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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Volume and Fair Value Positions of Derivative Instruments |
Summary of the volume and fair value positions of derivative instruments as of September 30, 2025
($ in millions, except number of contracts) |  |  | Volume (1) |  |  |  |  |  |
Balance sheet location |  | Notional amount |  | Number of contracts |  | Fair value, net |  | Gross asset |  | Gross liability
Asset derivatives |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as accounting hedging instruments |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |
Interest rate cap agreements | Other investments |  | $ | 37 |  |  | n/a |  | $ | — |  |  | $ | — |  |  | $ | — |
Futures | Other assets |  | n/a |  | 5,311 |  |  | — |  |  | — |  |  | — |
Equity and index contracts |  |  |  |  |  |  |  |  |  |  |
Options | Other investments |  | n/a |  | 65 |  |  | — |  |  | — |  |  | — |
Futures | Other assets |  | n/a |  | 1,016 |  |  | 1 |  |  | 1 |  |  | — |
Contingent consideration | Other assets |  | 250 |  |  | n/a |  | 140 |  |  | 140 |  |  | — |
Credit default contracts |  |  |  |  |  |  |  |  |  |  |
Credit default swaps - selling protection | Other investments |  | 500 |  |  | n/a |  | 12 |  |  | 12 |  |  | — |
Total asset derivatives |  |  | $ | 787 |  |  | 6,392 |  |  | $ | 153 |  |  | $ | 153 |  |  | $ | — |
Liability derivatives |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as accounting hedging instruments |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements | Other liabilities and accrued expenses |  | $ | 37 |  |  | n/a |  | $ | (1) |  |  | $ | — |  |  | $ | (1) |
Futures | Other liabilities and accrued expenses |  | n/a |  | 3,503 |  |  | — |  |  | — |  |  | — |
Equity and index contracts |  |  |  |  |  |  |  |  |  |  |
Options | Other liabilities and accrued expenses |  | n/a |  | 65 |  |  | — |  |  | — |  |  | — |
Futures | Other liabilities and accrued expenses |  | n/a |  | 38 |  |  | — |  |  | — |  |  | — |
Foreign currency contracts |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards | Other liabilities and accrued expenses |  | 537 |  |  | n/a |  | (29) |  |  | 2 |  |  | (31) |
Total liability derivatives |  |  | 574 |  |  | 3,606 |  |  | (30) |  |  | $ | 2 |  |  | $ | (32) |
Total derivatives |  |  | $ | 1,361 |  |  | 9,998 |  |  | $ | 123 |  |  |  |  |
(1) Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable)
Summary of the volume and fair value positions of derivative instruments as of December 31, 2024
($ in millions, except number of contracts) |  |  | Volume (1) |  |  |  |  |  |
Balance sheet location |  | Notional amount |  | Number of contracts |  | Fair value, net |  | Gross asset |  | Gross liability
Asset derivatives |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as accounting hedging instruments |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |
Futures | Other assets |  | n/a |  | 4,596 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity and index contracts |  |  |  |  |  |  |  |  |  |  |
Futures | Other assets |  | n/a |  | 437 |  |  | — |  |  | — |  |  | — |
Foreign currency contracts |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards | Other investments |  | $ | 602 |  |  | n/a |  | 20 |  |  | 21 |  |  | (1) |
Contingent consideration | Other assets |  | 250 |  |  | n/a |  | 134 |  |  | 134 |  |  | — |
Total asset derivatives |  |  | $ | 852 |  |  | 5,033 |  |  | $ | 154 |  |  | $ | 155 |  |  | $ | (1) |
Liability derivatives |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as accounting hedging instruments |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |
Futures | Other liabilities and accrued expenses |  | n/a |  | 12,112 |  |  | $ | (1) |  |  | $ | — |  |  | $ | (1) |
Equity and index contracts |  |  |  |  |  |  |  |  |  |  |
Futures | Other liabilities and accrued expenses |  | n/a |  | 662 |  |  | — |  |  | — |  |  | — |
Total liability derivatives |  |  | — |  |  | 12,774 |  |  | (1) |  |  | $ | — |  |  | $ | (1) |
Total derivatives |  |  | $ | 852 |  |  | 17,807 |  |  | $ | 153 |  |  |  |  |
(1) Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable)
Schedule of Gross and Net Amounts for OTC Derivatives |
Gross and net amounts for OTC derivatives (1)
($ in millions) |  |  |  | Offsets |  |  |  |  |  |
| Gross amount |  | Counter-party netting |  | Cash collateral (received) pledged |  | Net amount on balance sheet |  | Securities collateral (received) pledged |  | Net amount
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Asset derivatives |  | $ | 2 |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Liability derivatives |  | (32) |  |  | 2 |  |  | 28 |  |  | (2) |  |  | — |  |  | (2) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Asset derivatives |  | $ | 21 |  |  | $ | (1) |  |  | $ | (18) |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Liability derivatives |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
(1)All OTC derivatives are subject to enforceable MNAs.
