XML 27 R11.htm IDEA: XBRL DOCUMENT
v3.22.1

Acquisitions and Dispositions | 3 Months Ended
--- | ---
Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Acquisitions and Dispositions |
Note 3 | Acquisitions and Dispositions
Acquisitions National General On January 4, 2021, the Company completed the acquisition of National General Holdings Corp. (“National General”), an insurance holding company serving customers predominantly through independent agents for property and casualty and accident and health products.
Assets and liabilities recognized in the National General acquisition (1) |  |
($ in millions) |  |  |  | January 4, 2021 |  |
Assets |  |  |  |  |  |
Investments |  |  |  | $ | 4,962 |  |  |
Cash |  |  |  | 400 |  |  |
Premiums and other receivables, net |  |  |  | 1,539 |  |  |
Deferred acquisition costs (value of business acquired) |  |  |  | 317 |  |  |
Reinsurance recoverables, net |  |  |  | 1,212 |  |  |
Intangible assets |  |  |  | 1,199 |  |  |
Other assets |  |  |  | 734 |  |  |
Goodwill (2) |  |  |  | 1,038 |  |  |
Total assets |  |  |  | 11,401 |  |  |
Liabilities |  |  |  |  |  |
Reserve for property and casualty insurance claims and claims expense |  |  |  | 2,765 |  |  |
Reserve for future policy benefits |  |  |  | 186 |  |  |
Unearned premiums |  |  |  | 2,245 |  |  |
Reinsurance payable |  |  |  | 363 |  |  |
Debt (3) |  |  |  | 593 |  |  |
Deferred tax liabilities |  |  |  | 162 |  |  |
Other liabilities |  |  |  | 776 |  |  |
Total liabilities |  |  |  | $ | 7,090 |  |  |
(1)The amounts reflect allocation of assets acquired and liabilities assumed. (2)$675 million, $20 million and $343 million of goodwill were allocated to the Allstate Protection, Protection Services and Allstate Health and Benefits segments, respectively, and is non-deductible for income tax purposes. Goodwill is primarily attributable to expected synergies and future growth opportunities. (3)Subsequent to the acquisition, the Company repaid $100 million of 7.625% Subordinated Notes and $72 million of Subordinated Debentures on February 3, 2021 and March 15, 2021, respectively. As of March 31, 2022, the Company had principal balance remaining of $350 million 6.750% Senior Notes due 2024, with a fair value adjustment of $40 million. SafeAuto On October 1, 2021, the Company completed the acquisition of Safe Auto Insurance Group, Inc. (“SafeAuto”), a non-standard auto insurance carrier focused on providing state-minimum private-passenger auto insurance direct to consumers with coverage options in 28 states for $262 million in cash. Dispositions Life and annuity business On October 1, 2021, the Company closed the sale of ALNY to Wilton Reassurance Company for $400 million. On November 1, 2021, the Company closed the sale of ALIC and certain affiliates to entities managed by Blackstone for total proceeds of $4 billion, including a pre-close dividend of $1.25 billion paid by ALIC. In 2021 and prior periods, the assets and liabilities of the business were reclassified as held for sale and results were presented as discontinued operations.
Financial results from discontinued operations |  |  |  |  |  |
|  |  |  | Three months ended March 31, |  |
($ in millions) |  |  |  | 2021 |  |  |  |
Revenues |  |  |  |  |  |  |  |
Life premiums and contract charges |  |  |  | $ | 340 |  |  |  |  |
Net investment income |  |  |  | 439 |  |  |  |  |
Net gains (losses) on investments and derivatives |  |  |  | 79 |  |  |  |  |
Total revenues |  |  |  | 858 |  |  |  |  |
Costs and expenses |  |  |  |  |  |  |  |
Life contract benefits |  |  |  | 410 |  |  |  |  |
Interest credited to contractholder funds |  |  |  | 85 |  |  |  |  |
Amortization of DAC |  |  |  | 36 |  |  |  |  |
Operating costs and expenses |  |  |  | 55 |  |  |  |  |
Restructuring and related charges |  |  |  | 19 |  |  |  |  |
Total costs and expenses |  |  |  | 605 |  |  |  |  |
Amortization of deferred gain on reinsurance |  |  |  | 2 |  |  |  |  |
Income (loss) from discontinued operations before income tax expense |  |  |  | 255 |  |  |  |  |
Income tax expense (benefit) |  |  |  | 50 |  |  |  |  |
Income (loss) from discontinued operations, net of tax |  |  |  | 205 |  |  |  |  |
Loss on disposition of operations |  |  |  | (4,418) |  |  |  |  |
Income tax benefit |  |  |  | (420) |  |  |  |  |
Loss on disposition of operations, net of tax |  |  |  | (3,998) |  |  |  |  |
Loss from discontinued operations, net of tax |  |  |  | $ | (3,793) |  |  |  |  |
Cash flows from discontinued operations |  |  |  |  |  |
|  |  |  | Three months ended March 31, |  |  |  |
($ in millions) |  |  |  | 2021 |  |  |  |
Net cash provided by operating activities from discontinued operations |  |  |  | $ | 64 |  |  |  |  |
Net cash provided by investing activities from discontinued operations |  |  |  | 88 |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration