59百万和美元173 截至2023年9月30日的三个月和九个月中为百万美元，
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分别。总成本和费用为$62 百万美元和美元207 百万，与分别截至2023年9月30日的三个月和九个月中的$58 百万美元和美元202 百万，截至2023年9月30日的票息费用分别为$
下表反映了合并VIE结果，排除了所有内部交易，包括盈余票据及相关应计利息、管理费用和内部再保险交易。
互惠交易所的资产和负债包含在简明的合并财务状况表中 (1)
($ in millions)2024年9月30日2023年12月31日
资产
固定收益证券$121 $267 
短期投资96 7 
递延保单获取成本12 25 
净保费分期和其他应收款32 44 
再保险应收款，净额68 76 
其他资产10 54 
总资产339 473 
负债
产险赔案和赔付费用准备金224 201 
未赚保费117 177 
其他负债和费用16 77 
总负债$357 $455 
(1) 在合并中消除的公司间余额
总资产$(42)$(26)
总负债(193)(189)
注9为财产和意外保险索赔及索赔费用预留
公司为已报告和未报告的索赔及索赔费用建立准备金，针对被保险损失。公司的准备过程考虑已知事实及情况和因子的财报解读，包括公司在类似案例中的经验、实际支付的索赔、涉及索赔支付模式的历史趋势和待支付索赔的未付水平、损失管理计划、产品组合和合同条款、法律法规的变化、司法决定以及经济条件。
当公司经历索赔类型或混合的变化，或索赔和解模式或数据变化时，它在判断和选择开发因子以制定准备负债时应用精算判断。通货膨胀和复杂维修的比重增加，加上熟练劳动力短缺，导致物理损害损失成本上升。医疗通货膨胀、治疗趋势增加、律师代理增加、诉讼成本上升以及更严重的事故，导致第三方人身伤害损失成本上升。公司在必要时不断数字化和现代化索赔流程，以提高有效性和效率。这些因子可能导致历史开发趋势对未来损失开发的预测能力降低，从而可能产生额外的准备金波动性。
一般而言，新事故年度的初始准备金是基于不同业务部门、业务种类和承保范围的索赔频率和严重性假设，依据与相关通货膨胀因子的历史关系来建立。对于以前的事故年度的准备金
则通过几种不同的精算估计方法进行统计判断。汽车索赔频率的变化可能源于业务的变化、驾驶行为、行驶里程或其他因素。汽车当前年度索赔的严重性则通常受到医疗和汽车维修领域通货膨胀、律师代理和诉讼索赔行为变化、索赔和解的有效性和效率，以及索赔类型的组合变化的影响。当出现索赔数据变化时，运用精算判断以确定建立准备金的适当开发因子。公司的准备过程结合损失模式变化、运营统计及索赔报告流程的变化，以判断其记录的准备金的最佳估计。
作为准备金流程的一部分，公司还可能通过利用第三方理算师、评估师、工程师、检验员和其他专业人士及信息来源来补充其索赔流程，以评估和解决与灾害和非灾害相关的索赔。通货膨胀的影响在准备金流程中隐含考虑。
由于准备金是未支付损失部分的估计，包括发生但尚未报告的（“IBNR”）损失，因此建立适当的准备金，包括灾害准备金、业务终止物业责任和再保险及赔偿可追回款项，是一个本质上不确定且复杂的过程。实际损失的最终成本可能与记录金额有显著差异，这些金额是基于管理层的最佳估计。
2024年第三季度10-Q表格 31
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最不确定性的程度与最初报告时期拨备损失有关，因为其中包含了最大比例的尚未报告或解决的损失，以及在快速上升的损失成本期间，涉及诉讼或需要更长时间解决的索赔的不确定性增加。公司还存在运行财产责任准备金方面的不确定性，该准备金基于很久以前发生的事件，复杂性由于缺乏历史数据、法律解读、未解决的法律问题和基于事实的立法意图而增加。
公司定期更新储备估计，随着新信息的可获得以及可能影响解决未决索赔的事件的发展。储备估计的变化，可能是重大的，应在决定这些变化的期间，在资产负债表中报告财产和意外伤害保险索赔和索赔费用。
管理层认为，财产和意外伤害保险索赔和索赔费用储备净额，相对于可收回金额，是按照可获得的事实、法律和法规，适当设定以覆盖截至财务状况表日期前发生的损失导致的已报告和未报告索赔的最终净成本。
管理层认为，财产与意外伤害保险索赔和索赔费用的储备，净额可收回，是按照可获得的事实、法律和法规适当设定，以覆盖在财务状况表日期之前发生的损失产生的已报告和未报告索赔的最终净成本。
财产保险索赔准备和索赔费用的结转
截至9月30日的九个月
($ in millions)20242023
截至1月1日的余额$39,858 $37,541 
减： 应收款项 (1)
8,396 9,176 
1月1日净余额31,462 28,365 
与以下相关的发生的索赔和索赔费用：
当前年份31,033 31,910 
之前年份(322)380 
计提全部30,711 32,290 
与以下相关的索赔和索赔费用已支付：
当前年份(15,977)(16,593)
之前年份(12,181)(12,057)
实际支付合计(28,158)(28,650)
截至9月30日的净余额34,015 32,005 
加：应收款项
8,728 8,654 
截至9月30日余额$42,743 $40,659 
(1)回收款项包括再保险和赔偿款项。
发生的索赔和索赔费用代表了在期间支付的损失、索赔调整费用和准备金变动的总和。该费用包括自灾难中产生的损失，金额为$4.55私人股权和其他投资的金额分别为52.27亿美元和53.98亿美元，截至2023年7月31日和2023年1月31日。5.57 10亿，在截至2024年和2023年9月30日的九个月中，扣除可回收款项。
灾难是财产和意外伤害保险业务固有的风险，已经并将继续对公司业绩和财务状况的年度波动产生重要影响。
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包括在索赔和索赔费用中的往年储备重估 (1)
非灾难性损失灾难损失总计
($ in millions)
202420232024

202320242023
截至9月30日的三个月
汽车$(55)$27 $(10)$6 $(65)$33 
住宅业主(11)46 (1)16 (12)62 
其他个人保险54 (3)(3)(11)51 (14)
商业线1 13 — 6 1 19 
其他业务保险(3)1 — — (3)1 
运行保险责任
59 82 — — 59 82 
保护服务 1 — — — 1 — 
总计往年储备重新估计$46 $166 $(14)$17 $32 $183 
截至9月30日的九个月

汽车$(293)$146 $(26)$(41)$(319)$105 
住宅业主(114)75 (278)61 (392)136 
其他个人保险169 15 (5)(23)164 (8)
商业线164 42 (5)9 159 51 
其他业务保险1 12 — — 1 12 
清偿财产责任
65 85 — — 65 85 
保护服务 — (1)— — — (1)
上年度储备重新估计总额
$(8)$374 $(314)$6 $(322)$380 
(1)有利的储备重新评估显示在括号中。
2024年第三季度10-Q表格 33
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注释10未来政策利益和合同持有人所有基金类型的储备
未来保单利益准备金滚存 (1)
截至9月30日的九个月
事故和
健康		传统
life		总计
($ in millions)202420232024202320242023
预期净保费现值
开始余额$1,688 $1,464 $325 $238 $2,013 $1,702 
原始贴现率的期初余额1,737 1,549 330 246 2,067 1,795 
现金流假设变动的影响(88)(12)(13)34 (101)22 
实际偏差对预期经验的影响28 (4)4 4 32 — 
调整后的期初余额1,677 1,533 321 284 1,998 1,817 
股份发行490 378 69 53 559 431 
利息计提63 48 11 8 74 56 
净保费收取(281)(260)(49)(37)(330)(297)
原始贴现率的期末余额1,949 1,699 352 308 2,301 2,007 
贴现率假设变更的影响6 (113)(1)(19)5 (132)
已重新分类为持有待售的负债(1,270)— (345)— (1,615)— 
结束余额685 1,586 6 289 691 1,875 
预期未来保险责任现值
开始余额2,453 2,229 657 524 3,110 2,753 
原始贴现率的期初余额2,495 2,316 656 534 3,151 2,850 
现金流假设变动的影响(11)21 (10)30 (21)51 
实际偏差对预期经验的影响(28)(24)(4)3 (32)(21)
调整后的期初余额2,456 2,313 642 567 3,098 2,880 
股份发行479 368 69 68 548 436 
利息计提84 75 23 18 107 93 
福利支付(317)(297)(24)(30)(341)(327)
原始贴现率的期末余额2,702 2,459 710 623 3,412 3,082 
贴现率假设变更的影响27 (126)8 (38)35 (164)
已重新分类为持有待售的负债(1,998)— (704)— (2,702)— 
结束余额$731 $2,333 $14 $585 $745 $2,918 
未来保单责任净准备金 (1)
$46 $747 $8 $296 $54 $1,043 
减：再保险应收款 (2)
— 82 — 2 — 84 
未来保单责任净准备金，在再保险应收款后
$46 $665 $8 $294 $54 $959 
(1)不包括已签订但尚未开始的租赁支付$的租赁支付。220 百万美元和美元266 截至2024年和2023年9月30日，短期和其他合同相关的储备为百万。
(2)截至2024年9月30日，已分类为待售。
在简明合并营业收入表中确认的营业收入和利息
($ in millions)截至9月30日的九个月
20242023
收入(1)
意外和健康$605 $600 
传统人寿106 77 
总计$711 $677 
利息费用(2)
意外和健康$21 $27 
传统人寿12 10 
总计$33 $37 
(1)总营业收入反映了用于计算未来保单利益准备金的毛保费。财务报表中包含的意外与健康保险保费及合同费用反映了传统人寿保险和开多、开空的意外与健康保险合同确认的保费收入。
(2)作为事故、健康和其他保单福利的一部分呈现的总利息费用，在汇总的利润表中。
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下表提供了截至2024年9月30日，非参与传统和有限支付合同（包括分类为待售的合同）的未折扣和折扣预期总保费、预期未来福利和支出的金额。
截至9月30日，
20242023
($ in millions)未折现的折现未折现的折现
意外与健康
预期未来应收原保险费$5,581 $3,939 $5,263 $3,600 
预期未来的收益和支出3,943 2,729 3,503 2,333 
传统寿险
预期未来应收原保险费1,013 729 813 553 
预期未来的收益和支出1,345 718 1,153 585 
以下表格提供了截至2024年9月30日，作为未来保单权益准备金的加权平均期限和加权平均利率，包括那些被分类为待售的部分。
截至9月30日，
事故和健康传统寿险
2024202320242023
加权平均期限（年）8.34.315.514.8
加权平均利率期货
利息逐年增加率（合同签发时的折现率）5.05 %4.73 %5.36 %5.43 %
当前折现率（中上级固收收益率）4.65 5.28 4.82 5.56 
重要假设 为了确定死亡率和发病率的假设，公司利用其历史经验和行业数据的结合。死亡率和发病率在全年内进行监测。历史经验是通过每年第三季度的公司经验研究获取的，该研究考虑了其历史理赔模式。赔付率假设是基于公司保险合同的历史失效确定的。
公司于2024年第三季度对死亡率、发病率和失效经验假设进行了年度审查，导致$增加。1 百万和逾$百万的增加，分别用于未来保单福利准备金。1百万，分别用于未来保单福利准备金。
截至2024年9月30日的九个月中，意外和健康产品的实际发病率高于预期。截至2023年9月30日的九个月中，意外和健康产品的实际发病率低于预期。
截至2024年9月30日的九个月，意外和健康产品的实际退保经验低于预期。截止至2023年9月30日的九个月，意外和健康产品的实际退保经验高于预期。
截至2024年和2023年9月30日的九个月内，传统寿险产品的实际死亡率和流失率低于预期。


