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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
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)202520242023
Revenues
Investment income, less investment expense$102 $49 $45 
Net gains (losses) on investments and derivatives7 (9)(28)
Total revenues109 40 17 
Expenses
Interest expense405 411 396 
Pension and other postretirement remeasurement (gains) losses(25)(21)12 
Pension and other postretirement (benefit) expense(11)(36)55 
Other operating expenses75 70 142 
Total expenses444 424 605 
Gain on disposition of subsidiaries
716 — — 
Gain (loss) from operations before income tax benefit and equity in net income of subsidiaries381 (384)(588)
Income tax expense (benefit)167 (97)(143)
Gain (loss) before equity in net income of subsidiaries214 (287)(445)
Equity in net income of subsidiaries
10,068 4,954 257 
Net income (loss) attributable to Allstate10,282 4,667 (188)
Preferred stock dividends117 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 losses1,068 (167)1,651 
Unrealized foreign currency translation adjustments90 (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-tax1,144 (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)20252024
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 subsidiaries528 748 
Deferred income taxes38 48 
Other assets155 149 
Total assets39,016 30,773 
Liabilities
Debt7,490 8,085 
Pension and other postretirement benefit obligations126 170 
Deferred compensation379 360 
Notes due to subsidiaries— 350 
Dividends payable to shareholders301 281 
Other liabilities110 85 
Total liabilities8,406 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-in4,158 4,029 
Retained income62,393 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 losses297 (771)
Unrealized foreign currency translation adjustments(55)(145)
Unamortized pension and other postretirement prior service credit11 11 
Discount rate for reserve for future policy benefits
2 16 
Total accumulated other comprehensive income (loss)255 (889)
Total Allstate shareholders’ equity30,610 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)202520242023
Cash flows from operating activities
Net income (loss)$10,282 $4,667 $(188)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries
(10,068)(4,954)(257)
Dividends received from subsidiaries3,038 130 250 
Net (gains) losses on investments and derivatives(7)9 28 
Pension and other postretirement remeasurement (gains) losses(25)(21)12 
Gain on disposition of subsidiaries
(716)— — 
Changes in:
Pension and other postretirement benefits(11)(36)55 
Income taxes48 29 (78)
Operating assets and liabilities75 109 43 
Net cash provided by (used in) operating activities2,616 (67)(135)
Cash flows from investing activities
Proceeds from sales of investments2,596 411 1,427 
Investment purchases(4,311)(405)(50)
Investment collections52 374 85 
Capital contribution or return of capital from subsidiaries— 325 975 
Disbursements for loans to subsidiaries
(285)(380)— 
Proceeds from loans to subsidiaries
530 26 — 
Change in short-term investments, net(100)(209)(7)
Proceeds from disposition of subsidiaries
1,927 — — 
Net cash provided by investing activities409 142 2,430 
Cash flows from financing activities
Proceeds from borrowings from subsidiaries — 350 — 
Repayment of notes due to subsidiaries(88)— (1,000)
Proceeds from issuance of debt— 495 743 
Redemption of preferred stock— — (575)
Redemption and repayment of debt(600)— (750)
Proceeds from issuance of preferred stock— — 587 
Dividends paid on common stock(1,036)(962)(925)
Dividends paid on preferred stock(117)(117)(107)
Treasury stock purchases(1,233)(2)(335)
Shares reissued under equity incentive plans, net48 163 73 
Other— (1)(6)
Net cash used in financing activities(3,026)(74)(2,295)
Net (decrease) increase in cash(1)1 — 
Cash at beginning of year1 — — 
Cash at end of year$— $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.