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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Schedule of unearned premiums | The portion of premiums written applicable to the unexpired terms of the policies is recorded as unearned premiums.
Unearned premiums
|  | As of December 31,
($ in millions) |  | 2020 |  | 2019
Allstate Protection |  | $ | 12,772 |  |  | $ | 12,567 |
Protection Services |  | 3,167 |  |  | 2,765 |
Total |  | $ | 15,939 |  |  | $ | 15,332 |
Allowance for credit loss |
Rollforward of credit loss allowance for premium installment receivables
($ in millions) |  | For the year ended December 31, 2020
Beginning balance |  | $ | (91) |
Increase in the provision for credit losses |  | (223) |
Write-off of uncollectible premium installment receivable amounts |  | 161 |
Ending balance |  | $ | (153) |
Allowance for credit losses
($ in millions) |  | December 31, 2020 |  | January 1, 2020
Fixed income securities |  | $ | 3 |  |  | $ | — |
Mortgage loans |  | 67 |  |  | 45 |
Other investments |  |  |  |
Bank loans |  | 67 |  |  | 53 |
Agent loans |  | 5 |  |  | 5 |
Investments |  | 142 |  |  | 103 |
Premium installment receivables |  | 153 |  |  | 91 |
Reinsurance recoverables |  | 74 |  |  | 74 |
Other assets |  | 23 |  |  | 18 |
Assets |  | 392 |  |  | 286 |
Commitments to fund mortgage loans, bank loans and agent loans |  | 1 |  |  | 3 |
Liabilities |  | 1 |  |  | 3 |
Total |  | $ | 393 |  |  | $ | 289 |
Rollforward of credit loss allowance for fixed income securities
|  | For the year ended
($ in millions) |  | December 31, 2020 |  |  |  |
Beginning balance |  | $ | — |  |  |  |  |
Credit losses on securities for which credit losses not previously reported |  | (5) |  |  |  |  |
Reduction of allowance related to sales |  | 2 |  |  |  |  |
Write-offs |  | — |  |  |  |  |
Ending balance (1) |  | $ | (3) |  |  |  |  |
(1)Allowance for fixed income securities as of December 31, 2020 comprised $1 million and $2 million of corporate bonds and ABS, respectively.
Rollforward of credit loss allowance for mortgage loans
($ in millions) |  | For the year ended December 31, 2020
Beginning balance |  | $ | (3) |
Cumulative effect of change in accounting principle |  | (42) |
Net increases related to credit losses |  | (39) |
Reduction of allowance related to sales |  | 17 |
Write-offs |  | — |
Ending balance |  | $ | (67) |
Rollforward of credit loss allowance for bank loans
|  | For the year ended December 31, 2020
($ in millions) |
Beginning balance |  | $ | — |
Cumulative effect of change in accounting principle |  | (53) |
Net increases related to credit losses |  | (28) |
Reduction of allowance related to sales |  | 9 |
Write-offs |  | 5 |
Ending balance |  | $ | (67) |
Schedule of goodwill by reporting unit | The Company’s goodwill reporting units are equivalent to its reportable segments, Allstate Protection, Protection Services, Allstate Life and Allstate Benefits to which goodwill has been assigned.
Goodwill by reporting unit
|  | As of December 31,
($ in millions) |  | 2020 |  | 2019
Allstate Protection |  | $ | 810 |  |  | $ | 810 |
Protection Services |  | 1,463 |  |  | 1,464 |
Allstate Life |  | 175 |  |  | 175 |
Allstate Benefits |  | 96 |  |  | 96 |
Total |  | $ | 2,544 |  |  | $ | 2,545 |
Future amortization expense |
Amortization expense of intangible assets for the next five years and thereafter
($ in millions) |  |  |  |
2021 |  |  |  | $ | 91 |
2022 |  |  |  | 74 |
2023 |  |  |  | 60 |
2024 |  |  |  | 45 |
2025 |  |  |  | 33 |
Thereafter |  |  |  | 31 |
Total amortization |  |  |  | $ | 334 |
Schedule of indefinite-lived intangible assets |
Intangible assets by type
|  | As of December 31,
($ in millions) |  | 2020 |  | 2019
Customers relationships |  | $ | 322 |  |  | $ | 419 |
Trade names and licenses |  | 37 |  |  | 38 |
Technology and other |  | 94 |  |  | 24 |
Total |  | $ | 453 |  |  | $ | 481 |
Schedule of finite-lived intangible assets |
Intangible assets by type
|  | As of December 31,
($ in millions) |  | 2020 |  | 2019
Customers relationships |  | $ | 322 |  |  | $ | 419 |
Trade names and licenses |  | 37 |  |  | 38 |
Technology and other |  | 94 |  |  | 24 |
Total |  | $ | 453 |  |  | $ | 481 |
Other information related to operating leases |
Other information related to operating leases |  |
|  | As of December 31, |  |
|  | 2020 |  | 2019 |  |
Weighted average remaining lease term (years) |  | 5 |  | 6 |  |
Weighted average discount rate |  | 3.10 | % |  | 3.15 | % |  |
Maturity of lease liabilities |
Maturity of lease liabilities
($ in millions) |  | Operating leases
2021 |  | $ | 120 |
2022 |  | 116 |
2023 |  | 95 |
2024 |  | 77 |
2025 |  | 63 |
Thereafter |  | 84 |
Total lease payments |  | $ | 555 |
Less: interest |  | (44) |
Present value of lease liabilities |  | $ | 511 |
Computation of basic and diluted earnings per common share |
Computation of basic and diluted earnings per common share
|  | For the years ended December 31,
($ in millions, except per share data) |  | 2020 |  | 2019 |  | 2018
Numerator: |  |  |  |  |  |
Net income |  | $ | 5,576 |  |  | $ | 4,847 |  |  | $ | 2,160 |
Less: Preferred stock dividends |  | 115 |  |  | 169 |  |  | 148 |
Net income applicable to common shareholders (1) |  | $ | 5,461 |  |  | $ | 4,678 |  |  | $ | 2,012 |
Denominator: |  |  |  |  |  |
Weighted average common shares outstanding |  | 311.6 |  |  | 328.2 |  |  | 347.8 |
Effect of dilutive potential common shares: |  |  |  |  |  |
Stock options |  | 2.2 |  |  | 3.2 |  |  | 3.6 |
Restricted stock units (non-participating) and performance stock awards |  | 1.7 |  |  | 2.1 |  |  | 1.8 |
Weighted average common and dilutive potential common shares outstanding |  | 315.5 |  |  | 333.5 |  |  | 353.2 |
Earnings per common share – Basic |  | $ | 17.53 |  |  | $ | 14.25 |  |  | $ | 5.78 |
Earnings per common share – Diluted |  | $ | 17.31 |  |  | $ | 14.03 |  |  | $ | 5.70 |
Anti-dilutive options excluded from diluted earnings per common share |  | 2.9 |  |  | 3.7 |  |  | 2.0 |

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