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美國
證券交易委員會
華盛頓特區20549
表格10-Q
☒根據1934年證券交易所法第13或15(d)款提交的季度報告
截至季度結束日期的財務報告2024年9月30日
或者
☐　根據1934年證券交易所法第13或15(d)部分的過渡報告
過渡期從________到________
佣金文件號 1-11840
all_line_ver_notag_rgb_pos.jpg

THE 安聯保險公司CORATION
(根據其章程規定的註冊人準確名稱)
 
特拉華州
 
36-3871531
 
 （設立或組織的其他管轄區域） （納稅人識別號碼） 
 
Sanders Road 3100號, Northbrook, 伊利諾伊州    60062
(主要經營地的地址) (郵政編碼)
公司電話，包括區號：(847) 402-2800
根據法案第12（b）條註冊的證券：
每一類的名稱交易符號每個交易所的名稱
在哪個註冊
每股面值爲$0.01的普通股所有板塊
請使用moomoo賬號登錄查看New York Stock Exchange
芝加哥證券交易所
5.100%固定-浮動利率次級債券，到期日2053年ALL.PR.B請使用moomoo賬號登錄查看New York Stock Exchange
託管股份代表5.100%非累積優先股H系列的1/1,000ALL PR H請使用moomoo賬號登錄查看New York Stock Exchange
託管股份代表4.750%非累積優先股I系列的1/1,000ALL PR I請使用moomoo賬號登錄查看New York Stock Exchange
託管股份代表7.375%非累積優先股J系列的1/1,000ALL PR J請使用moomoo賬號登錄查看New York Stock Exchange
請用複選標記指示註冊機構是否在過去12個月內已提交證券交易法案1934年第13或15(d)條要求提交的所有報告（或者在該註冊機構需要提交這些報告的較短期間內提交這些報告），並且在過去90天內一直受到這些報告要求的約束。 是 ☒沒有☐
請用複選標記表明，公司是否在過去12個月內（或註冊公司必須提交此類文件的較短期間內），根據S-t法規第405條規定，已經電子提交了每一個互動數據文件。 是 ☒沒有☐
請勾選註冊者是大型加速文件提交者、加速文件提交者、非加速文件提交者、小型報告公司還是新興增長公司。請參見《證交易法》規則120億.2 中「大型加速文件提交者」、「加速文件提交者」、「小型報告公司」和「新興增長公司」的定義。
大型加速報告人
☒加速文件提交人☐
非加速文件提交人☐較小的報告公司
☐
新興成長公司
☐
如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐
請勾選以下選項以指示註冊人是否爲外殼公司(根據交易所法規則12b-2定義)。是☐ 沒有☒
截至2024年10月14日，註冊人擁有 264,803,459 普通股，面值爲$0.01，未解決。


好事達公司
Form 10-Q季度報告指數
2024年9月30日
第一部分 基本報表
   
項目1. 截至2024年9月30日和2023年12月31日期間未經審計的基本報表，以及截至2024年9月30日和2023年的三個月和九個月的報表
 
 
 
 
 
 
分部業績
 
 
   
第二部分 其他信息

基本報表彙編
第一部分財務信息
項目1.基本報表
好事達公司及其子公司
簡明合併利潤表（未經審計）
（單位：百萬美元，每股數據除外）截至三個月結束時
2020年9月30日		截至9月30日的九個月
2024202320242023
收入    
財產和意外傷害保險保費$14,333 $12,839 $41,797 $37,482 
意外傷害和健康保險費和合同費487 463 1,439 1,379 
其他收入781 592 2,129 1,750 
淨投資收益783 689 2,259 1,874 
投資和衍生工具的淨收益（損失）243 (86)(24)(223)
總收入16,627 14,497 47,600 42,262 
費用和支出    
財產和意外保險索賠和賠付費用10,409 10,237 30,711 32,290 
事故、健康和其他保險單項利益（包括重測收益（損失）$1, $0, $1 和 $0)
317 262 904 785 
延期政策獲取成本的攤銷費用2,037 1,841 5,977 5,374 
運營成本和費用2,217 1,771 6,121 5,273 
養老金和其他後離退休重新計量(收益)損失26 149 15 56 
重組及相關費用28 87 51 141 
購買的無形資產攤銷71 83 210 246 
利息支出104 88 299 272 
總成本和費用15,209 14,518 44,288 44,437 
稅前營業收入(損失)1,418 (21)3,312 (2,175)
所得稅費用（收益）254 (17)603 (475)
1,164 (4)2,709 (1,700)
扣除：歸屬非控制股權股東的淨（損）益 (26)1 (30)(23)
淨利潤（損失）歸屬於好事達1,190 (5)2,739 (1,677)
減：優先股股利29 36 88 99 
淨利潤（虧損）適用於普通股股東$1,161 $(41)$2,651 $(1,776)
每股收益:    
每股普通股基本淨利潤（損失）適用於普通股股東$4.39 $(0.16)$10.04 $(6.76)
基本普通股加權平均股數264.6 261.8 264.1 262.6 
普通股東每股攤薄淨利潤（虧損）$4.33 $(0.16)$9.91 $(6.76)
稀釋後加權平均普通股268.0 261.8 267.4 262.6 
請參閱附註的簡明合併財務報表。
2024年第三季度10-Q表格 1
基本報表彙編
好事達公司及其子公司
壓縮綜合收益（虧損）陳述（未經審計）
（以百萬美元計）截至9月30日的三個月，截至9月30日的九個月
2024202320242023
$1,164 $(4)$2,709 $(1,700)
其他全面收益（虧損），稅後    
變動情況：    
未實現淨資本收益和損失1,299 (667)965 (257)
未實現的外幣翻譯調整14 (14)(1)64 
未攤銷的養老金和其他離退休前期服務費用— (5)(1)(14)
未來保單責任準備金折現率
(36)30 (12)29 
其他全面收益（損失），稅後1,277 (656)951 (178)
綜合收益（損失）2,441 (660)3,660 (1,878)
少數股東應占綜合損失(19)(1)(22)(21)
歸屬好事達的綜合收益（損失）$2,460 $(659)$3,682 $(1,857)
請參閱附註的簡明合併財務報表。
2 www.好事達.com
基本報表彙編
Allstate 公司及其子公司
簡明合併財務狀況表（未經審計）
（金額單位：百萬美元，除每股面值數據外）2024年9月30日2023年12月31日
資產
投資  
固定收益證券，按公允價值計量（攤餘成本，淨額$53,447 and $49,649)
$53,961 $48,865 
權益證券，按公允價值計量（成本$1,829 and $2,244)
2,091 2,411 
抵押貸款淨額765 822 
有限合夥權益8,925 8,380 
短期，以公允價值計量（攤銷成本 $6,995 and $5,145)
6,994 5,144 
其他投資淨額866 1,055 
總投資73,602 66,677 
現金816 722 
淨保險費分期收款11,041 10,044 
遞延保單獲取成本5,751 5,940 
再保險和賠償索賠款淨額9,013 8,809 
應計的投資收益603 539 
遞延所得稅— 219 
物業和設備，淨值714 859 
商譽3,206 3,502 
其他資產淨額5,834 6,051 
待售資產3,163 — 
總資產113,743 103,362 
負債  
產險賠案和賠付費用準備金42,743 39,858 
未來保單福利準備金274 1,347 
合同持有人資金— 888 
未賺保費27,059 24,709 
尚未支付的索賠款1,727 1,353 
遞延所得稅211 — 
其他負債和應計費用10,644 9,635 
Debt8,083 7,942 
待售負債2,164 — 
總負債92,905 85,732 
承諾和或有負債（注15）
股權  
優先股和額外資本實收，$1 面值， 25 百萬股授權， 82.0成千上萬股已發行和流通，$2,050 累積清算優先權
2,001 2,001 
普通股，每股面值爲 $0.0001；.01 面值， 2.0 十億股授權並 900百萬已發行， 265百萬和 262百萬股流通在外
9 9 
附加已實繳資本3,987 3,854 
未分配利潤51,635 49,716 
按成本覈算的公司庫藏股(635百萬和 638百萬股)
(37,006)(37,110)
累計其他綜合收益(損失):  
未實現淨資本收益和損失361 (604)
未實現的外幣翻譯調整(99)(98)
未攤銷的養老金和其他離退休前期服務費用12 13 
未來保單責任準備金折現率
(23)(11)
其他綜合收益（損失）累計金額合計251 (700)
好事達股東權益總額20,877 17,770 
非控股權益(39)(140)
總股本20,838 17,630 
總負債和權益$113,743 $103,362 
參見簡明合併財務報表附註。
2024年第三季度10-Q表格 3
基本報表彙編
好事達公司及其子公司
股東權益的壓縮綜合報表（未經審計）
(美元 百萬，除每股數據外)截至9月30日的三個月截至9月30日的九個月
2024202320242023
優先股面值$— $— $— $— 
優先股額外資本已支付  
期初餘額2,001 2,001 2,001 1,970 
優先股發行，扣除發行成本— — — 587 
優先股贖回— — — (556)
期末餘額2,001 2,001 2,001 2,001 
普通股面值9 9 9 9 
普通股額外實繳資本  
期初餘額3,927 3,786 3,854 3,788 
權益激勵計劃活動, 淨額
60 25 133 23 
期末餘額3,987 3,811 3,987 3,811 
未分配利潤  
期初餘額50,718 48,766 49,716 50,970 
淨利潤（損失）1,190 (5)2,739 (1,677)
普通股的分紅派息（每股聲明金額爲$0.92, $0.89, $2.76, 和$2.67 )
(244)(234)(732)(703)
優先股派息(29)(36)(88)(99)
期末餘額51,635 48,491 51,635 48,491 
自家保管的股票  
期初餘額(37,036)(37,131)(37,110)(36,857)
所購股票— (26)— (333)
重新發行的股份在股權激勵計劃下，淨額30 8 104 41 
期末餘額(37,006)(37,149)(37,006)(37,149)
累積其他綜合收益（損失）  
期初餘額(1,026)(1,914)(700)(2,392)
未實現的淨資本收益和損失的變動1,299 (667)965 (257)
未實現的外幣換算調整的變動14 (14)(1)64 
未攤銷的養老金及其他退休後服務信貸的變動— (5)(1)(14)
以後保單福利準備金的貼現率變動
(36)30 (12)29 
期末餘額251 (2,570)251 (2,570)
好事達股東權益總額20,877 14,593 20,877 14,593 
非控股權益
期初餘額(20)(145)(140)(125)
未實現淨資本收益和損失的變化7 (2)8 2 
非控股（損失）收入(26)1 (30)(23)
非控股權益的資本交易
— — 123 — 
期末餘額(39)(146)(39)(146)
總股本$20,838 $14,447 $20,838 $14,447 
請參閱附註的簡明合併財務報表。
4 www.好事達.com
基本報表彙編
好事達公司及其子公司
壓縮的現金流量表（未經審計）
（以百萬美元計）截至9月30日的九個月
20242023
經營活動現金流量
淨利潤（損失）$2,709 $(1,700)
調整淨利潤（虧損）以協調由經營活動提供的淨現金  
折舊、攤銷和其他非現金項目404 539 
投資和衍生品的淨收益（損失）24 223 
養老金和其他後離退休重新計量(收益)損失15 56 
變動內容:  
保單利益和其他保險準備金2,921 3,068 
未賺保費2,378 2,216 
遞延保單獲取成本(315)(385)
淨保費分期收入(1,094)(934)
再保險應收款，淨額(324)534 
所得稅346 (532)
其他營運資產和負債162 (82)
經營活動產生的淨現金流量7,226 3,003 
投資活動現金流量  
銷售收入  
固定收益證券26,841 17,443 
股權證券2,137 4,755 
有限合夥權益409 590 
其他投資169 153 
投資收藏  
固定收益證券1,260 1,384 
抵押貸款74 66 
其他投資35 76 
投資購買  
固定收益證券(33,023)(23,708)
股權證券(1,631)(2,316)
有限合夥權益(915)(639)
抵押貸款(17)(138)
其他投資(125)(234)
短期和其他投資淨變動(1,653)851 
不動產和設備的購買淨額(160)(196)
出售房產和設備的收益18 19 
投資活動中使用的淨現金(6,581)(1,894)
籌資活動現金流量  
發行債務所得款項495 743 
債務贖回和償還
(350)(750)
優先股發行收入— 587 
優先股贖回— (575)
保險合同持有人基金存款98 99 
保險合同持有人基金提款(26)(23)
普通股股息派發(719)(692)
分紅派息優先股(88)(71)
公司回購股份— (335)
根據股權激勵計劃重新發行的股份，淨額149 17 
其他4 15 
融資活動所使用的淨現金(437)(985)
現金淨增加額208 124 
期初現金餘額722 736 
期末作爲待售資產分類的現金減少
114 — 
期末現金餘額$816 $860 
請參閱附註的簡明合併財務報表。
2024年第三季度10-Q表格 5
附註至簡明合併財務報表

好事達公司及其子公司
附註至簡明合併財務報表
(未經審計)
說明 1一般
做法的基礎
附帶的簡明合併財務報表包括好事達公司（「公司」）及其完全擁有的子公司，主要包括好事達保險公司（「AIC」）等，這些子公司主要是財產和意外保險公司（統稱爲「公司」或「好事達」），以及被視爲主要受益人的變量利益實體（「VIEs」）。這些簡明合併財務報表已按照美國普遍公認的會計準則（「GAAP」）編制。
截至2024年9月30日以及截至2024年和2023年的三個和九個月期間的簡明合併財務報表和附註未經審計。這些簡明合併財務報表反映了所有調整（僅包括正常重複的應計）管理層認爲有必要進行的，以便公允呈現中期財務狀況、業績和現金流量。某些金額已經重新分類以符合當年的呈現形式。
這些簡明合併財務報表和附註應與2023年12月31日終了年度10-K表格中包含的合併財務報表和附註一起閱讀。中期業績不應被視爲對整個年度預期結果的指標。所有重要的公司間帳戶和交易均已予以消除。
待售分類
當管理層具有批准行動的權力承諾計劃出售業務，預計在接下來的12個月內以合理價格出售，且滿足若干其他標準時，業務被分類爲待售。待售的業務以其賬面價值或估計的公允價值減去銷售成本的較低者記錄。當預計從銷售中獲得的收益超過業務的賬面價值時，當銷售完成時將確認收益。與待售分類業務相關的資產和負債將在將業務歸類爲待售的期間分隔在簡明合併資產負債表中。有關其它細節請參閱附註3。
待處理的會計準則
對合資企業的會計處理 2023年8月，財務會計準則委員會（「FASB」）發佈了指導，要求合資企業在成立日期起初度量所投資資產和承擔的負債的公允價值。新的指導將於2025年1月1日或之後成立的合資企業適用前瞻性。預計採納的影響對公司的運營結果或財務狀況不會產生重大影響。
業務分部報告 2023年11月，FASB發佈了通過要求披露定期提供給首席經營決策者幷包含在每個報告段的利潤或損失的重要段費用，來擴展段披露的指導。該指導適用於自2023年12月15日之後開始的年度期間以及自2024年12月15日之後開始的中期期間，並應回顧性地應用，允許提前採納。該指導隻影響披露。
所得稅披露 2023年12月，FASB發佈了增強所得稅披露各個方面的指導。指導要求在所需類別清單上，對法定和有效所得稅費用（利潤）之間進行表格對比，包括金額和百分比。對於某些必需類別，如果個別類別至少爲法定稅額的5％，則必須進一步按性質和針對外國稅效應進行細分。此外，實體必須披露所支付的所得稅，扣除收到的退款，並按聯邦、州和外國的支出分別列出，以及支付的金額，扣除收到的退款，當支付總所得稅額5％或以上時，按個體管轄區分別列出。
指導中的所有要求都是年度性質的，該指導適用於2024年12月15日之後開始的年度報告期，允許提前採納。該指導隻影響披露。
氣候披露 在2024年3月，美國證券交易委員會（「SEC」）通過了一項最終規則，要求註冊人在其註冊聲明和年度報告中披露某些與氣候相關的信息。該規定要求披露定性和定量信息，其中某些信息，如極端天氣事件的財務報表影響，包括在審計財務報表附註中。其他披露要求包括重大與氣候相關的風險、管理和治理這些風險的流程，如果目標對財務報表造成實質影響或有合理可能的話，披露目標。
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附註至簡明合併財務報表

對公司產生實質影響，並在重大情況下披露某些溫室氣體排放。2024年4月4日，美國證券交易委員會發布了最終規則的自願暫停，待待決訴訟的結果。
這些要求將採取前瞻性實施，並且有分階段的生效日期。對於公司來說，
截至2025年12月31日的年度報告的10-K表格將是首個具有新氣候相關披露的年度報告。公司目前正在評估採用最終規則的影響。
Equity ratio每股普通股盈利
基本每股收益是根據普通股平均流通股數計算的，包括已授予但未發行的參與限制性股票單位。攤薄每股收益是根據普通股和攤薄後潛在普通股平均流通股數計算的。
對於公司來說，攤薄後潛在普通股包括未行使的期權，未獲授予的非參與限制性股票單位，以及有待發放的業績股票獎勵。
攤薄後潛在普通股的影響不包括具有對每股收益有抵消性作用的期權，因爲它們的行權價格超過期間Allstate普通股的平均市場價格或者未經承認的補償成本對每股收益有抵消性作用。
基本和攤薄每股收益的計算
（以百萬爲單位，每股數據除外）截至9月30日的三個月截至9月30日的九個月
2024202320242023
分子：
 
 
 
 
淨利潤（損失）$1,164 $(4)$2,709 $(1,700)
扣除：歸屬非控制股權股東的淨（損）益 (26)1 (30)(23)
淨利潤（損失）歸屬於好事達1,190 (5)2,739 (1,677)
減：優先股分紅派息
29 36 88 99 
淨利潤（虧損）適用於普通股股東$1,161 $(41)$2,651 $(1,776)
分母：
 
 
 
 
Weighted average common shares outstanding
264.6 261.8 264.1 262.6 
稀釋潛在普通股的影響 (1):
  
 
 
股票期權
2.6 — 2.6 — 
限制性股票單位（非參與）和績效股票獎勵
0.8 — 0.7 — 
加權平均普通股及稀釋潛在普通股流通在外
268.0 261.8 267.4 262.6 
普通股每股收益-基本$4.39 $(0.16)$10.04 $(6.76)
每股收益 - 稀釋後 (1)
$4.33 $(0.16)$9.91 $(6.76)
排除反稀釋期權後每股收益
0.6 3.1 0.5 3.0 
由於適用於普通股東的淨損失而排除的加權平均稀釋潛在普通股數 (1)
— 1.5 — 1.9 
(1)由於截至2023年9月30日的三個月和九個月的淨虧損，基本每股收益的帶權平均股份也用於計算攤薄每股收益，因爲所有具有稀釋潛力的普通股都是抗稀釋的，因此被排除在計算之外。
​處分
在2024年8月13日，公司與StanCorp金融集團簽訂了一份股票購買協議（以下簡稱「購買協議」），以賣出美國遺產人壽保險公司和美國遺產服務公司，這些公司構成了公司的僱主自願福利業務，交易金額約爲2.0十億美元現金。僱主自願福利業務在好事達健康與福利部門報告，截至2024年9月30日，該業務的資產和負債被分類爲待售。交易價格減去銷售成本超過了與該交易相關的淨資產的賬面價值，導致了一個
預計將在交易關閉時確認的收益。預計的出售收益將受到與某些交易前交易相關的購買價格調整、淨資產賬面價值變化、累計其他全面收入變化以及相關稅務影響的影響。
賬面價值中包含的商譽金額是基於僱主自願福利業務相對於好事達健康與福利部門的相對公允價值，並在下表中的其他資產中報告。
2024年第三季度10-Q表格 7
附註至簡明合併財務報表

該交易預計在2025年上半年完成，但需獲得監管批准及其他慣例結束條件。公司繼續推進團體健康和個人健康業務的銷售。
僱主自願福利業務產生了$248 百萬美元和美元742 截至2024年9月30日，三個月和九個月的保費及合同費用分別爲$百萬，調整後的淨利潤爲$19 百萬美元和美元64 分別爲截至2024年9月30日的三個和九個月的$百萬。
主要的資產和負債類別被分類爲待售
($ in millions)2024年9月30日
資產
投資
固定收益證券，按公允價值計量（攤餘成本，淨額$1,691)
$1,641 
權益證券，按公允價值計量（成本$1)
1 
短期，以公允價值計量（攤銷成本 $76)
76 
其他投資淨額
121 
總投資1,839 
現金114 
延期政策收購成本516 
再保險應收款，淨額117 
其他資產577 
待售資產總額$3,163 
負債
未來保單福利準備金$1,141 
合同持有人資金891 
其他負債和應計費用132 
待售負債總額$2,164 
股東權益中包括$65 與持有待售資產和負債相關的累積其他綜合損失爲$百萬。
註釋 4可報告的細分
測量部門利潤或虧損
用於評估績效的部門利潤或虧損的衡量標準在好事達保護和清算財產責任部門爲承保收入，而在保護服務、好事達健康與福利以及公司和其他部門爲調整後的淨利潤。
好事達保護和清算財產責任部門包括財產責任。公司不將投資收入、投資和衍生品的淨收益和損失或資產分配給好事達保護和清算財產責任部門。管理層在財產責任、保護服務、好事達健康與福利，以及公司和其他級別審核資產以供決策之用。
覈算收入 計算方式爲已賺取的保費和其他營業收入減去索賠和索賠費用、遞延保單收購成本（「DAC」）的攤銷、運營成本和費用、購買無形資產的攤銷或減值以及根據公認會計原則確定的重組及相關費用。
調整後淨利潤適用於普通股股東的淨利潤（虧損），不包括：
•投資和衍生品的淨收益和損失
•養老金和其他後退休重新計量的收益和損失
•已購無形資產的攤銷或減值
•處置的收益或損失
•針對其他顯著的非經常性、稀有或飛凡項目的調整，當(a)費用或收益的性質使得在兩年內合理不太可能再次發生，或(b)在過去兩年內沒有類似的費用或收益
•與調節項目相關的所得稅費用或收益
以下提供這些指標與適用於普通股東的淨利潤（損失）之間的調節
8 www.好事達.com
附註至簡明合併財務報表

各報告部門的財務業績
截至9月30日的三個月截至9月30日的九個月
($ in millions)2024202320242023
按部門劃分的核保淨利潤
好事達保險$555 $(331)$1,316 $(3,421)
清償財產責任
(60)(83)(68)(88)
總財產責任 495 (414)1,248 (3,509)
按部門調整淨利潤（虧損），稅後
保護服務 58 27 167 102 
好事達健康與福利
37 69 151 182 
公司及其他(110)(110)(320)(310)
調整項目
好事達保險和攤銷財產責任淨投資收益
708 627 2,053 1,680 
投資和衍生工具的淨收益（損失）243 (86)(24)(223)
養老金和其他離退休再計量收益（虧損）(26)(149)(15)(56)
購買的無形資產攤銷 (1)
(19)(23)(56)(71)
處置收益（損失） 1 (5)6 (4)
Non-recurring costs (2)
— — — (90)
財產責任險和調節項目的所得稅（費用）收益 (3)
(251)25 (588)501 
總調節項目656 389 1,376 1,737 
扣除：非控股權益應占淨（損失）利潤 (4)
(25)2 (29)(22)
淨利潤（虧損）適用於普通股股東$1,161 $(41)$2,651 $(1,776)
(1)不包括好事達保護中的購置無形資產的攤銷，這已經在承保收入中包含在上面。
(2)涉及非常規訴訟的結算費用，超出業務日常範圍。
(3)報告環節的稅務計算和與淨利潤（虧損）調節項目相關的所得稅收益（費用）是根據適用於報告實體的司法管轄區稅法分別計算的。
(4)反映歸屬於財產責任非控股權益的淨（虧損）收益。
2024年第三季度10-Q表格 9
附註至簡明合併財務報表

可報告的業務收入信息
（以百萬美元計）截至9月30日的三個月截至9月30日的九個月
2024202320242023
財產責任    
保險費    
汽車$9,270 $8,345 $27,127 $24,374 
住宅業主3,403 2,969 9,812 8,662 
其他個人保險718 608 2,078 1,757 
商業線151 194 478 628 
其他業務保險152 154 438 405 
好事達保護13,694 12,270 39,933 35,826 
清償財產責任
— — — — 
全部財產責任保險保費13,694 12,270 39,933 35,826 
其他收入531 393 1,402 1,135 
淨投資收益708 627 2,053 1,680 
投資和衍生工具的淨收益（損失）222 (62)(43)(185)
財產-責任總額15,155 13,228 43,345 38,456 
保護服務   
保護計劃480 392 1,372 1,126 
路邊援助34 51 115 148 
保護和保險產品
125 126 377 382 
部門間保費和服務費 (1)
49 34 123 102 
其他收入110 75 293 243 
淨投資收益24 19 68 53 
投資和衍生工具的淨收益（損失）10 (8)4 (13)
全面保護服務832 689 2,352 2,041 
好事達健康與福利
僱主自願福利248 253 742 753 
團體健康120 111 358 328 
個人健康119 99 339 298 
其他收入123 104 378 306 
淨投資收益26 20 74 60 
投資和衍生工具的淨收益（損失）(6)(2)(4)1 
好事達健康與福利總額
630 585 1,887 1,746 
公司及其他    
其他收入17 20 56 66 
淨投資收益25 23 64 81 
投資和衍生工具的淨收益（損失）17 (14)19 (26)
公司及其他總計59 29 139 121 
跨部門消除 (1)
(49)(34)(123)(102)
營業收入合計$16,627 $14,497 $47,600 $42,262 
(1)各業務部門之間的保險費和服務費主要與Arity和好事達道路救援相關，並在簡化合並的基本報表中被抵消。
10 www.好事達.com
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注5投資
組合構成
（單位：百萬美元）2024年9月30日2023年12月31日
固定收益證券，按公允值計量$53,961 $48,865 
權益證券，按公允價值計量2,091 2,411 
抵押貸款淨額765 822 
有限合夥權益 8,925 8,380 
短期投資，按公允價值計量6,994 5,144 
其他投資淨額866 1,055 
總計$73,602 $66,677 
固定收入證券的攤銷成本、未實現的總收益（損失）和公允價值
（以百萬美元計）攤銷成本、淨值未經實現的總收入
公允價值
價值
收益損失
2024年9月30日    
美國政府及機構$9,125 $162 $(41)$9,246 
市政8,223 131 (96)8,258 
公司33,480 799 (483)33,796 
外國政府1,446 37 (6)1,477 
ABS1,173 14 (3)1,184 
總固定收益證券$53,447 $1,143 $(629)$53,961 
2023年12月31日    
美國政府及機構$8,624 $114 $(119)$8,619 
市政6,049 109 (152)6,006 
公司31,951 397 (1,143)31,205 
外國政府1,286 17 (13)1,290 
ABS1,739 13 (7)1,745 
總固定收益證券$49,649 $650 $(1,434)$48,865 
固定收益證券的計劃到期
($ in millions)2024年9月30日2023年12月31日
攤銷成本，淨額
公正
價值
攤銷成本，淨額
公正
價值
一年或以下到期$2,663 $2,641 $3,422 $3,374 
一年至五年到期22,966 22,968 23,218 22,614 
5年至10年到期的債務證券17,073 17,351 12,553 12,273 
10年以上到期的債務證券9,572 9,817 8,717 8,859 
 52,274 52,777 47,910 47,120 
ABS1,173 1,184 1,739 1,745 
總計$53,447 $53,961 $49,649 $48,865 
實際到期可能與預定的到期日期不同，因爲發行人可能會進行提前贖回和全額支付。由於本金可能在合同到期日前提前償還，資產支持證券（ABS）單獨顯示。
淨投資收益
（單位：百萬美元）截至9月30日的三個月截至9月30日的九個月
2024202320242023
固定收益證券$587 $457 $1,684 $1,269 
股權證券17 15 50 47 
抵押貸款9 9 27 25 
有限合夥權益138 190 440 446 
短期投資87 59 216 194 
其他投資25 41 71 121 
投資收益，在開銷之前863 771 2,488 2,102 
投資支出(80)(82)(229)(228)
淨投資收益
$783 $689 $2,259 $1,874 
2024年第三季度10-Q表格 11
附註至簡明合併財務報表

投資和衍生品按資產類型的淨收益（損失）
（單位：百萬美元）截至9月30日的三個月截至9月30日的九個月
2024202320242023
固定收益證券$105 $(129)$(92)$(397)
股權證券119 (35)195 153 
抵押貸款(1)(1)— (4)
有限合夥權益(8)(6)(13)1 
衍生品20 31 (3)(28)
其他投資8 54 12 52 
其他 (1)
— — (123)— 
投資和衍生工具的淨收益（損失）$243 $(86)$(24)$(223)
(1)關於由Adirondack保險交易所和New Jersey Skylands保險協會（統稱「相互交易所」）發行的剩餘款項的賬面價值損失。更多詳細信息請參見注釋8。
按交易類型計算的投資和衍生品的淨收益（虧損）
（單位：百萬美元）
截至9月30日的三個月截至9月30日的九個月
2024202320242023
銷售額$116 $(63)$(85)$(313)
信用損失 2016年6月，FASB發佈了會計準則更新No.2016-13，金融工具-信用損失（主題326）：測量攤銷成本基礎上金融工具的信用損失，該標準引入了預期信用損失方法來測量按攤銷成本基礎計量的金融資產上的信用損失，取代了先前的已發生損失計量方法。2019年11月，FASB發佈了ASU 2019-10，強調了採納時間表。對於較小的報告實體，主題326對於從2022年12月15日開始的年度報告有效，包括這些財政年度的中間時段，在2023年4月1日對於公司進行有效。此標準的採納對公司的財務報表沒有產生實質性影響。(12)(20)(143)(69)
權益投資的估值變動 (1)
119 (34)207 187 
衍生品的估值變動和結算20 31 (3)(28)
投資和衍生工具的淨收益（損失）$243 $(86)$(24)$(223)
(1)包括股票估值變動和某些有限合夥權益，其中基礎資產主要是公開股票。
固收證券銷售的總體實現盈利（虧損）
（單位：百萬美元）截至9月30日的三個月截至9月30日的九個月
2024202320242023
總實現收益$201 $11 $275 $85 
總體已實現的虧損 (93)(133)(363)(459)
尚持有資產的淨增值（減少）在淨利潤中確認
（單位：百萬美元）截至9月30日的三個月截至9月30日的九個月
2024202320242023
股權證券$107 $(32)$170 $31 
以公允價值計量的有限合夥權益
18 19 65 67 
總計$125 $(13)$235 $98 
12 www.好事達.com
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在淨利潤中確認的信用損失
（單位：百萬美元）截至9月30日的三個月截至9月30日的九個月
2024202320242023
資產
固定收益證券:    
市政$(2)$— $(2)$— 
公司(1)(7)(2)(23)
總固定收益證券(3)(7)(4)(23)
抵押貸款(1)(1)— (4)
有限合夥權益(8)(9)(24)(25)
其他投資
銀行貸款— (2)5 (16)
房地產
— — 2 — 
其他資產
— — (123)— 
按資產類型劃分的總信貸損失$(12)$(19)$(144)$(68)
負債
對商業抵押貸款和銀行貸款的承諾— (1)1 (1)
總計 $(12)$(20)$(143)$(69)
未實現的淨資本增值和損失包括在累計其他全面收入中（「AOCI」）
（單位：百萬美元）
公允價值
價值
總未實現
未實現淨
（損失）
2024年9月30日收益損失
固定收益證券$53,961 $1,143 $(629)$514 
短期投資6,994 — (1)(1)
衍生工具— — (2)(2)
有限合夥權益
   — 
被列爲待售資產的投資(50)
稅前未實現淨資本收益和損失   461 
非控制權益重分類   5 
遞延所得稅   (105)
未實現淨資本收益和損失，稅後   $361 
2023年12月31日
固定收益證券$48,865 $650 $(1,434)$(784)
短期投資5,144 — (1)(1)
衍生工具 — — (2)(2)
有限合夥權益 (1)
 
 
 
(4)
未實現的稅前資本收益和損失   (791)
非控股權重分類   13 
遞延所得稅   174 
未實現的稅後資本收益和損失   $(604)
(1)未實現的有限合夥權益的淨資本收益和損失代表公司對權益法覈算（"EMA"）有限合夥企業的其他綜合收益的份額。公平值和毛未實現收益與損失不適用。
未實現淨資本增值（損失）變動
（單位：百萬美元）2024年9月30日結束的九個月
固定收益證券$1,298 
短期投資— 
衍生工具— 
有限合夥權益4 
投資分類爲待售
(50)
總計1,252 
非控股權益的重新分類(8)
遞延所得稅(279)
未實現淨資本收益和損失的變動，稅後
$965 
2024年第三季度10-Q表格 13
附註至簡明合併財務報表

有限合夥權益的賬面價值
($ in millions)2024年9月30日2023年12月31日
股權投資$7,531 $7,154 
房地產1,246 1,085 
其他 (1)
148 141 
總計$8,925 $8,380 
(1)其他包括某些有限合夥權益，其基礎資產主要是公共股權和債務證券。
短期投資 包括貨幣市場基金、商業票據、美國國債和其他短期投資，按公允價值計量。截至2024年9月30日和2023年12月31日，短期投資的公允價值總額爲$6.99私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。5.14分別爲十億美元。
其他投資 主要包括銀行貸款、房地產和衍生品。銀行貸款主要是高級擔保企業貸款，按攤銷成本淨額計量。房地產按成本減累計折舊計量。
按資產類型劃分的其他投資
（單位：百萬美元）2024年9月30日2023年12月31日
銀行貸款，淨額$187 $224 
房地產677 709 
投保貸款— 119 
其他2 3 
總計$866 $1,055 
投資組合監控和信用損失
固定收益證券 公司有一套全面的投資組合監控流程，以識別和評估可能需要信用損失準備金的每一項固收安防-半導體.
對於每個處於未實現損失狀態的固收安防-半導體，公司評估管理層是否作出了賣出決定，或者公司在恢復攤銷成本基數之前更有可能被要求賣出該安防-半導體，原因可能包括流動性、合同或監管目的。如果某個安防-半導體符合這兩個標準中的任何一個，任何現有的信用損失準備金將根據資產的攤銷成本基數以及任何剩餘的未實現損失進行註銷，增量損失將記錄在收益中。
如果公司尚未作出賣出固收安防-半導體的決定，並且更不可能在恢復其攤銷成本基數之前被要求賣出該固收安防-半導體，公司評估是否期望收到足夠的現金流以回收該安防-半導體的全部攤銷成本基數。公司根據對未來現金流的最佳估計，考慮過往事件、當前控件和合理且可支持的預測來計算估計的回收價值。估計的未來現金流根據安防-半導體目前的有效利率進行折現，並與該安防-半導體的攤銷成本進行比較。
現金流估計的確定本質上是主觀的，方法論可能會根據特定於安防-半導體的事實和情況而有所不同。所有合理可獲得的與該安防-半導體可收回性相關的信息都在開發預期收回現金流的估計時予以考慮。這些信息通常包括但不限於，
安防-半導體的剩餘付款條款、預付款速度、發行或發行人的財務狀況和未來收益潛力、預期違約、預期回收、基礎擔保品的價值、發放年份、基礎擔保品的地理集中度、可用儲備或託管、當前的次級水平、第三方擔保及其他信用增強。其他信息，如行業分析師報告和預測、信用評級、債券保險人的財務狀況（對於受保的固收安防-半導體）、以及其他與合同現金流的實現相關的市場數據，也可以考慮。如果公司確定該安防-半導體依賴於擔保品的清算以進行最終結算，則將使用擔保品的公允價值估計回收價值。
如果公司預計無法獲得足夠的現金流來收回債券型安防-半導體的全額攤銷成本，則在盈利中記錄一項信用損失準備金，以彌補預計現金流的不足；然而，攤銷成本減去信用損失準備金不應低於安防-半導體的公允價值。與信用無關的未實現損失部分仍然分類在其他綜合收益中。如果公司確定債券型安防-半導體沒有足夠的現金流或其他信息來估計安防-半導體的回收價值，則公司可能會認爲全部公允價值的下降被視爲與信用相關，並將在收益中記錄損失。
當安防-半導體被賣出或以其他方式處置，或當安防-半導體被視爲不可收回並註銷時，公司將撤銷之前在信用損失準備金中確認的金額。註銷後的回收在收到時確認。截止到2024年9月30日和2023年12月31日，債券型安防-半導體的攤銷成本中排除的應計利息總額爲$560 百萬美元和美元495 百萬，並在應計中報告
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附註至簡明合併財務報表

投資收益在合併財務狀況表中的行。公司監控應計利息，並在預期無法收回時將其註銷。
公司的投資組合監控過程包括對所有安防-半導體的季度審查，以識別安防-半導體的公允價值與其攤銷成本相比低於內部設定的閾值的情況。該過程還包括監控其他信用損失因子，如評級、評級下調和支付違約。被識別的安防-半導體，以及公司可能擔心的其他安防-半導體，都會使用所有合理可用的信息評估潛在的信用損失，以相關信息爲基礎，關於可回收性或復甦的
安防-半導體。公司對這些安防-半導體信用損失的評估中固有着關於問題或發行者的財務狀況和未來盈利潛力的假設和估算。在評估公允價值下降是否需要計提信用損失準備時，可能考慮的因素包括：1）問題或發行者的財務狀況、短期和長期前景，包括相關行業板塊的市場條件和趨勢、地理位置及評級機構的行動和發行價格的影響；2）安防-半導體處於未實現損失狀態的具體原因，包括可能影響流動性的整體市場條件；3）公允價值低於攤銷成本的程度。
固收證券信用損失準備金的續撥
截至9月30日的三個月截至9月30日的九個月
（單位：百萬美元）2024202320242023
開始餘額$(19)$(29)$(36)$(13)
有關之前未報告的證券信用損失(3)(8)(10)(12)
與先前報告的信用損失相關的淨增減— 1 3 (11)
與銷售和其他相關的準備金增減
— (1)3 (1)
註銷— — 18 — 
結束餘額$(22)$(37)$(22)$(37)
截至9月30日的信貸損失準備金元件
市政債券
$(2)$— 
公司債券(18)(34)
ABS(2)(3)
總計$(22)$(37)
2024年第三季度10-Q表格 15
附註至簡明合併財務報表

持續未實現損失和按類型及持有時間長度分類的公允價值 (1)
（單位：百萬美元）少於12個月12個月或更長時間
總計
未實現
損失
數字
的
發行
公允價值
價值
未實現
損失
數字
的
發行
公允價值
價值
未實現
損失
2024年9月30日       
固定收益證券       
美國政府及機構33 $1,299 $(11)69 $914 $(30)$(41)
市政119 352 (1)1,214 1,817 (95)(96)
公司149 1,288 (18)1,249 10,608 (465)(483)
外國政府1 10 — 56 139 (6)(6)
ABS19 82 — 85 44 (3)(3)
總固定收益證券321 $3,031 $(30)2,673 $13,522 $(599)$(629)
投資級固收證券280 $2,755 $(25)2,459 $11,984 $(533)$(558)
非投資級固收證券41 276 (5)214 1,538 (66)(71)
總固定收益證券321 $3,031 $(30)2,673 $13,522 $(599)$(629)
2023年12月31日       
固定收益證券       
美國政府及機構63 $2,554 $(38)117 $2,513 $(81)$(119)
市政271 400 (4)1,784 2,245 (148)(152)
公司251 2,225 (48)2,106 17,319 (1,095)(1,143)
外國政府7 31 — 75 356 (13)(13)
ABS19 64 (1)150 584 (6)(7)
總固定收益證券611 $5,274 $(91)4,232 $23,017 $(1,343)$(1,434)
投資級固收證券568 $5,061 $(83)3,864 $20,429 $(1,151)$(1,234)
非投資級固收證券43 213 (8)368 2,588 (192)(200)
總固定收益證券611 $5,274 $(91)4,232 $23,017 $(1,343)$(1,434)
(1)包括公允價值爲$的固收證券19 百萬美元和美元32 百萬和未實現損失爲$7 百萬美元和美元3 百萬，信用損失準備爲$3 百萬美元和美元8 百萬。
截至2024年9月30日按未實現損失位置和信用質量計算的總未實現損失
（單位：百萬美元）
投資
等級
低於投資級總計
未實現損失位置低於攤銷成本20%的固收證券，淨額 (1)
$(546)$(64)$(610)
未實現損失位置大於或等於攤銷成本20%的固收證券，淨額 (2)
(12)(7)(19)
未實現總損失$(558)$(71)$(629)
(1)與未實現損失小於攤銷成本淨額20%的證券相關，程度表明這些證券不構成高信用損失風險。
(2)根據折現現金流、財務控件以及該問題或發行人的近期和長期前景等因素進行評估，並被認爲具有足夠的資源來履行合同義務。
投資級別被定義爲具有全國保險監督官協會（「NAIC」）1或2的證券，這與穆迪的Aaa、Aa、A或Baa評級或標準普爾全球評級（「S&P」）的AAA、AA、A或BBb評級相當，或者如果沒有外部提供的評級，則爲可比的內部評級。某些證券的市場價格可能存在信用利差，暗示比當前的第三方評級更高或更低的信用質量。投資級證券的未實現損失主要與市場收益率的上升有關，這可能包括自最初購買以來無風險利率的上升或信用利差的擴大。隨着證券接近到期，這些未實現的損失預計會逆轉。
處於未實現損失狀態的資產證券化（ABS）根據實際和預計的抵押品損失，評估與相應證券化信託中的證券位置相關的損失、證券特定的現金流預期和信用評級。該評估還考慮了信用增強，以（i）來自信託中其他類別證券的次級性進行衡量，合約義務在公司持有的證券類別之前吸收損失，以及（ii）對公司持有的證券類別有利的證券化信託中嵌入的其他結構特徵的預期影響，如超抵押和超額利差。處於未實現損失狀態的市政債券根據基礎信用進行了評估。
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主要債務人的質量、義務類型和基礎資產的質量。
截至2024年9月30日，公司尚未做出出售的決定，並且公司被要求在未實現損失之前出售固定收益證券的可能性不高於不出售。
貸款 公司在抵押貸款和銀行貸款的發放或購買時建立信用損失準備金，併爲未撥款承諾建立準備金，除非這些承諾可以被公司無條件取消。公司使用默認概率和違約損失模型來估計抵押貸款和銀行貸款的當前預期信用損失，該模型考慮所有相關信息，包括過去事件、當前狀況和資產生命週期內合理且可靠的預測。公司還會考慮歷史損失、預期提前還款以及各種經濟因素等因素。對於抵押貸款，公司考慮發放年份和物業層面信息，如債務服務覆蓋率、物業類型、物業位置和抵押品價值。對於銀行貸款，公司考慮借款人的信用評級、信用利差和貸款類型。在合理且可靠的預測期結束後，公司的模型恢復到歷史損失趨勢。
在貸款具有相似風險特徵時，根據池的基礎進行評估。公司通過季度信用監測過程監控貸款，以判斷它們何時不再具有相似風險特徵，並在評估信用損失時進行單獨評估。
當沒有合理的回收期待時，貸款將從其相應的準備金中沖銷。如果在沖銷後貸款有所回收，那麼預期信用損失的估計將包括預期的回收。
對於處於違約狀態的貸款，或者未能及時收回本金和利息的情況下，將暫停收入的確認。
對不計息狀態下貸款的應收累積收入進行可回收性監控，且當不可收回時將通過淨投資收益沖銷。不計息狀態下貸款的現金收入一般記作攤銷成本的減少。
應計利息不包括在貸款的攤銷成本中，並在綜合財務狀況表的應計投資收益一欄中報告。截至2024年9月30日和2023年12月31日，銀行貸款或抵押貸款的應計利息並不顯著。
抵押貸款 當判斷某筆抵押貸款應單獨評估時，公司使用多種方法來估計個別貸款的信用損失，例如，在適用時使用抵押品價值減去預計賣出成本，包括在止贖可能發生或預期的還款主要通過抵押品的控件或出售提供，並且借款人正經歷財務困境時。當使用抵押品價值時，當抵押品的公允價值超過貸款的攤銷成本時，抵押貸款可能沒有信用損失準備金。另一種方法是利用貸款預期未來還款現金流的現值，按貸款的當前有效利率折現來估計信用損失。個別貸款的信用損失準備金會根據抵押品的公允價值減去賣出成本（如適用）或貸款預期未來還款現金流的現值的後續變化進行調整。
債務服務覆蓋率在估計抵押貸款信用損失準備金時被視爲一個關鍵的信用質量指標。債務服務覆蓋率代表可供借款人用於滿足本金和利息支付義務的來自該物業的預計現金流量。債務服務覆蓋率估算每年更新，或者如果條件需要時，基於公司的信用監控流程更頻繁更新。
按照債務服務覆蓋比率分佈和起始年份攤銷的按揭貸款成本
2024年9月30日2023年12月31日
（單位：百萬美元）2019年及之前20202021202220232024總計總計
低於1.0$— $— $— $— $— $— $— $13 
1.0 - 1.2560 — — 18 27 — 105 41 
1.26 - 1.5048 10 — 30 41 — 129 133 
高於1.50185 41 183 42 76 15 542 646 
津貼前攤銷成本$293 $51 $183 $90 $144 $15 $776 $833 
津貼(11)(11)
攤銷成本，淨額$765 $822 

2024年第三季度10-Q表格 17
附註至簡明合併財務報表

以債務服務覆蓋率低於1.0且未被視爲減值的抵押貸款，主要涉及借款人具備財務能力來爲房產的營業收入短缺提供資金的情況，房產現金流減少被視爲
暫時性的，或者存在其他風險緩解情況，如額外按金、託管餘額或借款人擔保。截至2024年9月30日和2023年12月31日，所有抵押貸款的支付均爲正常。
抵押貸款信用損失準備金的滾動調整
截至9月30日的三個月截至9月30日的九個月
（單位：百萬美元）2024202320242023
開始餘額$(10)$(10)$(11)$(7)
與信用損失相關的淨增加(1)(1)— (4)
註銷— — — — 
期末餘額
$(11)$(11)$(11)$(11)
銀行貸款 當確定銀行貸款應進行單獨評估時，公司使用多種方法來估計個別貸款的信用損失，例如按貸款當前有效利率折現的貸款未來預期還款現金流的現值。

借款人的信用評級被視爲估計銀行貸款信用損失準備金的重要信用質量指標。這些評級是根據可用的評級機構在NAIC信用評級提供者名單上的評級而從NAIC的證券估值辦公室獲得的，或者是一個可比較的內部評級。資產獲取的年份被確定爲來源年份。
按信用評級和原始年份分攤成本的銀行貸款
2024年9月30日2023年12月31日
（單位：百萬美元）2019年及之前20202021202220232024總計總計
NAIC 1 / A
$— $— $— $— $— $10 $10 $— 
NAIC 2 / BBb — — — — — 37 37 9 
NAIC 3 / BB— — 2 — 2 15 19 38 
NAIC 4 / B25 1 4 2 38 49 119 153 
NAIC 5-6 / CCC及以下— — — — 10 3 13 46 
攤銷成本在備抵之前$25 $1 $6 $2 $50 $114 $198 $246 
津貼(11)(22)
攤銷成本，淨額$187 $224 
銀行貸款信用損失準備的前移
($ in millions)截至9月30日的三個月截至9月30日的九個月
2024202320242023
開始餘額$(11)$(62)$(22)$(57)
與信用損失相關的淨（增加）減少— (2)5 (16)
與銷售相關的減少準備金— 28 — 34 
註銷— — 6 3 
結束餘額
$(11)$(36)$(11)$(36)
注6資產和負債的公平價值
公允價值被定義爲在計量日市場參與者之間進行有序交易時可收到的出售資產的價格或轉讓負債的支付價格。用於確定公允價值的輸入的層次結構通過要求在可用時使用可觀察的輸入最大化可觀察的輸入的使用，並通過最小化不可觀察的輸入的使用。在資產和負債以公允價值記錄在財務狀況簡明綜合報表上的情況下，這些資產和負債被分類爲
公允價值層次根據輸入的可觀察性將資產和負債分類爲：
一級： 資產和負債的價值基於公司可以獲取的活躍市場中相同資產或負債的未經調整的報價價格。
二級： 資產和負債的價值基於以下內容：
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(a)活躍市場中類似資產或負債的報價；
(b)非活躍市場中相同或相似資產或負債的報價；或
(c)估值模型，其輸入在資產或負債的整個期限內均可直接或間接觀察。
第 3 級： 其價值以價格或估值技術爲基礎的資產和負債，這些投入既不可觀察，又對整體公允價值衡量具有重要意義。不可觀察的輸入反映了公司對市場參與者在估值資產和負債時將使用的假設的估計。
可觀測輸入的可用性因儀器而異。在公允價值基於內部開發的定價模型或市場上不可觀察的投入的情況下，公允價值的確定需要更多的判斷力。對於歸類爲3級的工具，公司在確定公允價值時所做的判斷程度通常最大。在許多情況下，用於衡量公允價值的估值輸入屬於公允價值層次結構的不同層次。公允價值層次結構中的類別級別是根據對整個公允價值衡量具有重要意義的最低級別輸入確定的。公司使用截至評估之日的最新價格和投入，包括在市場混亂期間。在市場混亂時期，許多工具觀察價格和投入的能力可能會降低。
公司負責確定公允價值以及支持假設和方法。通過執行旨在確保包括投入和假設在內的估值方法的總體合理性和一致性應用以及會計準則的遵守的各種流程和控制措施，公司可以確信資產和負債得到適當估值。對於從第三方獲得的公允價值或內部估算的公允價值，公司的流程和控制措施旨在確保估值方法適當且一致地適用，投入和假設合理且符合確定公允價值的目標，並準確記錄公允價值。例如，與先前從估值服務提供商或經紀人處獲得或從內部模型得出的公允價值相比，公司持續評估證券價格過時或超過一定門檻的個人公允價值的合理性。公司執行程序以了解和評估估值服務提供商的方法、流程和控制措施。
此外，公司可以通過將從估值服務提供商或經紀人那裏獲得的信息與選定證券的其他第三方估值來源進行比較來驗證公允價值的合理性。公司執行持續的價格驗證程序，例如對實際價格進行回溯測試
銷售額，這證實了內部模型中使用的市場可觀察數據的各種輸入。當預計公允價值的確定將更具可變性時，公司將通過具有相關專業知識且獨立於負責執行投資交易的管理層成員的審查對其進行驗證。
公司有兩種類型的投資在公允價值層次結構中被歸類爲第三級的情況：
(1)市場無法觀察到對公允價值估算模型重要的特定投入。這主要發生在公司使用經紀人報價對某些證券進行估值，而這些證券的投入尚未得到證實可以被市場觀察，以及使用使用大量非市場可觀察輸入的估值模型。
(2)繼續收到來自獨立第三方估值服務提供商的報價，所有重要輸入均可供市場觀察；但是，與正常市場活動相比，該資產的交易量和活動水平已顯著下降，因此市場可觀察程度已下降到可以歸類爲三級衡量標準的程度。在確定特定資產的交易量和活動水平是否出現顯著下降時考慮的指標包括一級市場的新發行量、二級市場的交易量、相對於歷史水平的信貸利差水平、適用的買賣差價差，以及市場參與者和其他定價來源之間的價格共識。
某些資產不定期按公允價值記賬，包括抵押貸款、銀行貸款、房地產和保單貸款，只有在按公允價值報告個人投資時才包含在公允價值層次結構披露中。
在確定公允價值時，公司主要使用市場方法，該方法通常使用相同或相似工具的市場交易數據。在較小程度上，公司使用收益法，該方法涉及根據折扣現金流方法確定公允價值。對於大多數二級和三級估值，將市場和收益方法相結合。
定期按公允價值計量的二級和三級資產和負債的重要投入和估值技術摘要
2 級測量
•固定收益證券：
美國政府和機構、市政、企業-公共和外國政府： 估值的主要輸入包括非活躍市場中相同或相似資產的報價、合同現金流、基準收益率和信貸利差。
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企業 - 私募發售： 私募發售的估值使用廣泛接受的貼現現金流模型，該模型在金融服務行業中被廣泛使用，並且使用可觀察的市場輸入和主要來源於可證實的市場數據的輸入。貼現現金流模型的主要輸入包括利率收益曲線，以及爲類似資產在未活躍市場中發佈的信用利差，這些都反映了發行者的信用質量和行業板塊。
企業 - 私募發售還包括可贖回優先股，這些優先股的估值使用未活躍市場中相同或相似資產的報價、合同現金流、基準收益率、基礎股票價格和信用利差。
資產支持證券（ABS）： 估值的主要輸入包括未活躍市場中相同或相似資產的報價、合同現金流、基準收益率、抵押品表現和信用利差。某些ABS的估值基於非約束性經紀報價，其輸入已被證實爲市場可觀察的。包括在ABS中的住宅抵押貸款支持證券也將預付款速度作爲估值的主要輸入。
•權益證券： 估值的主要輸入包括未活躍市場中相同或相似資產的報價或報價淨資產值。
•短期投資： 估值的主要輸入包括在不活躍市場上相同或類似資產的報價、合同現金流、基準收益率和信用利差。
•其他投資: 在不活躍交易的交易所上市的獨立衍生品的估值基於在不活躍市場上相同工具的報價。
場外交易（「OTC」）衍生品，包括利率掉期、外匯掉期、總回報掉期、外匯遠期合約、某些期權和某些信用違約掉期，使用依賴於輸入的模型進行估值，這些輸入包括利率收益率曲線、引伸波幅、指數價格水平、貨幣匯率以及可觀察到的信用利差，這些輸入在合同的全期內基本上都是可觀察的。支撐模型的估值技術在金融服務行業被廣泛認可，不涉及重大判斷。
•待售資產： 包括美國政府及其機構、地方政府、企業和抵押貸款支持的固定收益證券。重要的輸入和估值技術基於上述各自資產類型。

第三級計量
•固定收益證券:
市政： 包括未通過第三方信用評級機構評級的市政債券。這些市政債券估值的主要輸入包括未能在市場上觀察到的相同或相似資產的報價、合同現金流、基準收益率和信用利差。還包括基於未得到確認的非約束性經紀人報價進行估值的市政債券，以及基於預期現金流現值進行估值的違約市政債券。
企業 - 公共和私募： 主要基於未得到確認的非約束性經紀人報價進行估值。企業固收證券的其他輸入包括預期現金流、利率收益率曲線，以及發佈的類似資產的信用利差，這些資產考慮了發行人的信用質量和行業板塊。
ABS： 估值的主要輸入包括預期現金流、基準收益率、抵押品表現和信用利差。包括在ABS中的住宅抵押貸款支持證券也將提前還款速度作爲估值的主要輸入。
•權益證券： 估值的主要輸入包括未能在市場上觀察到的相同或相似資產的報價或報價的淨資產值。
•短期投資： 對於某些短期投資，攤銷成本被用作公允價值的最佳估計。
•其他投資: 某些期權（包括互換期權）使用在金融服務行業廣泛接受的模型進行估值。這些因非市場可觀察輸入（如波動率）的重要性而被歸類爲第3級。其他主要輸入包括利率收益曲線和在相對流動性較低的市場中與之相同或相似的資產的報價。
•其他資產： 包含在好事達人壽保險公司（「ALIC」）的銷售協議中的或有對價條款，符合衍生品的定義。該衍生品內部估值採用一個模型，該模型包含隨機確定的現金流和包括即期和遠期利率、波動率、企業信用利差以及流動性折扣的輸入。由於非市場可觀察輸入的重要性，該衍生品被歸類爲第3級。
•待售資產： 包括企業固定收益證券。重要輸入和估值技術基於上述各自的資產類型。
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基於非經常性基礎計價的資產
包括長期資產，如房地產業，要通過賣出處置，這些資產已按公允價值減去銷售成本和已寫入與確認信用損失相關的銀行貸款到公允價值。
投資被排除在公允價值層次之外
以資產淨值（NAV）報告的投資
按公允價值計量的有限合夥企業，這些企業的公允價值無法明確確定，使用由投資者提供的NAV
這些投資通常無法由投資者贖回，並且通常未經普通合夥人批准無法出售。公司獲得收入分配和投資者基礎資產清算的收益，通常發生在典型合同期限的第4-9年。 10-12 年。截至2024年9月30日，公司已承諾在這些有限合夥企業利益中投資$161 百萬。
以公允價值計量的資產和負債
2024年9月30日
（單位：百萬美元）在活躍市場上相同資產的報價（一級）重要的其他可觀察輸入（二級）重要的不可觀察輸入（三級）交易對手和現金抵押清算總計
資產     
固定收益證券:     
美國政府及機構$9,239 $7 $—  $9,246 
市政— 8,253 5  8,258 
企業 - 公開— 24,292 28  24,320 
企業 - 私下放置— 9,425 51 9,476 
外國政府— 1,477 —  1,477 
ABS— 1,087 97 1,184 
總固定收益證券9,239 44,541 181  53,961 
股票證券 (1)
1,295 238 408 
 
1,941 
短期投資2,771 4,221 2  6,994 
其他投資— 1 2 $(1)2 
其他資產2 — 123  125 
待售資產
177 1,534 7 — 1,718 
總固收資產13,484 50,535 723 (1)64,741 
非固收基礎
— — 1  1 
公平價值下的全部資產$13,484 $50,535 $724 $(1)$64,742 
總資產中以公允價值計量的資產所佔比例20.8 %78.1 %1.1 %— %100.0 %
以淨資產價值（NAV）報告的投資1,124 
總計$65,866 
負債     
其他負債$(9)$(16)$— $16 $(9)
總循環基礎負債(9)(16)— 16 (9)
公允價值下的總負債$(9)$(16)$— $16 $(9)
總負債的佔比爲公允價值100.0 %177.8 %— %(177.8)%100.0 %
(1)不包括已簽訂但尚未開始的租賃支付$的租賃支付。150百萬的優先股以成本計量。
2024年第三季度10-Q表格 21
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以公允價值計量的資產和負債
2023年12月31日
（以百萬美元計）相同資產在活躍市場上的報價（一級）重要其他可觀察輸入（二級）重要不可觀察輸入（三級）交易對手和現金抵押淨額總計
資產     
固定收益證券:     
美國政府及機構$8,606 $13 $—  $8,619 
市政— 5,995 11  6,006 
公司 - 公開— 23,272 26  23,298 
公司 - 私下安排— 7,849 58 7,907 
外國政府— 1,290 —  1,290 
ABS— 1,687 58 1,745 
總固定收益證券8,606 40,106 153  48,865 
股權證券 (1)
1,656 203 402 
 
2,261 
短期投資1,676 3,467 1 
 
5,144 
其他投資— 3 2 $(2)3 
其他資產3 — 118  121 
總共的經常性資產11,941 43,779 676 (2)56,394 
非經常性基礎— — 15  15 
公平價值下的全部資產$11,941 $43,779 $691 $(2)$56,409 
資產總額中按公允價值計量的比例21.2 %77.6 %1.2 %— %100.0 %
淨資產值報告的投資1,165 
總計$57,574 
負債     
其他負債$(2)$(10)$— $8 $(4)
總經常基礎負債(2)(10)— 8 (4)
公允價值下的總負債$(2)$(10)$— $8 $(4)
負債總額中按公允價值計量的比例50.0 %250.0 %— %(200.0)%100.0 %
(1)不包括已簽訂但尚未開始的租賃支付$的租賃支付。150百萬的優先股以成本計量。
截至2024年9月30日和2023年12月31日，固收證券的第3級公允價值計量總額爲$181 百萬美元和美元153 百萬，分別包括$28 百萬美元和美元26 百萬，分別是根據非正式經紀報價估值的證券，其中的輸入沒有得到市場可觀察的證據確認，及$5 百萬美元和美元11 百萬，分別是未被第三方信用評級機構評級的市政固收證券。
對於根據非正式經紀報價估值的固收證券，信用利差的增加（減少）將導致公允價值降低（提高）；而未被第三方信用評級機構評級的市政債券的信用評級的增加（減少）將導致公允價值提高（降低）。
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截至2024年9月30日止三個月期間，按公允價值持有的第3級資產和負債的滾動表
截至餘額
2024年6月30日		總收益（損失）
包含在：		 轉移
轉移（到）出售持有的資產
截至餘額
2024年9月30日
($ in millions)淨利潤收益進入第3級退出第3級採購銷售額問題結算
資產
固定收益證券:
市政$7 $(2)$— $— $— $— $— $— $— $— $5 
企業 - 公開30 — — — — (7)5 — — — 28 
企業 - 私募50 — — — — — 1 — — — 51 
ABS71 — — — — — 27 — — (1)97 
總固定收益證券158 (2)— — — (7)33 — — (1)181 
股權證券393 12 — — — — 5 (2)— — 408 
短期投資1 — — — — — 1 — — — 2 
其他投資2 — — — — — — — — — 2 
其他資產121 2 — — — — — — — — 123 
待售資產
— — — — — 7 — — — — 7 
總計持續性三級資產$675 $12 $— $— $— $— $39 $(2)$— $(1)$723 
截至2024年9月30日的九個月期間按公允價值持有的三級資產和負債的滾動情況
截至2023年12月31日的餘額總收益（損失）
包含在：		轉移
從待售資產的轉移（到）
截至2024年9月30日的餘額
($ in millions)淨利潤收益進入三級退出三級採購銷售額問題結算
資產
固定收益證券:
市政$11 $(2)$— $— $— $— $— $(2)$— $(2)$5 
公司 - 公開26 1 1 — — (7)16 (9)— — 28 
公司 - 私募58 (6)— — — — 1 (2)— — 51 
ABS58 — — — — — 41 — — (2)97 
總固定收益證券153 (7)1 — — (7)58 (13)— (4)181 
股權證券402 18 — — — — 14 (26)— — 408 
短期投資1 — — — — — 22 (20)— (1)2 
其他投資2 — — — — — — — — — 2 
其他資產118 5 — — — — — — — — 123 
待售資產— — — — — 7 — — — — 7 
總計經常性第三級資產$676 $16 $1 $— $— $— $94 $(59)$— $(5)$723 
2024年第三季度10-Q表格 23
附註至簡明合併財務報表

在2023年9月30日結束的三個月期間，按公允價值計量持有的三級資產和負債的結轉
截至餘額
2023年6月30日		總盈利（虧損）
包括在:		轉移 截至餘額
 2023年9月30日
($ in millions)淨利潤收益進入第三級離開第三級採購銷售額問題結算
資產
固定收益證券:
市政$12 $— $— $— $— $— $(1)$— $— $11 
公司 - 公開26 — (1)— — — — — — 25 
公司 - 私下安排60 — (1)— — — — — — 59 
ABS34 — — — — 4 — — — 38 
總固定收益證券132 — (2)— — 4 (1)— — 133 
股權證券381 15 — — — — (13)— — 383 
短期投資6 — — — — 10 — — — 16 
其他投資2 — — — — — — — — 2 
其他資產104 9 — — — — — — — 113 
總共的經常性三級資產$625 $24 $(2)$— $— $14 $(14)$— $— $647 
在2023年9月30日結束的九個月期間，按公允價值計量持有的3級資產和負債的滾存
截至的餘額
2022年12月31日		總收益（損失）
 包括在其中:		 轉移 截至2023年9月30日的餘額
($ in millions)淨利潤收益進入三級離開三級採購銷售額問題結算
資產
固定收益證券:
市政$21 $3 $(1)$— $— $— $(10)$— $(2)$11 
公司 - 公開69 (1)1 — — — (44)— — 25 
公司 - 私下安排55 (11)— 16 — 1 (2)— — 59 
ABS28 — — — — 11 — — (1)38 
總固定收益證券173 (9)— 16 — 12 (56)— (3)133 
股權證券333 22 — — — 70 (42)— — 383 
短期投資6 — — — — 10 — — — 16 
其他投資3 (1)— — — — — — — 2 
其他資產103 10 — — — — — — — 113 
總計循環等級3資產$618 $22 $— $16 $— $92 $(98)$— $(3)$647 
淨利潤中包括的總三級收益（損失）
截至9月30日的三個月截至9月30日的九個月
($ in millions)2024202320242023
淨投資收益$— $(1)$1 $(3)
投資和衍生品的淨收益（損失） (1)
10 16 10 15 
營業成本和費用 (1)
2 9 5 10 
(1)在2024年第一季度之前，包括運營成本和費用內的三級收益（損失）已在此表中報告，包括投資和衍生品淨收益（損失）。歷史結果已更新以符合此展示。
截至2024年9月30日的三個月和九個月中，沒有轉入第3級。在截至2023年9月30日的三個月中，也沒有轉入第3級。2023年截至9月30日的九個月中轉入第3級的情況包括某些證券的減值，這些證券使用了內部價格定價，而這些輸入的市場可觀察性未得到證實，導致這些證券被分類爲第3級。
沒有得到證實爲市場可觀察的結果，使得這些證券被分類爲第3級。
截至2024年和2023年9月30日的三個月和九個月中，沒有轉出第3級。
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估值變動包括在淨利潤和持有的Level 3資產和負債的OCI中
截至9月30日的三個月截至9月30日的九個月
($ in millions)2024202320242023
資產    
固定收益證券:
市政$(2)$— $(2)$— 
公司 - 公開— — 1 — 
公司 - 私下安排— — (6)(11)
總固定收益證券(2)— (7)(11)
股權證券12 15 23 21 
其他投資— — — (1)
其他資產2 9 5 10 
總共的經常性三級資產$12 $24 $21 $19 
淨利潤中包含的總計$12 $24 $21 $19 
淨利潤的元件
淨投資收益$— $(1)$1 $(3)
投資和衍生工具的淨收益（損失）10 16 15 12 
運營成本和費用2 9 5 10 
淨利潤中包括的總額$12 $24 $21 $19 
資產
公司 - 公開$— $(1)$1 $— 
公司 - 私下安排— (1)— — 
OCI中報告的未實現淨資本收益和損失的變動$— $(2)$1 $— 
未按公允價值計量的金融工具
（單位：百萬美元）2024年9月30日2023年12月31日
金融資產公允價值水平攤銷成本，淨額
公允價值
價值
攤銷成本，淨額
公允價值
價值
抵押貸款三級$765 $736 $822 $769 
銀行貸款三級187 197 224 238 
金融負債公允價值水平
賬面價值 (2)
公允價值
價值
賬面價值 (2)
公允價值
價值
投資合同的合同持有人資金 (1)
三級$— $— $46 $46 
Debt二級8,083 8,027 7,942 7,655 
對抵押品的負債二級2,021 2,021 1,891 1,891 
待售負債
三級41 41 — — 
(1)截至2024年9月30日，所有投資合同中的合同持有人基金均爲待售狀態。
(2)代表在資產負債表上報告的金額。
注7衍生金融工具
公司使用衍生品來降低風險，並通過資產複製來提高投資組合的回報。風險降低活動集中於管理由於無風險利率變化、股市估值變化、信用利差增加和外匯波動帶來的某些資產和負債的風險。
資產複製是指通過使用衍生品「合成」創造資產。公司通過結合信用違約掉期、指數總回報掉期、期權、期貨或外匯遠期合約以及一種或多種高評級的固定收益證券，主要是投資級主債券，進行合成
複製一個或多個現金市場證券的經濟特徵。公司使用期貨、指數總回報掉期和期權來複制股票證券，以增加股票敞口。
財產-責任可能使用利率掉期、掉期期權、期貨和期權來管理現有投資的利率風險。這些工具被用於改變投資組合的久期，以抵消利率對其固定收益證券公允價值的經濟影響。固定收益指數總回報掉期被用來抵消在市場價值下降期間固定收益投資組合的估值損失。信用違約掉期通常用於減輕財產-責任中的信用風險。
2024年第三季度10-Q表格 25
附註至簡明合併財務報表

固收投資組合。股指總回報掉期、期貨和期權被財產與責任部門用於抵消股票投資組合在股市價值下降期間的估值損失。此外，股指期貨被用於對沖延期薪酬責任合同相關的市場風險。股票衍生品也可被用於複製現金市場頭寸以增加股票暴露。遠期合同主要被財產與責任部門用於對沖持有以外幣計價的投資和境外業務所涉及的外幣風險。
當衍生品符合特定標準時，可以被指定爲會計套期保值，按公允價值、現金流量、外幣公允價值或外幣現金流量套期保值覈算。
合同中規定的名義金額用於計算協議支付的交換，並且通常不代表這些協議的盈利或損失潛力。然而，在公司出售信用保護的信用違約掉期中，規定的名義金額代表潛在損失的最大金額，假設... 沒有 恢復。
公允價值，等於賬面價值，是公司在報告日終止衍生合同時將收到或支付的預計金額。場外交易衍生品的賬面價值金額進一步調整，以反映如果有的可執行主套期淨額協議的影響，並按交易對手協議以淨額方式，在合併財務狀況簡表中呈現。
對於那些符合條件並被指定爲公允價值會計套期保值的衍生品，淨
利潤包括衍生工具和受保風險的公允價值變動。對於現金流量套期保值，收益和損失從綜合收益中分期攤銷，並在預期交易對受保風險產生的淨利潤。
非套保會計通常用於「組合」級別的套期保值戰略，其中被套期項目的條款不符合嚴格的同質性要求，無法適用套期會計。對於非套期衍生工具，淨利潤包括公允價值變動和應計週期支付變動，如果適用的話。除用於資產複製和非套期嵌入式衍生工具的非對沖衍生工具外，所有公司的衍生工具都會至少每季度評估其持續有效性，確定其是否作爲會計對沖或非對沖衍生金融工具。
2021年與ALIC及其某些關聯企業的出售相關，銷售協議包括一個涉及有條件收購的規定，該規定可在一個期限內獲得，首次潛在付款日期爲2026年1月1日，最終潛在付款日期爲2035年1月1日。有條件收購每年根據前三年的平均十年期國債利率與指定利率的比較確定，這被視爲衍生物的定義並按公允價值計量，公允價值的週期變動反映在收入中。與有條件收購相關的抵押要求。 十年 在2021年出售ALIC及某些關聯方期間，銷售協議包括一個涉及有條件收購的規定，可在一個期段內獲得，首次潛在付款日期爲2026年1月1日，最終潛在付款日期爲2035年1月1日。有條件收購每年根據前三年的平均十年期國債利率與指定利率的比較確定，這被視爲衍生工具並根據公允價值覈算，公允價值的週期變動反映在收入中。與有條件收購相關的沒有抵押要求。
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2024年9月30日衍生工具成交量和公允價值倉位摘要
（單位：百萬美元，除合同數量外） 
成交量 (1)
   
資產負債表項目位置名義金額合同數公平價值，淨額總資產總負債
資產衍生品      
未作爲會計避險工具指定的衍生品   
 
 
利率合同    
 
 
期貨其他資產n/a3,520 $1 $1 $— 
股票和指數合約    
 
 
期貨其他資產n/a1,045 1 1 — 
外幣合同    
 
 
匯率期貨其他投資$383 n/a(8)1 (9)
附帶條款考慮 其他資產250 n/a123 123 — 
信用違約合同    
 
 
信用違約掉期 - 購買保護其他投資30 n/a— — — 
資產衍生產品總額 $663 4,565 $117 $126 $(9)
負債衍生品      
未被指定爲會計避險工具的衍生品     
利率合同      
期貨其他負債和應計費用n/a22,106 $(9)$— $(9)
股票和指數合約      
期貨其他負債和應計費用n/a284 — — — 
外幣合同      
匯率期貨其他負債和應計費用$262 n/a(7)— (7)
負債衍生品總額 262 22,390 (16)$— $(16)
總衍生品 $925 26,955 $101   
(1)    場外交易和清算衍生合同的成交量由其名義金額表示。交易所交易衍生品的成交量由合約數量表示，這是其交易的基礎。(n/a = 不適用)
2024年第三季度10-Q表格 27
附註至簡明合併財務報表

2023年12月31日衍生工具的成交量和公平價值部位摘要
（以百萬美元計，合同數量除外） 
成交量(1)
   
資產負債表項目位置名義金額合同數公平價值，淨額總資產總負債
資產衍生品      
未被指定爲會計避險工具的衍生品    
 
利率合同     
 
期貨其他資產n/a20,479 $2 $2 $— 
股票和指數合約     
 
選項其他投資n/a32 — — — 
期貨 其他資產n/a1,305 1 1 — 
外幣合同     
 
匯率期貨其他投資$278 n/a(2)2 (4)
附帶條件其他資產250 n/a118 118 — 
信用違約合同    
 
信用違約互換 - 購買保護其他投資34 n/a(1)— (1)
資產衍生品總額 $562 21,816 $118 $123 $(5)
負債衍生品      
未指定爲會計套期工具的衍生品     
利率合同      
期貨其他負債及應計費用n/a2,175 $(1)$— $(1)
股票和指數合約      
期貨其他負債和應計費用n/a980 (1)— (1)
外幣合同      
匯率期貨其他負債和應計費用$306 n/a(3)1 (4)
信用違約合同      
信用違約掉期 – 購買保護其他負債和應計費用19 n/a(1)— (1)
衍生負債合計 325 3,155 (6)$1 $(7)
總衍生品 $887 24,971 $112   
(1)    場外交易和清算衍生合同的成交量由其名義金額表示。交易所交易衍生品的成交量由合約數量表示，這是其交易的基礎。(n/a = 不適用)
場外交易衍生品的毛額和淨額 (1)
（單位：百萬美元） 抵消   
毛額對手方淨額現金擔保（已收）質押資產負債表上的淨額證券擔保（已收）質押淨金額
2024年9月30日      
資產衍生品$1 $(9)$8 $— $— $— 
負債衍生品(16)9 7 — — — 
2023年12月31日      
資產衍生品$3 $(6)$4 $1 $— $1 
負債衍生品(10)6 2 (2)— (2)
(1)所有板塊的場外衍生品都受可執行的主淨額協議約束。
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在未被指定爲會計對沖的衍生工具上報告的公允價值變動和結算的收益（損失）
（以百萬美元計）投資和衍生工具的淨收益（損失）運營成本和費用在衍生工具上確認的淨利潤總收益（損失）
2024年9月30日止三個月   
利率合同$42 $— $42 
股票和指數合約(2)10 8 
附帶條件— 2 2 
外幣合同(23)— (23)
信用違約合同3 — 3 
總計$20 $12 $32 
2024年9月30日結束的九個月   
利率合同$21 $— $21 
股票和指數合約(17)24 7 
附帶條件— 5 5 
外幣合同(9)— (9)
信用違約合同2 — 2 
總計$(3)$29 $26 
2023年9月30日結束的三個月   
利率合同$5 $— $5 
股票和指數合約10 (10)— 
附帶條件— 9 9 
外幣合同17 — 17 
信用違約合同(1)— (1)
總計$31 $(1)$30 
截至2023年9月30日的九個月中，   
利率合同$(12)$— $(12)
股票和指數合約(6)8 2 
附帶條件— 10 10 
外幣合同6 — 6 
信用違約合同(16)— (16)
總計$(28)$18 $(10)
公司通過利用備受好評的交易對手、設立風險控制限制、簽訂具有法律約束力的主淨額協議（MNAs）以及在適當時獲得抵押品來管理其信用風險敞口。公司在場外衍生品交易中使用MNAs，允許任一方對應交易應付款項進行淨結算，當超過某些預先確定的風險限制時，抵押品要麼被質押，要麼被獲得。
場外現金和證券抵押
（以百萬美元計）2024年9月30日
由公司質押$15 
質押給公司 (1)
— 
(1) $14 百萬 的 根據MNAs提供質押品用於包含信用風險相關條款的合同中的負債條款。
公司未因交易對手不履行而遭受任何衍生金融工具損失。其他衍生工具，包括期貨和某些期權合同，在要求按金存款並保證交易執行的有組織交易所上交易，從而降低潛在的信用風險。
交易對手信用敞口代表公司的潛在損失，如果所有交易對手同時未履行合同條款，並且所有質押品（如果有）變得毫無價值。此風險通過報告日期具有正價值的場外衍生合同的公允價值減去任何已生效的主淨合約協議的影響來衡量。截至2024年9月30日和2023年12月31日，公司未有任何交易對手信用敞口。
對於某些交易所交易和結算衍生品，需要按金存款以及每日現金結算按金帳戶。
交易所交易和結算按金存款
（以百萬美元計）2024年9月30日
公司所承諾的$82 
公司接收到
— 
市場風險是公司由於市場利率和價格不利變化而產生損失的風險。公司目前持有的所有衍生金融工具都存在市場風險，因爲這些工具可能在市場條件不利變化時減值。爲了限制這種風險，
2024年第三季度10-Q表格 29
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公司的高級管理層已建立風險控制限額。此外，公司用於風險管理目的的衍生金融工具的公允價值變動通常會被相關資產、負債或預測交易的對沖風險成分的公允價值或現金流的變動所抵消。
公司的某些衍生交易包含信用風險附帶的終止事件和交叉違約條款。信用風險附帶的終止事件允許對手方在特定日期終止衍生協議或特定交易，如果AIC的財務實力信用評級
在穆迪或標普的評級低於某一水平。信用風險附帶的交叉違約條款允許對手方在公司在某些債務工具上違約達到預定閾值時終止衍生協議。
下表總結了具備終止、交叉違約或抵押信用風險附帶特徵的衍生工具的公允價值，這些衍生工具處於負債位置，同時符合在法律上可強制執行的MNA條款中的規定，抵消的資產和抵押品的公允價值。
（以百萬美元計）2024年9月30日2023年12月31日
包含信用風險附加特性的合同的總負債公允價值$16 $10 
包含信用風險附加特性且受制於MNA的合同的總資產公允價值(1)(3)
根據MNA發佈的用於包含信用風險附加特性的合同的抵押品(14)(5)
如果所有特性同時被觸發，則包含信用風險附加特性的合同的最大額外風險敞口$1 $2 
註釋 8可變利益實體
合併後的VIE主要包括紐約互惠保險公司阿迪朗達克保險交易所（「阿迪朗達克」）和新澤西州互惠保險公司新澤西斯天地保險協會（「Skylands」）。互惠交易所是以非法人協會的形式組織的保險公司。公司不擁有互惠交易所的股權，互惠交易所的股權歸其各自的保單持有人所有。
互惠交易所的業績包含在Allstate Protection板塊中，因爲該公司管理互惠交易所的業務運營，並有權指導其對經濟表現影響最大的活動。該公司因向互惠交易所提供的服務而收到了總額爲美元的管理費2百萬和美元23截至2024年9月30日的三個月和九個月中分別爲百萬美元，而這一數字爲美元14百萬和美元37 在截至2023年9月30日的三個月和九個月中，分別爲百萬美元。此外，截至2024年9月30日和2023年12月31日，公司持有的權益爲美元123百萬美元爲盈餘票據的形式，爲互惠交易所提供資本並吸收預期損失。
由於持續的營業虧損，公司記錄了盈餘票據的賬面價值虧損，金額爲美元1232024 年第一季度達到百萬美元。正如公司預期的那樣，該虧損已反映爲歸屬於非控股權益的資本交易 100其盈餘票據權益的百分比用於吸收互惠交易所的預期損失。
阿迪朗達克和斯凱蘭茲幾乎退出所有業務的寫作。隨着互惠保險公司的解散，保單持有人將分享任何剩餘的未分配盈餘，但不受
對互惠交易所未分配盈餘的任何赤字進行評估。互惠交易所的資產只能用於償還互惠交易所的債務，一般債權人對公司沒有追索權。
紐約州金融服務部已批准阿迪朗達克的提款計劃，即不續保或取消自2024年12月31日起生效的所有保單。國家通用控股公司訂立了美元15與阿迪朗達克簽訂的百萬信貸額度協議，用於在無力支付時支付索賠，該協議將在進行最終儲備研究以確定自2027年12月31日起是否需要額外資金後到期。截至 2024 年 9 月 30 日，有 不 信貸額度的未清餘額。此外，公司免除了阿迪朗達克在2024年7月1日之後應付的所有費用，不包括與個人索賠相關的損失調整費用。
新澤西州銀行和保險部已確認代表Skylands提交的提款計劃，該計劃從2024年12月14日起停止提供個人線路保險，但住宅火災和船舶保單除外。Skylands 有一個 100與公司簽訂的配額股份再保險協議百分比將Skylands的所有業務割讓給公司。割讓給公司的索賠和索賠費用爲美元 (6) 百萬和美元24 截至2024年9月30日的三個月和九個月中分別爲百萬美元，而這一數字爲美元10 百萬和美元27 在截至2023年9月30日的三個月和九個月中，分別爲百萬美元。
互惠交易所產生了美元48 百萬和美元170 截至2024年9月30日的三個月和九個月中，已賺取的保費分別爲百萬美元59百萬和美元173 截至2023年9月30日的三個月和九個月中爲百萬美元，
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附註至簡明合併財務報表

分別。總成本和費用爲$62 百萬美元和美元207 百萬，與分別截至2023年9月30日的三個月和九個月中的$58 百萬美元和美元202 百萬，截至2023年9月30日的票息費用分別爲$
下表反映了合併VIE結果，排除了所有內部交易，包括盈餘票據及相關應計利息、管理費用和內部再保險交易。
互惠交易所的資產和負債包含在簡明的合併財務狀況表中 (1)
($ in millions)2024年9月30日2023年12月31日
資產
固定收益證券$121 $267 
短期投資96 7 
遞延保單獲取成本12 25 
淨保費分期和其他應收款32 44 
再保險應收款，淨額68 76 
其他資產10 54 
總資產339 473 
負債
產險賠案和賠付費用準備金224 201 
未賺保費117 177 
其他負債和費用16 77 
總負債$357 $455 
(1) 在合併中消除的公司間餘額
總資產$(42)$(26)
總負債(193)(189)
注9爲財產和意外保險索賠及索賠費用預留
公司爲已報告和未報告的索賠及索賠費用建立準備金，針對被保險損失。公司的準備過程考慮已知事實及情況和因子的業績解讀，包括公司在類似案例中的經驗、實際支付的索賠、涉及索賠支付模式的歷史趨勢和待支付索賠的未付水平、損失管理計劃、產品組合和合同條款、法律法規的變化、司法決定以及經濟條件。
當公司經歷索賠類型或混合的變化，或索賠和解模式或數據變化時，它在判斷和選擇開發因子以制定準備負債時應用精算判斷。通貨膨脹和複雜維修的比重增加，加上熟練勞動力短缺，導致物理損害損失成本上升。醫療通貨膨脹、治療趨勢增加、律師代理增加、訴訟成本上升以及更嚴重的事故，導致第三方人身傷害損失成本上升。公司在必要時不斷數字化和現代化索賠流程，以提高有效性和效率。這些因子可能導致歷史開發趨勢對未來損失開發的預測能力降低，從而可能產生額外的準備金波動性。
一般而言，新事故年度的初始準備金是基於不同業務部門、業務種類和承保範圍的索賠頻率和嚴重性假設，依據與相關通貨膨脹因子的歷史關係來建立。對於以前的事故年度的準備金
則通過幾種不同的精算估計方法進行統計判斷。汽車索賠頻率的變化可能源於業務的變化、駕駛行爲、行駛里程或其他因素。汽車當前年度索賠的嚴重性則通常受到醫療和汽車維修領域通貨膨脹、律師代理和訴訟索賠行爲變化、索賠和解的有效性和效率，以及索賠類型的組合變化的影響。當出現索賠數據變化時，運用精算判斷以確定建立準備金的適當開發因子。公司的準備過程結合損失模式變化、運營統計及索賠報告流程的變化，以判斷其記錄的準備金的最佳估計。
作爲準備金流程的一部分，公司還可能通過利用第三方理算師、評估師、工程師、檢驗員和其他專業人士及信息來源來補充其索賠流程，以評估和解決與災害和非災害相關的索賠。通貨膨脹的影響在準備金流程中隱含考慮。
由於準備金是未支付損失部分的估計，包括髮生但尚未報告的（「IBNR」）損失，因此建立適當的準備金，包括災害準備金、業務終止物業責任和再保險及賠償可追回款項，是一個本質上不確定且複雜的過程。實際損失的最終成本可能與記錄金額有顯著差異，這些金額是基於管理層的最佳估計。
2024年第三季度10-Q表格 31
附註至簡明合併財務報表

最不確定性的程度與最初報告時期撥備損失有關，因爲其中包含了最大比例的尚未報告或解決的損失，以及在快速上升的損失成本期間，涉及訴訟或需要更長時間解決的索賠的不確定性增加。公司還存在運行財產責任準備金方面的不確定性，該準備金基於很久以前發生的事件，複雜性由於缺乏歷史數據、法律解讀、未解決的法律問題和基於事實的立法意圖而增加。
公司定期更新儲備估計，隨着新信息的可獲得以及可能影響解決未決索賠的事件的發展。儲備估計的變化，可能是重大的，應在決定這些變化的期間，在資產負債表中報告財產和意外傷害保險索賠和索賠費用。
管理層認爲，財產和意外傷害保險索賠和索賠費用儲備淨額，相對於可收回金額，是按照可獲得的事實、法律和法規，適當設定以覆蓋截至財務狀況表日期前發生的損失導致的已報告和未報告索賠的最終淨成本。
管理層認爲，財產與意外傷害保險索賠和索賠費用的儲備，淨額可收回，是按照可獲得的事實、法律和法規適當設定，以覆蓋在財務狀況表日期之前發生的損失產生的已報告和未報告索賠的最終淨成本。
財產保險索賠準備和索賠費用的結轉
截至9月30日的九個月
($ in millions)20242023
截至1月1日的餘額$39,858 $37,541 
減： 應收款項 (1)
8,396 9,176 
1月1日淨餘額31,462 28,365 
與以下相關的發生的索賠和索賠費用：
當前年份31,033 31,910 
之前年份(322)380 
計提全部30,711 32,290 
與以下相關的索賠和索賠費用已支付：
當前年份(15,977)(16,593)
之前年份(12,181)(12,057)
實際支付合計(28,158)(28,650)
截至9月30日的淨餘額34,015 32,005 
加：應收款項
8,728 8,654 
截至9月30日餘額$42,743 $40,659 
(1)回收款項包括再保險和賠償款項。
發生的索賠和索賠費用代表了在期間支付的損失、索賠調整費用和準備金變動的總和。該費用包括自災難中產生的損失，金額爲$4.55私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。5.57 10億，在截至2024年和2023年9月30日的九個月中，扣除可回收款項。
災難是財產和意外傷害保險業務固有的風險，已經並將繼續對公司業績和財務狀況的年度波動產生重要影響。
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包括在索賠和索賠費用中的往年儲備重估 (1)
非災難性損失災難損失總計
($ in millions)
202420232024

202320242023
截至9月30日的三個月
汽車$(55)$27 $(10)$6 $(65)$33 
住宅業主(11)46 (1)16 (12)62 
其他個人保險54 (3)(3)(11)51 (14)
商業線1 13 — 6 1 19 
其他業務保險(3)1 — — (3)1 
運行保險責任
59 82 — — 59 82 
保護服務 1 — — — 1 — 
總計往年儲備重新估計$46 $166 $(14)$17 $32 $183 
截至9月30日的九個月

汽車$(293)$146 $(26)$(41)$(319)$105 
住宅業主(114)75 (278)61 (392)136 
其他個人保險169 15 (5)(23)164 (8)
商業線164 42 (5)9 159 51 
其他業務保險1 12 — — 1 12 
清償財產責任
65 85 — — 65 85 
保護服務 — (1)— — — (1)
上年度儲備重新估計總額
$(8)$374 $(314)$6 $(322)$380 
(1)有利的儲備重新評估顯示在括號中。
2024年第三季度10-Q表格 33
簡明合併財務報表附註

註釋10未來政策利益和合同持有人所有基金類型的儲備
未來保單利益準備金滾存 (1)
截至9月30日的九個月
事故和
健康		傳統
life		總計
($ in millions)202420232024202320242023
預期淨保費現值
開始餘額$1,688 $1,464 $325 $238 $2,013 $1,702 
原始貼現率的期初餘額1,737 1,549 330 246 2,067 1,795 
現金流假設變動的影響(88)(12)(13)34 (101)22 
實際偏差對預期經驗的影響28 (4)4 4 32 — 
調整後的期初餘額1,677 1,533 321 284 1,998 1,817 
股份發行490 378 69 53 559 431 
利息計提63 48 11 8 74 56 
淨保費收取(281)(260)(49)(37)(330)(297)
原始貼現率的期末餘額1,949 1,699 352 308 2,301 2,007 
貼現率假設變更的影響6 (113)(1)(19)5 (132)
已重新分類爲持有待售的負債(1,270)— (345)— (1,615)— 
結束餘額685 1,586 6 289 691 1,875 
預期未來保險責任現值
開始餘額2,453 2,229 657 524 3,110 2,753 
原始貼現率的期初餘額2,495 2,316 656 534 3,151 2,850 
現金流假設變動的影響(11)21 (10)30 (21)51 
實際偏差對預期經驗的影響(28)(24)(4)3 (32)(21)
調整後的期初餘額2,456 2,313 642 567 3,098 2,880 
股份發行479 368 69 68 548 436 
利息計提84 75 23 18 107 93 
福利支付(317)(297)(24)(30)(341)(327)
原始貼現率的期末餘額2,702 2,459 710 623 3,412 3,082 
貼現率假設變更的影響27 (126)8 (38)35 (164)
已重新分類爲持有待售的負債(1,998)— (704)— (2,702)— 
結束餘額$731 $2,333 $14 $585 $745 $2,918 
未來保單責任淨準備金 (1)
$46 $747 $8 $296 $54 $1,043 
減：再保險應收款 (2)
— 82 — 2 — 84 
未來保單責任淨準備金，在再保險應收款後
$46 $665 $8 $294 $54 $959 
(1)不包括已簽訂但尚未開始的租賃支付$的租賃支付。220 百萬美元和美元266 截至2024年和2023年9月30日，短期和其他合同相關的儲備爲百萬。
(2)截至2024年9月30日，已分類爲待售。
在簡明合併營業收入表中確認的營業收入和利息
($ in millions)截至9月30日的九個月
20242023
收入(1)
意外和健康$605 $600 
傳統人壽106 77 
總計$711 $677 
利息費用(2)
意外和健康$21 $27 
傳統人壽12 10 
總計$33 $37 
(1)總營業收入反映了用於計算未來保單利益準備金的毛保費。財務報表中包含的意外與健康保險保費及合同費用反映了傳統人壽保險和開多、開空的意外與健康保險合同確認的保費收入。
(2)作爲事故、健康和其他保單福利的一部分呈現的總利息費用，在彙總的利潤表中。
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下表提供了截至2024年9月30日，非參與傳統和有限支付合同（包括分類爲待售的合同）的未折扣和折扣預期總保費、預期未來福利和支出的金額。
截至9月30日，
20242023
($ in millions)未折現的折現未折現的折現
意外與健康
預期未來應收原保險費$5,581 $3,939 $5,263 $3,600 
預期未來的收益和支出3,943 2,729 3,503 2,333 
傳統壽險
預期未來應收原保險費1,013 729 813 553 
預期未來的收益和支出1,345 718 1,153 585 
以下表格提供了截至2024年9月30日，作爲未來保單權益準備金的加權平均期限和加權平均利率，包括那些被分類爲待售的部分。
截至9月30日，
事故和健康傳統壽險
2024202320242023
加權平均期限（年）8.34.315.514.8
加權平均利率期貨
利息逐年增加率（合同簽發時的折現率）5.05 %4.73 %5.36 %5.43 %
當前折現率（中上級固收收益率）4.65 5.28 4.82 5.56 
重要假設 爲了確定死亡率和發病率的假設，公司利用其歷史經驗和行業數據的結合。死亡率和發病率在全年內進行監測。歷史經驗是通過每年第三季度的公司經驗研究獲取的，該研究考慮了其歷史理賠模式。賠付率假設是基於公司保險合同的歷史失效確定的。
公司於2024年第三季度對死亡率、發病率和失效經驗假設進行了年度審查，導致$增加。1 百萬和逾$百萬的增加，分別用於未來保單福利準備金。1百萬，分別用於未來保單福利準備金。
截至2024年9月30日的九個月中，意外和健康產品的實際發病率高於預期。截至2023年9月30日的九個月中，意外和健康產品的實際發病率低於預期。
截至2024年9月30日的九個月，意外和健康產品的實際退保經驗低於預期。截止至2023年9月30日的九個月，意外和健康產品的實際退保經驗高於預期。
截至2024年和2023年9月30日的九個月內，傳統壽險產品的實際死亡率和流失率低於預期。


2024年第三季度10-Q表格 35
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合同持有人資金
截至2024年9月30日，所有合同持有者基金均被分類爲待售。
合同持有人資金活動
截至9月30日的九個月
($ in millions)20242023
開始餘額$888 $879 
按金98 99 
計入利息25 25 
福利(9)(8)
退保和部分取款(17)(15)
合同費用(89)(90)
其他調整(5)(6)
結束餘額$891 $884 
合同持有人的資金元件
利息敏感型人壽保險$850 $837 
固定年金41 47 
總計 $891 $884 
加權平均信貸利率4.19 %4.26 %
淨風險金額 (1)
$10,927 $11,550 
現金退保價值$734 $728 
(1)保證的受益金額超過當前帳戶餘額。
附註11再保險和賠償
再保險轉出和賠償計劃對財產和意外傷害保險保費收入和意外傷害保險金和合同費用的影響
（以百萬美元計）截至9月30日的三個月截至9月30日的九個月
2024202320242023
財產和意外傷害保險保費收入$(552)$(514)$(1,697)$(1,455)
意外傷害和健康保險費和合同費(16)(16)(37)(35)
再保險轉出和賠償計劃對財產和意外保險賠款、賠付費用以及事故、健康和其他保單福利的影響
（以百萬美元計）截至9月30日的三個月截至9月30日的九個月
2024202320242023
財產和意外保險索賠和賠付費用$(662)$(274)$(1,178)$(534)
事故、健康和其他保單福利
(13)(7)(27)(32)
再保險和賠償可收回款項
再保險和賠償索賠款淨額
（單位：百萬美元）2024年9月30日2023年12月31日
財產和意外傷害
應付給再保險人和賠償人$234 $254 
估計未支付的損失（包括IBNR） 8,728 8,396 
總財產和意外傷害$8,962 $8,650 
意外和健康保險51 159 
總計$9,013 $8,809 
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再保收回應收賬款信用減值準備的結轉
($ in millions)截至9月30日的三個月截至9月30日的九個月
2024202320242023
財產和意外傷害保險 (1) (2)
開始餘額$(64)$(61)$(62)$(62)
信用減值準備提列減少2 — — 1 
註銷— — — — 
結束餘額$(62)$(61)$(62)$(61)
事故和健康保險
開始餘額$(3)$(3)$(3)$(3)
信貸損失準備金增加— — — — 
註銷— — — — 
重新保險應收款項被歸類爲待售
1 — 1 — 
結束餘額$(2)$(3)$(2)$(3)
(1)主要與轉分保產險負債再保險有關。
(2)賠償款項恢復應根據行業板塊和設施授權立法認定爲可收回。
備註 12遞延保單收購成本
下表顯示了在好事達健康和福利部門關於長期合同的DAC的滾動調整，並與公司的總DAC餘額進行了對賬。
遞延保單獲取成本活動
（以百萬美元計）事故和健康傳統
life		利息敏感型人壽保險總計
2024年9月30日結束的九個月    
好事達健康與福利
長期合同
開始餘額$321 $90 $100 $511 
遞延的收購成本76 41 12 129 
計入收入的攤銷(59)(16)(11)(86)
經驗調整(15)(1)— (16)
重新分類爲待售資產(277)(111)(101)(489)
總計$46 $3 $— $49 
開空合約6 
好事達保護
2,590 
保護服務
3,106 
結束餘額$5,751 
截至2023年9月30日的九個月中，    
好事達健康與福利
開多合約
開始餘額$322 $79 $101 $502 
遞延的收購成本73 24 12 109 
計入收入的攤銷(54)(17)(11)(82)
經驗調整(22)(1)(2)(25)
總計$319 $85 $100 504 
短期合同27 
好事達保護
2,358 
保護服務
2,935 
結束餘額$5,824 
2024年第三季度10-Q表格 37
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Note 13資本結構；
償還債務 2024年5月15日，公司到期償還了$350百萬歐元的 6.75%高級票據。
債務發行 2024年6月24日，公司發行了$500百萬歐元的 5.05% 到期於2029年的優先票據。優先票據的利息每半年支付一次。
每年6月24日和12月24日逾期支付，從2024年12月24日開始。高級票據可在到期日之前的任何時間按適用的贖回價格贖回。本次發行的淨收益用於一般企業用途。
附註14公司重組
公司採取各種方案來減少開支。這些方案通常涉及減少員工人數，在某些情況下還包括關閉辦公室。重組及相關費用主要包括與這些方案相關的以下成本：
•僱員 - 解僱和搬遷福利
•退出 - 合同終止罰款以及主要與加速攤銷使用權資產和即將遷出的設施相關的租賃改善的房地產成本
與這些活動相關的費用在《壓縮合並經營報表》中作爲重組及相關費用列示，合計$28 百萬美元和美元87 百萬美元，在截至2024年9月30日的九個月內分別支付了$51 百萬美元和美元141 百萬，在截至2024年9月30日和2023年的九個月內。
2024年第三季度和前九個月的重組費用主要與此相關
實施行動以實現組織轉型新階段，屬於於2024年第二季度啓動的變革增長計劃的一部分。組織轉型包括簡化組織結構和外包某些運營方面。公司繼續尋找改善運營效率和降低成本的方法，這可能會導致未來出現額外的重組費用。
組織轉型
（以百萬美元計）
預計項目費用 $24 
預計項目成本的變動
22 
2024年支出
(38)
剩餘項目費用$8 
這些費用主要記錄在好事達保護部門。公司預計這些措施將在2025年上半年完成。
期間的重組活動
（以百萬美元計）
僱員
成本
退出
成本
總計
有限責任
2023年12月31日的重組負債$40 $1 $41 
產生的費用
29 16 45 
負債調整6 — 6 
支付和非現金費用(38)(15)(53)
2024年9月30日的重組負債$37 $2 $39 
截至2024年9月30日，與員工離職、搬遷福利及退出費用相關的活躍項目累計發生金額總計爲$127 百萬美元用於員工成本和$11 百萬美元用於退出成本。
注15擔保和 conting Contingent Liabilities
共享市場和州設施評估
公司必須參與指定的風險計劃、再保險設施以及在各州提供保險覆蓋的聯合承保協會，這些計劃和協會爲那些無法從私人保險公司購買保險覆蓋的個人或實體提供保險。
公司定期審查其對這些計劃、設施和政府項目評估的風險。在過去兩年中，相關的承保結果通常是不利的，但對公司的運營結果沒有產生實質性影響。由於公司的參與，它可能面臨超過這些設施或評估的資本化損失，
這些損失可能超出這些設施或評估的資本化。
擔保
在正常的業務過程中，公司爲合同對方提供標準的賠償，與衆多交易（包括收購和出售）有關。通常提供的賠償類型包括對陳述和保證違約、稅款和某些其他責任（如第三方訴訟）的賠償。這些賠償條款通常是標準合同條款，並且是在正常的業務過程中根據損失風險較小的評估而簽訂的。賠償條款的內容
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持續時間和性質各有不同。在許多情況下，最大義務並未明確說明，並且導致需賠償的不確定性並未發生，且不太可能發生。因此，在此類賠償義務下的最大金額不可確定。歷史上，公司並未根據這些義務作出任何實質性支付。
關於2021年10月1日ALNY的出售，AIC同意就AIC的某些陳述、保證和契約以及本次交易中明確排除的某些責任向Wilton再保險公司進行賠償，受制於關於AIC最大義務的具體合同限制。管理層認爲這些賠償不會對公司的業務結果、現金流或財務狀況產生實質影響。
關於2021年11月1日ALIC和Allstate 保險公司的出售，AIC和Allstate財務保險控股公司（統稱「賣方」）同意就賣方的某些陳述、保證和契約以及本次交易中明確排除的某些責任向Everlake美國控股公司進行賠償，受制於賣方最大義務的具體合同限制。管理層認爲這些賠償不會對公司的業務結果、現金流或財務狀況產生實質影響。
截至2024年9月30日，所有擔保相關的總責任餘額是微不足道的。
監管和合規
公司受廣泛的法律、法規、行政指令和監管行動約束。不時地，監管當局或立法機構尋求影響和限制保費率，要求向投保人退還保費，要求恢復終止的保單，制定有關附屬公司如何在市場競爭中的規則或指導方針，限制保險公司取消或不再續保保單的能力，要求保險公司繼續承保新保單或限制其發放新保單的能力，限制保險公司更改保險條款或施加覈保標準，就代理商和經紀人的薪酬規定額外規定，規範投資性質和金額，因意外錯誤或失誤而處以罰款和處罰，就網絡安全和隱私額外規定進一步條例化保險產品和保險行業。此外，公司受聯邦機構、國際機構和其他組織管理和執行的法律和法規約束，包括但不限於證券交易委員會、金融行業監管局、美國平等就業機會委員會和美國司法部。公司已建立程序和政策以便遵循法律法規、促進慎重的業務運營，並支持財務報告。
公司定期審查其做法，以驗證其是否符合法律法規，內部程序和政策。由於這些審查，公司偶爾可能決定修改一些程序和政策。這些修改及導致修改的審查可能伴隨着支付和產生的成本。這些行動對公司業務的最終變化和影響（如果有）是不確定的。
法律和監管程序及調查
公司和某些子公司涉及多起訴訟、監管調查和其他法律訴訟，涉及其業務的各個方面。
背景 這些事項涉及複雜而棘手的事實和法律問題，面臨許多不確定性和複雜情況，包括每個事項的基本事實；新穎的法律問題；在進行訴訟、聽證或調查的不同司法管轄區之間的差異；指派法官的變化；適用法律和司法解釋的差異或發展；法官重新考慮先前的裁決；在很長一段時間內這些事項可能通過和解、訴訟或其他方式解決；關於預期審判進度表和其他程序的調整；對其他公司發起的類似訴訟的發展；有些訴訟是代表性集體訴訟，尚未獲得認證並且所謂的類別可能並不是清楚定義的事實；有些訴訟涉及跨州集體訴訟，爭議所涉索賠的適用法律(s)因此不明確；以及公司和保險公司所面臨的複雜法律環境。
這些事項的結果可能會受到公司、其他保險公司或其他實體涉及的個別訴訟和集體訴訟的決定、裁決和和解以及這些決定、裁決和和解的時間的影響；並受到公司、其他保險公司或其他實體涉及的其他法律、政府和監管行動的影響。這些事項的結果還可能受到未來州或聯邦法規的影響，其時間或內容無法預測。
在訴訟中，原告尋求各種補救措施，可能包括禁令和其他救濟措施方面的衡平救濟，以及合同和額外合同賠償方面的貨幣救濟。在某些情況下，尋求的貨幣賠償可能包括懲罰性或三倍賠償。通常，原告並未在起訴狀中請求具體救濟的信息，如賠償金額等，因此該信息並不可得。當有具體的貨幣要求時，通常會設定在州法院管轄權限制的下方，以便在州法院中尋求最大可獲得的金額，而不考慮案件的具體情況，同時避免被轉移至聯邦法院。根據好事達的經驗，在
2024年第三季度10-Q表格 39
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訴狀與公司的最終損失（如果有）幾乎沒有關係。
在監管審查和程序方面，政府當局可以尋求各種形式的救濟，包括處罰、賠償和商業慣例的改變。直到審查或訴訟的最後階段，公司才會被告知所尋求救濟的性質和範圍。
應計和披露政策 公司持續審查其訴訟、監管調查和其他法律程序，並在做出應計和披露決策時遵循適當的會計指導。當公司評估可能發生損失並且可以合理估計損失金額時，公司將根據管理層的最佳估計確定此類事項的應計額。如果公司既不認爲可能發生損失，也不能合理估計損失金額，則公司不確定此類事項的應計金額。公司對損失是否合理可能或可能的評估是基於其在所有上訴後對該事項最終結果的評估。公司在對合理可能或可能的損失的估計中不包括潛在的回收額。法律費用按發生時記爲支出。
公司繼續監督其訴訟、監管調查和其他法律程序，以了解進一步的進展情況，使意外損失既是可能的，也是可以估計的，因此可以應計的，或者可能影響先前確定的應計金額。可能繼續存在超過任何應計金額的虧損風險。應計金額的性質和金額是在有足夠的法律和事實進展的情況下，披露應計金額不會影響公司解決問題的能力。
當公司評估發生損失的合理可能性或可能性時，它會披露此事。當有可能估計所披露事項的合理可能損失或損失範圍超過應計金額（如果有）時，將彙總並披露該估計。如果無法估計合理可能的損失或損失範圍，則無需披露。
對於下文 「索賠相關訴訟」 和 「其他訴訟」 小節中描述的某些事項，公司能夠估計合理可能的損失或超過應計金額（如果有）的損失範圍。在確定是否有可能估計合理可能的損失或損失範圍時，公司會同法律顧問一起根據可能相關的事實和法律發展，對披露的事項進行審查和評估。
這些進展可能包括通過發現過程獲得的信息、對處分性動議的裁決、和解討論、從其他來源獲得的信息、管理這些和其他事項的經驗，以及法院、仲裁員或其他人的其他裁決。當
公司擁有足夠的適當信息，可以估算出合理可能的損失或超過應計金額的損失範圍（如果有），該估計值彙總並披露如下。可能還有其他披露的事項可能或合理可能造成損失，但這樣的估計是不可能的。只有在法律和事實有了足夠的發展並且公司解決問題的能力不會因披露個人估計數而受到損害的情況下，才會考慮披露任何個別事項的合理可能損失或超過應計金額（如果有）的損失範圍。
公司目前估計，在可以進行此類估計的披露事項中，合理可能的損失超過應計金額（如果有）的總體範圍爲 零 到 $68 百萬，稅前。此披露並不表示預期損失（如果有）。根據會計指導，如果 「未來發生一個或多個事件的可能性很小但不太可能」，則該事件是 「合理可能的」；如果 「未來發生一個或多個事件的可能性很小」，則該事件是 「遙不可及的」。該估計基於當前可用信息，需要做出重大判斷、各種假設以及已知和未知的不確定性。估算所依據的事項將不時發生變化，實際結果可能與目前的估計有很大差異。估算不包括無法估算的事項或損失。因此，這一估計僅代表對符合這些標準的某些事項可能造成的損失的估計。它並不代表公司的最大可能的損失敞口。下文提供了有關所有披露事項的性質的信息，以及與這些意外損失相關的原告索賠金額（如果有）（如有）。
由於下文 「索賠相關程序」 和 「其他訴訟」 小節中披露的事項的複雜性和範圍以及存在的許多不確定性，這些事項的最終結果無法預測，公司判斷，超過應計金額（如果有）的損失是不可能的。如果其中一項或多項事項出現不利結果，則最終負債可能超過當前的應計金額（如果有），並且可能對公司特定季度或年度期間的經營業績或現金流具有重要意義。但是，根據目前已知的信息，管理層認爲，下述所有事項的最終結果，隨着時間的推移得到解決，不太可能對公司的財務狀況產生實質性影響。
索賠相關訴訟 該公司正在爲佛羅里達州的各種糾紛進行辯護，這些糾紛對公司與佛羅里達州汽車保單下的人身傷害保護福利索賠有關的做法、流程和程序提出了質疑。醫療提供者繼續根據各種理論提起訴訟，質疑公司在人身傷害保護保險下支付的金額，尋求額外的補助金，以及
40 www.好事達.com
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適用的利息、罰款和費用。在一起這樣的訴訟中 Revival Chiropractic 訴 Allstate 保險公司等人 （佛羅里達州醫學博士於2019年1月提起訴訟），聯邦地方法院駁回了集體認證和原告再次提出集體認證動議的請求。在 復興，2022年6月2日，第十一巡迴法院向佛羅里達州最高法院批准了Allstate對聯邦地方法院對州人身傷害保護法規解釋的上訴。在佛羅里達州最高法院的認證結果出來之前，第十一巡迴法院對原告的集體認證上訴作出裁決。佛羅里達州最高法院的口頭辯論於2023年3月8日舉行。2024年4月25日，佛羅里達州最高法院發佈了一項有利於該公司的裁決，認定該公司在支付某些醫療提供者費用方面的做法符合公司的政策措辭和州人身傷害保護法規。2024年5月24日，第十一巡迴法院下達命令，駁回原告的集體認證上訴，並指示聯邦地方法院作出有利於Allstate的即決判決。2024年7月2日，聯邦地方法院作出了有利於Allstate的判決。
該公司正在多個法院爲假定的集體訴訟辯護，這些訴訟對公司在房主財產索賠中的折舊做法提出了質疑。在這些訴訟中，原告通常聲稱，在計算實際現金價值時，「非材料」 的成本，例如勞動力、總承包商的管理費用和利潤以及銷售稅，不應折舊。該公司目前正在就此問題爲以下訴訟進行辯護： Sims等人訴Allstate火災和意外傷害保險公司等人 （W.D. Tex. 於2022年6月提交）； 湯普森等人訴Allstate保險公司 （密蘇里州科爾巡迴法院於2022年6月提起訴訟）； 希爾訴Allstate車輛和財產保險公司案y（密蘇里州科爾巡迴法院於2022年10月提起訴訟）；以及 Hernandez 訴 Allstate 車輛和財產保險公司案 （D. Ariz.於2023年4月提交）。在這些問題上均未獲得任何課程的認證。
該公司正在爲多個州待審的假定集體訴訟辯護，該訴訟指控該公司少付了汽車保單上的全部損失車輛人身損害索賠。所謂的系統性少付源於以下理論：(a) 據稱公司在全面調整過程中使用的第三方估值工具存在缺陷、偏見或違背適用法律；和/或 (b) 據稱公司未繳納銷售稅、所有權費、註冊費和/或其他據稱根據政策措辭或州法律授權必須支付的特定費用。
該公司目前正在爲以下訴訟辯護： 克羅嫩伯格訴Allstate保險公司和Allstate火災和意外傷害保險公司 （E.D.N.Y. 於 2018 年 12 月提交）； Durgin 訴 Allstate 財產和意外傷害保險公司案 （W.D. La. 於2019年6月提交）； Golla 訴 Allstate 保險公司 （N.D. 俄亥俄州於 2023 年 6 月提交）； Bibbs 訴 Allstate 保險公司和 Allstate 火災和意外傷害保險公司 （N.D. 俄亥俄州於 2023 年 8 月提交）； Hail 訴好事達案
財產和意外傷害保險公司 （喬治亞州哈伯舍姆州法院於2023年12月提起訴訟）； Katz 訴 Esurance 財產和意外傷害保險公司和全國通用保險公司 （E.D.N.Y. 於 2024 年 2 月提交）； Jarrett-Kelly 訴直通保險代理公司案。（阿肯色州普拉斯基巡迴法院於2024年5月提起訴訟）； 以及 Schott 訴 Allstate Insurance Company 和 Allstate 財產和意外傷害保險公司案 （醫學博士，於2024年10月提交）。在這些問題上均未獲得任何課程的認證。
原則上已就以下案件達成和解： Bass 訴帝國火災和意外傷害保險公司 （W.D. La. 於 2022 年 2 月提交）；以及 卡明斯訴Allstate財產和意外傷害保險公司案 （洛杉磯醫學博士於2022年4月提交）。
該公司正在爲美國亞利桑那州地方法院的假定集體訴訟進行辯護，該訴訟指控未投保/保險不足的駕車者索賠少付款。訴訟是 Dorazio 訴 Allstate 火災和意外傷害保險公司案 和 Loughran 訴 MIC 通用保險公司，均於2022年12月提交。原告聲稱，必須疊加未投保/投保不足的駕車者保險，將多輛車的單獨未投保/投保不足的保險限額合併爲一個更高的承保限額，據稱被告沒有包括特定的保單措辭，也沒有向投保人提供具體的通知。尚未就這些問題對任何課程進行認證。2023 年 7 月，亞利桑那州最高法院發佈了一項裁決 富蘭克林訴CSAA一般保險，此事涉及另一家保險公司。這個 富蘭克林 該裁決認爲，根據該案的事實情況，必須對未投保/投保不足的駕車者進行大量保險，因爲保險公司沒有包括特定的保單措辭，也沒有發出具體的通知。
其他訴訟 該公司在加州保險專員面前就加利福尼亞州Allstate保險公司和Allstate賠償公司的私人乘用車保險評級做法舉行了調查聽證會。調查聽證會的標題是： 關於Allstate保險公司和Allstate賠償公司的評級慣例問題。根據加州保險專員發佈的聽證通知，加州保險專員正在調查：（1）Allstate使用非法的價格優化是否可能違反了加利福尼亞州的保險法；（2）Allstate如何在其私人乘客汽車保險費率和/或類別計劃中實施任何此類潛在的非法價格優化；（3）這種潛在的非法價格優化如何影響Allstate的私人乘客汽車保險投保人。根據公司與加州保險部之間的協議，此事於2024年9月17日被駁回。
該公司正在辯護 二 在美國加利福尼亞東區地方法院提起的假定集體訴訟， Holland Hewitt 訴 Allstate 人壽保險公司 2020 年 5 月提交，以及 法利訴林肯福利人壽案 公司 （「LBL」）在出售ALIC後於2020年12月提交了申請。2023 年 4 月 19 日，地區法院
2024年第三季度10-Q表格 41
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認證了一門課程於 法利。 LBL正在向第九巡迴上訴法院上訴地區法院的訂單。2024年3月27日，法官發佈了他的調查和建議，拒絕了在 休伊特。 原告對法官的建議提出了異議。在這些案件中，原告通常聲稱被告未能遵守某些加利福尼亞州法規，這些法規涉及某些人壽保險政策的合同寬限期和失效通知要求。原告聲稱這些法規適用於法規生效日期之前存在的人壽保險政策。原告尋求損害賠償和禁令救濟。針對其他保險公司類似的訴訟正在進行中。在2021年8月，加利福尼亞州最高法院在 麥克休訴保護生命一件涉及另一家保險公司的案件，裁定法定通知要求適用於法規生效日期之前發放的人壽保險政策。公司對原告的索賠及對班級認證提出了各種抗辯。
公司正在爲南加州美國地方法院中的一起訴訟進行辯護，
查韋斯訴好事達北布魯克賠償公司本案提交於2022年2月，原告普遍聲稱好事達的居家補償計劃在2020年和2021年加州因COVID-19停留在家的限制而導致駕駛減少的情況下提供的保費減免不足。原告尋求的賠償包括額外的保費退款和懲罰性賠償。2024年6月25日，法院發佈了批准原告集體訴訟認證請求的訂單。公司繼續爲訴訟辯護，並反對原告的指控。
2024年7月24日，司法部在賓夕法尼亞州西區美國地方法院對國家通用控股公司、國家通用保險公司、國家通用貸款服務公司和紐波特管理公司提起民事訴訟。訴訟指控國家通用作爲大型國家銀行的供應商提供的某些服務用於其抵押保護保險計劃違反了1989年的《金融機構改革、復甦與執法法案》（「該法」），並尋求根據該法可獲得的民事貨幣罰款。
注意16利益計劃
2024年前九個月的服務成本包括一筆$38百萬美元的退還，之前支付給養老金福利保障機構（「PBGC」）的保險金。PBGC保險私營部門僱主提供的定義利益計劃。PBGC保險金需要每年支付，並且使用預先定義的計算方法計算，其中包括利率期貨，以貼現計劃的應得利益。在2024年第二季度，公司的定義利益養老金計劃選擇了一種替代方法，計算確定2023年度保險金的預定利率，導致$38百萬美元的退還，這是之前支付的保險費。
養老金和其他離退休計劃的淨成本（效益）元件
截至9月30日的三個月截至9月30日的九個月
（以百萬美元計）2024202320242023
養老金福利
服務成本$26 $34 $52 $99 
利息成本59 58 175 176 
計劃資產預期回報(74)(78)(227)(234)
成本和費用11 14 — 41 
重新測量預期福利義務233 (211)140 (156)
重新測量計劃資產(214)369 (129)219 
重新測量（收益）損失19 158 11 63 
養老金淨成本$30 $172 $11 $104 
養老福利
服務成本$— $— $— $— 
利息成本2 3 7 8 
先前服務信用攤銷— (6)(1)(18)
成本和費用2 (3)6 (10)
福利責任重估
7 (9)4 (7)
計劃資產重估— — — — 
重估（收益）損失7 (9)4 (7)
離退休淨成本（利益）$9 $(12)$10 $(17)
養老金和離退休福利
成本和費用$13 $11 $6 $31 
再度計量（利得）損失26 149 15 56 
總淨成本$39 $160 $21 $87 
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Differences in actual experience and changes in other assumptions affect our pension and other postretirement obligations and expenses. Differences between expected and actual returns on plan assets affect remeasurement (gains) losses.
Pension and other postretirement service cost, interest cost, expected return on plan assets and amortization of prior service credit are reported in property and casualty insurance claims and claims expense, operating costs and expenses, net investment income and (if applicable) restructuring and related charges on the Condensed Consolidated Statements of Operations.
Pension and postretirement benefits remeasurement gains and losses
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Remeasurement of benefit obligation (gains) losses:
Discount rate$213 $(231)$115 $(180)
Other assumptions27 11 29 17 
Remeasurement of plan assets (gains) losses(214)369 (129)219 
Remeasurement (gains) losses$26 $149 $15 $56 
Remeasurement losses of $26 million and $15 million for the third quarter and first nine months of 2024, respectively, related to a decrease in the liability discount rate and changes in other assumptions, partially offset by favorable asset performance compared to expected return on plan assets.
The weighted average discount rate used to measure the pension benefit obligation decreased to 5.02% at September 30, 2024 compared to 5.62% at June 30, 2024 and 5.35% at December 31, 2023 resulting in losses for the third quarter and first nine months of 2024.
For the third quarter of 2024, the actual return on plan assets was higher than the expected return due to higher fixed income valuations from lower market yields and higher public equity returns. For the first nine months of 2024, the actual return on plan assets was higher than the expected return due to higher equity valuations and tighter credit spreads, partially offset by higher rates.
Note 17Supplemental Cash Flow Information
Non-cash investing activities include $70 million and $54 million related to mergers and exchanges completed with equity securities, fixed income securities, bank loans, and limited partnerships for the nine months ended September 30, 2024 and 2023, respectively. Non-cash investing activities include $19 million related to right-of-use property and equipment obtained in exchange for lease obligations for the nine months ended September 30, 2024. Non-cash investing activities include $1 million and $15 million related to right-of-use real estate obtained in exchange for lease obligations for the nine months ended September 30, 2024 and 2023, respectively, and $123 million related to debt assumed by purchaser on sale of real estate for the nine months ended September 30, 2023.
Non-cash financing activities include $28 million and $38 million related to the issuance of Allstate common shares for vested equity awards for the nine months ended September 30, 2024 and 2023, respectively.
Cash flows used in operating activities in the Condensed Consolidated Statements of Cash Flows include cash paid for operating leases related to amounts included in the measurement of lease liabilities of $86 million and $101 million for the nine months ended September 30, 2024 and 2023, respectively. Non-cash operating activities include $50 million and $26 million related to right-of-use assets obtained in exchange for lease obligations for the nine months ended September 30, 2024 and 2023, respectively.
Liabilities for collateral received in conjunction with the Company’s securities lending program and OTC and cleared derivatives are reported in other liabilities and accrued expenses or other investments. The accompanying cash flows are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, as follows:
Third Quarter 2024 Form 10-Q 43
Notes to Condensed Consolidated Financial Statements

($ in millions)Nine months ended September 30,
20242023
Cash flows from operating activities
Net change in proceeds managed  
Net change in fixed income securities$45 $207 
Net change in short-term investments(175)58 
Operating cash flow (used) provided$(130)$265 
Net change in liabilities  
Liabilities for collateral, beginning of period$(1,891)$(2,011)
Liabilities for collateral, end of period(2,021)(1,746)
Operating cash flow provided (used)$130 $(265)
Note 18Other Comprehensive Income (Loss)
Components of other comprehensive income (loss) on a pre-tax and after-tax basis
($ in millions)Three months ended September 30,
20242023
Pre-taxTaxAfter-taxPre-taxTaxAfter-tax
Unrealized net holding gains and losses arising during the period, net of related offsets$1,753 $(388)$1,365 $(974)$210 $(764)
Less: reclassification adjustment of realized capital gains and losses83 (17)66 (121)24 (97)
Unrealized net capital gains and losses1,670 (371)1,299 (853)186 (667)
Unrealized foreign currency translation adjustments18 (4)14 (18)4 (14)
Unamortized pension and other postretirement prior service credit (1)
— — — (6)1 (5)
Discount rate for reserve for future policy benefits
(46)10 (36)38 (8)30 
Other comprehensive income (loss)$1,642 $(365)$1,277 $(839)$183 $(656)
 Nine months ended September 30,
 20242023
 Pre-taxTaxAfter-taxPre-taxTaxAfter-tax
Unrealized net holding gains and losses arising during the period, net of related offsets$1,118 $(253)$865 $(717)$152 $(565)
Less: reclassification adjustment of realized capital gains and losses(126)26 (100)(390)82 (308)
Unrealized net capital gains and losses1,244 (279)965 (327)70 (257)
Unrealized foreign currency translation adjustments(1)— (1)81 (17)64 
Unamortized pension and other postretirement prior service credit (1)
(2)1 (1)(18)4 (14)
Discount rate for reserve for future policy benefits
(15)3 (12)37 (8)29 
Other comprehensive income (loss)$1,226 $(275)$951 $(227)$49 $(178)
(1)    Represents prior service credits reclassified out of other comprehensive income and amortized into operating costs and expenses.
Included in shareholders' equity is $65 million of accumulated other comprehensive loss related to assets and liabilities held for sale as of September 30, 2024.
44 www.allstate.com

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of
The Allstate Corporation
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated statement of financial position of The Allstate Corporation and subsidiaries (the “Company”) as of September 30, 2024, the related condensed consolidated statements of operations, comprehensive income (loss), and shareholders’ equity for the three-month and nine-month periods ended September 30, 2024 and 2023, and of cash flows for the nine-month periods ended September 30, 2024 and 2023, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2023, and the related consolidated statements of operations, comprehensive income (loss), shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated February 21, 2024, we expressed an unqualified opinion on those consolidated financial statements and included an explanatory paragraph regarding a change in accounting principle for the measurement and disclosure of long-duration insurance contracts. In our opinion, the information set forth in the accompanying condensed consolidated statement of financial position as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived.
Basis for Review Results
This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with standards of the PCAOB. A review of the interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP
Chicago, Illinois
October 30, 2024
Third Quarter 2024 Form 10-Q 45

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
The following discussion highlights significant factors influencing the consolidated financial position and results of operations of The Allstate Corporation (referred to in this document as “we,” “our,” “us,” the “Company” or “Allstate”). It should be read in conjunction with the condensed consolidated financial statements and related notes thereto found under Part I. Item 1. contained herein, and with the discussion, analysis, consolidated financial statements and notes thereto in Part I. Item 1. and Part II. Item 7. and Item 8. of The Allstate Corporation annual report on Form 10-K for 2023, filed February 21, 2024.
Further analysis of our insurance segments is provided in the Property-Liability Operations and Segment Results sections, including Allstate Protection, Run-off Property-Liability, Protection Services and Allstate Health and Benefits, of Management’s Discussion and Analysis (“MD&A”). The segments are consistent with the way in which the chief operating decision maker reviews financial performance and makes decisions about the allocation of resources.
Macroeconomic Impacts
Macroeconomic factors have and may continue to impact the results of our operations, financial condition and liquidity, such as U.S. government fiscal and monetary policies, the Russia/Ukraine and Israel/Hamas conflicts, supply chain disruptions and labor shortages.These factors should be considered when comparing the current period to prior periods. This is not inclusive of all potential impacts and should not be treated as such. Within the MD&A, we have included further disclosures related to macroeconomic impacts on our 2024 results.
Corporate Strategy
Our strategy has two components: increase personal property-liability market share and expand protection offerings by leveraging the Allstate brand, customer base and capabilities.
Transformative Growth is about creating a business model, capabilities and culture that continually transform to better serve customers. This is done by providing affordable, simple and connected protection through multiple distribution methods. The ultimate objective is to enhance customer value to drive growth in all businesses.