2024年第三季度10-Q表格 35
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合同持有人资金
截至2024年9月30日，所有合同持有者基金均被分类为待售。
合同持有人资金活动
截至9月30日的九个月
($ in millions)20242023
开始余额$888 $879 
押金98 99 
计入利息25 25 
福利(9)(8)
退保和部分取款(17)(15)
合同费用(89)(90)
其他调整(5)(6)
结束余额$891 $884 
合同持有人的资金元件
利息敏感型人寿保险$850 $837 
固定年金41 47 
总计 $891 $884 
加权平均信贷利率4.19 %4.26 %
净风险金额 (1)
$10,927 $11,550 
现金退保价值$734 $728 
(1)保证的受益金额超过当前账户余额。
附注11再保险和赔偿
再保险转出和赔偿计划对财产和意外伤害保险保费收入和意外伤害保险金和合同费用的影响
（以百万美元计）截至9月30日的三个月截至9月30日的九个月
2024202320242023
财产和意外伤害保险保费收入$(552)$(514)$(1,697)$(1,455)
意外伤害和健康保险费和合同费(16)(16)(37)(35)
再保险转出和赔偿计划对财产和意外保险赔款、赔付费用以及事故、健康和其他保单福利的影响
（以百万美元计）截至9月30日的三个月截至9月30日的九个月
2024202320242023
财产和意外保险索赔和赔付费用$(662)$(274)$(1,178)$(534)
事故、健康和其他保单福利
(13)(7)(27)(32)
再保险和赔偿可收回款项
再保险和赔偿索赔款净额
（单位：百万美元）2024年9月30日2023年12月31日
财产和意外伤害
应付给再保险人和赔偿人$234 $254 
估计未支付的损失（包括IBNR） 8,728 8,396 
总财产和意外伤害$8,962 $8,650 
意外和健康保险51 159 
总计$9,013 $8,809 
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再保收回应收账款信用减值准备的结转
($ in millions)截至9月30日的三个月截至9月30日的九个月
2024202320242023
财产和意外伤害保险 (1) (2)
开始余额$(64)$(61)$(62)$(62)
信用减值准备提列减少2 — — 1 
注销— — — — 
结束余额$(62)$(61)$(62)$(61)
事故和健康保险
开始余额$(3)$(3)$(3)$(3)
信贷损失准备金增加— — — — 
注销— — — — 
重新保险应收款项被归类为待售
1 — 1 — 
结束余额$(2)$(3)$(2)$(3)
(1)主要与转分保产险负债再保险有关。
(2)赔偿款项恢复应根据行业板块和设施授权立法认定为可收回。
备注 12递延保单收购成本
下表显示了在好事达健康和福利部门关于长期合同的DAC的滚动调整，并与公司的总DAC余额进行了对账。
递延保单获取成本活动
（以百万美元计）事故和健康传统
life		利息敏感型人寿保险总计
2024年9月30日结束的九个月    
好事达健康与福利
长期合同
开始余额$321 $90 $100 $511 
递延的收购成本76 41 12 129 
计入收入的摊销(59)(16)(11)(86)
经验调整(15)(1)— (16)
重新分类为待售资产(277)(111)(101)(489)
总计$46 $3 $— $49 
开空合约6 
好事达保护
2,590 
保护服务
3,106 
结束余额$5,751 
截至2023年9月30日的九个月中，    
好事达健康与福利
开多合约
开始余额$322 $79 $101 $502 
递延的收购成本73 24 12 109 
计入收入的摊销(54)(17)(11)(82)
经验调整(22)(1)(2)(25)
总计$319 $85 $100 504 
短期合同27 
好事达保护
2,358 
保护服务
2,935 
结束余额$5,824 
2024年第三季度10-Q表格 37
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Note 13资本结构；
偿还债务 2024年5月15日，公司到期偿还了$350百万欧元的 6.75%高级票据。
债务发行 2024年6月24日，公司发行了$500百万欧元的 5.05% 到期于2029年的优先票据。优先票据的利息每半年支付一次。
每年6月24日和12月24日逾期支付，从2024年12月24日开始。高级票据可在到期日之前的任何时间按适用的赎回价格赎回。本次发行的净收益用于一般企业用途。
附注14公司重组
公司采取各种方案来减少开支。这些方案通常涉及减少员工人数，在某些情况下还包括关闭办公室。重组及相关费用主要包括与这些方案相关的以下成本：
•雇员 - 解雇和搬迁福利
•退出 - 合同终止罚款以及主要与加速摊销使用权资产和即将迁出的设施相关的租赁改善的房地产成本
与这些活动相关的费用在《压缩合并经营报表》中作为重组及相关费用列示，合计$28 百万美元和美元87 百万美元，在截至2024年9月30日的九个月内分别支付了$51 百万美元和美元141 百万，在截至2024年9月30日和2023年的九个月内。
2024年第三季度和前九个月的重组费用主要与此相关
实施行动以实现组织转型新阶段，属于于2024年第二季度启动的变革增长计划的一部分。组织转型包括简化组织结构和外包某些运营方面。公司继续寻找改善运营效率和降低成本的方法，这可能会导致未来出现额外的重组费用。
组织转型
（以百万美元计）
预计项目费用 $24 
预计项目成本的变动
22 
2024年支出
(38)
剩余项目费用$8 
这些费用主要记录在好事达保护部门。公司预计这些措施将在2025年上半年完成。
期间的重组活动
（以百万美元计）
雇员
成本
退出
成本
总计
有限责任
2023年12月31日的重组负债$40 $1 $41 
产生的费用
29 16 45 
负债调整6 — 6 
支付和非现金费用(38)(15)(53)
2024年9月30日的重组负债$37 $2 $39 
截至2024年9月30日，与员工离职、搬迁福利及退出费用相关的活跃项目累计发生金额总计为$127 百万美元用于员工成本和$11 百万美元用于退出成本。
注15担保和 conting Contingent Liabilities
共享市场和州设施评估
公司必须参与指定的风险计划、再保险设施以及在各州提供保险覆盖的联合承保协会，这些计划和协会为那些无法从私人保险公司购买保险覆盖的个人或实体提供保险。
公司定期审查其对这些计划、设施和政府项目评估的风险。在过去两年中，相关的承保结果通常是不利的，但对公司的运营结果没有产生实质性影响。由于公司的参与，它可能面临超过这些设施或评估的资本化损失，
这些损失可能超出这些设施或评估的资本化。
担保
在正常的业务过程中，公司为合同对方提供标准的赔偿，与众多交易（包括收购和出售）有关。通常提供的赔偿类型包括对陈述和保证违约、税款和某些其他责任（如第三方诉讼）的赔偿。这些赔偿条款通常是标准合同条款，并且是在正常的业务过程中根据损失风险较小的评估而签订的。赔偿条款的内容
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持续时间和性质各有不同。在许多情况下，最大义务并未明确说明，并且导致需赔偿的不确定性并未发生，且不太可能发生。因此，在此类赔偿义务下的最大金额不可确定。历史上，公司并未根据这些义务作出任何实质性支付。
关于2021年10月1日ALNY的出售，AIC同意就AIC的某些陈述、保证和契约以及本次交易中明确排除的某些责任向Wilton再保险公司进行赔偿，受制于关于AIC最大义务的具体合同限制。管理层认为这些赔偿不会对公司的业务结果、现金流或财务状况产生实质影响。
关于2021年11月1日ALIC和Allstate 保险公司的出售，AIC和Allstate财务保险控股公司（统称“卖方”）同意就卖方的某些陈述、保证和契约以及本次交易中明确排除的某些责任向Everlake美国控股公司进行赔偿，受制于卖方最大义务的具体合同限制。管理层认为这些赔偿不会对公司的业务结果、现金流或财务状况产生实质影响。
截至2024年9月30日，所有担保相关的总责任余额是微不足道的。
监管和合规
公司受广泛的法律、法规、行政指令和监管行动约束。不时地，监管当局或立法机构寻求影响和限制保费率，要求向投保人退还保费，要求恢复终止的保单，制定有关附属公司如何在市场竞争中的规则或指导方针，限制保险公司取消或不再续保保单的能力，要求保险公司继续承保新保单或限制其发放新保单的能力，限制保险公司更改保险条款或施加核保标准，就代理商和经纪人的薪酬规定额外规定，规范投资性质和金额，因意外错误或失误而处以罚款和处罚，就网络安全和隐私额外规定进一步条例化保险产品和保险行业。此外，公司受联邦机构、国际机构和其他组织管理和执行的法律和法规约束，包括但不限于证券交易委员会、金融行业监管局、美国平等就业机会委员会和美国司法部。公司已建立程序和政策以便遵循法律法规、促进慎重的业务运营，并支持财务报告。
公司定期审查其做法，以验证其是否符合法律法规，内部程序和政策。由于这些审查，公司偶尔可能决定修改一些程序和政策。这些修改及导致修改的审查可能伴随着支付和产生的成本。这些行动对公司业务的最终变化和影响（如果有）是不确定的。
法律和监管程序及调查
公司和某些子公司涉及多起诉讼、监管调查和其他法律诉讼，涉及其业务的各个方面。
背景 这些事项涉及复杂而棘手的事实和法律问题，面临许多不确定性和复杂情况，包括每个事项的基本事实；新颖的法律问题；在进行诉讼、听证或调查的不同司法管辖区之间的差异；指派法官的变化；适用法律和司法解释的差异或发展；法官重新考虑先前的裁决；在很长一段时间内这些事项可能通过和解、诉讼或其他方式解决；关于预期审判进度表和其他程序的调整；对其他公司发起的类似诉讼的发展；有些诉讼是代表性集体诉讼，尚未获得认证并且所谓的类别可能并不是清楚定义的事实；有些诉讼涉及跨州集体诉讼，争议所涉索赔的适用法律(s)因此不明确；以及公司和保险公司所面临的复杂法律环境。
这些事项的结果可能会受到公司、其他保险公司或其他实体涉及的个别诉讼和集体诉讼的决定、裁决和和解以及这些决定、裁决和和解的时间的影响；并受到公司、其他保险公司或其他实体涉及的其他法律、政府和监管行动的影响。这些事项的结果还可能受到未来州或联邦法规的影响，其时间或内容无法预测。
在诉讼中，原告寻求各种补救措施，可能包括禁令和其他救济措施方面的衡平救济，以及合同和额外合同赔偿方面的货币救济。在某些情况下，寻求的货币赔偿可能包括惩罚性或三倍赔偿。通常，原告并未在起诉状中请求具体救济的信息，如赔偿金额等，因此该信息并不可得。当有具体的货币要求时，通常会设定在州法院管辖权限制的下方，以便在州法院中寻求最大可获得的金额，而不考虑案件的具体情况，同时避免被转移至联邦法院。根据好事达的经验，在
2024年第三季度10-Q表格 39
附注至简明合并财务报表

诉状与公司的最终损失（如果有）几乎没有关系。
在监管审查和程序方面，政府当局可以寻求各种形式的救济，包括处罚、赔偿和商业惯例的改变。直到审查或诉讼的最后阶段，公司才会被告知所寻求救济的性质和范围。
应计和披露政策 公司持续审查其诉讼、监管调查和其他法律程序，并在做出应计和披露决策时遵循适当的会计指导。当公司评估可能发生损失并且可以合理估计损失金额时，公司将根据管理层的最佳估计确定此类事项的应计额。如果公司既不认为可能发生损失，也不能合理估计损失金额，则公司不确定此类事项的应计金额。公司对损失是否合理可能或可能的评估是基于其在所有上诉后对该事项最终结果的评估。公司在对合理可能或可能的损失的估计中不包括潜在的回收额。法律费用按发生时记为支出。
公司继续监督其诉讼、监管调查和其他法律程序，以了解进一步的进展情况，使意外损失既是可能的，也是可以估计的，因此可以应计的，或者可能影响先前确定的应计金额。可能继续存在超过任何应计金额的亏损风险。应计金额的性质和金额是在有足够的法律和事实进展的情况下，披露应计金额不会影响公司解决问题的能力。
当公司评估发生损失的合理可能性或可能性时，它会披露此事。当有可能估计所披露事项的合理可能损失或损失范围超过应计金额（如果有）时，将汇总并披露该估计。如果无法估计合理可能的损失或损失范围，则无需披露。
对于下文 “索赔相关诉讼” 和 “其他诉讼” 小节中描述的某些事项，公司能够估计合理可能的损失或超过应计金额（如果有）的损失范围。在确定是否有可能估计合理可能的损失或损失范围时，公司会同法律顾问一起根据可能相关的事实和法律发展，对披露的事项进行审查和评估。
这些进展可能包括通过发现过程获得的信息、对处分性动议的裁决、和解讨论、从其他来源获得的信息、管理这些和其他事项的经验，以及法院、仲裁员或其他人的其他裁决。当
公司拥有足够的适当信息，可以估算出合理可能的损失或超过应计金额的损失范围（如果有），该估计值汇总并披露如下。可能还有其他披露的事项可能或合理可能造成损失，但这样的估计是不可能的。只有在法律和事实有了足够的发展并且公司解决问题的能力不会因披露个人估计数而受到损害的情况下，才会考虑披露任何个别事项的合理可能损失或超过应计金额（如果有）的损失范围。
公司目前估计，在可以进行此类估计的披露事项中，合理可能的损失超过应计金额（如果有）的总体范围为 零 到 $68 百万，税前。此披露并不表示预期损失（如果有）。根据会计指导，如果 “未来发生一个或多个事件的可能性很小但不太可能”，则该事件是 “合理可能的”；如果 “未来发生一个或多个事件的可能性很小”，则该事件是 “遥不可及的”。该估计基于当前可用信息，需要做出重大判断、各种假设以及已知和未知的不确定性。估算所依据的事项将不时发生变化，实际结果可能与目前的估计有很大差异。估算不包括无法估算的事项或损失。因此，这一估计仅代表对符合这些标准的某些事项可能造成的损失的估计。它并不代表公司的最大可能的损失敞口。下文提供了有关所有披露事项的性质的信息，以及与这些意外损失相关的原告索赔金额（如果有）（如有）。
由于下文 “索赔相关程序” 和 “其他诉讼” 小节中披露的事项的复杂性和范围以及存在的许多不确定性，这些事项的最终结果无法预测，公司判断，超过应计金额（如果有）的损失是不可能的。如果其中一项或多项事项出现不利结果，则最终负债可能超过当前的应计金额（如果有），并且可能对公司特定季度或年度期间的经营业绩或现金流具有重要意义。但是，根据目前已知的信息，管理层认为，下述所有事项的最终结果，随着时间的推移得到解决，不太可能对公司的财务状况产生实质性影响。
索赔相关诉讼 该公司正在为佛罗里达州的各种纠纷进行辩护，这些纠纷对公司与佛罗里达州汽车保单下的人身伤害保护福利索赔有关的做法、流程和程序提出了质疑。医疗提供者继续根据各种理论提起诉讼，质疑公司在人身伤害保护保险下支付的金额，寻求额外的补助金，以及
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适用的利息、罚款和费用。在一起这样的诉讼中 Revival Chiropractic 诉 Allstate 保险公司等人 （佛罗里达州医学博士于2019年1月提起诉讼），联邦地方法院驳回了集体认证和原告再次提出集体认证动议的请求。在 复兴，2022年6月2日，第十一巡回法院向佛罗里达州最高法院批准了Allstate对联邦地方法院对州人身伤害保护法规解释的上诉。在佛罗里达州最高法院的认证结果出来之前，第十一巡回法院对原告的集体认证上诉作出裁决。佛罗里达州最高法院的口头辩论于2023年3月8日举行。2024年4月25日，佛罗里达州最高法院发布了一项有利于该公司的裁决，认定该公司在支付某些医疗提供者费用方面的做法符合公司的政策措辞和州人身伤害保护法规。2024年5月24日，第十一巡回法院下达命令，驳回原告的集体认证上诉，并指示联邦地方法院作出有利于Allstate的即决判决。2024年7月2日，联邦地方法院作出了有利于Allstate的判决。
该公司正在多个法院为假定的集体诉讼辩护，这些诉讼对公司在房主财产索赔中的折旧做法提出了质疑。在这些诉讼中，原告通常声称，在计算实际现金价值时，“非材料” 的成本，例如劳动力、总承包商的管理费用和利润以及销售税，不应折旧。该公司目前正在就此问题为以下诉讼进行辩护： Sims等人诉Allstate火灾和意外伤害保险公司等人 （W.D. Tex. 于2022年6月提交）； 汤普森等人诉Allstate保险公司 （密苏里州科尔巡回法院于2022年6月提起诉讼）； 希尔诉Allstate车辆和财产保险公司案y（密苏里州科尔巡回法院于2022年10月提起诉讼）；以及 Hernandez 诉 Allstate 车辆和财产保险公司案 （D. Ariz.于2023年4月提交）。在这些问题上均未获得任何课程的认证。
该公司正在为多个州待审的假定集体诉讼辩护，该诉讼指控该公司少付了汽车保单上的全部损失车辆人身损害索赔。所谓的系统性少付源于以下理论：(a) 据称公司在全面调整过程中使用的第三方估值工具存在缺陷、偏见或违背适用法律；和/或 (b) 据称公司未缴纳销售税、所有权费、注册费和/或其他据称根据政策措辞或州法律授权必须支付的特定费用。
该公司目前正在为以下诉讼辩护： 克罗嫩伯格诉Allstate保险公司和Allstate火灾和意外伤害保险公司 （E.D.N.Y. 于 2018 年 12 月提交）； Durgin 诉 Allstate 财产和意外伤害保险公司案 （W.D. La. 于2019年6月提交）； Golla 诉 Allstate 保险公司 （N.D. 俄亥俄州于 2023 年 6 月提交）； Bibbs 诉 Allstate 保险公司和 Allstate 火灾和意外伤害保险公司 （N.D. 俄亥俄州于 2023 年 8 月提交）； Hail 诉好事达案
财产和意外伤害保险公司 （乔治亚州哈伯舍姆州法院于2023年12月提起诉讼）； Katz 诉 Esurance 财产和意外伤害保险公司和全国通用保险公司 （E.D.N.Y. 于 2024 年 2 月提交）； Jarrett-Kelly 诉直通保险代理公司案。（阿肯色州普拉斯基巡回法院于2024年5月提起诉讼）； 以及 Schott 诉 Allstate Insurance Company 和 Allstate 财产和意外伤害保险公司案 （医学博士，于2024年10月提交）。在这些问题上均未获得任何课程的认证。
原则上已就以下案件达成和解： Bass 诉帝国火灾和意外伤害保险公司 （W.D. La. 于 2022 年 2 月提交）；以及 卡明斯诉Allstate财产和意外伤害保险公司案 （洛杉矶医学博士于2022年4月提交）。
该公司正在为美国亚利桑那州地方法院的假定集体诉讼进行辩护，该诉讼指控未投保/保险不足的驾车者索赔少付款。诉讼是 Dorazio 诉 Allstate 火灾和意外伤害保险公司案 和 Loughran 诉 MIC 通用保险公司，均于2022年12月提交。原告声称，必须叠加未投保/投保不足的驾车者保险，将多辆车的单独未投保/投保不足的保险限额合并为一个更高的承保限额，据称被告没有包括特定的保单措辞，也没有向投保人提供具体的通知。尚未就这些问题对任何课程进行认证。2023 年 7 月，亚利桑那州最高法院发布了一项裁决 富兰克林诉CSAA一般保险，此事涉及另一家保险公司。这个 富兰克林 该裁决认为，根据该案的事实情况，必须对未投保/投保不足的驾车者进行大量保险，因为保险公司没有包括特定的保单措辞，也没有发出具体的通知。
其他诉讼 该公司在加州保险专员面前就加利福尼亚州Allstate保险公司和Allstate赔偿公司的私人乘用车保险评级做法举行了调查听证会。调查听证会的标题是： 关于Allstate保险公司和Allstate赔偿公司的评级惯例问题。根据加州保险专员发布的听证通知，加州保险专员正在调查：（1）Allstate使用非法的价格优化是否可能违反了加利福尼亚州的保险法；（2）Allstate如何在其私人乘客汽车保险费率和/或类别计划中实施任何此类潜在的非法价格优化；（3）这种潜在的非法价格优化如何影响Allstate的私人乘客汽车保险投保人。根据公司与加州保险部之间的协议，此事于2024年9月17日被驳回。
该公司正在辩护 二 在美国加利福尼亚东区地方法院提起的假定集体诉讼， Holland Hewitt 诉 Allstate 人寿保险公司 2020 年 5 月提交，以及 法利诉林肯福利人寿案 公司 （“LBL”）在出售ALIC后于2020年12月提交了申请。2023 年 4 月 19 日，地区法院
2024年第三季度10-Q表格 41
附注至简明合并财务报表

