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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Volume and fair value positions of derivative instruments and location in the Consolidated Statement of Financial Position |
Summary of the volume and fair value positions of derivative instruments as of June 30, 2019
($ in millions, except number of contracts) |  |  | Volume (1) |  |  |  |  |  |
Balance sheet location |  | Notional amount |  | Number of contracts |  | Fair value, net |  | Gross asset |  | Gross liability
Asset derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as fair value accounting hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other | Other assets |  | $ | 2 |  |  | n/a |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as accounting hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements | Other investments |  | 1 |  |  | n/a |  |  | — |  |  | — |  |  | — |
Futures | Other assets |  | — |  |  | 561 |  |  | — |  |  | — |  |  | — |
Equity and index contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options | Other investments |  | — |  |  | 9,362 |  |  | 122 |  |  | 122 |  |  | — |
Futures | Other assets |  | — |  |  | 1,710 |  |  | 2 |  |  | 2 |  |  | — |
Total return index contracts |  |  |  |  |  |  |  |  |  |  |
Total return swap agreements – fixed income | Other investments |  | 235 |  |  | n/a |  |  | 8 |  |  | 8 |  |  | — |
Total return swap agreements – equity index | Other investments |  | 172 |  |  | n/a |  |  | 6 |  |  | 6 |  |  | — |
Foreign currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards | Other investments |  | 257 |  |  | n/a |  |  | 14 |  |  | 14 |  |  | — |
Credit default contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps – buying protection | Other investments |  | 138 |  |  | n/a |  |  | (4 | ) |  | — |  |  | (4 | )
Total asset derivatives |  |  | $ | 805 |  |  | 11,633 |  |  | $ | 148 |  |  | $ | 152 |  |  | $ | (4 | )
Liability derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as accounting hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate cap agreements | Other liabilities & accrued expenses |  | $ | 35 |  |  | n/a |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Futures | Other liabilities & accrued expenses |  | — |  |  | 3,050 |  |  | — |  |  | — |  |  | — |
Equity and index contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options | Other liabilities & accrued expenses |  | — |  |  | 9,214 |  |  | (47 | ) |  | — |  |  | (47 | )
Futures | Other liabilities & accrued expenses |  | — |  |  | 1,001 |  |  | (1 | ) |  | — |  |  | (1 | )
Total return index contracts |  |  |  |  |  |  |  |  |  |  |
Total return swap agreements – fixed income | Other liabilities & accrued expenses |  | 95 |  |  | n/a |  |  | 2 |  |  | 2 |  |  | — |
Foreign currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards | Other liabilities & accrued expenses |  | 279 |  |  | n/a |  |  | 7 |  |  | 8 |  |  | (1 | )
Embedded derivative financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed accumulation benefits | Contractholder funds |  | 172 |  |  | n/a |  |  | (22 | ) |  | — |  |  | (22 | )
Guaranteed withdrawal benefits | Contractholder funds |  | 209 |  |  | n/a |  |  | (14 | ) |  | — |  |  | (14 | )
Equity-indexed and forward starting options in life and annuity product contracts | Contractholder funds |  | 1,782 |  |  | n/a |  |  | (401 | ) |  | — |  |  | (401 | )
Credit default contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps – buying protection | Other liabilities & accrued expenses |  | 49 |  |  | n/a |  |  | (1 | ) |  | 1 |  |  | (2 | )
Credit default swaps – selling protection | Other liabilities & accrued expenses |  | 9 |  |  | n/a |  |  | — |  |  | — |  |  | — |
Total liability derivatives |  |  | 2,630 |  |  | 13,265 |  |  | (477 | ) |  | $ | 11 |  |  | $ | (488 | )
Total derivatives |  |  | $ | 3,435 |  |  | 24,898 |  |  | $ | (329 | ) |  |  |  |  |  |
(1) | Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable)
Summary of the volume and fair value positions of derivative instruments as of December 31, 2018
($ in millions, except number of contracts) |  |  | Volume (1) |  |  |  |  |  |
Balance sheet location |  | Notional amount |  | Number of contracts |  | Fair value, net |  | Gross asset |  | Gross liability