In the personal property-liability businesses, this has five key components:
•Improving customer value
•Expanding customer access
•Increasing sophistication and investment in customer acquisition
•Deploying new technology ecosystem
•Driving organizational transformation
We are expanding protection services businesses utilizing enterprise capabilities and resources such as the Allstate brand, distribution, analytics, claims, investment expertise, talent and capital.
Disposition
On August 13, 2024, we entered into a share purchase agreement with StanCorp Financial Group, Inc. to sell American Heritage Life Insurance Company and American Heritage Service Company, comprising our 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 net assets related to this transaction, resulting in an expected gain that will be recognized at closing of the transaction. The ultimate amount of 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 transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions. We continue to pursue the sale of the group health and individual health businesses but have not completed the sale process. Once the criteria for these businesses to be classified as held for sale is met, the entire Health and Benefits segment will be reported in discontinued operations.

46 www.allstate.com

Measuring segment profit or loss
The measure of segment profit or loss used in evaluating performance is underwriting income for the Allstate Protection and Run-off Property-Liability segments and adjusted net income for the Protection Services, Allstate Health and Benefits and Corporate and Other segments. We use these measures in our evaluation of results of operations to analyze profitability.
Underwriting income is calculated as premiums earned and other revenue, less claims and claims expense (“losses”), amortization of deferred policy acquisition costs (“DAC”), operating costs and expenses, amortization or impairment of purchased intangibles and restructuring and related charges, as determined using accounting principles generally accepted in the United States of America (“GAAP”).
Adjusted net income is net income (loss) applicable to common shareholders, excluding:
•Net gains and losses on investments and derivatives
•Pension and other postretirement remeasurement gains and losses
•Amortization or impairment of purchased intangibles
•Gain or loss on disposition
•Adjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two years
•Income tax expense or benefit on reconciling items
Highlights
Q1Q2
Q3
Consolidated net income (loss) applicable to common shareholders
($ in millions)
3686

Consolidated net income applicable to common shareholders was $1.16 billion and $2.65 billion in the third quarter and first nine months of 2024, respectively, compared to a loss of $41 million and $1.78 billion in the third quarter and first nine months of 2023, respectively, primarily due to improved underwriting results from increased earned premium and improved loss trends.

For the twelve months ended September 30, 2024, return on Allstate common shareholders’ equity was 26.1%.
Total revenues
($ in millions)
3694

Total revenues increased 14.7% to $16.63 billion and increased 12.6% to $47.60 billion in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023 due to premium rate increases and higher realized capital gains on investments compared to the prior year.
Net investment income
($ in millions)
3703

Net investment income increased $94 million to $783 million in the third quarter of 2024 primarily due to higher market-based investment results, partially offset by lower performance-based investment results. Net investment income increased $385 million to $2.26 billion in the first nine months of 2024 compared to the same period of 2023, primarily due to higher market-based investment results. Market-based results continue to benefit from portfolio repositioning into higher yielding fixed income securities and higher investment balances.
Third Quarter 2024 Form 10-Q 47

Financial highlights
Investments totaled $73.60 billion as of September 30, 2024, increasing from $66.68 billion as of December 31, 2023.
Allstate shareholders’ equity was $20.88 billion as of September 30, 2024, increasing from $17.77 billion as of December 31, 2023, primarily due to net income and unrealized net capital gains, partially offset by dividends to shareholders.
Book value per diluted common share (ratio of Allstate common shareholders’ equity to total common shares outstanding and dilutive potential common
shares outstanding) was $70.35, an increase of 47.2% from $47.79 as of September 30, 2023, and an increase of 18.5% from $59.39 as of December 31, 2023.
Return on average Allstate common shareholders’ equity for the twelve months ended September 30, 2024 was 26.1%, an increase of 40.8 points from (14.7)% for the twelve months ended September 30, 2023. The increase was primarily due to net income applicable to common shareholders for the trailing twelve-month period ending September 30, 2024 compared to a net loss for the twelve-month period ending September 30, 2023.
Summarized consolidated financial results
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Revenues    
Property and casualty insurance premiums$14,333 $12,839 $41,797 $37,482 
Accident and health insurance premiums and contract charges487 463 1,439 1,379 
Other revenue781 592 2,129 1,750 
Net investment income 783 689 2,259 1,874 
Net gains (losses) on investments and derivatives243 (86)(24)(223)
Total revenues16,627 14,497 47,600 42,262 
Costs and expenses    
Property and casualty insurance claims and claims expense(10,409)(10,237)(30,711)(32,290)
Accident, health and other policy benefits(317)(262)(904)(785)
Amortization of deferred policy acquisition costs(2,037)(1,841)(5,977)(5,374)
Operating, restructuring and interest expenses(2,349)(1,946)(6,471)(5,686)
Pension and other postretirement remeasurement gains (losses)(26)(149)(15)(56)
Amortization of purchased intangibles(71)(83)(210)(246)
Total costs and expenses(15,209)(14,518)(44,288)(44,437)
Income (loss) from operations before income tax expense1,418 (21)3,312 (2,175)
Income tax (expense) benefit(254)17 (603)475 
Net income (loss)1,164 (4)2,709 (1,700)
Less: Net (loss) income attributable to noncontrolling interest(26)1 (30)(23)
Net income (loss) attributable to Allstate1,190 (5)2,739 (1,677)
Preferred stock dividends(29)(36)(88)(99)
Net income (loss) applicable to common shareholders$1,161 $(41)$2,651 $(1,776)
Segment highlights
Allstate Protection underwriting income was $555 million in the third quarter of 2024 compared to an underwriting loss of $331 million in the third quarter of 2023 due to increased premiums earned and lower non-catastrophe losses, partially offset by higher catastrophe losses and advertising costs. Underwriting income totaled $1.32 billion in the first nine months of 2024 compared to an underwriting loss of $3.42 billion in the first nine months of 2023, primarily due to increased premiums earned and lower losses, partially offset by higher advertising costs. As auto profitability improves, we are increasing advertising, expanding customer access and delivering personalized affordable, simple and connected consumer offerings to support growth.
Catastrophe losses were $1.70 billion and $4.55 billion in the third quarter and first nine months of 2024, respectively, compared to $1.18 billion and $5.57 billion in the third quarter and first nine months of 2023, respectively.
Premiums written increased 10.5% to $14.71 billion and increased 11.8% to $42.17 billion in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023, reflecting higher premiums in both Allstate and National General brands.

48 www.allstate.com

Protection Services adjusted net income was $58 million in the third quarter of 2024 compared to $27 million in the third quarter of 2023, primarily due to revenue growth and improved claim frequency at Allstate Protection Plans. Adjusted net income was $167 million the first nine months of 2024 compared to $102 million in the first nine months of 2023, primarily due to growth at Allstate Protection Plans and improved claim severity at Allstate Roadside.
Premiums and other revenue increased 16.3% to $749 million and increased 13.6% to $2.16 billion in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023, primarily due to Allstate Protection Plans.
Allstate Health and Benefits adjusted net income was $37 million in the third quarter of 2024 compared to adjusted net income of $69 million in the third quarter of 2023, and adjusted net income was $151 million in the first nine months of 2024 compared to $182 million in the first nine months of 2023. The decline in adjusted net income from the third quarter of 2023 was primarily due to increased benefit utilization across all lines of business.
Premiums and contract charges increased 5.2% to $487 million in the third quarter of 2024 and increased 4.4% to $1.44 billion in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth in individual health and group health, partially offset by a decline in employer voluntary benefits.
Third Quarter 2024 Form 10-Q 49
Property-Liability Operations
Property-Liability Operations
Overview Property-Liability operations consist of two reportable segments: Allstate Protection and Run-off Property-Liability. These segments are consistent with the groupings of financial information that management uses to evaluate performance and to determine the allocation of resources.
We do not allocate Property-Liability investment income, net gains and losses on investments and derivatives, or assets to the Allstate Protection and Run-off Property-Liability segments. Management reviews assets at the Property-Liability level for decision-making purposes.
GAAP operating ratios are used to measure our profitability to enhance an investor’s understanding of our financial results and are calculated as follows:
•Loss ratio: the ratio of claims and claims expense (loss adjustment expenses), to premiums earned. Loss ratios include the impact of catastrophe losses and prior year reserve reestimates.
•Expense ratio: the ratio of amortization of DAC, operating costs and expenses, amortization or impairment of purchased intangibles and restructuring and related charges, less other revenue to premiums earned.
•Combined ratio: the sum of the loss ratio and the expense ratio.
We have also calculated the following impacts of specific items on the GAAP operating ratios because of the volatility of these items between periods. The impacts are calculated by taking the specific items noted below divided by Property-Liability premiums earned:
•Effect of catastrophe losses on combined ratio: includes catastrophe losses and prior year reserve reestimates of catastrophe losses included in claims and claims expense
•Effect of prior year reserve reestimates on combined ratio
•Effect of amortization of purchased intangibles on combined ratio
•Effect of restructuring and related charges on combined ratio
•Effect of Run-off Property-Liability business on combined ratio: includes claims and claims expense, restructuring and related charges and operating costs and expenses in the Run-off Property-Liability segment
Premium measures and statistics are used to analyze our premium trends and are calculated as follows:
•PIF: policy counts are based on items rather than customers. A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy. Commercial lines PIF counts for shared economy agreements reflected contracts that covered multiple rather than individual drivers. Lender-placed policies are excluded from policy counts because relationships are with the lenders.
•New issued applications: item counts of automobile or homeowner insurance applications for insurance policies that were issued during the period, regardless of whether the customer was previously insured by another Allstate brand.
•Average premium - gross written (“average premium”): gross premiums written divided by issued item count. Gross premiums written include the impacts from discounts, surcharges and ceded reinsurance premiums and exclude the impacts from mid-term premium adjustments and premium refund accruals. Average premiums represent the appropriate policy term for each line.
•Renewal ratio: renewal policy item counts issued during the period, based on contract effective dates, divided by the total policy item counts issued generally 6 months prior for auto or 12 months prior for homeowners.
•Implemented rate changes: represents the impact in the locations (U.S. states, the District of Columbia or Canadian provinces) where rate changes were implemented during the period as a percentage of total brand prior year-end premiums written.

50 www.allstate.com
Property-Liability Operations


Underwriting results
Three months ended September 30,Nine months ended September 30,
($ in millions, except ratios)2024202320242023
Premiums written$14,707 $13,304 $42,169 $37,707 
Premiums earned$13,694 $12,270 $39,933 $35,826 
Other revenue531 393 1,402 1,135 
Claims and claims expense(10,249)(10,077)(30,247)(31,832)
Amortization of DAC(1,696)(1,533)(4,977)(4,481)
Other costs and expenses(1,710)(1,333)(4,664)(3,861)
Restructuring and related charges (1)
(23)(74)(45)(121)
Amortization of purchased intangibles(52)(60)(154)(175)
Underwriting income (loss)$495 $(414)$1,248 $(3,509)
Catastrophe losses
Catastrophe losses, excluding reserve reestimates$1,717 $1,164 $4,868 $5,562 
Catastrophe reserve reestimates (2)
(14)17 (314)6 
Total catastrophe losses$1,703 $1,181 $4,554 $5,568 
Non-catastrophe reserve reestimates (2)
$45 $166 $(8)$375 
Prior year reserve reestimates (2)
31 183 (322)381 
GAAP operating ratios    
Loss ratio74.9 82.2 75.8 88.9 
Expense ratio (3)
21.5 21.2 21.1 20.9 
Combined ratio96.4 103.4 96.9 109.8 
Effect of catastrophe losses on combined ratio12.4 9.6 11.4 15.5 
Effect of prior year reserve reestimates on combined ratio0.3 1.5 (0.8)1.1 
Effect of catastrophe losses included in prior year reserve reestimates on combined ratio(0.1)0.1 (0.8)— 
Effect of restructuring and related charges on combined ratio (1)
0.1 0.6 0.1 0.3 
Effect of amortization of purchased intangibles on combined ratio0.4 0.5 0.4 0.5 
Effect of Run-off Property-Liability business on combined ratio0.5 0.7 0.2 0.3 
(1)Restructuring and related charges for the third quarter and first nine months of 2024 primarily relate to the organizational transformation component of the Transformative Growth plan. See Note 14 of the condensed consolidated financial statements for additional details.
(2)Favorable reserve reestimates are shown in parentheses.
(3)Other revenue is deducted from operating costs and expenses in the expense ratio calculation.
Third Quarter 2024 Form 10-Q 51
Segment Results Allstate Protection
Allstate Protection Segment
allstateprotectionbrands3.jpg
Underwriting results
Three months ended September 30,Nine months ended September 30,
($ in millions) 2024202320242023
Premiums written$14,707 $13,304 $42,169 $37,707 
Premiums earned$13,694 $12,270 $39,933 $35,826 
Other revenue531 393 1,402 1,135 
Claims and claims expense(10,190)(9,995)(30,182)(31,747)
Amortization of DAC(1,696)(1,533)(4,977)(4,481)
Other costs and expenses(1,709)(1,332)(4,661)(3,858)
Restructuring and related charges(23)(74)(45)(121)
Amortization of purchased intangibles(52)(60)(154)(175)
Underwriting income (loss)$555 $(331)$1,316 $(3,421)
Catastrophe losses$1,703 $1,181 $4,554 $5,568 
Underwriting income was $555 million in the third quarter of 2024 compared to underwriting loss of $331 million in the third quarter of 2023 due to increased premiums earned and lower non-catastrophe losses, partially offset by higher catastrophe losses and advertising costs. Underwriting income was $1.32 billion in the first nine months of 2024 compared to underwriting loss of $3.42 billion in the first nine months of 2023 due to increased premiums earned and lower losses, partially offset by higher advertising costs. As auto profitability improves, we are increasing advertising, expanding customer access and delivering personalized affordable, simple and connected consumer offerings to support growth.
Change in underwriting results from prior year period - three months ended
($ in millions)
472
Change in underwriting results from prior year period - nine months ended
($ in millions)
478
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Allstate Protection Segment Results
Underwriting income (loss) by line of business
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Auto
$486 $(178)$1,207 $(1,202)
Homeowners
60 (131)249 (1,972)
Other personal lines
(18)6 (66)(153)
Commercial lines
(16)(60)(224)(181)
Other business lines (1)
40 28 140 78 
Answer Financial3 4 10 9 
Total$555 $(331)$1,316 $(3,421)
(1)Other business lines represents commissions earned and other costs and expenses for Ivantage, non-proprietary life and annuity products, and lender-placed products.
Premium measures and statistics include PIF, new issued applications, average premiums and renewal ratio to analyze our premium trends. Premiums written is the amount of premiums charged for policies issued during a reporting period. Premiums are considered earned and are included in the financial results on a pro-rata basis over the policy period. The portion of premiums written applicable to the unexpired term of the policies is recorded as unearned premiums on our Condensed Consolidated Statements of Financial Position.
Premiums written by line of business
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Auto$9,539 $8,770 $28,180 $25,388 
Homeowners4,073 3,525 10,792 9,440 
Other personal lines817 676 2,322 1,899 
Commercial lines104 140 411 567 
Other business lines174 193 464 413 
Total premiums written$14,707 $13,304 $42,169 $37,707 
Premiums earned by line of business
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Auto$9,270 $8,345 $27,127 $24,374 
Homeowners3,403 2,969 9,812 8,662 
Other personal lines718 608 2,078 1,757 
Commercial lines151 194 478 628 
Other business lines152 154 438 405 
Total premiums earned$13,694 $12,270 $39,933 $35,826 
Reconciliation of premiums written to premiums earned
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Total premiums written$14,707 $13,304 $42,169 $37,707 
(Increase) decrease in unearned premiums
(1,075)(1,082)(2,233)(1,962)
Other62 48 (3)81 
Total premiums earned$13,694 $12,270 $39,933 $35,826 
Policies in force by line of business
As of September 30,
(In thousands)
20242023
Auto24,998 25,376 
Homeowners7,483 7,297 
Other personal lines4,877 4,884 
Commercial lines238 296 
Total 37,596 37,853 
Third Quarter 2024 Form 10-Q 53
Segment Results Allstate Protection
Auto insurance premiums written increased 8.8% or $769 million in the third quarter of 2024 compared to the third quarter of 2023 and 11.0% or $2.79 billion in the first nine months of 2024 compared to the first nine months of 2023, primarily due to the following factors:
•Increased average premiums driven by rate increases. In the nine months ended September 30, 2024:
–Rate increases of 9.1% were taken for Allstate brand in 49 locations, resulting in total estimated Allstate brand insurance premium impact of 6.3%
–Rate increases of 10.1% were taken for National General brand in 44 locations, resulting in total estimated National General brand insurance premium impact of 7.8%
•In 2024, we have removed underwriting restrictions in areas that represent the majority of Allstate brand countrywide premiums, which is expected to increase premiums written and PIF. In locations not
achieving acceptable returns, we expect to continue to pursue targeted rate increases for both Allstate and National General brands. In states where we are achieving acceptable returns, we plan to take rates that keep pace with increasing costs. See Note 8 for additional details on actions taken related to Adirondack Insurance Exchange and New Jersey Skylands Insurance Association
•PIF decreased 1.5% or 378 thousand to 24,998 thousand as of September 30, 2024 compared to September 30, 2023
•Renewal ratio for Allstate brand decreased 0.2 points and increased 0.1 point in the third quarter and the first nine months of 2024, respectively, compared to the third quarter and first nine months of 2023
•Increased new issued applications in all channels


Auto premium measures and statistics
 Three months ended September 30,Nine months ended September 30,
20242023Change20242023Change
New issued applications (in thousands)
Allstate Protection by channel
Exclusive agency channel 675 582 16.0 %1,908 1,745 9.3 %
Direct channel 620 398 55.8 1,668 1,276 30.7 
Independent agency channel597 525 13.7 1,714 1,496 14.6 
Total new issued applications1,892 1,505 25.7 %5,290 4,517 17.1 %
Allstate brand average premium$852 $772 10.4 %$839 $745 12.6 %
Allstate brand renewal ratio (%) 84.7 84.9 (0.2)85.5 85.4 0.1 
Homeowners insurance premiums written increased 15.5% or $548 million in the third quarter of 2024 compared to the third quarter of 2023 and increased 14.3% or $1.35 billion in the first nine months of 2024 compared to the first nine months of 2023, primarily due to the following factors:
•Higher Allstate brand average premiums from implemented rate increases, combined with policies in force growth
•In the nine months ended September 30, 2024, rate increases of 14.0% were taken for Allstate brand in 34 locations, resulting in total estimated Allstate brand insurance premium impact of 7.6%
•In the nine months ended September 30, 2024, rate increases of 14.5% were taken for National General brand in 30 locations, resulting in total estimated National General brand insurance premium impact of 6.1%
•Increased new issued applications in the exclusive agency and direct channels
•Renewal ratio for Allstate brand increased 0.4 points and 0.7 points in the third quarter and the
first nine months of 2024, respectively, compared to the third quarter and first nine months of 2023
Policy growth is being reduced in states and lines of business that are underperforming. We are no longer writing new homeowners business in California, New Jersey and Florida, and are non-renewing certain policies in Florida. We may not be able to grow in certain states without regulatory or legislative reforms that enable customers to be provided coverage at appropriate risk adjusted returns.
National General policy growth may be negatively impacted to improve underwriting margins to targeted levels through underwriting and rate actions. See Note 8 for additional details on actions taken related to Adirondack Insurance Exchange and New Jersey Skylands Insurance Association.