认证了一门课程于 法利。 LBL正在向第九巡回上诉法院上诉地区法院的订单。2024年3月27日，法官发布了他的调查和建议，拒绝了在 休伊特。 原告对法官的建议提出了异议。在这些案件中，原告通常声称被告未能遵守某些加利福尼亚州法规，这些法规涉及某些人寿保险政策的合同宽限期和失效通知要求。原告声称这些法规适用于法规生效日期之前存在的人寿保险政策。原告寻求损害赔偿和禁令救济。针对其他保险公司类似的诉讼正在进行中。在2021年8月，加利福尼亚州最高法院在 麦克休诉保护生命一件涉及另一家保险公司的案件，裁定法定通知要求适用于法规生效日期之前发放的人寿保险政策。公司对原告的索赔及对班级认证提出了各种抗辩。
公司正在为南加州美国地方法院中的一起诉讼进行辩护，
查韦斯诉好事达北布鲁克赔偿公司本案提交于2022年2月，原告普遍声称好事达的居家补偿计划在2020年和2021年加州因COVID-19停留在家的限制而导致驾驶减少的情况下提供的保费减免不足。原告寻求的赔偿包括额外的保费退款和惩罚性赔偿。2024年6月25日，法院发布了批准原告集体诉讼认证请求的订单。公司继续为诉讼辩护，并反对原告的指控。
2024年7月24日，司法部在宾夕法尼亚州西区美国地方法院对国家通用控股公司、国家通用保险公司、国家通用贷款服务公司和纽波特管理公司提起民事诉讼。诉讼指控国家通用作为大型国家银行的供应商提供的某些服务用于其抵押保护保险计划违反了1989年的《金融机构改革、复苏与执法法案》（“该法”），并寻求根据该法可获得的民事货币罚款。
注意16利益计划
2024年前九个月的服务成本包括一笔$38百万美元的退还，之前支付给养老金福利保障机构（“PBGC”）的保险金。PBGC保险私营部门雇主提供的定义利益计划。PBGC保险金需要每年支付，并且使用预先定义的计算方法计算，其中包括利率期货，以贴现计划的应得利益。在2024年第二季度，公司的定义利益养老金计划选择了一种替代方法，计算确定2023年度保险金的预定利率，导致$38百万美元的退还，这是之前支付的保险费。
养老金和其他离退休计划的净成本（效益）元件
截至9月30日的三个月截至9月30日的九个月
（以百万美元计）2024202320242023
养老金福利
服务成本$26 $34 $52 $99 
利息成本59 58 175 176 
计划资产预期回报(74)(78)(227)(234)
成本和费用11 14 — 41 
重新测量预期福利义务233 (211)140 (156)
重新测量计划资产(214)369 (129)219 
重新测量（收益）损失19 158 11 63 
养老金净成本$30 $172 $11 $104 
养老福利
服务成本$— $— $— $— 
利息成本2 3 7 8 
先前服务信用摊销— (6)(1)(18)
成本和费用2 (3)6 (10)
福利责任重估
7 (9)4 (7)
计划资产重估— — — — 
重估（收益）损失7 (9)4 (7)
离退休净成本（利益）$9 $(12)$10 $(17)
养老金和离退休福利
成本和费用$13 $11 $6 $31 
再度计量（利得）损失26 149 15 56 
总净成本$39 $160 $21 $87 
42 www.好事达.com
附注至简明合并财务报表

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)2024202320242023
Remeasurement of benefit obligation (gains) losses:
Discount rate$213 $(231)$115 $(180)
Other assumptions27 11 29 17 
Remeasurement of plan assets (gains) losses(214)369 (129)219 
Remeasurement (gains) losses$26 $149 $15 $56 
Remeasurement losses of $26 million and $15 million for the third quarter and first nine months of 2024, respectively, related to a decrease in the liability discount rate and changes in other assumptions, partially offset by favorable asset performance compared to expected return on plan assets.
The weighted average discount rate used to measure the pension benefit obligation decreased to 5.02% at September 30, 2024 compared to 5.62% at June 30, 2024 and 5.35% at December 31, 2023 resulting in losses for the third quarter and first nine months of 2024.
For the third quarter of 2024, the actual return on plan assets was higher than the expected return due to higher fixed income valuations from lower market yields and higher public equity returns. For the first nine months of 2024, the actual return on plan assets was higher than the expected return due to higher equity valuations and tighter credit spreads, partially offset by higher rates.
Note 17Supplemental Cash Flow Information
Non-cash investing activities include $70 million and $54 million related to mergers and exchanges completed with equity securities, fixed income securities, bank loans, and limited partnerships for the nine months ended September 30, 2024 and 2023, respectively. Non-cash investing activities include $19 million related to right-of-use property and equipment obtained in exchange for lease obligations for the nine months ended September 30, 2024. Non-cash investing activities include $1 million and $15 million related to right-of-use real estate obtained in exchange for lease obligations for the nine months ended September 30, 2024 and 2023, respectively, and $123 million related to debt assumed by purchaser on sale of real estate for the nine months ended September 30, 2023.
Non-cash financing activities include $28 million and $38 million related to the issuance of Allstate common shares for vested equity awards for the nine months ended September 30, 2024 and 2023, 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 $86 million and $101 million for the nine months ended September 30, 2024 and 2023, respectively. Non-cash operating activities include $50 million and $26 million related to right-of-use assets obtained in exchange for lease obligations for the nine months ended September 30, 2024 and 2023, 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:
Third Quarter 2024 Form 10-Q 43
Notes to Condensed Consolidated Financial Statements

($ in millions)Nine months ended September 30,
20242023
Cash flows from operating activities
Net change in proceeds managed  
Net change in fixed income securities$45 $207 
Net change in short-term investments(175)58 
Operating cash flow (used) provided$(130)$265 
Net change in liabilities  
Liabilities for collateral, beginning of period$(1,891)$(2,011)
Liabilities for collateral, end of period(2,021)(1,746)
Operating cash flow provided (used)$130 $(265)
Note 18Other Comprehensive Income (Loss)
Components of other comprehensive income (loss) on a pre-tax and after-tax basis
($ in millions)Three months ended September 30,
20242023
Pre-taxTaxAfter-taxPre-taxTaxAfter-tax
Unrealized net holding gains and losses arising during the period, net of related offsets$1,753 $(388)$1,365 $(974)$210 $(764)
Less: reclassification adjustment of realized capital gains and losses83 (17)66 (121)24 (97)
Unrealized net capital gains and losses1,670 (371)1,299 (853)186 (667)
Unrealized foreign currency translation adjustments18 (4)14 (18)4 (14)
Unamortized pension and other postretirement prior service credit (1)
— — — (6)1 (5)
Discount rate for reserve for future policy benefits
(46)10 (36)38 (8)30 
Other comprehensive income (loss)$1,642 $(365)$1,277 $(839)$183 $(656)
 Nine months ended September 30,
 20242023
 Pre-taxTaxAfter-taxPre-taxTaxAfter-tax
Unrealized net holding gains and losses arising during the period, net of related offsets$1,118 $(253)$865 $(717)$152 $(565)
Less: reclassification adjustment of realized capital gains and losses(126)26 (100)(390)82 (308)
Unrealized net capital gains and losses1,244 (279)965 (327)70 (257)
Unrealized foreign currency translation adjustments(1)— (1)81 (17)64 
Unamortized pension and other postretirement prior service credit (1)
(2)1 (1)(18)4 (14)
Discount rate for reserve for future policy benefits
(15)3 (12)37 (8)29 
Other comprehensive income (loss)$1,226 $(275)$951 $(227)$49 $(178)
(1)    Represents prior service credits reclassified out of other comprehensive income and amortized into operating costs and expenses.
Included in shareholders' equity is $65 million of accumulated other comprehensive loss related to assets and liabilities held for sale as of September 30, 2024.
44 www.allstate.com

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of
The Allstate Corporation
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated statement of financial position of The Allstate Corporation and subsidiaries (the “Company”) as of September 30, 2024, the related condensed consolidated statements of operations, comprehensive income (loss), and shareholders’ equity for the three-month and nine-month periods ended September 30, 2024 and 2023, and of cash flows for the nine-month periods ended September 30, 2024 and 2023, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2023, and the related consolidated statements of operations, comprehensive income (loss), shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated February 21, 2024, we expressed an unqualified opinion on those consolidated financial statements and included an explanatory paragraph regarding a change in accounting principle for the measurement and disclosure of long-duration insurance contracts. In our opinion, the information set forth in the accompanying condensed consolidated statement of financial position as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived.
Basis for Review Results
This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with standards of the PCAOB. A review of the interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP
Chicago, Illinois
October 30, 2024
Third Quarter 2024 Form 10-Q 45

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
The following discussion highlights significant factors influencing the consolidated financial position and results of operations of The Allstate Corporation (referred to in this document as “we,” “our,” “us,” the “Company” or “Allstate”). It should be read in conjunction with the condensed consolidated financial statements and related notes thereto found under Part I. Item 1. contained herein, and with the discussion, analysis, consolidated financial statements and notes thereto in Part I. Item 1. and Part II. Item 7. and Item 8. of The Allstate Corporation annual report on Form 10-K for 2023, filed February 21, 2024.
Further analysis of our insurance segments is provided in the Property-Liability Operations and Segment Results sections, including Allstate Protection, Run-off Property-Liability, Protection Services and Allstate Health and Benefits, of Management’s Discussion and Analysis (“MD&A”). The segments are consistent with the way in which the chief operating decision maker reviews financial performance and makes decisions about the allocation of resources.
Macroeconomic Impacts
Macroeconomic factors have and may continue to impact the results of our operations, financial condition and liquidity, such as U.S. government fiscal and monetary policies, the Russia/Ukraine and Israel/Hamas conflicts, supply chain disruptions and labor shortages.These factors should be considered when comparing the current period to prior periods. This is not inclusive of all potential impacts and should not be treated as such. Within the MD&A, we have included further disclosures related to macroeconomic impacts on our 2024 results.
Corporate Strategy
Our strategy has two components: increase personal property-liability market share and expand protection offerings by leveraging the Allstate brand, customer base and capabilities.
Transformative Growth is about creating a business model, capabilities and culture that continually transform to better serve customers. This is done by providing affordable, simple and connected protection through multiple distribution methods. The ultimate objective is to enhance customer value to drive growth in all businesses.

In the personal property-liability businesses, this has five key components:
•Improving customer value
•Expanding customer access
•Increasing sophistication and investment in customer acquisition
•Deploying new technology ecosystem
•Driving organizational transformation
We are expanding protection services businesses utilizing enterprise capabilities and resources such as the Allstate brand, distribution, analytics, claims, investment expertise, talent and capital.
Disposition
On August 13, 2024, we entered into a share purchase agreement with StanCorp Financial Group, Inc. to sell American Heritage Life Insurance Company and American Heritage Service Company, comprising our employer voluntary benefits business for approximately $2.0 billion in cash. The employer voluntary benefits business is reported in the Allstate Health and Benefits segment, and as of September 30, 2024, the assets and liabilities of the business are classified as held for sale. The transaction price less costs to sell exceeds the carrying value of net assets related to this transaction, resulting in an expected gain that will be recognized at closing of the transaction. The ultimate amount of the anticipated gain on the sale will be impacted by purchase price adjustments associated with certain pre-close transactions, changes in the carrying value of net assets, changes in accumulated other comprehensive income and the related tax effects.
The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions. We continue to pursue the sale of the group health and individual health businesses but have not completed the sale process. Once the criteria for these businesses to be classified as held for sale is met, the entire Health and Benefits segment will be reported in discontinued operations.

46 www.allstate.com

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, Allstate Health and Benefits and Corporate and Other segments. We use these measures in our evaluation of results of operations to analyze profitability.
Underwriting income is calculated as premiums earned and other revenue, less claims and claims expense (“losses”), 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 accounting principles generally accepted in the United States of America (“GAAP”).
Adjusted net income 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
Highlights
Q1Q2
Q3
Consolidated net income (loss) applicable to common shareholders
($ in millions)
3686

Consolidated net income applicable to common shareholders was $1.16 billion and $2.65 billion in the third quarter and first nine months of 2024, respectively, compared to a loss of $41 million and $1.78 billion in the third quarter and first nine months of 2023, respectively, primarily due to improved underwriting results from increased earned premium and improved loss trends.

