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Schedule II - Condensed Financial Information of Registrant | 12 Months Ended
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Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract] |
Schedule II — Condensed Financial Information of Registrant | Schedule II — Condensed Financial Information of Registrant Statement of Operations
|  | Year Ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Revenues |  |  |  |  |  |
Investment income, less investment expense |  | $ | 102 |  |  | $ | 49 |  |  | $ | 45 |
Net gains (losses) on investments and derivatives |  | 7 |  |  | (9) |  |  | (28) |
Total revenues |  | 109 |  |  | 40 |  |  | 17 |
Expenses |  |  |  |  |  |
Interest expense |  | 405 |  |  | 411 |  |  | 396 |
Pension and other postretirement remeasurement (gains) losses |  | (25) |  |  | (21) |  |  | 12 |
Pension and other postretirement (benefit) expense |  | (11) |  |  | (36) |  |  | 55 |
Other operating expenses |  | 75 |  |  | 70 |  |  | 142 |
Total expenses |  | 444 |  |  | 424 |  |  | 605 |
Gain on disposition of subsidiaries |  | 716 |  |  | — |  |  | — |
Gain (loss) from operations before income tax benefit and equity in net income of subsidiaries |  | 381 |  |  | (384) |  |  | (588) |
Income tax expense (benefit) |  | 167 |  |  | (97) |  |  | (143) |
Gain (loss) before equity in net income of subsidiaries |  | 214 |  |  | (287) |  |  | (445) |
Equity in net income of subsidiaries |  | 10,068 |  |  | 4,954 |  |  | 257 |
Net income (loss) attributable to Allstate |  | 10,282 |  |  | 4,667 |  |  | (188) |
Preferred stock dividends |  | 117 |  |  | 117 |  |  | 128 |
Net income (loss) applicable to common shareholders |  | $ | 10,165 |  |  | $ | 4,550 |  |  | $ | (316) |
Net income (loss) attributable to Allstate |  | $ | 10,282 |  |  | $ | 4,667 |  |  | $ | (188) |
Other comprehensive income (loss), after-tax |  |  |  |  |  |
Changes in: |  |  |  |  |  |
Unrealized net capital gains and losses |  | 1,068 |  |  | (167) |  |  | 1,651 |
Unrealized foreign currency translation adjustments |  | 90 |  |  | (47) |  |  | 67 |
Unamortized pension and other postretirement prior service credit |  | — |  |  | (2) |  |  | (16) |
Discount rate for reserve for future policy benefits |  | (14) |  |  | 27 |  |  | (10) |
Other comprehensive income (loss), after-tax |  | 1,144 |  |  | (189) |  |  | 1,692 |
Less: change in unrealized net capital gains and losses related to noncontrolling interest |  | 3 |  |  | 10 |  |  | 10 |
Comprehensive income |  | $ | 11,423 |  |  | $ | 4,468 |  |  | $ | 1,494 |
See accompanying notes to condensed financial information and notes to consolidated financial statements. The Allstate Corporation and Subsidiaries Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Financial Position
|  | December 31,
($ in millions, except par value data) |  | 2025 |  | 2024
Assets |  |  |  |
Investments in subsidiaries |  | $ | 32,423 |  |  | $ | 28,684 |
Fixed income securities, at fair value (amortized cost, net $5,261 and $639) |  | 5,265 |  |  | 635 |
Equity securities, at fair value (cost $1 and $1) |  | 1 |  |  | 1 |
Short-term investments, at fair value (amortized cost, net $606 and $507) |  | 606 |  |  | 507 |
Cash |  | — |  |  | 1 |
Receivable from subsidiaries |  | 528 |  |  | 748 |
Deferred income taxes |  | 38 |  |  | 48 |
Other assets |  | 155 |  |  | 149 |
Total assets |  | 39,016 |  |  | 30,773 |
Liabilities |  |  |  |
Debt |  | 7,490 |  |  | 8,085 |
Pension and other postretirement benefit obligations |  | 126 |  |  | 170 |
Deferred compensation |  | 379 |  |  | 360 |
Notes due to subsidiaries |  | — |  |  | 350 |
Dividends payable to shareholders |  | 301 |  |  | 281 |
Other liabilities |  | 110 |  |  | 85 |
Total liabilities |  | 8,406 |  |  | 9,331 |
Shareholders’ equity |  |  |  |
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference |  | 2,001 |  |  | 2,001 |
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 260 million and 265 million shares outstanding |  | 9 |  |  | 9 |
Additional capital paid-in |  | 4,158 |  |  | 4,029 |
Retained income |  | 62,393 |  |  | 53,288 |
Treasury stock, at cost (640 million and 635 million shares) |  | (38,206) |  |  | (36,996) |
Accumulated other comprehensive income: |  |  |  |
Unrealized net capital gains and losses |  | 297 |  |  | (771) |
Unrealized foreign currency translation adjustments |  | (55) |  |  | (145) |
Unamortized pension and other postretirement prior service credit |  | 11 |  |  | 11 |
Discount rate for reserve for future policy benefits |  | 2 |  |  | 16 |
Total accumulated other comprehensive income (loss) |  | 255 |  |  | (889) |
Total Allstate shareholders’ equity |  | 30,610 |  |  | 21,442 |
Total liabilities and equity |  | $ | 39,016 |  |  | $ | 30,773 |
See accompanying notes to condensed financial information and notes to consolidated financial statements. The Allstate Corporation and Subsidiaries Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Cash Flows
|  | Years Ended December 31,
($ in millions) |  | 2025 |  | 2024 |  | 2023
Cash flows from operating activities |  |  |  |  |  |
Net income (loss) |  | $ | 10,282 |  |  | $ | 4,667 |  |  | $ | (188) |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Equity in net income of subsidiaries |  | (10,068) |  |  | (4,954) |  |  | (257) |