54 www.allstate.com
Allstate Protection Segment Results
Homeowners premium measures and statistics
 Three months ended September 30,Nine months ended September 30,
2024 2023Change20242023Change
New issued applications (in thousands)
Allstate Protection by channel
Exclusive agency channel260 211 23.2 %719 609 18.1 %
Direct channel39 22 77.3 96 60 60.0 
Independent agency channel63 69 (8.7)172 178 (3.4)
Total new issued applications362 302 19.9 %987 847 16.5 %
Allstate brand average premium$2,050 $1,851 10.8 %$1,991 $1,792 11.1 %
Allstate brand renewal ratio (%) 87.2 86.8 0.4 87.2 86.5 0.7 
Other personal lines premiums written increased 20.9% or $141 million in the third quarter of 2024 compared to the third quarter of 2023 and increased 22.3% or $423 million in the first nine months of 2024 compared to the first nine months of 2023 primarily due to increases in involuntary auto policies purchased from other carriers by National General and landlords policies for Allstate brand. We are no longer writing new condominium business in California and Florida, and we are non-renewing certain policies in Florida, which may negatively impact premiums.
Commercial lines premiums written decreased 25.7% or $36 million in the third quarter of 2024 compared to the third quarter of 2023 and decreased 27.5% or $156 million in the first nine months of 2024 compared to the first nine months of 2023 primarily due to the strategic decision for the Allstate brand to stop writing new business and non-renew certain policies. We are committed to offering comprehensive
commercial products to customers through our exclusive agency, independent agency and direct channels, with solutions offered by the National General brand, NEXT Insurance and other brokered solutions.
Other business lines premiums written decreased 9.8% or $19 million in the third quarter of 2024 compared to the third quarter of 2023 primarily driven by the loss of certain direct lender clients. Other business lines premiums written increased 12.3% or $51 million in the first nine months of 2024 compared to the first nine months of 2023 due to growth in business placed by agents.
GAAP operating ratios include loss ratio, expense ratio and combined ratio to analyze our profitability trends. Frequency and severity statistics are used to describe the trends in loss costs.
Combined ratios by line of business
Loss ratio
Expense ratio (2)
Combined ratio
202420232024202320242023
Three months ended September 30,
Auto
71.9 81.4 22.9 20.7 94.8 102.1 
Homeowners76.3 82.4 21.9 22.0 98.2 104.4 
Other personal lines (1)
96.2 78.6 6.3 20.4 102.5 99.0 
Commercial lines84.8 102.0 25.8 28.9 110.6 130.9 
Other business lines72.4 49.3 1.3 
(3)
32.5 73.7 81.8 
Total74.4 81.5 21.5 21.2 95.9 102.7 
Impact of amortization of purchased intangibles0.4 0.5 0.4 0.5 
Impact of restructuring and related charges0.1 0.6 0.1 0.6 
Nine months ended September 30,
Auto73.8 84.2 21.8 20.7 95.6 104.9 
Homeowners75.9 101.8 21.6 21.0 97.5 122.8 
Other personal lines (1)
91.5 88.4 11.7 20.3 103.2 108.7 
Commercial lines120.1 103.2 26.8 25.6 146.9 128.8 
Other business lines55.7 48.1 12.3 32.6 68.0 80.7 
Total75.6 88.6 21.1 20.9 96.7 109.5 
Impact of amortization of purchased intangibles0.4 0.5 0.4 0.5 
Impact of restructuring and related charges0.1 0.3 0.1 0.3 
(1)Expense ratio includes other revenue of $97 million and $161 million for the three and nine months ended September 30, 2024, respectively, compared to $16 million and $33 million for the three and nine months ended September 30, 2023, respectively, for fees on involuntary auto policies.
(2)Other revenue is deducted from operating costs and expenses in the expense ratio calculation.
(3)Includes anticipated return commissions on lender-placed business due to increased losses.
Third Quarter 2024 Form 10-Q 55
Segment Results Allstate Protection
Loss ratios by line of business
Loss ratio
Effect of catastrophe losses (1)
Effect of prior year reserve reestimatesEffect of catastrophe losses included in prior year reserve reestimates
20242023202420232024202320242023
Three months ended September 30,
Auto71.9 81.4 3.0 2.6 (0.7)0.4 (0.1)0.1 
Homeowners76.3 82.4 36.2 29.6 (0.4)2.1 — 0.6 
Other personal lines96.2 78.6 23.8 9.7 7.1 (2.3)(0.4)(1.8)
Commercial lines84.8 102.0 5.3 5.2 0.7 9.8 — 3.1 
Other business lines72.4 49.3 9.2 13.0 (1.9)0.7 — — 
Total74.4 81.5 12.4 9.6 (0.2)0.8 (0.1)0.1 
Nine months ended September 30,
Auto73.8 84.2 2.7 2.7 (1.1)0.4 (0.1)(0.1)
Homeowners75.9 101.8 34.7 52.1 (3.9)1.6 (2.8)0.7 
Other personal lines91.5 88.4 17.0 19.1 7.9 (0.5)(0.3)(1.3)
Commercial lines120.1 103.2 2.9 4.3 33.3 8.1 (1.0)1.4 
Other business lines55.7 48.1 9.8 9.4 0.2 2.9 — — 
Total75.6 88.6 11.4 15.5 (1.0)0.8 (0.8)— 
(1)The ten-year average effect of catastrophe losses on the total combined ratio was 9.0 points and 9.9 points in the third quarter and first nine months of 2024, respectively.
Auto underwriting quarterly results
2024
2023
2022
($ in millions, except ratios)
Q3
Q2
Q1
Q4Q3Q2Q1Q4Q3Q2Q1
Underwriting income (loss)$486 $370 $351 $93 $(178)$(678)$(346)$(974)$(1,315)$(578)$(147)
Loss ratio71.9 74.2 75.4 78.5 81.4 87.9 83.4 90.6 95.3 84.9 77.6 
Effect of prior year non-catastrophe reserve reestimates on combined ratio
(0.6)(1.9)(0.7)1.7 0.3 1.4 (0.1)2.3 8.5 3.8 2.1 
Frequency and severity are influenced by:
•Supply chain disruptions and labor shortages
•Mix of repairable losses and total losses
•Value of total losses due to changes in used car prices
•Changes in medical inflation and consumption
•Number of claims with attorney representation
•Labor and part cost increases
•Changes in commuting activity
•Driving behavior (e.g., speed, time of day) impacting severity and mix of claim types
•Organizational and process changes impacting claim opening and closing practices and shifts in timing, if any, can impact comparisons to prior periods
The quarterly auto loss ratio has been more variable due to these and additional factors discussed below.
Auto loss ratio decreased 9.5 and 10.4 points in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023 driven by increased earned premiums and lower non-catastrophe losses. Estimated report year 2024 incurred claim severity for Allstate brand increased compared to report year 2023 for major coverages due to higher repair costs, a higher mix of total losses, an
increase in claims with attorney representation, higher medical consumption, and inflation. Gross claim frequency decreased relative to the prior year. We continue to enhance our claims practices to manage loss costs by increasing resources and expanding re-inspections, accelerating resolution of bodily injury claims, and negotiating improved vendor services and parts agreements.
Homeowners loss ratio decreased 6.1 points in the third quarter of 2024 compared to the same period of 2023 primarily due to increased premiums earned and lower non-catastrophe losses. Homeowners loss ratio decreased 25.9 points in the first nine months of 2024 compared to the same period of 2023 primarily due to lower losses and increased premiums earned.
Gross claim frequency decreased in the third quarter and first nine months of 2024 compared to the same periods of 2023 due to fewer claims reported related to water and wind/hail perils. Paid claim severity decreased in the third quarter of 2024 compared to the same period of 2023 due to lower losses from water and wind/hail perils. Paid claim severity increased in the first nine months of 2024 compared to the same period of 2023 due to inflationary loss cost pressure driven by increases in labor and materials costs. Homeowners paid claim severity can be impacted by both the mix of perils and the magnitude of specific losses paid during the quarter.
56 www.allstate.com
Allstate Protection Segment Results
Other personal lines loss ratio increased 17.6 and 3.1 points in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023 primarily due to higher losses and unfavorable reserve development, partially offset by increased premiums earned.
Commercial lines loss ratio decreased 17.2 points in the third quarter of 2024 compared to the same period of 2023, primarily due to lower non-catastrophe losses, partially offset by premiums earned decreasing as a result of the strategic decision for the Allstate brand to stop writing new business and non-renew certain policies. Commercial lines loss ratio increased 16.9 points in the first nine months of 2024 compared to the same period of 2023, primarily due to Allstate brand strategy changes and unfavorable reserve development related to the shared economy business, partially offset by lower non-catastrophe losses.
Other business lines loss ratio increased 23.1 and 7.6 points in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023, primarily due to higher losses.
Catastrophe losses increased $522 million to $1.70 billion in the third quarter of 2024 compared to the third quarter of 2023 due to larger losses per event, primarily from hurricanes, including $630 million related to Hurricane Helene and $220 million related to Hurricane Beryl. Catastrophe losses decreased $1.01 billion to $4.55 billion in the first nine months of 2024 compared to the first nine months of 2023, primarily due to lower losses per event for wind and hail events.
We define a “catastrophe” as an event that produces pre-tax losses before reinsurance in excess of $1 million and involves multiple first party policyholders, or a winter weather event that produces a number of claims in excess of a preset, per-event threshold of average claims in a specific area, occurring within a certain amount of time following the event. Catastrophes are caused by various natural events
including high winds, winter storms and freezes, tornadoes, hailstorms, wildfires, tropical storms, tsunamis, hurricanes, earthquakes and volcanoes.
We are also exposed to man-made catastrophic events, such as certain types of terrorism, civil unrest, wildfires or industrial accidents. The nature and level of catastrophes in any period cannot be reliably predicted.
Loss estimates are generally based on claim adjuster inspections and the application of historical loss development factors. Our loss estimates are calculated in accordance with the coverage provided by our policies. The establishment of appropriate reserves, including reserves for catastrophe losses, is an inherently uncertain and complex process. Reserving for hurricane losses is complicated by the inability of insureds to promptly report losses, limitations placed on claims adjusting staff affecting their ability to inspect losses, determining whether losses are covered by our homeowners policy (generally for damage caused by wind or wind driven rain) or specifically excluded coverage caused by flood, exposure to mold damage, and the effects of numerous other considerations, including the timing of a catastrophe in relation to other events, such as at or near the end of a financial reporting period, which can affect the availability of information needed to estimate reserves for that reporting period. In these situations, we may need to adapt our practices to accommodate these circumstances in order to determine a best estimate of our losses from a catastrophe.
Over time, we have limited our aggregate insurance exposure to catastrophe losses in certain regions of the country that are subject to high levels of natural catastrophes by managing policies in force, utilizing reinsurance and participating in various state facilities.
Catastrophe losses by the type of event
Three months ended September 30,Nine months ended September 30,
($ in millions)Number of events2024Number of events2023Number of events2024Number of events2023
Hurricanes/tropical storms 5 $953 3 $76 5 $953 3 $76 
Tornadoes— — — — 1 57 3 133 
Wind/hail39 666 48 997 98 3,638 111 5,009 
Wildfires5 25 2 305 8 54 4 340 
Freeze/other events1 3 — — 2 166 2 4 
Prior year reserve reestimates(14)17 (314)6 
Prior quarter reserve reestimates70 (214)— — 
Total catastrophe losses50 $1,703 53 $1,181 114 $4,554 123 $5,568 
Catastrophe reinsurance The catastrophe reinsurance program is part of our catastrophe management strategy, which is intended to provide our shareholders with an acceptable return on the risks assumed in our personal lines business, reduce earnings variability, and provide protection to our customers. Our current catastrophe reinsurance program supports our risk and return framework which
incorporates our robust economic capital model and is informed by catastrophe risk models including hurricanes, earthquakes and wildfires and adjusts based on premium and insured value growth. As of September 30, 2024, the modeled 1-in-100 probable maximum loss for hurricane, wildfire and earthquake perils is approximately $2.9 billion, net of reinsurance. We continually review our aggregate risk appetite and
Third Quarter 2024 Form 10-Q 57
Segment Results Allstate Protection
the cost and availability of reinsurance to optimize the risk and return profile of this exposure.
The total cost of our property catastrophe reinsurance programs, excluding reinstatement premiums, during the third quarter and first nine months of 2024 was $298 million and $880 million, respectively, compared to $268 million and $729 million in the third quarter and first nine months of 2023, respectively. Catastrophe placement premiums reduce net written and earned premium with approximately 80% of the reduction related to homeowners premium.
Prior year reserve reestimates Favorable reserve reestimates, including catastrophes, were $28 million
in the third quarter of 2024 primarily due to favorable reserve reestimates in personal auto lines and homeowners lines, partially offset by unfavorable reserve reestimates in other personal lines. Favorable reserve reestimates, including catastrophes, were $387 million in the first nine months of 2024 primarily due to favorable reserve reestimates in homeowners and personal auto lines, partially offset by unfavorable reserve reestimates in other personal lines and commercial lines.
For a more detailed discussion on reinsurance and reserve reestimates, see Note 9 of the condensed consolidated financial statements.
Prior year reserve reestimates
Three months ended September 30,Nine months ended September 30,
 
Prior year reserve
reestimates (1)
Effect on
combined ratio (2)
Prior year reserve
reestimates (1)
Effect on
combined ratio (2)
($ in millions, except ratios)20242023202420232024202320242023
Auto$(65)$33 (0.5)0.3 $(319)$105 (0.8)0.3 
Homeowners(12)62 (0.1)0.5 (392)136 (1.0)0.4 
Other personal lines51 (14)0.4 (0.1)164 (8)0.4 — 
Commercial lines1 19 — 0.1 159 51 0.4 0.1 
Other business lines(3)1 — — 1 12 — — 
Total Allstate Protection$(28)$101 (0.2)0.8 $(387)$296 (1.0)0.8 
(1)Favorable reserve reestimates are shown in parentheses.
(2)Ratios are calculated using Allstate Protection premiums earned.
Expense ratio increased 0.3 points and 0.2 points in the third quarter and first nine months of 2024, respectively, compared to the third quarter and first nine months of 2023, primarily due to an increase in advertising costs, partially offset by higher earned premium growth relative to fixed costs.
Impact of specific costs and expenses on the expense ratio
Three months ended September 30,Nine months ended September 30,
($ in millions, except ratios)20242023Change20242023Change
Amortization of DAC$1,696 $1,533 $163 $4,977 $4,481 $496 
Advertising expense519 175 344 1,204 446 758 
Other costs and expenses, net of other revenue659 764 (105)2,055 2,277 (222)
Amortization of purchased intangibles52 60 (8)154 175 (21)
Restructuring and related charges23 74 (51)45 121 (76)
Total underwriting expenses$2,949 $2,606 $343 $8,435 $7,500 $935 
Premiums earned$13,694 $12,270 $1,424 $39,933 $35,826 $4,107 
Expense ratio
Amortization of DAC12.4 12.5 (0.1)12.5 12.5 — 
Advertising expense3.8 1.4 2.4 3.0 1.2 1.8 
Other costs and expenses, net of other revenue
4.8 6.2 (1.4)5.1 6.4 (1.3)
Subtotal21.0 20.1 0.9 20.6 20.1 0.5 
Amortization of purchased intangibles0.4 0.5 (0.1)0.4 0.5 (0.1)
Restructuring and related charges0.1 0.6 (0.5)0.1 0.3 (0.2)
Total expense ratio21.5 21.2 0.3 21.1 20.9 0.2 
58 www.allstate.com
Run-off Property-Liability Segment Results
Run-off Property-Liability Segment
Underwriting results
($ in millions)Three months ended September 30,Nine months ended September 30,
2024202320242023
Claims and claims expense
Asbestos claims
$(19)$(44)$(19)$(44)
Environmental claims
(10)(18)(10)(18)
Other run-off lines(30)(20)(36)(23)
Total claims and claims expense
(59)(82)(65)(85)
Operating costs and expenses (1)(1)(3)(3)
Underwriting income (loss)
$(60)$(83)$(68)$(88)
Annual reserve review In the third quarter of 2024 and 2023, we performed our annual reserve review using established industry and actuarial best practices. The annual review resulted in unfavorable reserve reestimates totaling $58 million and $80 million in 2024 and 2023, respectively. The reserve reestimates are included as part of claims and claims expense.
The reserve reestimates in 2024 primarily related to new reported information for asbestos related claims and adverse developments within the other run-off lines.
The reserve reestimates in 2023 primarily related to new reported information and defense costs for asbestos related claims and other run-off exposures
and higher than expected environmental reported losses.
We believe that our reserves are appropriately established based on available facts, technology, laws, regulations, and assessments of other pertinent factors and characteristics of exposure (e.g., claim activity, potential liability, jurisdiction, products versus non-products exposure) presented by individual policyholders, assuming no change in the legal, legislative or economic environment. However, as we progress with the resolution of disputed claims in the courts and arbitrations and with negotiations and settlements, our reported losses may be more variable.
Reserves for asbestos, environmental and other run-off claims before and after the effects of reinsurance
($ in millions) September 30, 2024December 31, 2023
Asbestos claims
Gross reserves$1,145 $1,166 
Reinsurance (356)(362)
Net reserves 789 804 
Environmental claims
Gross reserves326 331 
Reinsurance (61)(64)
Net reserves 265 267 
Other run-off claims
Gross reserves447 445 
Reinsurance (62)(72)
Net reserves385 373 
Total
Gross reserves
1,918 1,942 
Reinsurance(479)(498)
Net reserves$1,439 $1,444 
Third Quarter 2024 Form 10-Q 59
Segment Results Run-off Property-Liability
Reserves by type of exposure before and after the effects of reinsurance
($ in millions)September 30, 2024December 31, 2023
Direct excess commercial insurance
Gross reserves
$1,098 $1,114 
Reinsurance(368)(382)
Net reserves730 732 
Assumed reinsurance coverage
Gross reserves
592 603 
Reinsurance (54)(54)
Net reserves538 549 
Direct primary commercial insurance
Gross reserves 140 140 
Reinsurance (56)(61)
Net reserves84 79 
Other run-off business
Gross reserves— 1 
Reinsurance— — 
Net reserves— 1 
Unallocated loss adjustment expenses
Gross reserves88 84 
Reinsurance(1)(1)
Net reserves87 83 
Total
Gross reserves1,918 1,942 
Reinsurance(479)(498)
Net reserves$1,439 $1,444 
Percentage of gross and ceded reserves by case and incurred but not reported (“IBNR”)
September 30, 2024December 31, 2023
CaseIBNRCaseIBNR
Direct excess commercial insurance
Gross reserves (1)
59 %41 %57 %43 %
Ceded (2)
63 37 63 37 
Assumed reinsurance coverage
Gross reserves
31 69 32 68 
Ceded 41 59 43 57 
Direct primary commercial insurance
Gross reserves 55 45 59 41 
Ceded86 14 83 17 
(1)Approximately 66% and 68% of gross case reserves as of September 30, 2024 and December 31, 2023, respectively, are subject to settlement agreements.
(2)Approximately 73% and 72% of ceded case reserves as of September 30, 2024 and December 31, 2023, respectively, are subject to settlement agreements.
60 www.allstate.com
Run-off Property-Liability Segment Results
Gross payments from case reserves by type of exposure
($ in millions)Three months ended September 30,Nine months ended September 30,
2024202320242023
Direct excess commercial insurance
Gross (1)
$19 $13 $51 $45 
Ceded (2)
(7)(7)(20)(16)
Assumed reinsurance coverage
Gross
6 6 33 25 
Ceded1 — (1)(3)
Direct primary commercial insurance
Gross
1 1 4 3
Ceded(1)— (2)— 
(1)In the third quarter and first nine months of 2024, 94% and 89% of payments related to settlement agreements, respectively, compared to 82% and 84% of the third quarter and first nine months of 2023, respectively.
(2)In the third quarter and first nine months of 2024, 98% and 95% of payments related to settlement agreements, respectively, compared to 56% and 77% of the third quarter and first nine months of 2023, respectively.
Total net reserves as of September 30, 2024, included $748 million or 52% of estimated IBNR reserves compared to $762 million or 53% of estimated IBNR reserves as of December 31, 2023.
Total gross payments were $26 million and $88 million for the third quarter and first nine months of 2024, respectively, compared to $20 million and $73 million for the third quarter and first nine months of 2023, respectively. Payments primarily related to settlement agreements reached with several insureds on large claims, mainly asbestos related losses, where the scope of coverages has been agreed upon. The claims associated with these settlement agreements are expected to be substantially paid out over the next several years as qualified claims are submitted by these insureds. Reinsurance collections were $5 million and $31 million for the third quarter and first nine months of 2024, respectively, compared to $6 million and $30 million for the third quarter and first nine months of 2023, respectively.

Third Quarter 2024 Form 10-Q 61
Segment Results Protection Services
Protection Services Segment
ProtectionServicesLogos - Updated 1.6.23.jpg
Summarized financial information
($ in millions)Three months ended September 30,Nine months ended September 30,
2024202320242023
Premiums written$678 $658 $1,981 $1,935 
Revenues
Premiums $639 $569 $1,864 $1,656 
Other revenue110 75 293 243 
Intersegment insurance premiums and service fees (1)
49 34 123 102 
Net investment income24 19 68 53 
Costs and expenses
Claims and claims expense(166)(166)(481)(472)
Amortization of DAC(304)(269)(889)(779)
Operating costs and expenses(280)(225)(760)(664)
Restructuring and related charges — (3)(1)(4)
Income tax expense on operations(15)(8)(51)(34)
Less: noncontrolling interest(1)(1)(1)(1)
Adjusted net income$58 $27 $167 $102 
Allstate Protection Plans $39 $20 $120 $79 
Allstate Dealer Services5 5 17 18 
Allstate Roadside10 7 29 17 
Arity1 (6)(5)(13)
Allstate Identity Protection3 1 6 1 
Adjusted net income$58 $27 $167 $102 
Policies in force
Allstate Protection Plans156,818 140,648 
Allstate Dealer Services3,703 3,813 
Allstate Roadside670 554 
Allstate Identity Protection2,538 2,965 
Policies in force as of September 30 (in thousands)163,729 147,980 
(1)Primarily related to Arity and Allstate Roadside and are eliminated in our condensed consolidated financial statements.
Premiums written increased 3.0% or $20 million in the third quarter of 2024 compared to the third quarter of 2023, primarily due to growth at Allstate Protection Plans, partially offset by lower sales at Allstate Roadside. Premiums written increased 2.4% or $46 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth at Allstate Protection Plans, partially offset by lower sales at Allstate Dealer Services and Allstate Roadside.
Adjusted net income increased 114.8% or $31 million in the third quarter of 2024 compared to the third quarter of 2023, primarily due to revenue growth and improved claim frequency at Allstate Protection Plans. Adjusted net income increased 63.7% or $65 million in the first nine months of 2024 compared to the same periods of 2023, due to growth at Allstate Protection Plans and improved claim severity at Allstate Roadside.
PIF increased 10.6% or 16 million as of September 30, 2024 compared to September 30, 2023 due to growth at Allstate Protection Plans.
Other revenue increased 46.7% or $35 million in the third quarter of 2024 and increased 20.6% or $50 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to higher revenue from increased customer advertising at Arity.
Intersegment premiums and service fees increased 44.1% or $15 million in the third quarter of 2024 due to increased advertising at Arity and increased 20.6% or $21 million in the first nine months of 2024 compared to the same periods of 2023, driven by increased advertising and higher software revenue at Arity.

62 www.allstate.com
Protection Services Segment Results
Claims and claims expense in the third quarter of 2024 were comparable to the third quarter of 2023. Claims and claims expense increased 1.9% or $9 million in the first nine months of 2024 compared to the same periods of 2023, primarily driven by growth at Allstate Protection Plans, partially offset by improved margins at Allstate Protection Plans due to lower frequency and lower claim severity at Allstate Roadside.
Amortization of DAC increased 13.0% or $35 million in the third quarter of 2024 and increased 14.1% or $110 million in the first nine months of 2024 compared to the same periods of 2023, driven by growth at Allstate Protection Plans.

Operating costs and expenses increased 24.4% or $55 million in the third quarter of 2024 and increased 14.5% or $96 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth at Arity and Allstate Protection Plans, partially offset by lower expenses at Allstate Roadside and Allstate Identity Protection.
Third Quarter 2024 Form 10-Q 63
Segment Results Allstate Health and Benefits
Allstate Health and Benefits Segment
On August 13, 2024, we entered into a share purchase agreement with StanCorp Financial Group, Inc. to sell American Heritage Life Insurance Company and American Heritage Service Company, comprising the Company’s employer voluntary benefits business, reported within this segment. The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.
Summarized financial information
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Revenues    
Accident and health insurance premiums and contract charges$487 $463 $1,439 $1,379 
Other revenue123 104 378 306 
Net investment income26 20 74 60 
Costs and expenses    
Accident, health and other policy benefits(317)(262)(904)(785)
Amortization of DAC(37)(39)(111)(114)
Operating costs and expenses(232)(197)(681)(610)
Restructuring and related charges(2)(2)(3)(6)
Income tax expense on operations(11)(18)(41)(48)
Adjusted net income$37 $69 $151 $182 
Benefit ratio (1)
63.4 54.9 61.1 55.1 
Employer voluntary benefits (2)
$19 $28 $64 $76 
Group health and individual health (3) (4)
18 41 87 106 
Adjusted net income$37 $69 $151 $182 
Policies in force
Employer voluntary benefits (2)
3,556 3,710 
Group health (3)
140 134 
Individual health (4)
462 412 
Policies in force as of September 30 (in thousands)4,158 4,256 
(1)Benefit ratio is calculated as accident, health and other policy benefits less interest credited to contractholder funds of $8 million for both the three months ended September 30, 2024 and 2023, and $25 million for both the nine months ended September 30, 2024 and 2023, divided by premiums and contract charges.
(2)Employer voluntary benefits include supplemental life and health products offered through workplace enrollment.
(3)Group health includes health products and administrative services sold to employers.
(4)Individual health includes short-term medical and other health products sold directly to individuals.
Premiums and contract charges increased 5.2% or $24 million in the third quarter of 2024 and increased 4.4% or $60 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth in individual health and group health, partially offset by a decline in employer voluntary benefits.
Adjusted net income decreased $32 million and $31 million in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023, primarily due to increased benefit utilization across all lines of business.