For the twelve months ended September 30, 2024, return on Allstate common shareholders’ equity was 26.1%.
Total revenues
($ in millions)
3694

Total revenues increased 14.7% to $16.63 billion and increased 12.6% to $47.60 billion in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023 due to premium rate increases and higher realized capital gains on investments compared to the prior year.
Net investment income
($ in millions)
3703

Net investment income increased $94 million to $783 million in the third quarter of 2024 primarily due to higher market-based investment results, partially offset by lower performance-based investment results. Net investment income increased $385 million to $2.26 billion in the first nine months of 2024 compared to the same period of 2023, primarily due to higher market-based investment results. Market-based results continue to benefit from portfolio repositioning into higher yielding fixed income securities and higher investment balances.
Third Quarter 2024 Form 10-Q 47

Financial highlights
Investments totaled $73.60 billion as of September 30, 2024, increasing from $66.68 billion as of December 31, 2023.
Allstate shareholders’ equity was $20.88 billion as of September 30, 2024, increasing from $17.77 billion as of December 31, 2023, primarily due to net income and unrealized net capital gains, partially offset by dividends to shareholders.
Book value per diluted common share (ratio of Allstate common shareholders’ equity to total common shares outstanding and dilutive potential common
shares outstanding) was $70.35, an increase of 47.2% from $47.79 as of September 30, 2023, and an increase of 18.5% from $59.39 as of December 31, 2023.
Return on average Allstate common shareholders’ equity for the twelve months ended September 30, 2024 was 26.1%, an increase of 40.8 points from (14.7)% for the twelve months ended September 30, 2023. The increase was primarily due to net income applicable to common shareholders for the trailing twelve-month period ending September 30, 2024 compared to a net loss for the twelve-month period ending September 30, 2023.
Summarized consolidated financial results
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Revenues    
Property and casualty insurance premiums$14,333 $12,839 $41,797 $37,482 
Accident and health insurance premiums and contract charges487 463 1,439 1,379 
Other revenue781 592 2,129 1,750 
Net investment income 783 689 2,259 1,874 
Net gains (losses) on investments and derivatives243 (86)(24)(223)
Total revenues16,627 14,497 47,600 42,262 
Costs and expenses    
Property and casualty insurance claims and claims expense(10,409)(10,237)(30,711)(32,290)
Accident, health and other policy benefits(317)(262)(904)(785)
Amortization of deferred policy acquisition costs(2,037)(1,841)(5,977)(5,374)
Operating, restructuring and interest expenses(2,349)(1,946)(6,471)(5,686)
Pension and other postretirement remeasurement gains (losses)(26)(149)(15)(56)
Amortization of purchased intangibles(71)(83)(210)(246)
Total costs and expenses(15,209)(14,518)(44,288)(44,437)
Income (loss) from operations before income tax expense1,418 (21)3,312 (2,175)
Income tax (expense) benefit(254)17 (603)475 
Net income (loss)1,164 (4)2,709 (1,700)
Less: Net (loss) income attributable to noncontrolling interest(26)1 (30)(23)
Net income (loss) attributable to Allstate1,190 (5)2,739 (1,677)
Preferred stock dividends(29)(36)(88)(99)
Net income (loss) applicable to common shareholders$1,161 $(41)$2,651 $(1,776)
Segment highlights
Allstate Protection underwriting income was $555 million in the third quarter of 2024 compared to an underwriting loss of $331 million in the third quarter of 2023 due to increased premiums earned and lower non-catastrophe losses, partially offset by higher catastrophe losses and advertising costs. Underwriting income totaled $1.32 billion in the first nine months of 2024 compared to an underwriting loss of $3.42 billion in the first nine months of 2023, primarily due to increased premiums earned and lower losses, partially offset by higher advertising costs. As auto profitability improves, we are increasing advertising, expanding customer access and delivering personalized affordable, simple and connected consumer offerings to support growth.
Catastrophe losses were $1.70 billion and $4.55 billion in the third quarter and first nine months of 2024, respectively, compared to $1.18 billion and $5.57 billion in the third quarter and first nine months of 2023, respectively.
Premiums written increased 10.5% to $14.71 billion and increased 11.8% to $42.17 billion in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023, reflecting higher premiums in both Allstate and National General brands.

48 www.allstate.com

Protection Services adjusted net income was $58 million in the third quarter of 2024 compared to $27 million in the third quarter of 2023, primarily due to revenue growth and improved claim frequency at Allstate Protection Plans. Adjusted net income was $167 million the first nine months of 2024 compared to $102 million in the first nine months of 2023, primarily due to growth at Allstate Protection Plans and improved claim severity at Allstate Roadside.
Premiums and other revenue increased 16.3% to $749 million and increased 13.6% to $2.16 billion in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023, primarily due to Allstate Protection Plans.
Allstate Health and Benefits adjusted net income was $37 million in the third quarter of 2024 compared to adjusted net income of $69 million in the third quarter of 2023, and adjusted net income was $151 million in the first nine months of 2024 compared to $182 million in the first nine months of 2023. The decline in adjusted net income from the third quarter of 2023 was primarily due to increased benefit utilization across all lines of business.
Premiums and contract charges increased 5.2% to $487 million in the third quarter of 2024 and increased 4.4% to $1.44 billion in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth in individual health and group health, partially offset by a decline in employer voluntary benefits.
Third Quarter 2024 Form 10-Q 49
Property-Liability Operations
Property-Liability Operations
Overview Property-Liability operations consist of two reportable segments: Allstate Protection and Run-off Property-Liability. These segments are consistent with the groupings of financial information that management uses to evaluate performance and to determine the allocation of resources.
We do not allocate Property-Liability 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 level for decision-making purposes.
GAAP operating ratios are used to measure our profitability to enhance an investor’s understanding of our financial results and are calculated as follows:
•Loss ratio: the ratio of claims and claims expense (loss adjustment expenses), to premiums earned. Loss ratios include the impact of catastrophe losses and prior year reserve reestimates.
•Expense ratio: the ratio of amortization of DAC, operating costs and expenses, amortization or impairment of purchased intangibles and restructuring and related charges, less other revenue to premiums earned.
•Combined ratio: the sum of the loss ratio and the expense ratio.
We have also calculated the following impacts of specific items on the GAAP operating ratios because of the volatility of these items between periods. The impacts are calculated by taking the specific items noted below divided by Property-Liability premiums earned:
•Effect of catastrophe losses on combined ratio: includes catastrophe losses and prior year reserve reestimates of catastrophe losses included in claims and claims expense
•Effect of prior year reserve reestimates on combined ratio
•Effect of amortization of purchased intangibles on combined ratio
•Effect of restructuring and related charges on combined ratio
•Effect of Run-off Property-Liability business on combined ratio: includes claims and claims expense, restructuring and related charges and operating costs and expenses in the Run-off Property-Liability segment
Premium measures and statistics are used to analyze our premium trends and are calculated as follows:
•PIF: policy counts are based on items rather than customers. A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy. Commercial lines PIF counts for shared economy agreements reflected contracts that covered multiple rather than individual drivers. Lender-placed policies are excluded from policy counts because relationships are with the lenders.
•New issued applications: item counts of automobile or homeowner insurance applications for insurance policies that were issued during the period, regardless of whether the customer was previously insured by another Allstate brand.
•Average premium - gross written (“average premium”): gross premiums written divided by issued item count. Gross premiums written include the impacts from discounts, surcharges and ceded reinsurance premiums and exclude the impacts from mid-term premium adjustments and premium refund accruals. Average premiums represent the appropriate policy term for each line.
•Renewal ratio: renewal policy item counts issued during the period, based on contract effective dates, divided by the total policy item counts issued generally 6 months prior for auto or 12 months prior for homeowners.
•Implemented rate changes: represents the impact in the locations (U.S. states, the District of Columbia or Canadian provinces) where rate changes were implemented during the period as a percentage of total brand prior year-end premiums written.

50 www.allstate.com
Property-Liability Operations


Underwriting results
Three months ended September 30,Nine months ended September 30,
($ in millions, except ratios)2024202320242023
Premiums written$14,707 $13,304 $42,169 $37,707 
Premiums earned$13,694 $12,270 $39,933 $35,826 
Other revenue531 393 1,402 1,135 
Claims and claims expense(10,249)(10,077)(30,247)(31,832)
Amortization of DAC(1,696)(1,533)(4,977)(4,481)
Other costs and expenses(1,710)(1,333)(4,664)(3,861)
Restructuring and related charges (1)
(23)(74)(45)(121)
Amortization of purchased intangibles(52)(60)(154)(175)
Underwriting income (loss)$495 $(414)$1,248 $(3,509)
Catastrophe losses
Catastrophe losses, excluding reserve reestimates$1,717 $1,164 $4,868 $5,562 
Catastrophe reserve reestimates (2)
(14)17 (314)6 
Total catastrophe losses$1,703 $1,181 $4,554 $5,568 
Non-catastrophe reserve reestimates (2)
$45 $166 $(8)$375 
Prior year reserve reestimates (2)
31 183 (322)381 
GAAP operating ratios    
Loss ratio74.9 82.2 75.8 88.9 
Expense ratio (3)
21.5 21.2 21.1 20.9 
Combined ratio96.4 103.4 96.9 109.8 
Effect of catastrophe losses on combined ratio12.4 9.6 11.4 15.5 
Effect of prior year reserve reestimates on combined ratio0.3 1.5 (0.8)1.1 
Effect of catastrophe losses included in prior year reserve reestimates on combined ratio(0.1)0.1 (0.8)— 
Effect of restructuring and related charges on combined ratio (1)
0.1 0.6 0.1 0.3 
Effect of amortization of purchased intangibles on combined ratio0.4 0.5 0.4 0.5 
Effect of Run-off Property-Liability business on combined ratio0.5 0.7 0.2 0.3 
(1)Restructuring and related charges for the third quarter and first nine months of 2024 primarily relate to the organizational transformation component of the Transformative Growth plan. See Note 14 of the condensed consolidated financial statements for additional details.
(2)Favorable reserve reestimates are shown in parentheses.
(3)Other revenue is deducted from operating costs and expenses in the expense ratio calculation.
Third Quarter 2024 Form 10-Q 51
Segment Results Allstate Protection
Allstate Protection Segment
allstateprotectionbrands3.jpg
Underwriting results
Three months ended September 30,Nine months ended September 30,
($ in millions) 2024202320242023
Premiums written$14,707 $13,304 $42,169 $37,707 
Premiums earned$13,694 $12,270 $39,933 $35,826 
Other revenue531 393 1,402 1,135 
Claims and claims expense(10,190)(9,995)(30,182)(31,747)
Amortization of DAC(1,696)(1,533)(4,977)(4,481)
Other costs and expenses(1,709)(1,332)(4,661)(3,858)
Restructuring and related charges(23)(74)(45)(121)
Amortization of purchased intangibles(52)(60)(154)(175)
Underwriting income (loss)$555 $(331)$1,316 $(3,421)
Catastrophe losses$1,703 $1,181 $4,554 $5,568 
Underwriting income was $555 million in the third quarter of 2024 compared to underwriting loss of $331 million in the third quarter of 2023 due to increased premiums earned and lower non-catastrophe losses, partially offset by higher catastrophe losses and advertising costs. Underwriting income was $1.32 billion in the first nine months of 2024 compared to underwriting loss of $3.42 billion in the first nine months of 2023 due to increased premiums earned and lower losses, partially offset by higher advertising costs. As auto profitability improves, we are increasing advertising, expanding customer access and delivering personalized affordable, simple and connected consumer offerings to support growth.
Change in underwriting results from prior year period - three months ended
($ in millions)
472
Change in underwriting results from prior year period - nine months ended
($ in millions)
478
52 www.allstate.com
Allstate Protection Segment Results
Underwriting income (loss) by line of business
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Auto
$486 $(178)$1,207 $(1,202)
Homeowners
60 (131)249 (1,972)
Other personal lines
(18)6 (66)(153)
Commercial lines
(16)(60)(224)(181)
Other business lines (1)
40 28 140 78 
Answer Financial3 4 10 9 
Total$555 $(331)$1,316 $(3,421)
(1)Other business lines represents commissions earned and other costs and expenses for Ivantage, non-proprietary life and annuity products, and lender-placed products.
Premium measures and statistics include PIF, new issued applications, average premiums and renewal ratio to analyze our premium trends. Premiums written is the amount of premiums charged for policies issued during a reporting period. Premiums are considered earned and are included in the financial results on a pro-rata basis over the policy period. The portion of premiums written applicable to the unexpired term of the policies is recorded as unearned premiums on our Condensed Consolidated Statements of Financial Position.
Premiums written by line of business
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Auto$9,539 $8,770 $28,180 $25,388 
Homeowners4,073 3,525 10,792 9,440 
Other personal lines817 676 2,322 1,899 
Commercial lines104 140 411 567 
Other business lines174 193 464 413 
Total premiums written$14,707 $13,304 $42,169 $37,707 
Premiums earned by line of business
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Auto$9,270 $8,345 $27,127 $24,374 
Homeowners3,403 2,969 9,812 8,662 
Other personal lines718 608 2,078 1,757 
Commercial lines151 194 478 628 
Other business lines152 154 438 405 
Total premiums earned$13,694 $12,270 $39,933 $35,826 
Reconciliation of premiums written to premiums earned
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Total premiums written$14,707 $13,304 $42,169 $37,707 
(Increase) decrease in unearned premiums
(1,075)(1,082)(2,233)(1,962)
Other62 48 (3)81 
Total premiums earned$13,694 $12,270 $39,933 $35,826 
Policies in force by line of business
As of September 30,
(In thousands)
20242023
Auto24,998 25,376 
Homeowners7,483 7,297 
Other personal lines4,877 4,884 
Commercial lines238 296 
Total 37,596 37,853 
Third Quarter 2024 Form 10-Q 53
Segment Results Allstate Protection
Auto insurance premiums written increased 8.8% or $769 million in the third quarter of 2024 compared to the third quarter of 2023 and 11.0% or $2.79 billion in the first nine months of 2024 compared to the first nine months of 2023, primarily due to the following factors:
•Increased average premiums driven by rate increases. In the nine months ended September 30, 2024:
–Rate increases of 9.1% were taken for Allstate brand in 49 locations, resulting in total estimated Allstate brand insurance premium impact of 6.3%
–Rate increases of 10.1% were taken for National General brand in 44 locations, resulting in total estimated National General brand insurance premium impact of 7.8%
•In 2024, we have removed underwriting restrictions in areas that represent the majority of Allstate brand countrywide premiums, which is expected to increase premiums written and PIF. In locations not
achieving acceptable returns, we expect to continue to pursue targeted rate increases for both Allstate and National General brands. In states where we are achieving acceptable returns, we plan to take rates that keep pace with increasing costs. See Note 8 for additional details on actions taken related to Adirondack Insurance Exchange and New Jersey Skylands Insurance Association
•PIF decreased 1.5% or 378 thousand to 24,998 thousand as of September 30, 2024 compared to September 30, 2023
•Renewal ratio for Allstate brand decreased 0.2 points and increased 0.1 point in the third quarter and the first nine months of 2024, respectively, compared to the third quarter and first nine months of 2023
•Increased new issued applications in all channels


Auto premium measures and statistics
 Three months ended September 30,Nine months ended September 30,
20242023Change20242023Change
New issued applications (in thousands)
Allstate Protection by channel
Exclusive agency channel 675 582 16.0 %1,908 1,745 9.3 %
Direct channel 620 398 55.8 1,668 1,276 30.7 
Independent agency channel597 525 13.7 1,714 1,496 14.6 
Total new issued applications1,892 1,505 25.7 %5,290 4,517 17.1 %
Allstate brand average premium$852 $772 10.4 %$839 $745 12.6 %
Allstate brand renewal ratio (%) 84.7 84.9 (0.2)85.5 85.4 0.1 
Homeowners insurance premiums written increased 15.5% or $548 million in the third quarter of 2024 compared to the third quarter of 2023 and increased 14.3% or $1.35 billion in the first nine months of 2024 compared to the first nine months of 2023, primarily due to the following factors:
•Higher Allstate brand average premiums from implemented rate increases, combined with policies in force growth
•In the nine months ended September 30, 2024, rate increases of 14.0% were taken for Allstate brand in 34 locations, resulting in total estimated Allstate brand insurance premium impact of 7.6%
•In the nine months ended September 30, 2024, rate increases of 14.5% were taken for National General brand in 30 locations, resulting in total estimated National General brand insurance premium impact of 6.1%
•Increased new issued applications in the exclusive agency and direct channels
•Renewal ratio for Allstate brand increased 0.4 points and 0.7 points in the third quarter and the
first nine months of 2024, respectively, compared to the third quarter and first nine months of 2023
Policy growth is being reduced in states and lines of business that are underperforming. We are no longer writing new homeowners business in California, New Jersey and Florida, and are non-renewing certain policies in Florida. We may not be able to grow in certain states without regulatory or legislative reforms that enable customers to be provided coverage at appropriate risk adjusted returns.
National General policy growth may be negatively impacted to improve underwriting margins to targeted levels through underwriting and rate actions. See Note 8 for additional details on actions taken related to Adirondack Insurance Exchange and New Jersey Skylands Insurance Association.