Schedule of Gains (Losses) from Valuation and Settlements Reported on Derivatives |
Gains (losses) from valuation and settlements reported on derivatives
($ in millions) |  | Net gains (losses) on investments and derivatives |  | Operating costs and expenses |  | Total gain (loss) recognized in net income on derivatives
Three months ended September 30, 2025 |  |  |  |  |  |
Interest rate contracts |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Equity and index contracts |  | (2) |  |  | 15 |  |  | 13 |
Contingent consideration |  | — |  |  | 3 |  |  | 3 |
Foreign currency contracts |  | 6 |  |  | — |  |  | 6 |
Total |  | $ | 6 |  |  | $ | 18 |  |  | $ | 24 |
Nine months ended September 30, 2025 |  |  |  |  |  |
Interest rate contracts |  | $ | (8) |  |  | $ | — |  |  | $ | (8) |
Equity and index contracts |  | (10) |  |  | 21 |  |  | 11 |
Contingent consideration |  | — |  |  | 6 |  |  | 6 |
Foreign currency contracts |  | (50) |  |  | — |  |  | (50) |
Credit default contracts |  | (10) |  |  | — |  |  | (10) |
Total |  | $ | (78) |  |  | $ | 27 |  |  | $ | (51) |
Three months ended September 30, 2024 |  |  |  |  |  |
Interest rate contracts |  | $ | 42 |  |  | $ | — |  |  | $ | 42 |
Equity and index contracts |  | (2) |  |  | 10 |  |  | 8 |
Contingent consideration |  | — |  |  | 2 |  |  | 2 |
Foreign currency contracts |  | (23) |  |  | — |  |  | (23) |
Credit default contracts |  | 3 |  |  | — |  |  | 3 |
Total |  | $ | 20 |  |  | $ | 12 |  |  | $ | 32 |
Nine months ended September 30, 2024 |  |  |  |  |  |
Interest rate contracts |  | $ | 21 |  |  | $ | — |  |  | $ | 21 |
Equity and index contracts |  | (17) |  |  | 24 |  |  | 7 |
Contingent consideration |  | — |  |  | 5 |  |  | 5 |
Foreign currency contracts |  | (9) |  |  | — |  |  | (9) |
Credit default contracts |  | 2 |  |  | — |  |  | 2 |
Total |  | $ | (3) |  |  | $ | 29 |  |  | $ | 26 |
Schedule of OTC Cash and Securities Collateral Pledged |
OTC cash and securities collateral pledged
($ in millions) |  | September 30, 2025
Pledged by the Company |  | $ | 28 |
Pledged to the Company (1) |  | — |
(1) $28 million of collateral was posted under MNAs for contracts containing credit-risk-contingent provisions that are in a liability provision.
Schedule of OTC Derivatives Counterparty Credit Exposure by Counterparty Credit Rating |
OTC derivatives counterparty credit exposure by counterparty credit rating
($ in millions) |  | September 30, 2025 |  | December 31, 2024
Rating (1) |  | Number of counter-parties |  | Notional amount (2) |  | Credit exposure (2) |  | Exposure, net of collateral (2) |  | Number of counter-parties |  | Notional amount (2) |  | Credit exposure (2) |  | Exposure, net of collateral (2)
AA- |  | 1 |  |  | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 213 |  |  | $ | 10 |  |  | $ | 1 |
A+ |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 389 |  |  | 10 |  |  | 1 |
Total |  | 1 |  |  | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | 4 |  |  | $ | 602 |  |  | $ | 20 |  |  | $ | 2 |
(1)Allstate uses the lower of S&P’s or Moody’s long-term debt issuer ratings. (2)Only OTC derivatives with a net positive fair value are included for each counterparty.
Schedule of Exchange Traded and Cleared Margin Deposits |
Exchange traded and cleared margin deposits
($ in millions) |  | September 30, 2025
Pledged by the Company |  | $ | 88 |
Received by the Company |  | 1 |
Schedule of Fair Value of Instruments with Credit-Risk-Contingent Features | The following table summarizes the fair value of derivative instruments with termination, cross-default or collateral credit-risk-contingent features that are in a liability position, as well as the fair value of assets and collateral that are netted against the liability in accordance with provisions within legally enforceable MNAs.
($ in millions) |  | September 30, 2025 |  | December 31, 2024
Gross liability fair value of contracts containing credit-risk-contingent features |  | $ | 31 |  |  | $ | 1 |
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs |  | (2) |  |  | (1) |
Collateral posted under MNAs for contracts containing credit-risk-contingent features |  | (28) |  |  | — |
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently |  | $ | 1 |  |  | $ | — |
Schedule of Derivative CDS Notional Amount by Credit Rating and Fair Value of Protection Sold |
CDS notional amounts by credit rating and fair value of protection sold
($ in millions) |  | Notional amount |  |
| AAA |  | AA |  | A |  | BBB |  | BB and lower |  | Total |  | Fair value
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Index |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 500 |  |  | $ | — |  |  | $ | 500 |  |  | $ | 12 |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 500 |  |  | $ | — |  |  | $ | 500 |  |  | $ | 12 |

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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4K -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4L -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4L + Details
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