Asset derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as accounting hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate cap agreements | Other investments |  | $ | 6 |  |  | n/a |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Futures | Other assets |  | — |  |  | 1,330 |  |  | 1 |  |  | 1 |  |  | — |
Equity and index contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options | Other investments |  | — |  |  | 11,131 |  |  | 115 |  |  | 115 |  |  | — |
Futures | Other assets |  | — |  |  | 1,453 |  |  | 1 |  |  | 1 |  |  | — |
Total return index contracts |  |  |  |  |  |  |  |  |  |  |
Total return swap agreements – fixed income | Other investments |  | 7 |  |  | n/a |  |  | — |  |  | — |  |  | — |
Total return swap agreements – equity index | Other investments |  | 61 |  |  | n/a |  |  | (2 | ) |  | — |  |  | (2 | )
Foreign currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards | Other investments |  | 258 |  |  | n/a |  |  | 10 |  |  | 11 |  |  | (1 | )
Credit default contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps – buying protection | Other investments |  | 136 |  |  | n/a |  |  | (1 | ) |  | 2 |  |  | (3 | )
Other contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other | Other assets |  | 2 |  |  | n/a |  |  | — |  |  | — |  |  | — |
Total asset derivatives |  |  | $ | 470 |  |  | 13,914 |  |  | $ | 124 |  |  | $ | 130 |  |  | $ | (6 | )
Liability derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as accounting hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate cap agreements | Other liabilities & accrued expenses |  | $ | 31 |  |  | n/a |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |
Futures | Other liabilities & accrued expenses |  | — |  |  | 1,300 |  |  | (1 | ) |  | — |  |  | (1 | )
Equity and index contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options and futures | Other liabilities & accrued expenses |  | — |  |  | 10,956 |  |  | (50 | ) |  | — |  |  | (50 | )
Total return index contracts |  |  |  |  |  |  |  |  |  |  |
Total return swap agreements – fixed income | Other liabilities & accrued expenses |  | 38 |  |  | n/a |  |  | (1 | ) |  | — |  |  | (1 | )
Total return swap agreements – equity index | Other liabilities & accrued expenses |  | 71 |  |  | n/a |  |  | (4 | ) |  | — |  |  | (4 | )
Foreign currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards | Other liabilities & accrued expenses |  | 341 |  |  | n/a |  |  | 10 |  |  | 11 |  |  | (1 | )
Embedded derivative financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed accumulation benefits | Contractholder funds |  | 169 |  |  | n/a |  |  | (25 | ) |  | — |  |  | (25 | )
Guaranteed withdrawal benefits | Contractholder funds |  | 210 |  |  | n/a |  |  | (14 | ) |  | — |  |  | (14 | )
Equity-indexed and forward starting options in life and annuity product contracts | Contractholder funds |  | 1,770 |  |  | n/a |  |  | (185 | ) |  | — |  |  | (185 | )
Credit default contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps – buying protection | Other liabilities & accrued expenses |  | 40 |  |  | n/a |  |  | — |  |  | — |  |  | — |
Credit default swaps – selling protection | Other liabilities & accrued expenses |  | 5 |  |  | n/a |  |  | — |  |  | — |  |  | — |
Total liability derivatives |  |  | 2,675 |  |  | 12,256 |  |  | (269 | ) |  | $ | 12 |  |  | $ | (281 | )
Total derivatives |  |  | $ | 3,145 |  |  | 26,170 |  |  | $ | (145 | ) |  |  |  |  |  |
(1) Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable)
Schedule of gross and net amount for the Company's OTC derivatives subject to enforceable master netting arrangements |
Gross and net amounts for OTC derivatives (1)
($ in millions) |  |  |  | Offsets |  |  |  |  |  |
| Gross amount |  | Counter-party netting |  | Cash collateral (received) pledged |  | Net amount on balance sheet |  | Securities collateral (received) pledged |  | Net amount
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset derivatives |  | $ | 39 |  |  | $ | (15 | ) |  | $ | (20 | ) |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
Liability derivatives |  | (7 | ) |  | 15 |  |  | (10 | ) |  | (2 | ) |  | — |  |  | (2 | )
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset derivatives |  | $ | 25 |  |  | $ | (18 | ) |  | $ | (5 | ) |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Liability derivatives |  | (12 | ) |  | 18 |  |  | (12 | ) |  | (6 | ) |  | — |  |  | (6 | )
(1) All OTC derivatives are subject to enforceable master netting agreements.