54 www.allstate.com
Allstate Protection Segment Results
Homeowners premium measures and statistics
 Three months ended September 30,Nine months ended September 30,
2024 2023Change20242023Change
New issued applications (in thousands)
Allstate Protection by channel
Exclusive agency channel260 211 23.2 %719 609 18.1 %
Direct channel39 22 77.3 96 60 60.0 
Independent agency channel63 69 (8.7)172 178 (3.4)
Total new issued applications362 302 19.9 %987 847 16.5 %
Allstate brand average premium$2,050 $1,851 10.8 %$1,991 $1,792 11.1 %
Allstate brand renewal ratio (%) 87.2 86.8 0.4 87.2 86.5 0.7 
Other personal lines premiums written increased 20.9% or $141 million in the third quarter of 2024 compared to the third quarter of 2023 and increased 22.3% or $423 million in the first nine months of 2024 compared to the first nine months of 2023 primarily due to increases in involuntary auto policies purchased from other carriers by National General and landlords policies for Allstate brand. We are no longer writing new condominium business in California and Florida, and we are non-renewing certain policies in Florida, which may negatively impact premiums.
Commercial lines premiums written decreased 25.7% or $36 million in the third quarter of 2024 compared to the third quarter of 2023 and decreased 27.5% or $156 million in the first nine months of 2024 compared to the first nine months of 2023 primarily due to the strategic decision for the Allstate brand to stop writing new business and non-renew certain policies. We are committed to offering comprehensive
commercial products to customers through our exclusive agency, independent agency and direct channels, with solutions offered by the National General brand, NEXT Insurance and other brokered solutions.
Other business lines premiums written decreased 9.8% or $19 million in the third quarter of 2024 compared to the third quarter of 2023 primarily driven by the loss of certain direct lender clients. Other business lines premiums written increased 12.3% or $51 million in the first nine months of 2024 compared to the first nine months of 2023 due to growth in business placed by agents.
GAAP operating ratios include loss ratio, expense ratio and combined ratio to analyze our profitability trends. Frequency and severity statistics are used to describe the trends in loss costs.
Combined ratios by line of business
Loss ratio
Expense ratio (2)
Combined ratio
202420232024202320242023
Three months ended September 30,
Auto
71.9 81.4 22.9 20.7 94.8 102.1 
Homeowners76.3 82.4 21.9 22.0 98.2 104.4 
Other personal lines (1)
96.2 78.6 6.3 20.4 102.5 99.0 
Commercial lines84.8 102.0 25.8 28.9 110.6 130.9 
Other business lines72.4 49.3 1.3 
(3)
32.5 73.7 81.8 
Total74.4 81.5 21.5 21.2 95.9 102.7 
Impact of amortization of purchased intangibles0.4 0.5 0.4 0.5 
Impact of restructuring and related charges0.1 0.6 0.1 0.6 
Nine months ended September 30,
Auto73.8 84.2 21.8 20.7 95.6 104.9 
Homeowners75.9 101.8 21.6 21.0 97.5 122.8 
Other personal lines (1)
91.5 88.4 11.7 20.3 103.2 108.7 
Commercial lines120.1 103.2 26.8 25.6 146.9 128.8 
Other business lines55.7 48.1 12.3 32.6 68.0 80.7 
Total75.6 88.6 21.1 20.9 96.7 109.5 
Impact of amortization of purchased intangibles0.4 0.5 0.4 0.5 
Impact of restructuring and related charges0.1 0.3 0.1 0.3 
(1)Expense ratio includes other revenue of $97 million and $161 million for the three and nine months ended September 30, 2024, respectively, compared to $16 million and $33 million for the three and nine months ended September 30, 2023, respectively, for fees on involuntary auto policies.
(2)Other revenue is deducted from operating costs and expenses in the expense ratio calculation.
(3)Includes anticipated return commissions on lender-placed business due to increased losses.
Third Quarter 2024 Form 10-Q 55
Segment Results Allstate Protection
Loss ratios by line of business
Loss ratio
Effect of catastrophe losses (1)
Effect of prior year reserve reestimatesEffect of catastrophe losses included in prior year reserve reestimates
20242023202420232024202320242023
Three months ended September 30,
Auto71.9 81.4 3.0 2.6 (0.7)0.4 (0.1)0.1 
Homeowners76.3 82.4 36.2 29.6 (0.4)2.1 — 0.6 
Other personal lines96.2 78.6 23.8 9.7 7.1 (2.3)(0.4)(1.8)
Commercial lines84.8 102.0 5.3 5.2 0.7 9.8 — 3.1 
Other business lines72.4 49.3 9.2 13.0 (1.9)0.7 — — 
Total74.4 81.5 12.4 9.6 (0.2)0.8 (0.1)0.1 
Nine months ended September 30,
Auto73.8 84.2 2.7 2.7 (1.1)0.4 (0.1)(0.1)
Homeowners75.9 101.8 34.7 52.1 (3.9)1.6 (2.8)0.7 
Other personal lines91.5 88.4 17.0 19.1 7.9 (0.5)(0.3)(1.3)
Commercial lines120.1 103.2 2.9 4.3 33.3 8.1 (1.0)1.4 
Other business lines55.7 48.1 9.8 9.4 0.2 2.9 — — 
Total75.6 88.6 11.4 15.5 (1.0)0.8 (0.8)— 
(1)The ten-year average effect of catastrophe losses on the total combined ratio was 9.0 points and 9.9 points in the third quarter and first nine months of 2024, respectively.
Auto underwriting quarterly results
2024
2023
2022
($ in millions, except ratios)
Q3
Q2
Q1
Q4Q3Q2Q1Q4Q3Q2Q1
Underwriting income (loss)$486 $370 $351 $93 $(178)$(678)$(346)$(974)$(1,315)$(578)$(147)
Loss ratio71.9 74.2 75.4 78.5 81.4 87.9 83.4 90.6 95.3 84.9 77.6 
Effect of prior year non-catastrophe reserve reestimates on combined ratio
(0.6)(1.9)(0.7)1.7 0.3 1.4 (0.1)2.3 8.5 3.8 2.1 
Frequency and severity are influenced by:
•Supply chain disruptions and labor shortages
•Mix of repairable losses and total losses
•Value of total losses due to changes in used car prices
•Changes in medical inflation and consumption
•Number of claims with attorney representation
•Labor and part cost increases
•Changes in commuting activity
•Driving behavior (e.g., speed, time of day) impacting severity and mix of claim types
•Organizational and process changes impacting claim opening and closing practices and shifts in timing, if any, can impact comparisons to prior periods
The quarterly auto loss ratio has been more variable due to these and additional factors discussed below.
Auto loss ratio decreased 9.5 and 10.4 points in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023 driven by increased earned premiums and lower non-catastrophe losses. Estimated report year 2024 incurred claim severity for Allstate brand increased compared to report year 2023 for major coverages due to higher repair costs, a higher mix of total losses, an
increase in claims with attorney representation, higher medical consumption, and inflation. Gross claim frequency decreased relative to the prior year. We continue to enhance our claims practices to manage loss costs by increasing resources and expanding re-inspections, accelerating resolution of bodily injury claims, and negotiating improved vendor services and parts agreements.
Homeowners loss ratio decreased 6.1 points in the third quarter of 2024 compared to the same period of 2023 primarily due to increased premiums earned and lower non-catastrophe losses. Homeowners loss ratio decreased 25.9 points in the first nine months of 2024 compared to the same period of 2023 primarily due to lower losses and increased premiums earned.
Gross claim frequency decreased in the third quarter and first nine months of 2024 compared to the same periods of 2023 due to fewer claims reported related to water and wind/hail perils. Paid claim severity decreased in the third quarter of 2024 compared to the same period of 2023 due to lower losses from water and wind/hail perils. Paid claim severity increased in the first nine months of 2024 compared to the same period of 2023 due to inflationary loss cost pressure driven by increases in labor and materials costs. Homeowners paid claim severity can be impacted by both the mix of perils and the magnitude of specific losses paid during the quarter.
56 www.allstate.com
Allstate Protection Segment Results
Other personal lines loss ratio increased 17.6 and 3.1 points in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023 primarily due to higher losses and unfavorable reserve development, partially offset by increased premiums earned.
Commercial lines loss ratio decreased 17.2 points in the third quarter of 2024 compared to the same period of 2023, primarily due to lower non-catastrophe losses, partially offset by premiums earned decreasing as a result of the strategic decision for the Allstate brand to stop writing new business and non-renew certain policies. Commercial lines loss ratio increased 16.9 points in the first nine months of 2024 compared to the same period of 2023, primarily due to Allstate brand strategy changes and unfavorable reserve development related to the shared economy business, partially offset by lower non-catastrophe losses.
Other business lines loss ratio increased 23.1 and 7.6 points in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023, primarily due to higher losses.
Catastrophe losses increased $522 million to $1.70 billion in the third quarter of 2024 compared to the third quarter of 2023 due to larger losses per event, primarily from hurricanes, including $630 million related to Hurricane Helene and $220 million related to Hurricane Beryl. Catastrophe losses decreased $1.01 billion to $4.55 billion in the first nine months of 2024 compared to the first nine months of 2023, primarily due to lower losses per event for wind and hail events.
We define a “catastrophe” as an event that produces pre-tax losses before reinsurance in excess of $1 million and involves multiple first party policyholders, or a winter weather event that produces a number of claims in excess of a preset, per-event threshold of average claims in a specific area, occurring within a certain amount of time following the event. Catastrophes are caused by various natural events
including high winds, winter storms and freezes, tornadoes, hailstorms, wildfires, tropical storms, tsunamis, hurricanes, earthquakes and volcanoes.
We are also exposed to man-made catastrophic events, such as certain types of terrorism, civil unrest, wildfires or industrial accidents. The nature and level of catastrophes in any period cannot be reliably predicted.
Loss estimates are generally based on claim adjuster inspections and the application of historical loss development factors. Our loss estimates are calculated in accordance with the coverage provided by our policies. The establishment of appropriate reserves, including reserves for catastrophe losses, is an inherently uncertain and complex process. Reserving for hurricane losses is complicated by the inability of insureds to promptly report losses, limitations placed on claims adjusting staff affecting their ability to inspect losses, determining whether losses are covered by our homeowners policy (generally for damage caused by wind or wind driven rain) or specifically excluded coverage caused by flood, exposure to mold damage, and the effects of numerous other considerations, including the timing of a catastrophe in relation to other events, such as at or near the end of a financial reporting period, which can affect the availability of information needed to estimate reserves for that reporting period. In these situations, we may need to adapt our practices to accommodate these circumstances in order to determine a best estimate of our losses from a catastrophe.
Over time, we have limited our aggregate insurance exposure to catastrophe losses in certain regions of the country that are subject to high levels of natural catastrophes by managing policies in force, utilizing reinsurance and participating in various state facilities.
Catastrophe losses by the type of event
Three months ended September 30,Nine months ended September 30,
($ in millions)Number of events2024Number of events2023Number of events2024Number of events2023
Hurricanes/tropical storms 5 $953 3 $76 5 $953 3 $76 
Tornadoes— — — — 1 57 3 133 
Wind/hail39 666 48 997 98 3,638 111 5,009 
Wildfires5 25 2 305 8 54 4 340 
Freeze/other events1 3 — — 2 166 2 4 
Prior year reserve reestimates(14)17 (314)6 
Prior quarter reserve reestimates70 (214)— — 
Total catastrophe losses50 $1,703 53 $1,181 114 $4,554 123 $5,568 
Catastrophe reinsurance The catastrophe reinsurance program is part of our catastrophe management strategy, which is intended to provide our shareholders with an acceptable return on the risks assumed in our personal lines business, reduce earnings variability, and provide protection to our customers. Our current catastrophe reinsurance program supports our risk and return framework which
incorporates our robust economic capital model and is informed by catastrophe risk models including hurricanes, earthquakes and wildfires and adjusts based on premium and insured value growth. As of September 30, 2024, the modeled 1-in-100 probable maximum loss for hurricane, wildfire and earthquake perils is approximately $2.9 billion, net of reinsurance. We continually review our aggregate risk appetite and
Third Quarter 2024 Form 10-Q 57
Segment Results Allstate Protection
the cost and availability of reinsurance to optimize the risk and return profile of this exposure.
The total cost of our property catastrophe reinsurance programs, excluding reinstatement premiums, during the third quarter and first nine months of 2024 was $298 million and $880 million, respectively, compared to $268 million and $729 million in the third quarter and first nine months of 2023, respectively. Catastrophe placement premiums reduce net written and earned premium with approximately 80% of the reduction related to homeowners premium.
Prior year reserve reestimates Favorable reserve reestimates, including catastrophes, were $28 million
in the third quarter of 2024 primarily due to favorable reserve reestimates in personal auto lines and homeowners lines, partially offset by unfavorable reserve reestimates in other personal lines. Favorable reserve reestimates, including catastrophes, were $387 million in the first nine months of 2024 primarily due to favorable reserve reestimates in homeowners and personal auto lines, partially offset by unfavorable reserve reestimates in other personal lines and commercial lines.
For a more detailed discussion on reinsurance and reserve reestimates, see Note 9 of the condensed consolidated financial statements.
Prior year reserve reestimates
Three months ended September 30,Nine months ended September 30,
 