Dividends received from subsidiaries |  | 3,038 |  |  | 130 |  |  | 250 |
Net (gains) losses on investments and derivatives |  | (7) |  |  | 9 |  |  | 28 |
Pension and other postretirement remeasurement (gains) losses |  | (25) |  |  | (21) |  |  | 12 |
Gain on disposition of subsidiaries |  | (716) |  |  | — |  |  | — |
Changes in: |  |  |  |  |  |
Pension and other postretirement benefits |  | (11) |  |  | (36) |  |  | 55 |
Income taxes |  | 48 |  |  | 29 |  |  | (78) |
Operating assets and liabilities |  | 75 |  |  | 109 |  |  | 43 |
Net cash provided by (used in) operating activities |  | 2,616 |  |  | (67) |  |  | (135) |
Cash flows from investing activities |  |  |  |  |  |
Proceeds from sales of investments |  | 2,596 |  |  | 411 |  |  | 1,427 |
Investment purchases |  | (4,311) |  |  | (405) |  |  | (50) |
Investment collections |  | 52 |  |  | 374 |  |  | 85 |
Capital contribution or return of capital from subsidiaries |  | — |  |  | 325 |  |  | 975 |
Disbursements for loans to subsidiaries |  | (285) |  |  | (380) |  |  | — |
Proceeds from loans to subsidiaries |  | 530 |  |  | 26 |  |  | — |
Change in short-term investments, net |  | (100) |  |  | (209) |  |  | (7) |
Proceeds from disposition of subsidiaries |  | 1,927 |  |  | — |  |  | — |
Net cash provided by investing activities |  | 409 |  |  | 142 |  |  | 2,430 |
Cash flows from financing activities |  |  |  |  |  |
Proceeds from borrowings from subsidiaries |  | — |  |  | 350 |  |  | — |
Repayment of notes due to subsidiaries |  | (88) |  |  | — |  |  | (1,000) |
Proceeds from issuance of debt |  | — |  |  | 495 |  |  | 743 |
Redemption of preferred stock |  | — |  |  | — |  |  | (575) |
Redemption and repayment of debt |  | (600) |  |  | — |  |  | (750) |
Proceeds from issuance of preferred stock |  | — |  |  | — |  |  | 587 |
Dividends paid on common stock |  | (1,036) |  |  | (962) |  |  | (925) |
Dividends paid on preferred stock |  | (117) |  |  | (117) |  |  | (107) |
Treasury stock purchases |  | (1,233) |  |  | (2) |  |  | (335) |
Shares reissued under equity incentive plans, net |  | 48 |  |  | 163 |  |  | 73 |
Other |  | — |  |  | (1) |  |  | (6) |
Net cash used in financing activities |  | (3,026) |  |  | (74) |  |  | (2,295) |
Net (decrease) increase in cash |  | (1) |  |  | 1 |  |  | — |
Cash at beginning of year |  | 1 |  |  | — |  |  | — |
Cash at end of year |  | $ | — |  |  | $ | 1 |  |  | $ | — |
See accompanying notes to condensed financial information and notes to consolidated financial statements. The Allstate Corporation and Subsidiaries Schedule II (Continued) — Condensed Financial Information of Registrant Notes to Condensed Financial Information 1.General Pursuant to rules and regulations of the Securities and Exchange Commission, the unconsolidated condensed financial statements of the Parent Company do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP. Therefore, these condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes included in Item 8. The debt presented in Note 12 “Capital Structure” are direct obligations of or guaranteed by the Registrant. A majority of the pension and other postretirement benefits plans presented in Note 17 “Benefit Plans” are direct obligations of the Registrant. Participating subsidiaries fund the pension plans contributions under a master services cost sharing agreement. In addition, as a result of joint and several pension liability rules under the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, as amended, many liabilities that arise in connection with pension plans are joint and several across all members of a controlled group of entities. 2.Receivable from subsidiaries On December 24, 2025 National General Management Corp. issued $110 million notes, with a rate of 4.03% due on December 24, 2026, to the Registrant. The proceeds of this issuance were used for cash management purposes. On May 14, 2025, National General Holdings Corp. (“NGHC”) issued $175 million notes, with a rate of 4.85% due on May 14, 2026, to the Registrant. The proceeds of this issuance were used for cash management purposes. On July 1, 2025, NGHC repaid $175 million to the Registrant. On May 14, 2024, NGHC issued $350 million notes, with a rate of 5.68% due on May 14, 2025, to the Registrant. The proceeds of this issuance were used for cash management purposes. On May 14, 2025, NGHC repaid $350 million to the Registrant. 3.Notes due to subsidiaries On May 14, 2024, the Registrant issued $350 million notes, with an initial rate of 5.57% due on May 14, 2025, to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On May 14, 2025, the Registrant repaid $350 million to Kennett Capital Inc. On June 17, 2022, the Registrant issued $1.00 billion notes, with an initial rate of 1.63% due on June 17, 2023, to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On June 9, 2023, the Registrant repaid $1.00 billion to Kennett Capital Inc. 4.Supplemental disclosures of cash flow information The Registrant paid $395 million, $395 million and $355 million of interest on debt in 2025, 2024 and 2023, respectively. In 2025, non-cash financing activities include $262 million of repayment of notes due to subsidiaries through transfer of securities.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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