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Disposition | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Disposition |
Note 3 | Disposition
On August 13, 2024, the Company entered into a share purchase agreement (the “Purchase Agreement”) with StanCorp Financial Group, Inc. to sell American Heritage Life Insurance Company and American Heritage Service Company, comprising the Company’s employer voluntary benefits business for approximately $2.0 billion in cash. The employer voluntary benefits business is reported in the Allstate Health and Benefits segment, and as of September 30, 2024, the assets and liabilities of the business are classified as held for sale. The transaction price less costs to sell exceeds the carrying value of the net assets related to this transaction, resulting in an estimated gain that will be recognized at closing of the transaction. The anticipated gain on the sale will be impacted by purchase price adjustments associated with certain pre-close transactions, changes in the carrying value of net assets, changes in accumulated other comprehensive income and the related tax effects. The amount of goodwill included in the carrying value is based on the relative fair value of the employer voluntary benefits business to the fair value of the Allstate Health and Benefits segment and is reported in other assets in the table below. The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions. The Company continues to pursue the sale of the group health and individual health businesses. The employer voluntary benefits business generated $248 million and $742 million of premiums and contract charges for the three and nine months ended September 30, 2024, respectively, and adjusted net income of $19 million and $64 million for the three and nine months ended September 30, 2024, respectively.
Major classes of assets and liabilities classified as held for sale
($ in millions) |  | September 30, 2024
Assets |  |
Investments |  |
Fixed income securities, at fair value (amortized cost, net $1,691) |  | $ | 1,641 |
Equity securities, at fair value (cost $1) |  | 1 |
Short-term, at fair value (amortized cost $76) |  | 76 |
Other investments, net |  | 121 |
Total investments |  | 1,839 |
Cash |  | 114 |
Deferred policy acquisitions costs |  | 516 |
Reinsurance recoverables, net |  | 117 |
Other assets |  | 577 |
Total assets held for sale |  | $ | 3,163 |
Liabilities |  |
Reserve for future policy benefits |  | $ | 1,141 |
Contractholder funds |  | 891 |
Other liabilities and accrued expenses |  | 132 |
Total liabilities held for sale |  | $ | 2,164 |
Included in shareholders' equity is $65 million of accumulated other comprehensive loss related to assets and liabilities held for sale.

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- Definition The entire disclosure 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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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