Prior year reserve
reestimates (1)
Effect on
combined ratio (2)
Prior year reserve
reestimates (1)
Effect on
combined ratio (2)
($ in millions, except ratios)20242023202420232024202320242023
Auto$(65)$33 (0.5)0.3 $(319)$105 (0.8)0.3 
Homeowners(12)62 (0.1)0.5 (392)136 (1.0)0.4 
Other personal lines51 (14)0.4 (0.1)164 (8)0.4 — 
Commercial lines1 19 — 0.1 159 51 0.4 0.1 
Other business lines(3)1 — — 1 12 — — 
Total Allstate Protection$(28)$101 (0.2)0.8 $(387)$296 (1.0)0.8 
(1)Favorable reserve reestimates are shown in parentheses.
(2)Ratios are calculated using Allstate Protection premiums earned.
Expense ratio increased 0.3 points and 0.2 points in the third quarter and first nine months of 2024, respectively, compared to the third quarter and first nine months of 2023, primarily due to an increase in advertising costs, partially offset by higher earned premium growth relative to fixed costs.
Impact of specific costs and expenses on the expense ratio
Three months ended September 30,Nine months ended September 30,
($ in millions, except ratios)20242023Change20242023Change
Amortization of DAC$1,696 $1,533 $163 $4,977 $4,481 $496 
Advertising expense519 175 344 1,204 446 758 
Other costs and expenses, net of other revenue659 764 (105)2,055 2,277 (222)
Amortization of purchased intangibles52 60 (8)154 175 (21)
Restructuring and related charges23 74 (51)45 121 (76)
Total underwriting expenses$2,949 $2,606 $343 $8,435 $7,500 $935 
Premiums earned$13,694 $12,270 $1,424 $39,933 $35,826 $4,107 
Expense ratio
Amortization of DAC12.4 12.5 (0.1)12.5 12.5 — 
Advertising expense3.8 1.4 2.4 3.0 1.2 1.8 
Other costs and expenses, net of other revenue
4.8 6.2 (1.4)5.1 6.4 (1.3)
Subtotal21.0 20.1 0.9 20.6 20.1 0.5 
Amortization of purchased intangibles0.4 0.5 (0.1)0.4 0.5 (0.1)
Restructuring and related charges0.1 0.6 (0.5)0.1 0.3 (0.2)
Total expense ratio21.5 21.2 0.3 21.1 20.9 0.2 
58 www.allstate.com
Run-off Property-Liability Segment Results
Run-off Property-Liability Segment
Underwriting results
($ in millions)Three months ended September 30,Nine months ended September 30,
2024202320242023
Claims and claims expense
Asbestos claims
$(19)$(44)$(19)$(44)
Environmental claims
(10)(18)(10)(18)
Other run-off lines(30)(20)(36)(23)
Total claims and claims expense
(59)(82)(65)(85)
Operating costs and expenses (1)(1)(3)(3)
Underwriting income (loss)
$(60)$(83)$(68)$(88)
Annual reserve review In the third quarter of 2024 and 2023, we performed our annual reserve review using established industry and actuarial best practices. The annual review resulted in unfavorable reserve reestimates totaling $58 million and $80 million in 2024 and 2023, respectively. The reserve reestimates are included as part of claims and claims expense.
The reserve reestimates in 2024 primarily related to new reported information for asbestos related claims and adverse developments within the other run-off lines.
The reserve reestimates in 2023 primarily related to new reported information and defense costs for asbestos related claims and other run-off exposures
and higher than expected environmental reported losses.
We believe that our reserves are appropriately established based on available facts, technology, laws, regulations, and assessments of other pertinent factors and characteristics of exposure (e.g., claim activity, potential liability, jurisdiction, products versus non-products exposure) presented by individual policyholders, assuming no change in the legal, legislative or economic environment. However, as we progress with the resolution of disputed claims in the courts and arbitrations and with negotiations and settlements, our reported losses may be more variable.
Reserves for asbestos, environmental and other run-off claims before and after the effects of reinsurance
($ in millions) September 30, 2024December 31, 2023
Asbestos claims
Gross reserves$1,145 $1,166 
Reinsurance (356)(362)
Net reserves 789 804 
Environmental claims
Gross reserves326 331 
Reinsurance (61)(64)
Net reserves 265 267 
Other run-off claims
Gross reserves447 445 
Reinsurance (62)(72)
Net reserves385 373 
Total
Gross reserves
1,918 1,942 
Reinsurance(479)(498)
Net reserves$1,439 $1,444 
Third Quarter 2024 Form 10-Q 59
Segment Results Run-off Property-Liability
Reserves by type of exposure before and after the effects of reinsurance
($ in millions)September 30, 2024December 31, 2023
Direct excess commercial insurance
Gross reserves
$1,098 $1,114 
Reinsurance(368)(382)
Net reserves730 732 
Assumed reinsurance coverage
Gross reserves
592 603 
Reinsurance (54)(54)
Net reserves538 549 
Direct primary commercial insurance
Gross reserves 140 140 
Reinsurance (56)(61)
Net reserves84 79 
Other run-off business
Gross reserves— 1 
Reinsurance— — 
Net reserves— 1 
Unallocated loss adjustment expenses
Gross reserves88 84 
Reinsurance(1)(1)
Net reserves87 83 
Total
Gross reserves1,918 1,942 
Reinsurance(479)(498)
Net reserves$1,439 $1,444 
Percentage of gross and ceded reserves by case and incurred but not reported (“IBNR”)
September 30, 2024December 31, 2023
CaseIBNRCaseIBNR
Direct excess commercial insurance
Gross reserves (1)
59 %41 %57 %43 %
Ceded (2)
63 37 63 37 
Assumed reinsurance coverage
Gross reserves
31 69 32 68 
Ceded 41 59 43 57 
Direct primary commercial insurance
Gross reserves 55 45 59 41 
Ceded86 14 83 17 
(1)Approximately 66% and 68% of gross case reserves as of September 30, 2024 and December 31, 2023, respectively, are subject to settlement agreements.
(2)Approximately 73% and 72% of ceded case reserves as of September 30, 2024 and December 31, 2023, respectively, are subject to settlement agreements.
60 www.allstate.com
Run-off Property-Liability Segment Results
Gross payments from case reserves by type of exposure
($ in millions)Three months ended September 30,Nine months ended September 30,
2024202320242023
Direct excess commercial insurance
Gross (1)
$19 $13 $51 $45 
Ceded (2)
(7)(7)(20)(16)
Assumed reinsurance coverage
Gross
6 6 33 25 
Ceded1 — (1)(3)
Direct primary commercial insurance
Gross
1 1 4 3
Ceded(1)— (2)— 
(1)In the third quarter and first nine months of 2024, 94% and 89% of payments related to settlement agreements, respectively, compared to 82% and 84% of the third quarter and first nine months of 2023, respectively.
(2)In the third quarter and first nine months of 2024, 98% and 95% of payments related to settlement agreements, respectively, compared to 56% and 77% of the third quarter and first nine months of 2023, respectively.
Total net reserves as of September 30, 2024, included $748 million or 52% of estimated IBNR reserves compared to $762 million or 53% of estimated IBNR reserves as of December 31, 2023.
Total gross payments were $26 million and $88 million for the third quarter and first nine months of 2024, respectively, compared to $20 million and $73 million for the third quarter and first nine months of 2023, respectively. Payments primarily related to settlement agreements reached with several insureds on large claims, mainly asbestos related losses, where the scope of coverages has been agreed upon. The claims associated with these settlement agreements are expected to be substantially paid out over the next several years as qualified claims are submitted by these insureds. Reinsurance collections were $5 million and $31 million for the third quarter and first nine months of 2024, respectively, compared to $6 million and $30 million for the third quarter and first nine months of 2023, respectively.

Third Quarter 2024 Form 10-Q 61
Segment Results Protection Services
Protection Services Segment
ProtectionServicesLogos - Updated 1.6.23.jpg
Summarized financial information
($ in millions)Three months ended September 30,Nine months ended September 30,
2024202320242023
Premiums written$678 $658 $1,981 $1,935 
Revenues
Premiums $639 $569 $1,864 $1,656 
Other revenue110 75 293 243 
Intersegment insurance premiums and service fees (1)
49 34 123 102 
Net investment income24 19 68 53 
Costs and expenses
Claims and claims expense(166)(166)(481)(472)
Amortization of DAC(304)(269)(889)(779)
Operating costs and expenses(280)(225)(760)(664)
Restructuring and related charges — (3)(1)(4)
Income tax expense on operations(15)(8)(51)(34)
Less: noncontrolling interest(1)(1)(1)(1)
Adjusted net income$58 $27 $167 $102 
Allstate Protection Plans $39 $20 $120 $79 
Allstate Dealer Services5 5 17 18 
Allstate Roadside10 7 29 17 
Arity1 (6)(5)(13)
Allstate Identity Protection3 1 6 1 
Adjusted net income$58 $27 $167 $102 
Policies in force
Allstate Protection Plans156,818 140,648 
Allstate Dealer Services3,703 3,813 
Allstate Roadside670 554 
Allstate Identity Protection2,538 2,965 
Policies in force as of September 30 (in thousands)163,729 147,980 
(1)Primarily related to Arity and Allstate Roadside and are eliminated in our condensed consolidated financial statements.
Premiums written increased 3.0% or $20 million in the third quarter of 2024 compared to the third quarter of 2023, primarily due to growth at Allstate Protection Plans, partially offset by lower sales at Allstate Roadside. Premiums written increased 2.4% or $46 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth at Allstate Protection Plans, partially offset by lower sales at Allstate Dealer Services and Allstate Roadside.
Adjusted net income increased 114.8% or $31 million in the third quarter of 2024 compared to the third quarter of 2023, primarily due to revenue growth and improved claim frequency at Allstate Protection Plans. Adjusted net income increased 63.7% or $65 million in the first nine months of 2024 compared to the same periods of 2023, due to growth at Allstate Protection Plans and improved claim severity at Allstate Roadside.
PIF increased 10.6% or 16 million as of September 30, 2024 compared to September 30, 2023 due to growth at Allstate Protection Plans.
Other revenue increased 46.7% or $35 million in the third quarter of 2024 and increased 20.6% or $50 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to higher revenue from increased customer advertising at Arity.
Intersegment premiums and service fees increased 44.1% or $15 million in the third quarter of 2024 due to increased advertising at Arity and increased 20.6% or $21 million in the first nine months of 2024 compared to the same periods of 2023, driven by increased advertising and higher software revenue at Arity.

62 www.allstate.com
Protection Services Segment Results
Claims and claims expense in the third quarter of 2024 were comparable to the third quarter of 2023. Claims and claims expense increased 1.9% or $9 million in the first nine months of 2024 compared to the same periods of 2023, primarily driven by growth at Allstate Protection Plans, partially offset by improved margins at Allstate Protection Plans due to lower frequency and lower claim severity at Allstate Roadside.
Amortization of DAC increased 13.0% or $35 million in the third quarter of 2024 and increased 14.1% or $110 million in the first nine months of 2024 compared to the same periods of 2023, driven by growth at Allstate Protection Plans.

Operating costs and expenses increased 24.4% or $55 million in the third quarter of 2024 and increased 14.5% or $96 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth at Arity and Allstate Protection Plans, partially offset by lower expenses at Allstate Roadside and Allstate Identity Protection.
Third Quarter 2024 Form 10-Q 63
Segment Results Allstate Health and Benefits
Allstate Health and Benefits Segment
On August 13, 2024, we entered into a share purchase agreement with StanCorp Financial Group, Inc. to sell American Heritage Life Insurance Company and American Heritage Service Company, comprising the Company’s employer voluntary benefits business, reported within this segment. The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.
Summarized financial information
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Revenues    
Accident and health insurance premiums and contract charges$487 $463 $1,439 $1,379 
Other revenue123 104 378 306 
Net investment income26 20 74 60 
Costs and expenses    
Accident, health and other policy benefits(317)(262)(904)(785)
Amortization of DAC(37)(39)(111)(114)
Operating costs and expenses(232)(197)(681)(610)
Restructuring and related charges(2)(2)(3)(6)
Income tax expense on operations(11)(18)(41)(48)
Adjusted net income$37 $69 $151 $182 
Benefit ratio (1)
63.4 54.9 61.1 55.1 
Employer voluntary benefits (2)
$19 $28 $64 $76 
Group health and individual health (3) (4)
18 41 87 106 
Adjusted net income$37 $69 $151 $182 
Policies in force
Employer voluntary benefits (2)
3,556 3,710 
Group health (3)
140 134 
Individual health (4)
462 412 
Policies in force as of September 30 (in thousands)4,158 4,256 
(1)Benefit ratio is calculated as accident, health and other policy benefits less interest credited to contractholder funds of $8 million for both the three months ended September 30, 2024 and 2023, and $25 million for both the nine months ended September 30, 2024 and 2023, divided by premiums and contract charges.
(2)Employer voluntary benefits include supplemental life and health products offered through workplace enrollment.
(3)Group health includes health products and administrative services sold to employers.
(4)Individual health includes short-term medical and other health products sold directly to individuals.
Premiums and contract charges increased 5.2% or $24 million in the third quarter of 2024 and increased 4.4% or $60 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth in individual health and group health, partially offset by a decline in employer voluntary benefits.
Adjusted net income decreased $32 million and $31 million in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023, primarily due to increased benefit utilization across all lines of business.

Premiums and contract charges by line of business
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Employer voluntary benefits$248 $253 $742 $753 
Group health120 111 358 328 
Individual health119 99 339 298 
Premiums and contract charges$487 $463 $1,439 $1,379 

64 www.allstate.com
Allstate Health and Benefits Segment Results
Other revenue increased $19 million in the third quarter of 2024 and increased $72 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to an increase in individual health and group health administrative fees.
Accident, health and other policy benefits increased 21.0% or $55 million in the third quarter of 2024 and increased 15.2% or $119 million in the first nine months of 2024 compared to the same periods of 2023, primarily from higher benefit utilization in all businesses and growth in group health and individual health.
Accident, health and other policy benefits include changes in the reserve for future policy benefits,
expected development on reported claims, and reserves for incurred but not reported claims as shown in Note 10.
Benefit ratio increased 8.6 points to 63.4 in the third quarter of 2024 compared to 54.9 in the third quarter of 2023 and increased 6.0 points to 61.1 in the first nine months of 2024 compared to 55.1 in the same period of 2023, primarily due to higher claims experience across all lines of business.
Amortization of DAC decreased 5.1% or $2 million in the third quarter of 2024 and decreased 2.6% or $3 million in the first nine months of 2024 compared to the same periods of 2023.
Operating costs and expenses
($ in millions)
Employer voluntary benefits
Group health and individual health
Total
Three months ended September 30, 2024   
Non-deferrable commissions
$20 $60 $80 
Operating costs and expenses
56 96 152 
Total$76 $156 $232 
Nine months ended September 30, 2024   
Non-deferrable commissions
$64 $193 $257 
Operating costs and expenses
158 266 424 
Total$222 $459 $681 
Three months ended September 30, 2023   
Non-deferrable commissions
$19 $47 $66 
Operating costs and expenses
51 80 131 
Total$70 $127 $197 
Nine months ended September 30, 2023   
Non-deferrable commissions
$66 $157 $223 
Operating costs and expenses
152 235 387 
Total$218 $392 $610 
Operating costs and expenses increased $35 million in the third quarter of 2024 and increased $71 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth in individual and group health.
Third Quarter 2024 Form 10-Q 65
Investments
Investments
Portfolio composition and strategy by reporting segment (1)
September 30, 2024
($ in millions)Property-Liability
Protection Services
Allstate Health and Benefits
Corporate
and Other		Total
Fixed income securities (2)
$50,414 $2,065 $359 $1,123 $53,961 
Equity securities (3)
1,456 242 — 393 2,091 
Mortgage loans, net649 — 116 — 765 
Limited partnership interests 8,915 — — 10 8,925 
Short-term investments (4)
5,959 160 21 854 6,994 
Other investments, net866 — — — 866 
Total$68,259 $2,467 $496 $2,380 $73,602 
Percent to total92.7 %3.4 %0.7 %3.2 %100.0 %
Market-based$58,224 $2,467 $496 $2,108 $63,295 
Performance-based10,035 — — 272 10,307 
Total$68,259 $2,467 $496 $2,380 $73,602 
(1)    Balances reflect the elimination of related-party investments between segments.
(2)    Fixed income securities are carried at fair value. Amortized cost, net for these securities was $49.91 billion, $2.06 billion, $359 million, $1.12 billion and $53.45 billion for Property-Liability, Protection Services, Allstate Health and Benefits, Corporate and Other, and in total, respectively.
(3)    Equity securities are carried at fair value. The fair value of equity securities held as of September 30, 2024, was $262 million in excess of cost. These net gains were primarily concentrated in the technology, equity index funds and banking sectors. Equity securities include $633 million of funds with underlying investments in fixed income securities as of September 30, 2024.
(4)    Short-term investments are carried at fair value.
Investments totaled $73.60 billion as of September 30, 2024, increasing from $66.68 billion as of December 31, 2023, primarily due to positive operating cash flows and higher fixed income valuations.
Portfolio composition by investment strategy We utilize two primary strategies to manage risks and returns and to position our portfolio to take advantage of market opportunities while attempting to mitigate adverse effects. As strategies and market conditions evolve, the asset allocation may change.

