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v3.20.4

Reinsurance and Indemnification (Tables) | 12 Months Ended
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Dec. 31, 2020
Reinsurance Disclosures [Abstract] |
Effects of reinsurance on property-liability insurance premiums written and earned and life and annuity premiums and contract charges |
Effects of reinsurance and indemnification on property and casualty premiums written and earned and life premiums and contract charges
|  | For the years ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Property and casualty insurance premiums written |  |  |  |  |  |
Direct |  | $ | 38,695 |  |  | $ | 37,976 |  |  | $ | 35,895 |
Assumed |  | 105 |  |  | 95 |  |  | 99 |
Ceded |  | (1,142) |  |  | (1,117) |  |  | (1,008) |
Property and casualty insurance premiums written, net of recoverables |  | $ | 37,658 |  |  | $ | 36,954 |  |  | $ | 34,986 |
Property and casualty insurance premiums earned |  |  |  |  |  |
Direct |  | $ | 38,115 |  |  | $ | 37,104 |  |  | $ | 34,977 |
Assumed |  | 99 |  |  | 94 |  |  | 87 |
Ceded |  | (1,141) |  |  | (1,122) |  |  | (1,016) |
Property and casualty insurance premiums earned, net of recoverables |  | $ | 37,073 |  |  | $ | 36,076 |  |  | $ | 34,048 |
Life premiums and contract charges |  |  |  |  |  |
Direct |  | $ | 2,001 |  |  | $ | 2,074 |  |  | $ | 2,001 |
Assumed |  | 685 |  |  | 712 |  |  | 754 |
Ceded |  | (242) |  |  | (285) |  |  | (290) |
Life premiums and contract charges, net of recoverables |  | $ | 2,444 |  |  | $ | 2,501 |  |  | $ | 2,465 |
Summary of reinsurance recoverables on paid and unpaid benefits |
Reinsurance and indemnification recoverables, net
|  | As of December 31,
($ in millions) |  | 2020 |  | 2019
Property and casualty |  |  |  |
Paid and due from reinsurers and indemnitors |  | $ | 101 |  |  | $ | 112 |
Unpaid losses estimated (including IBNR) |  | 7,033 |  |  | 6,912 |
Total property and casualty |  | $ | 7,134 |  |  | $ | 7,024 |
Allstate Annuities (1) |  | $ | 1,293 |  |  | $ | 1,305 |
Allstate Life (1) |  | 712 |  |  | 794 |
Allstate Benefits (1) |  | 81 |  |  | 88 |
Total |  | $ | 9,220 |  |  | $ | 9,211 |
(1)As of December 31, 2020 and 2019, approximately 94% and 93%, respectively, of the reinsurance recoverables are due from companies rated A- or better by S&P.
Rollforward of credit loss allowance for reinsurance recoverables |
Rollforward of credit loss allowance for reinsurance recoverables
|  | For the year ended
($ in millions) |  | December 31, 2020 |  |  |  |
Property and casualty (1) (2) |  |  |  |  |  |
Beginning balance |  | $ | (60) |  |  |  |  |
Decrease in the provision for credit losses |  | 1 |  |  |  |  |
Write-offs |  | — |  |  |  |  |
Ending balance |  | $ | (59) |  |  |  |  |
Allstate Annuities, Allstate Life and Allstate Benefits |  |  |  |  |  |
Beginning balance |  | $ | (3) |  |  |  |  |
Cumulative effect of change in accounting principle |  | (11) |  |  |  |  |
Increase in the provision for credit losses |  | (1) |  |  |  |  |
Write-offs |  | — |  |  |  |  |
Ending Balance |  | $ | (15) |  |  |  |  |
(1)Primarily related to discontinued lines and coverages reinsurance ceded. (2)Indemnification recoverables are considered collectible based on the industry pool and facility enabling legislation.
Summary of retention limits by period of policy issuance |
Retention limits by period of policy issuance
Period |  | Retention limits
April 2015 through current |  | Single life: $2 million per life Joint life: no longer offered
April 2011 through March 2015 |  | Single life: $5 million per life, $3 million age 70 and over, and $10 million for contracts that meet specific criteria Joint life: $8 million per life, and $10 million for contracts that meet specific criteria
July 2007 through March 2011 |  | $5 million per life, $3 million age 70 and over, and $10 million for contracts that meet specific criteria
September 1998 through June 2007 |  | $2 million per life, in 2006 the limit was increased to $5 million for instances when specific criteria were met
August 1998 and prior |  | Up to $1 million per life
Schedule of reinsurance premium ceded |
Amounts ceded to Prudential
|  | December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Premiums and contract charges |  | $ | 64 |  |  | $ | 65 |  |  | $ | 72 |
Contract benefits |  | 46 |  |  | (4) |  |  | 87 |
Interest credited to contractholder funds |  | 20 |  |  | 19 |  |  | 20 |
Operating costs and expenses |  | 12 |  |  | 12 |  |  | 14 |

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- Definition Schedule of details regarding reinsurance which is recoverable as of the balance sheet date from reinsurers for claims paid or incurred by the ceding insurer and associated claims settlement expenses, including estimated amounts for claims incurred but not reported and policy benefits, net of any related valuation allowance. + References No definition available. + Details
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