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v3.22.1

Acquisitions and Dispositions (Table) | 3 Months Ended
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Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of recognized identified assets acquired and liabilities assumed |
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 $40 million.
Schedule of disposal groups, including discontinued operations |
Financial results from discontinued operations |  |  |  |  |  |
|  |  |  | Three months ended March 31, |  |
($ 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 |  |  |  |

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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