Market-based strategy seeks to deliver predictable earnings aligned to business needs and provide flexibility to adjust investment risk profile based on enterprise objectives and market opportunities primarily through public and private fixed income investments and public equity securities.
Performance-based strategy seeks to deliver attractive risk-adjusted returns and supplement market risk with idiosyncratic risk primarily through investments in private equity, including infrastructure investments, and real estate with a majority being limited partnerships. These investments include investee level expenses, reflecting asset level operating expenses on directly held real estate and other consolidated investments.
Portfolio composition by investment strategy
September 30, 2024
($ in millions)Market-
based		Performance-basedTotal
Fixed income securities$53,840 $121 $53,961 
Equity securities1,400 691 2,091 
Mortgage loans, net765 — 765 
Limited partnership interests148 8,777 8,925 
Short-term investments6,994 — 6,994 
Other investments, net148 718 866 
Total$63,295 $10,307 $73,602 
Percent to total86.0 %14.0 %100.0 %
Unrealized net capital gains and losses
Fixed income securities$513 $1 $514 
Short-term investments(1)— (1)
Other(2)— (2)
Total$510 $1 $511 

66 www.allstate.com
Investments
Fixed income securities
Fixed income securities by type
Fair value as of
($ in millions)September 30, 2024December 31, 2023
U.S. government and agencies$9,246 $8,619 
Municipal8,258 6,006 
Corporate33,796 31,205 
Foreign government1,477 1,290 
Asset-backed securities (“ABS”)1,184 1,745 
Total fixed income securities$53,961 $48,865 
Fixed income securities are rated by third-party credit rating agencies or are internally rated. The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) evaluates the fixed income securities of insurers for regulatory reporting and capital assessment purposes. The NAIC assigns securities to one of six credit quality categories defined as “NAIC designations”. In general, securities with NAIC designations of 1 and 2 are considered investment grade and securities with NAIC designations of 3 through 6 are considered below investment grade. The rating is either received from the SVO based on availability of applicable ratings from rating agencies on the NAIC Nationally Recognized Statistical Rating Organizations (“NRSRO”) provider list, including Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”), Fitch Ratings (“Fitch”), or a comparable internal rating.
As a result of time lags between the funding of investments, the finalization of legal documents, and the completion of the SVO filing process, the portfolio includes certain securities that have not yet been designated by the SVO as of each balance sheet date and the categorization of these securities is based on the expected ratings indicated by internal analysis.
As of September 30, 2024, 91.4% of the consolidated fixed income securities portfolio was rated investment grade. Credit ratings below these designations are considered lower credit quality or below investment grade, which includes high yield bonds.
Market prices for certain securities may have credit spreads which imply higher or lower credit quality than the current third-party rating. Our initial investment decisions and ongoing monitoring procedures for fixed income securities are based on a due diligence process which includes, but is not limited to, an assessment of the credit quality, sector, structure, and liquidity risks of each issuer.
Fixed income portfolio monitoring is a comprehensive process to identify and evaluate each fixed income security that may require a credit loss allowance. The 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. For further detail on our fixed income portfolio monitoring process, see Note 5 of the condensed consolidated financial statements.

Third Quarter 2024 Form 10-Q 67
Investments
The following table presents total fixed income securities by the applicable NAIC designation and comparable S&P rating.
Fair value and unrealized net capital gains (losses) for fixed income securities by credit rating
September 30, 2024
NAIC 1NAIC 2NAIC 3
A and aboveBBBBB
($ in millions)
Fair
value
Unrealized
gain (loss)
Fair
value
Unrealized
gain (loss)
Fair
value
Unrealized
gain (loss)
U.S. government and agencies$9,246 $121 $— $— $— $— 
Municipal8,108 32 145 2 3 — 
Corporate
Public6,860 161 16,759 91 605 (2)
Privately placed2,087 9 3,514 28 2,416 23 
Total corporate8,947 170 20,273 119 3,021 21 
Foreign government1,476 31 1 — — — 
ABS1,089 1 16 — 30 — 
Total fixed income securities$28,866 $355 $20,435 $121 $3,054 $21 
NAIC 4NAIC 5-6Total
BCCC and lower
Fair
value
Unrealized
gain (loss)
Fair
value
Unrealized
gain (loss)
Fair
value
Unrealized
gain (loss)
U.S. government and agencies$— $— $— $— $9,246 $121 
Municipal— — 2 1 8,258 35 
Corporate
Public95 — 1 — 24,320 250 
Privately placed1,346 14 113 (8)9,476 66 
Total corporate1,441 14 114 (8)33,796 316 
Foreign government— — — — 1,477 31 
ABS1 — 48 10 1,184 11 
Total fixed income securities$1,442 $14 $164 $3 $53,961 $514 
Municipal bonds, including tax-exempt and taxable securities, include general obligations of state and local issuers and revenue bonds.
Corporate bonds include publicly traded and privately placed securities. Privately placed securities primarily consist of corporate issued senior debt securities that are negotiated with the borrower or are issued by public entities in unregistered form.
ABS includes collateralized debt obligations, consumer and other ABS. Credit risk is managed by monitoring the performance of the underlying collateral. Many of the securities in the ABS portfolio have credit enhancement with features such as overcollateralization, subordinated structures, reserve funds, guarantees or insurance. ABS also includes residential mortgage-backed securities and commercial mortgage-backed securities.
Equity securities of $2.09 billion primarily include common stocks, exchange traded and mutual funds, non-redeemable preferred stocks and real estate investment trust (“REIT”) equity investments. Certain exchange traded and mutual funds have fixed income securities as their underlying investments.
Mortgage loans of $765 million mainly comprise loans secured by first mortgages on developed commercial real estate. Key considerations used to manage our exposure include property type and geographic diversification. For further detail on our mortgage loan portfolio, see Note 5 of the condensed consolidated financial statements.
Limited partnership interests include $7.53 billion of interests in private equity funds, $1.25 billion of interests in real estate funds and $148 million of interests in other funds as of September 30, 2024. We have commitments to invest additional amounts in limited partnership interests totaling $3.18 billion as of September 30, 2024.
Other investments include $187 million of bank loans, net, and $677 million of direct investments in real estate as of September 30, 2024.
68 www.allstate.com
Investments
Unrealized net capital gains (losses)
September 30,December 31,
($ in millions) 20242023
U.S. government and agencies$121 $(5)
Municipal35 (43)
Corporate316 (746)
Foreign government31 4 
ABS11 6 
Fixed income securities514 (784)
Short-term investments(1)(1)
Derivatives(2)(2)
Equity method of accounting (“EMA”) limited partnerships— (4)
Investments classified as held for sale(50)— 
Unrealized net capital gains and losses, pre-tax$461 $(791)
Gross unrealized gains (losses) on fixed income securities by type and sector
($ in millions)
Amortized
cost, net
Gross unrealized
Fair
value
GainsLosses
September 30, 2024
Corporate
Banking
$4,417 $110 $(49)$4,478 
Basic industry 968 16 (16)968 
Capital goods2,911 65 (41)2,935 
Communications2,633 53 (53)2,633 
Consumer goods (cyclical and non-cyclical)7,459 171 (106)7,524 
Energy3,020 73 (28)3,065 
Financial services2,302 43 (37)2,308 
Technology2,909 47 (72)2,884 
Transportation831 18 (12)837 
Utilities 5,582 193 (52)5,723 
Other448 10 (17)441 
Total corporate fixed income portfolio33,480 799 (483)33,796 
U.S. government and agencies9,125 162 (41)9,246 
Municipal8,223 131 (96)8,258 
Foreign government1,446 37 (6)1,477 
ABS1,173 14 (3)1,184 
Total fixed income securities$53,447 $1,143 $(629)$53,961 
December 31, 2023
Corporate
Banking $4,189 $31 $(135)$4,085 
Basic industry1,007 7 (42)972 
Capital goods2,800 33 (97)2,736 
Communications2,767 33 (115)2,685 
Consumer goods (cyclical and non-cyclical)6,813 93 (251)6,655 
Energy2,645 35 (63)2,617 
Financial services2,111 17 (88)2,040 
Technology2,800 21 (153)2,668 
Transportation1,104 13 (45)1,072 
Utilities5,330 109 (123)5,316 
Other385 5 (31)359 
Total corporate fixed income portfolio31,951 397 (1,143)31,205 
U.S. government and agencies8,624 114 (119)8,619 
Municipal6,049 109 (152)6,006 
Foreign government1,286 17 (13)1,290 
ABS1,739 13 (7)1,745 
Total fixed income securities$49,649 $650 $(1,434)$48,865 

Third Quarter 2024 Form 10-Q 69
Investments
Gross unrealized losses are related to an increase in market yields which may include increased risk-free interest rates and wider credit spreads since the time of initial purchase. Similarly, gross unrealized gains reflect a decrease in market yields since the time of initial purchase.
Equity securities by sector
September 30, 2024December 31, 2023
($ in millions)CostOver (under) cost
Fair
value
CostOver (under) cost
Fair
value
Banking$34 $46 $80 $30 $38 $68 
Basic industry
8 3 11 9 2 11 
Capital goods
77 (18)59 77 (27)50 
Energy29 5 34 32 3 35 
Financial services
209 14 223 210 12 222 
Funds
Equities282 54 336 258 12 270 
Fixed income627 6 633 1,038 (15)1,023 
Other65 6 71 58 5 63 
Total funds974 66 1,040 1,354 2 1,356 
REITs
155 36 191 179 21 200 
Technology
160 78 238 138 50 188 
Utilities56 3 59 59 1 60 
Other (1)
127 29 156 156 65 221 
Total equity securities$1,829 $262 $2,091 $2,244 $167 $2,411 
(1)As of September 30, 2024, other is generally comprised of consumer goods and communications sectors.
Net investment income
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Fixed income securities$587 $457 $1,684 $1,269 
Equity securities17 15 50 47 
Mortgage loans9 9 27 25 
Limited partnership interests138 190 440 446 
Short-term investments87 59 216 194 
Other investments25 41 71 121 
Investment income, before expense863 771 2,488 2,102 
Investment expense
Investee level expenses(12)(18)(36)(53)
Securities lending expense(28)(25)(80)(68)
Operating costs and expenses(40)(39)(113)(107)
Total investment expense(80)(82)(229)(228)
Net investment income$783 $689 $2,259 $1,874 
Property-Liability$708 $627 $2,053 $1,680 
Protection Services24 19 68 53 
Allstate Health and Benefits26 20 74 60 
Corporate and Other25 23 64 81 
Net investment income$783 $689 $2,259 $1,874 
Market-based$708 $569 $2,001 $1,615 
Performance-based155 202 487 487 
Investment income, before expense$863 $771 $2,488 $2,102 
Net investment income increased $94 million in the third quarter of 2024, primarily due to higher market-based investment results, partially offset by lower performance-based investment results. Net investment income increased $385 million in the first nine months of 2024 compared to the same period of 2023, due to higher market-based investment results. Market-based results continue to benefit from portfolio repositioning into higher yielding fixed income securities and higher investment balances.
70 www.allstate.com
Investments
Performance-based investment income
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Private equity$130 $131 $445 $348 
Real estate25 71 42 139 
Total performance-based income before investee level expenses$155 $202 $487 $487 
Investee level expenses (1)
(12)(16)(36)(48)
Total performance-based income$143 $186 $451 $439 
(1)Investee level expenses include asset level operating expenses on directly held real estate and other consolidated investments reported in investment expense.
Performance-based investment income decreased $43 million in the third quarter of 2024 compared to the same period of 2023 primarily due to lower real estate investments results. Performance-based investment income increased $12 million in the first nine months of 2024 compared to the same period of 2023, primarily due to private equity valuation increases offset by lower real estate investment results, inclusive of investee level expenses.
Performance-based investment results and income can vary significantly between periods and are influenced by economic conditions, equity market performance, comparable public company earnings multiples, capitalization rates, operating performance of the underlying investments and the timing of asset sales. The Company typically employs a lag in recording and recognizing changes in valuations of limited partnership interests due to the availability of investee financial statements.
Components of net gains (losses) on investments and derivatives and the related tax effect
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Sales$116 $(63)$(85)$(313)
Credit losses (1)
(12)(20)(143)(69)
Valuation change of equity investments - appreciation (decline):
Equity securities92 (14)177 160 
Equity fund investments in fixed income securities27 (21)18 (7)
Limited partnerships (2)
— 1 12 34 
Total valuation of equity investments119 (34)207 187 
Valuation change and settlements of derivatives20 31 (3)(28)
Net gains (losses) on investments and derivatives, pre-tax243 (86)(24)(223)
Income tax (expense) benefit(54)19 4 48 
Net gains (losses) on investments and derivatives, after-tax$189 $(67)$(20)$(175)
Property-Liability (1)
$173 $(48)$(35)$(146)
Protection Services7 (6)3 (10)
Allstate Health and Benefits(5)(2)(3)1 
Corporate and Other14 (11)15 (20)
Net gains (losses) on investments and derivatives, after-tax$189 $(67)$(20)$(175)
Market-based (1)
$231 $(166)$(53)$(293)
Performance-based12 80 29 70 
Net gains (losses) on investments and derivatives, pre-tax$243 $(86)$(24)$(223)
(1)Includes $123 million loss for the nine months ended 2024 related to the carrying value of the surplus notes issued by Adirondack Insurance Exchange and New Jersey Skylands Insurance Association (together “Reciprocal Exchanges”). See Note 8 for further details.
(2)Relates to limited partnerships where the underlying assets are predominately public equity securities.
Net gains on investments and derivatives in the third quarter of 2024 primarily related to valuation gains on equity investments and gains on sales of fixed income securities. Net losses in the first nine months of 2024 primarily related to a loss recognized related to surplus notes issued by the Reciprocal Exchanges and losses on sales of fixed income securities, partially offset by valuation gains on equity securities.
Net gains on sales in the third quarter and losses in the first nine months of 2024 related primarily to sales of fixed income securities in connection with ongoing portfolio management.
Net gains on valuation change and settlements of derivatives of $20 million in the third quarter of 2024 primarily related to net gains on interest rate futures used to manage duration, partially offset by losses on foreign currency contracts used to manage foreign
Third Quarter 2024 Form 10-Q 71
Investments
currency risk. Net losses of $3 million for the first nine months of 2024 primarily related to net losses on equity futures used to manage equity exposure and losses on foreign currency contracts used to manage
foreign currency risk, partially offset by net gains on rate futures used to manage duration.
Net gains (losses) on performance-based investments and derivatives
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Sales$8 $65 $6 $68 
Credit losses(7)(10)(28)(37)
Valuation change of equity investments34 8 60 33 
Valuation change and settlements of derivatives(23)17 (9)6 
Total performance-based$12 $80 $29 $70 
Net gains on performance-based investments and derivatives in the third quarter of 2024 primarily included increased valuation of equity investments, partially offset by losses on valuation change and settlements of derivatives. Net gains on performance-based investments and derivatives in the first nine months of 2024, primarily related to increased valuation of equity investments, partially offset by credit losses.
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Capital Resources and Liquidity
Capital Resources and Liquidity
Capital resources consist of shareholders’ equity and debt, representing funds deployed or available to be deployed to support business operations or for general corporate purposes.
Capital resources
($ in millions)September 30, 2024December 31, 2023
Preferred stock, common stock, treasury stock, retained income and other shareholders’ equity items$20,626 $18,470 
Accumulated other comprehensive income (loss)251 (700)
Total Allstate shareholders’ equity20,877 17,770 
Debt8,083 7,942 
Total capital resources$28,960 $25,712 
Ratio of debt to Allstate shareholders’ equity38.7 %44.7 %
Ratio of debt to capital resources27.9 30.9 
Allstate shareholders’ equity increased in the first nine months of 2024, primarily due to net income and unrealized net capital gains, partially offset by dividends to shareholders. In the nine months ended September 30, 2024, we paid dividends of $719 million and $88 million related to our common and preferred shares, respectively.
Repayment of debt On May 15, 2024, the Company repaid, at maturity, $350 million of 6.75% Senior Notes.
Issuance of debt On June 24, 2024, the Company issued $500 million of 5.05% Senior Notes due 2029. Interest on the Senior Notes is payable semi-annually in arrears on June 24 and December 24 of each year, beginning on December 24, 2024. The Senior Notes are redeemable at any time at the applicable redemption price prior to the maturity date. The net proceeds of this issuance were used for general corporate purposes.
Debt maturities
Debt maturities for each of the next five years
and thereafter (excluding issuance costs)
($ in millions)
2025$600 
2026550 
2027— 
2028— 
2029500 
Thereafter6,491 
Total long-term debt principal$8,141 
Common share repurchases On March 31, 2024, our $5.00 billion share repurchase authorization expired. A new common share repurchase program has not been authorized as of September 30, 2024.
Common shareholder dividends On January 2, 2024, April 1, 2024, and July 1, 2024, we paid a common shareholder dividend of $0.89, $0.92 and $0.92, respectively. On July 17, 2024, we declared a common shareholder dividend of $0.92 payable on October 1, 2024.
Financial ratings and strength Our ratings are influenced by many factors including our operating and financial performance, asset quality, liquidity, overall portfolio mix, financial leverage (i.e., debt), exposure to risks such as catastrophes and the current level of
operating leverage. The preferred stock and subordinated debentures are viewed as having a common equity component by certain rating agencies and are given equity credit up to a pre-determined limit in our capital structure as determined by their respective methodologies. These respective methodologies consider the existence of certain terms and features in the instruments such as the noncumulative dividend feature in the preferred stock.
In May 2024, S&P affirmed The Allstate Corporation’s (the “Corporation”) senior debt and short-term issuer ratings of BBB+ and A-2, respectively, and Allstate Insurance Company’s (“AIC”) insurance financial strength rating of A+. The outlook for the ratings is stable.
In August 2024, A.M. Best affirmed the Corporation’s senior debt and short-term issuer ratings of a- and AMB-1, respectively, and AIC’s insurance financial strength rating of A+. The outlook for the ratings is stable.
In October 2024, Moody’s affirmed the Corporation’s senior debt and short-term issuer ratings of A3 and P-2, respectively, and AIC’s insurance financial strength rating of Aa3. The outlook for the ratings is negative.
Liquidity sources and uses We actively manage our financial position and liquidity levels in light of changing market, economic and business conditions. Liquidity is managed at both the entity and enterprise level across the Company and is assessed on both base and stressed level liquidity needs. We believe we have sufficient liquidity to meet these needs. Additionally, we have existing intercompany agreements in place that facilitate liquidity management across the Company to enhance flexibility.
The Corporation is party to an Amended and Restated Intercompany Liquidity Agreement (“Liquidity Agreement”) with certain subsidiaries, which includes, but is not limited to Allstate Insurance Company (“AIC”). The Liquidity Agreement allows for short-term advances of funds to be made between parties for liquidity and other general corporate purposes. The Liquidity Agreement does not establish a commitment to advance funds on the part of any party. AIC serves as a lender and borrower, certain other subsidiaries
Third Quarter 2024 Form 10-Q 73
Capital Resources and Liquidity