Gains and losses from valuation, settlements, and hedge ineffectiveness, fair value hedges and derivatives not designated as hedges |
Gains (losses) from valuation and settlements reported on derivatives not designated as accounting hedges
($ in millions) |  | Realized capital gains (losses) |  | Life contract benefits |  | Interest credited to contractholder funds |  | Operating costs and expenses |  | Total gain (loss) recognized in net income on derivatives
Three months ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |
Equity and index contracts |  | (17 | ) |  | — |  |  | 11 |  |  | 5 |  |  | (1 | )
Embedded derivative financial instruments |  | — |  |  | (5 | ) |  | (6 | ) |  | — |  |  | (11 | )
Foreign currency contracts |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Credit default contracts |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | )
Total return swaps - fixed income |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |
Total return swaps - equity index |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |
Total |  | $ | 22 |  |  | $ | (5 | ) |  | $ | 5 |  |  | $ | 5 |  |  | $ | 27 |
Six months ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26 |
Equity and index contracts |  | (88 | ) |  | — |  |  | 42 |  |  | 26 |  |  | (20 | )
Embedded derivative financial instruments |  | — |  |  | 3 |  |  | (41 | ) |  | — |  |  | (38 | )
Foreign currency contracts |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |
Credit default contracts |  | (5 | ) |  | — |  |  | — |  |  | — |  |  | (5 | )
Total return swaps - fixed income |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |
Total return swaps - equity index |  | 23 |  |  | — |  |  | — |  |  | — |  |  | 23 |
Total |  | $ | (24 | ) |  | $ | 3 |  |  | $ | 1 |  |  | $ | 26 |  |  | $ | 6 |
Three months ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Equity and index contracts |  | (1 | ) |  | — |  |  | 10 |  |  | 6 |  |  | 15 |
Embedded derivative financial instruments |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 2 |
Foreign currency contracts |  | 19 |  |  | — |  |  | — |  |  | (2 | ) |  | 17 |
Total return swaps |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total |  | $ | 20 |  |  | $ | 1 |  |  | $ | 11 |  |  | $ | 4 |  |  | $ | 36 |
Six months ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Equity and index contracts |  | (3 | ) |  | — |  |  | 6 |  |  | 3 |  |  | 6 |
Embedded derivative financial instruments |  | — |  |  | 5 |  |  | 21 |  |  | — |  |  | 26 |
Foreign currency contracts |  | 12 |  |  | — |  |  | — |  |  | (1 | ) |  | 11 |
Total return swaps |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Credit default contracts |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total |  | $ | 12 |  |  | $ | 5 |  |  | $ | 27 |  |  | $ | 2 |  |  | $ | 46 |
Counterparty credit exposure by counterparty credit rating |
OTC derivatives counterparty credit exposure by counterparty credit rating
($ in millions) |  | June 30, 2019 |  | December 31, 2018
Rating (1) |  | Number of counter- parties |  | Notional amount (2) |  | Credit exposure (2) |  | Exposure, net of collateral (2) |  | Number of counter- parties |  | Notional amount (2) |  | Credit exposure (2) |  | Exposure, net of collateral (2)
A+ |  | 6 |  |  | $ | 1,121 |  |  | $ | 32 |  |  | $ | 4 |  |  | 3 |  |  | $ | 643 |  |  | $ | 19 |  |  | $ | 1 |
A |  | 1 |  |  | 81 |  |  | 2 |  |  | — |  |  | 2 |  |  | 121 |  |  | 1 |  |  | — |
Total |  | 7 |  |  | $ | 1,202 |  |  | $ | 34 |  |  | $ | 4 |  |  | 5 |  |  | $ | 764 |  |  | $ | 20 |  |  | $ | 1 |
(1) | Allstate uses the lower of S&P’s or Moody’s long-term debt issuer ratings.
(2) Only OTC derivatives with a net positive fair value are included for each counterparty.
Derivative instruments with credit features in a liability position, including fair value of assets and collateral netted against the liability |
($ in millions) |  | As of June 30, 2019 |  | As of December 31, 2018
Gross liability fair value of contracts containing credit-risk-contingent features |  | $ | 6 |  |  | $ | 11 |
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs |  | (6 | ) |  | (5 | )
Collateral posted under MNAs for contracts containing credit-risk-contingent features |  | — |  |  | (2 | )
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently |  | $ | — |  |  | $ | 4 |

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- Definition Schedule of fair value of derivative instruments with termination, cross-default or collateral credit-risk-contingent features that are in a liability position and the fair value of assets and collateral that are netted against the liability. + References No definition available. + Details
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- Definition Schedule of gains and losses from valuation, settlements, and hedge ineffectiveness reported on derivatives used in fair value hedging relationships and derivatives not designated as accounting hedging instruments in the statement of operations. + References No definition available. + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
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