serve only as borrowers, and the Corporation serves only as a lender. The maximum amount of potential funding under each of these agreements is $1.00 billion.
In addition to the Liquidity Agreement, the Corporation also has an intercompany loan agreement with certain of its subsidiaries, which includes, but is not limited to, AIC. The amount of intercompany loans available to the Corporation’s subsidiaries is at the discretion of the Corporation. The maximum amount of loans the Corporation will have outstanding to all its eligible subsidiaries at any given point in time is limited to $1.00 billion. The Corporation may use commercial paper borrowings, bank lines of credit and securities lending to fund intercompany borrowings.
Parent company capital capacity At the parent holding company level, we have deployable assets totaling $2.95 billion as of September 30, 2024, primarily comprised of cash and short-term, fixed income and equity securities that are generally saleable within one quarter. The earnings capacity of the operating subsidiaries is the primary source of capital generation for the Corporation.
As of September 30, 2024, we held $10.60 billion of cash, U.S. government and agencies fixed income securities, public equity securities, and short-term investments, which we would expect to be able to liquidate within one week.
Intercompany dividends were paid in the first nine months of 2024 between the following companies: American Heritage Life (“AHL”), Allstate Financial Insurance Holdings Corporation (“AFIHC”), the Corporation, North Light Specialty Insurance Company (“NLSIC”) and AIC.
Intercompany dividends
($ in millions)
AHL to AFIHC$130 
AFIHC to the Corporation130 
NLSIC to AIC
18 
Based on the greater of 2023 statutory net income or 10% of statutory surplus, the maximum amount of dividends that AIC will be able to pay, without prior Illinois Department of Insurance approval, at a given point in time through February 2025, is estimated at $1.20 billion, less dividends paid during the preceding twelve months measured at that point in time. In the first nine months of 2024, no dividends have been paid.
Dividends may not be paid or declared on our common stock and shares of common stock may not be repurchased unless the full dividends for the latest completed dividend period on our preferred stock have been declared and paid or provided for.
The terms of our outstanding subordinated debentures also prohibit us from declaring or paying any dividends or distributions on our common or preferred stock or redeeming, purchasing, acquiring, or making liquidation payments on our common stock or preferred stock if we have elected to defer interest payments on the subordinated debentures, subject to certain limited exceptions. In the first nine months of
2024, we did not defer interest payments on the subordinated debentures.
Additional resources to support liquidity are as follows:
•The Corporation and AIC have access to a $750 million unsecured revolving credit facility that is available for short-term liquidity requirements. The maturity date of this facility is November 2027. The facility is fully subscribed among 11 lenders with the largest commitment being $95 million. The commitments of the lenders are several and no lender is responsible for any other lender’s commitment if such lender fails to make a loan under the facility. This facility contains an increase provision that would allow up to an additional $500 million of borrowing, subject to the lenders’ commitment. This facility has a financial covenant requiring that we not exceed a 37.5% debt to capitalization ratio as defined in the agreement. This ratio was 22.0% as of September 30, 2024. Although the right to borrow under the facility is not subject to a minimum rating requirement, the costs of maintaining the facility and borrowing under it are based on the ratings of our senior unsecured, unguaranteed long-term debt. There were no borrowings under the credit facility during 2024.
•To cover short-term cash needs, the Corporation has access to a commercial paper facility with a borrowing capacity limited to any undrawn credit facility balance up to $750 million.
•As of September 30, 2024, there were no balances outstanding for the credit facility or the commercial paper facility and therefore the remaining borrowing capacity was $750 million.
•The Corporation has access to a universal shelf registration statement with the Securities and Exchange Commission that was filed on April 30, 2024 and expires in 2027. We can use this shelf registration to issue an unspecified amount of debt securities, common stock (including 635 million shares of treasury stock as of September 30, 2024), preferred stock, depositary shares, warrants, stock purchase contracts and stock purchase units. The specific terms of any securities we issue under this registration statement will be provided in the applicable prospectus supplements.
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Forward-Looking Statements
This report contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. These statements may address, among other things, our strategy for growth, catastrophe exposure management, product development, investment results, regulatory approvals, market position, expenses, financial results, litigation and reserves. We believe that these statements are based on reasonable estimates, assumptions and plans. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements as a result of new information or future events or developments. In addition, forward-looking statements are subject to certain risks or uncertainties that could cause actual results to differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include risks related to:
Insurance and Financial Services (1) actual claim costs exceeding current reserves; (2) unexpected increases in claim frequency or severity; (3) catastrophes and severe weather events; (4) limitations in analytical models used for loss cost estimates; (5) price competition and changes in regulation and underwriting standards; (6) market risk, inflation, and declines in credit quality of our investment portfolios; (7) our subjective determination of fair value and amount of credit losses for investments; (8) our participation in indemnification programs, including state industry pools and facilities; (9) inability to mitigate the impact associated with changes in capital requirements; (10) a downgrade in financial strength ratings;
Business, Strategy and Operations (11) operations in markets that are highly competitive; (12) changing consumer preferences; (13) new or changing technologies; (14) implementation of our Transformative Growth strategy; (15) our catastrophe management strategy; (16) restrictions on our subsidiaries’ ability to pay dividends; (17) restrictions under terms of certain of our securities on our ability to pay dividends or repurchase our stock; (18) the availability of reinsurance at current levels and prices; (19) counterparty risk related to reinsurance; (20) acquisitions and divestitures of businesses; (21) intellectual property infringement, misappropriation and third-party claims; (22) vendor-related business disruptions or failure of a vendor to provide and protect data, confidential and proprietary information, or personal information of our customers, claimants or employees; (23) our ability to attract, develop and retain talent;
Macro, Regulatory and Risk Environment (24) conditions in the global economy and capital markets; (25) a large-scale pandemic, the occurrence of terrorism, military actions or social unrest; (26) the failure in cyber or other information security controls, as well as the occurrence of events unanticipated in our disaster recovery processes and business continuity planning; (27) changing climate and weather conditions; (28) evolving environmental, social and governance standards and expectations; (29) restrictive regulations and regulatory reforms and uncertainty around the interpretation and implementation of regulations in the U.S. and internationally; (30) regulatory limitations on rate increases and requirements to underwrite business and participate in loss sharing arrangements; (31) losses from legal and regulatory actions; (32) changes in or the application of accounting standards and changes in tax laws; and (33) misconduct or fraudulent acts by employees, agents and third parties.
Additional information concerning these and other factors may be found in our filings with the Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures. We maintain disclosure controls and procedures as defined in Rules 13a-15(e) under the Securities Exchange Act of 1934. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based upon this evaluation, the principal executive officer and the principal financial officer concluded that our disclosure controls and procedures are effective in providing reasonable assurance that material information required to be disclosed in our reports filed with or submitted to the Securities and Exchange Commission under the Securities Exchange Act is made known to management, including the principal executive officer and the principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting. During the fiscal quarter ended September 30, 2024, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Third Quarter 2024 Form 10-Q 75
Part II. Other Information
Part II. Other Information
Item 1. Legal Proceedings
Information required for Part II, Item 1 is incorporated by reference to the discussion under the heading “Regulation and compliance” and under the heading “Legal and regulatory proceedings and inquiries” in Note 15 of the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q.
Item 1A. Risk Factors
There have been no material changes in our risk factors from those disclosed in Part I, Item 1A in our annual report on Form 10-K for the year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
Issuer Purchases of Equity Securities
Period
Total number of shares
(or units) purchased (1)
Average price
paid per share
(or unit)
Total number of shares (or units) purchased as part of publicly announced plans or programs
Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs (2)
July 1, 2024 - July 31, 2024
      Open Market Purchases1,346 $158.43 — 
August 1, 2024 - August 31, 2024
      Open Market Purchases116,318 $179.60 — 
September 1, 2024 - September 30, 2024
      Open Market Purchases1,303 $187.84 — 
Total118,967 $179.45 — $— 
(1)In accordance with the terms of its equity compensation plans, Allstate acquired the following shares in connection with the vesting of restricted stock units and performance stock awards and the exercise of stock options held by employees and/or directors. The shares were acquired in satisfaction of withholding taxes due upon exercise or vesting and in payment of the exercise price of the options.
July: 1,346
August: 116,318
September: 1,303
(2)A common share repurchase program has not been authorized as of September 30, 2024.
Item 5. Other Information
On August 22, 2024, Thomas J. Wilson, Chairman of the Board, President, Chief Executive Officer and a director of the Company, adopted a Rule 10b5-1 trading plan. The Rule 10b5-1 plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. Mr. Wilson’s Rule 10b5-1 plan provides for the sale of up to 189,016 shares of the Company’s common stock. The Rule 10b5-1 plan expires on May 22, 2025, or upon the earlier completion of all authorized transactions thereunder.
On September 20, 2024, Jesse E. Merten, Executive Vice President and Chief Financial Officer of the Company, adopted a Rule 10b5-1 trading plan. The Rule 10b5-1 plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. Mr. Merten’s Rule 10b5-1 Plan provides for the sale of up to 40,102 shares of the Company’s common stock. The Rule 10b5-1 plan expires on May 9, 2025, or upon the earlier completion of all authorized transactions thereunder.
During the three months ended September 30, 2024, no other director or officer who is required to file reports under Section 16 of the Securities Exchange Act adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
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Other Information Part II.
Item 6. Exhibits
(a)Exhibits
The following is a list of exhibits filed as part of this Form 10-Q.
  Incorporated by Reference 
Exhibit 
 Number
Exhibit DescriptionForm
File 
Number
Exhibit
Filing
Date
Filed or
Furnished
Herewith
3.18-K1-118403(i)May 23, 2012
3.28-K1-118403.1July 17, 2023
3.38-K1-118403.1August 5, 2019
3.48-K1-118403.1November 8, 2019
3.510-K1-118403.6February 21, 2020
3.610-Q1-118403.6May 3, 2023
3.78-K1-118403.1May 18, 2023
4
The Allstate Corporation hereby agrees to furnish to the Commission, upon request, the instruments defining the rights of holders of each issue of long-term debt of it and its consolidated subsidiaries
     
15    X
31(i)    X
31(i)    X
32    X
101.INS
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
    X
101.SCHInline XBRL Taxonomy Extension Schema Document    X
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document    X
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document    X
101.LABInline XBRL Taxonomy Extension Label Linkbase Document    X
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document    X
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) X
Third Quarter 2024 Form 10-Q 77

Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
The Allstate Corporation
 
(Registrant)
 
 
 
 
 
 
October 30, 2024
By
/s/ Eric K. Ferren
 
 
Eric K. Ferren
 
 
Senior Vice President, Controller and Chief Accounting Officer
 
 
(Authorized Signatory and Principal Accounting Officer)

78 www.allstate.com