Premiums and contract charges by line of business
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Employer voluntary benefits$248 $253 $742 $753 
Group health120 111 358 328 
Individual health119 99 339 298 
Premiums and contract charges$487 $463 $1,439 $1,379 

64 www.allstate.com
Allstate Health and Benefits Segment Results
Other revenue increased $19 million in the third quarter of 2024 and increased $72 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to an increase in individual health and group health administrative fees.
Accident, health and other policy benefits increased 21.0% or $55 million in the third quarter of 2024 and increased 15.2% or $119 million in the first nine months of 2024 compared to the same periods of 2023, primarily from higher benefit utilization in all businesses and growth in group health and individual health.
Accident, health and other policy benefits include changes in the reserve for future policy benefits,
expected development on reported claims, and reserves for incurred but not reported claims as shown in Note 10.
Benefit ratio increased 8.6 points to 63.4 in the third quarter of 2024 compared to 54.9 in the third quarter of 2023 and increased 6.0 points to 61.1 in the first nine months of 2024 compared to 55.1 in the same period of 2023, primarily due to higher claims experience across all lines of business.
Amortization of DAC decreased 5.1% or $2 million in the third quarter of 2024 and decreased 2.6% or $3 million in the first nine months of 2024 compared to the same periods of 2023.
Operating costs and expenses
($ in millions)
Employer voluntary benefits
Group health and individual health
Total
Three months ended September 30, 2024   
Non-deferrable commissions
$20 $60 $80 
Operating costs and expenses
56 96 152 
Total$76 $156 $232 
Nine months ended September 30, 2024   
Non-deferrable commissions
$64 $193 $257 
Operating costs and expenses
158 266 424 
Total$222 $459 $681 
Three months ended September 30, 2023   
Non-deferrable commissions
$19 $47 $66 
Operating costs and expenses
51 80 131 
Total$70 $127 $197 
Nine months ended September 30, 2023   
Non-deferrable commissions
$66 $157 $223 
Operating costs and expenses
152 235 387 
Total$218 $392 $610 
Operating costs and expenses increased $35 million in the third quarter of 2024 and increased $71 million in the first nine months of 2024 compared to the same periods of 2023, primarily due to growth in individual and group health.
Third Quarter 2024 Form 10-Q 65
Investments
Investments
Portfolio composition and strategy by reporting segment (1)
September 30, 2024
($ in millions)Property-Liability
Protection Services
Allstate Health and Benefits
Corporate
and Other		Total
Fixed income securities (2)
$50,414 $2,065 $359 $1,123 $53,961 
Equity securities (3)
1,456 242 — 393 2,091 
Mortgage loans, net649 — 116 — 765 
Limited partnership interests 8,915 — — 10 8,925 
Short-term investments (4)
5,959 160 21 854 6,994 
Other investments, net866 — — — 866 
Total$68,259 $2,467 $496 $2,380 $73,602 
Percent to total92.7 %3.4 %0.7 %3.2 %100.0 %
Market-based$58,224 $2,467 $496 $2,108 $63,295 
Performance-based10,035 — — 272 10,307 
Total$68,259 $2,467 $496 $2,380 $73,602 
(1)    Balances reflect the elimination of related-party investments between segments.
(2)    Fixed income securities are carried at fair value. Amortized cost, net for these securities was $49.91 billion, $2.06 billion, $359 million, $1.12 billion and $53.45 billion for Property-Liability, Protection Services, Allstate Health and Benefits, Corporate and Other, and in total, respectively.
(3)    Equity securities are carried at fair value. The fair value of equity securities held as of September 30, 2024, was $262 million in excess of cost. These net gains were primarily concentrated in the technology, equity index funds and banking sectors. Equity securities include $633 million of funds with underlying investments in fixed income securities as of September 30, 2024.
(4)    Short-term investments are carried at fair value.
Investments totaled $73.60 billion as of September 30, 2024, increasing from $66.68 billion as of December 31, 2023, primarily due to positive operating cash flows and higher fixed income valuations.
Portfolio composition by investment strategy We utilize two primary strategies to manage risks and returns and to position our portfolio to take advantage of market opportunities while attempting to mitigate adverse effects. As strategies and market conditions evolve, the asset allocation may change.

Market-based strategy seeks to deliver predictable earnings aligned to business needs and provide flexibility to adjust investment risk profile based on enterprise objectives and market opportunities primarily through public and private fixed income investments and public equity securities.
Performance-based strategy seeks to deliver attractive risk-adjusted returns and supplement market risk with idiosyncratic risk primarily through investments in private equity, including infrastructure investments, and real estate with a majority being limited partnerships. These investments include investee level expenses, reflecting asset level operating expenses on directly held real estate and other consolidated investments.
Portfolio composition by investment strategy
September 30, 2024
($ in millions)Market-
based		Performance-basedTotal
Fixed income securities$53,840 $121 $53,961 
Equity securities1,400 691 2,091 
Mortgage loans, net765 — 765 
Limited partnership interests148 8,777 8,925 
Short-term investments6,994 — 6,994 
Other investments, net148 718 866 
Total$63,295 $10,307 $73,602 
Percent to total86.0 %14.0 %100.0 %
Unrealized net capital gains and losses
Fixed income securities$513 $1 $514 
Short-term investments(1)— (1)
Other(2)— (2)
Total$510 $1 $511 

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Investments
Fixed income securities
Fixed income securities by type
Fair value as of
($ in millions)September 30, 2024December 31, 2023
U.S. government and agencies$9,246 $8,619 
Municipal8,258 6,006 
Corporate33,796 31,205 
Foreign government1,477 1,290 
Asset-backed securities (“ABS”)1,184 1,745 
Total fixed income securities$53,961 $48,865 
Fixed income securities are rated by third-party credit rating agencies or are internally rated. The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) evaluates the fixed income securities of insurers for regulatory reporting and capital assessment purposes. The NAIC assigns securities to one of six credit quality categories defined as “NAIC designations”. In general, securities with NAIC designations of 1 and 2 are considered investment grade and securities with NAIC designations of 3 through 6 are considered below investment grade. The rating is either received from the SVO based on availability of applicable ratings from rating agencies on the NAIC Nationally Recognized Statistical Rating Organizations (“NRSRO”) provider list, including Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”), Fitch Ratings (“Fitch”), or a comparable internal rating.
As a result of time lags between the funding of investments, the finalization of legal documents, and the completion of the SVO filing process, the portfolio includes certain securities that have not yet been designated by the SVO as of each balance sheet date and the categorization of these securities is based on the expected ratings indicated by internal analysis.
As of September 30, 2024, 91.4% of the consolidated fixed income securities portfolio was rated investment grade. Credit ratings below these designations are considered lower credit quality or below investment grade, which includes high yield bonds.
Market prices for certain securities may have credit spreads which imply higher or lower credit quality than the current third-party rating. Our initial investment decisions and ongoing monitoring procedures for fixed income securities are based on a due diligence process which includes, but is not limited to, an assessment of the credit quality, sector, structure, and liquidity risks of each issuer.
Fixed income portfolio monitoring is a comprehensive process to identify and evaluate each fixed income security that may require a credit loss allowance. The process includes a quarterly review of all securities to identify instances where the fair value of a security compared to its amortized cost is below internally established thresholds. For further detail on our fixed income portfolio monitoring process, see Note 5 of the condensed consolidated financial statements.

Third Quarter 2024 Form 10-Q 67
Investments
The following table presents total fixed income securities by the applicable NAIC designation and comparable S&P rating.
Fair value and unrealized net capital gains (losses) for fixed income securities by credit rating
September 30, 2024
NAIC 1NAIC 2NAIC 3
A and aboveBBBBB
($ in millions)
Fair
value
Unrealized
gain (loss)
Fair
value
Unrealized
gain (loss)
Fair
value
Unrealized
gain (loss)
U.S. government and agencies$9,246 $121 $— $— $— $— 
Municipal8,108 32 145 2 3 — 
Corporate
Public6,860 161 16,759 91 605 (2)
Privately placed2,087 9 3,514 28 2,416 23 
Total corporate8,947 170 20,273 119 3,021 21 
Foreign government1,476 31 1 — — — 
ABS1,089 1 16 — 30 — 
Total fixed income securities$28,866 $355 $20,435 $121 $3,054 $21 
NAIC 4NAIC 5-6Total
BCCC and lower
Fair
value
Unrealized
gain (loss)
Fair
value
Unrealized
gain (loss)
Fair
value
Unrealized
gain (loss)
U.S. government and agencies$— $— $— $— $9,246 $121 
Municipal— — 2 1 8,258 35 
Corporate
Public95 — 1 — 24,320 250 
Privately placed1,346 14 113 (8)9,476 66 
Total corporate1,441 14 114 (8)33,796 316 
Foreign government— — — — 1,477 31 
ABS1 — 48 10 1,184 11 
Total fixed income securities$1,442 $14 $164 $3 $53,961 $514 
Municipal bonds, including tax-exempt and taxable securities, include general obligations of state and local issuers and revenue bonds.
Corporate bonds include publicly traded and privately placed securities. Privately placed securities primarily consist of corporate issued senior debt securities that are negotiated with the borrower or are issued by public entities in unregistered form.
ABS includes collateralized debt obligations, consumer and other ABS. Credit risk is managed by monitoring the performance of the underlying collateral. Many of the securities in the ABS portfolio have credit enhancement with features such as overcollateralization, subordinated structures, reserve funds, guarantees or insurance. ABS also includes residential mortgage-backed securities and commercial mortgage-backed securities.
Equity securities of $2.09 billion primarily include common stocks, exchange traded and mutual funds, non-redeemable preferred stocks and real estate investment trust (“REIT”) equity investments. Certain exchange traded and mutual funds have fixed income securities as their underlying investments.
Mortgage loans of $765 million mainly comprise loans secured by first mortgages on developed commercial real estate. Key considerations used to manage our exposure include property type and geographic diversification. For further detail on our mortgage loan portfolio, see Note 5 of the condensed consolidated financial statements.
Limited partnership interests include $7.53 billion of interests in private equity funds, $1.25 billion of interests in real estate funds and $148 million of interests in other funds as of September 30, 2024. We have commitments to invest additional amounts in limited partnership interests totaling $3.18 billion as of September 30, 2024.
Other investments include $187 million of bank loans, net, and $677 million of direct investments in real estate as of September 30, 2024.
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Investments
Unrealized net capital gains (losses)
September 30,December 31,
($ in millions) 20242023
U.S. government and agencies$121 $(5)
Municipal35 (43)
Corporate316 (746)
Foreign government31 4 
ABS11 6 
Fixed income securities514 (784)
Short-term investments(1)(1)
Derivatives(2)(2)
Equity method of accounting (“EMA”) limited partnerships— (4)
Investments classified as held for sale(50)— 
Unrealized net capital gains and losses, pre-tax$461 $(791)
Gross unrealized gains (losses) on fixed income securities by type and sector
($ in millions)
Amortized
cost, net
Gross unrealized
Fair
value
GainsLosses
September 30, 2024
Corporate
Banking
$4,417 $110 $(49)$4,478 
Basic industry 968 16 (16)968 
Capital goods2,911 65 (41)2,935 
Communications2,633 53 (53)2,633 
Consumer goods (cyclical and non-cyclical)7,459 171 (106)7,524 
Energy3,020 73 (28)3,065 
Financial services2,302 43 (37)2,308 
Technology2,909 47 (72)2,884 
Transportation831 18 (12)837 
Utilities 5,582 193 (52)5,723 
Other448 10 (17)441 
Total corporate fixed income portfolio33,480 799 (483)33,796 
U.S. government and agencies9,125 162 (41)9,246 
Municipal8,223 131 (96)8,258 
Foreign government1,446 37 (6)1,477 
ABS1,173 14 (3)1,184 
Total fixed income securities$53,447 $1,143 $(629)$53,961 
December 31, 2023
Corporate
Banking $4,189 $31 $(135)$4,085 
Basic industry1,007 7 (42)972 
Capital goods2,800 33 (97)2,736 
Communications2,767 33 (115)2,685 
Consumer goods (cyclical and non-cyclical)6,813 93 (251)6,655 
Energy2,645 35 (63)2,617 
Financial services2,111 17 (88)2,040 
Technology2,800 21 (153)2,668 
Transportation1,104 13 (45)1,072 
Utilities5,330 109 (123)5,316 
Other385 5 (31)359 
Total corporate fixed income portfolio31,951 397 (1,143)31,205 
U.S. government and agencies8,624 114 (119)8,619 
Municipal6,049 109 (152)6,006 
Foreign government1,286 17 (13)1,290 
ABS1,739 13 (7)1,745 
Total fixed income securities$49,649 $650 $(1,434)$48,865 

Third Quarter 2024 Form 10-Q 69
Investments
Gross unrealized losses are related to an increase in market yields which may include increased risk-free interest rates and wider credit spreads since the time of initial purchase. Similarly, gross unrealized gains reflect a decrease in market yields since the time of initial purchase.
Equity securities by sector
September 30, 2024December 31, 2023
($ in millions)CostOver (under) cost
Fair
value
CostOver (under) cost
Fair
value
Banking$34 $46 $80 $30 $38 $68 
Basic industry
8 3 11 9 2 11 
Capital goods
77 (18)59 77 (27)50 
Energy29 5 34 32 3 35 
Financial services
209 14 223 210 12 222 
Funds
Equities282 54 336 258 12 270 
Fixed income627 6 633 1,038 (15)1,023 
Other65 6 71 58 5 63 
Total funds974 66 1,040 1,354 2 1,356 
REITs
155 36 191 179 21 200 
Technology
160 78 238 138 50 188 
Utilities56 3 59 59 1 60 
Other (1)
127 29 156 156 65 221 
Total equity securities$1,829 $262 $2,091 $2,244 $167 $2,411 
(1)As of September 30, 2024, other is generally comprised of consumer goods and communications sectors.
Net investment income
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Fixed income securities$587 $457 $1,684 $1,269 
Equity securities17 15 50 47 
Mortgage loans9 9 27 25 
Limited partnership interests138 190 440 446 
Short-term investments87 59 216 194 
Other investments25 41 71 121 
Investment income, before expense863 771 2,488 2,102 
Investment expense
Investee level expenses(12)(18)(36)(53)
Securities lending expense(28)(25)(80)(68)
Operating costs and expenses(40)(39)(113)(107)
Total investment expense(80)(82)(229)(228)
Net investment income$783 $689 $2,259 $1,874 
Property-Liability$708 $627 $2,053 $1,680 
Protection Services24 19 68 53 
Allstate Health and Benefits26 20 74 60 
Corporate and Other25 23 64 81 
Net investment income$783 $689 $2,259 $1,874 
Market-based$708 $569 $2,001 $1,615 
Performance-based155 202 487 487 
Investment income, before expense$863 $771 $2,488 $2,102 
Net investment income increased $94 million in the third quarter of 2024, primarily due to higher market-based investment results, partially offset by lower performance-based investment results. Net investment income increased $385 million in the first nine months of 2024 compared to the same period of 2023, due to higher market-based investment results. Market-based results continue to benefit from portfolio repositioning into higher yielding fixed income securities and higher investment balances.
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Investments
Performance-based investment income
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Private equity$130 $131 $445 $348 
Real estate25 71 42 139 
Total performance-based income before investee level expenses$155 $202 $487 $487 
Investee level expenses (1)
(12)(16)(36)(48)
Total performance-based income$143 $186 $451 $439 
(1)Investee level expenses include asset level operating expenses on directly held real estate and other consolidated investments reported in investment expense.
Performance-based investment income decreased $43 million in the third quarter of 2024 compared to the same period of 2023 primarily due to lower real estate investments results. Performance-based investment income increased $12 million in the first nine months of 2024 compared to the same period of 2023, primarily due to private equity valuation increases offset by lower real estate investment results, inclusive of investee level expenses.
Performance-based investment results and income can vary significantly between periods and are influenced by economic conditions, equity market performance, comparable public company earnings multiples, capitalization rates, operating performance of the underlying investments and the timing of asset sales. The Company typically employs a lag in recording and recognizing changes in valuations of limited partnership interests due to the availability of investee financial statements.
Components of net gains (losses) on investments and derivatives and the related tax effect
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Sales$116 $(63)$(85)$(313)
Credit losses (1)
(12)(20)(143)(69)
Valuation change of equity investments - appreciation (decline):
Equity securities92 (14)177 160 
Equity fund investments in fixed income securities27 (21)18 (7)
Limited partnerships (2)
— 1 12 34 
Total valuation of equity investments119 (34)207 187 
Valuation change and settlements of derivatives20 31 (3)(28)
Net gains (losses) on investments and derivatives, pre-tax243 (86)(24)(223)
Income tax (expense) benefit(54)19 4 48 
Net gains (losses) on investments and derivatives, after-tax$189 $(67)$(20)$(175)
Property-Liability (1)
$173 $(48)$(35)$(146)
Protection Services7 (6)3 (10)
Allstate Health and Benefits(5)(2)(3)1 
Corporate and Other14 (11)15 (20)
Net gains (losses) on investments and derivatives, after-tax$189 $(67)$(20)$(175)
Market-based (1)
$231 $(166)$(53)$(293)
Performance-based12 80 29 70 
Net gains (losses) on investments and derivatives, pre-tax$243 $(86)$(24)$(223)
(1)Includes $123 million loss for the nine months ended 2024 related to the carrying value of the surplus notes issued by Adirondack Insurance Exchange and New Jersey Skylands Insurance Association (together “Reciprocal Exchanges”). See Note 8 for further details.
(2)Relates to limited partnerships where the underlying assets are predominately public equity securities.
Net gains on investments and derivatives in the third quarter of 2024 primarily related to valuation gains on equity investments and gains on sales of fixed income securities. Net losses in the first nine months of 2024 primarily related to a loss recognized related to surplus notes issued by the Reciprocal Exchanges and losses on sales of fixed income securities, partially offset by valuation gains on equity securities.
Net gains on sales in the third quarter and losses in the first nine months of 2024 related primarily to sales of fixed income securities in connection with ongoing portfolio management.
Net gains on valuation change and settlements of derivatives of $20 million in the third quarter of 2024 primarily related to net gains on interest rate futures used to manage duration, partially offset by losses on foreign currency contracts used to manage foreign
Third Quarter 2024 Form 10-Q 71
Investments
currency risk. Net losses of $3 million for the first nine months of 2024 primarily related to net losses on equity futures used to manage equity exposure and losses on foreign currency contracts used to manage
foreign currency risk, partially offset by net gains on rate futures used to manage duration.
Net gains (losses) on performance-based investments and derivatives
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Sales$8 $65 $6 $68 
Credit losses(7)(10)(28)(37)
Valuation change of equity investments34 8 60 33 
Valuation change and settlements of derivatives(23)17 (9)6 
Total performance-based$12 $80 $29 $70 
Net gains on performance-based investments and derivatives in the third quarter of 2024 primarily included increased valuation of equity investments, partially offset by losses on valuation change and settlements of derivatives. Net gains on performance-based investments and derivatives in the first nine months of 2024, primarily related to increased valuation of equity investments, partially offset by credit losses.
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Capital Resources and Liquidity
Capital Resources and Liquidity
Capital resources consist of shareholders’ equity and debt, representing funds deployed or available to be deployed to support business operations or for general corporate purposes.
Capital resources
($ in millions)September 30, 2024December 31, 2023
Preferred stock, common stock, treasury stock, retained income and other shareholders’ equity items$20,626 $18,470 
Accumulated other comprehensive income (loss)251 (700)
Total Allstate shareholders’ equity20,877 17,770 
Debt8,083 7,942 
Total capital resources$28,960 $25,712 
Ratio of debt to Allstate shareholders’ equity38.7 %44.7 %
Ratio of debt to capital resources27.9 30.9 
Allstate shareholders’ equity increased in the first nine months of 2024, primarily due to net income and unrealized net capital gains, partially offset by dividends to shareholders. In the nine months ended September 30, 2024, we paid dividends of $719 million and $88 million related to our common and preferred shares, respectively.
Repayment of debt On May 15, 2024, the Company repaid, at maturity, $350 million of 6.75% Senior Notes.
Issuance of debt On June 24, 2024, the Company issued $500 million of 5.05% Senior Notes due 2029. Interest on the Senior Notes is payable semi-annually in arrears on June 24 and December 24 of each year, beginning on December 24, 2024. The Senior Notes are redeemable at any time at the applicable redemption price prior to the maturity date. The net proceeds of this issuance were used for general corporate purposes.
Debt maturities
Debt maturities for each of the next five years
and thereafter (excluding issuance costs)
($ in millions)
2025$600 
2026550 
2027— 
2028— 
2029500 
Thereafter6,491 
Total long-term debt principal$8,141 
Common share repurchases On March 31, 2024, our $5.00 billion share repurchase authorization expired. A new common share repurchase program has not been authorized as of September 30, 2024.
Common shareholder dividends On January 2, 2024, April 1, 2024, and July 1, 2024, we paid a common shareholder dividend of $0.89, $0.92 and $0.92, respectively. On July 17, 2024, we declared a common shareholder dividend of $0.92 payable on October 1, 2024.
Financial ratings and strength Our ratings are influenced by many factors including our operating and financial performance, asset quality, liquidity, overall portfolio mix, financial leverage (i.e., debt), exposure to risks such as catastrophes and the current level of
operating leverage. The preferred stock and subordinated debentures are viewed as having a common equity component by certain rating agencies and are given equity credit up to a pre-determined limit in our capital structure as determined by their respective methodologies. These respective methodologies consider the existence of certain terms and features in the instruments such as the noncumulative dividend feature in the preferred stock.
In May 2024, S&P affirmed The Allstate Corporation’s (the “Corporation”) senior debt and short-term issuer ratings of BBB+ and A-2, respectively, and Allstate Insurance Company’s (“AIC”) insurance financial strength rating of A+. The outlook for the ratings is stable.
In August 2024, A.M. Best affirmed the Corporation’s senior debt and short-term issuer ratings of a- and AMB-1, respectively, and AIC’s insurance financial strength rating of A+. The outlook for the ratings is stable.
In October 2024, Moody’s affirmed the Corporation’s senior debt and short-term issuer ratings of A3 and P-2, respectively, and AIC’s insurance financial strength rating of Aa3. The outlook for the ratings is negative.
Liquidity sources and uses We actively manage our financial position and liquidity levels in light of changing market, economic and business conditions. Liquidity is managed at both the entity and enterprise level across the Company and is assessed on both base and stressed level liquidity needs. We believe we have sufficient liquidity to meet these needs. Additionally, we have existing intercompany agreements in place that facilitate liquidity management across the Company to enhance flexibility.
The Corporation is party to an Amended and Restated Intercompany Liquidity Agreement (“Liquidity Agreement”) with certain subsidiaries, which includes, but is not limited to Allstate Insurance Company (“AIC”). The Liquidity Agreement allows for short-term advances of funds to be made between parties for liquidity and other general corporate purposes. The Liquidity Agreement does not establish a commitment to advance funds on the part of any party. AIC serves as a lender and borrower, certain other subsidiaries
Third Quarter 2024 Form 10-Q 73
Capital Resources and Liquidity

serve only as borrowers, and the Corporation serves only as a lender. The maximum amount of potential funding under each of these agreements is $1.00 billion.
In addition to the Liquidity Agreement, the Corporation also has an intercompany loan agreement with certain of its subsidiaries, which includes, but is not limited to, AIC. The amount of intercompany loans available to the Corporation’s subsidiaries is at the discretion of the Corporation. The maximum amount of loans the Corporation will have outstanding to all its eligible subsidiaries at any given point in time is limited to $1.00 billion. The Corporation may use commercial paper borrowings, bank lines of credit and securities lending to fund intercompany borrowings.
Parent company capital capacity At the parent holding company level, we have deployable assets totaling $2.95 billion as of September 30, 2024, primarily comprised of cash and short-term, fixed income and equity securities that are generally saleable within one quarter. The earnings capacity of the operating subsidiaries is the primary source of capital generation for the Corporation.
As of September 30, 2024, we held $10.60 billion of cash, U.S. government and agencies fixed income securities, public equity securities, and short-term investments, which we would expect to be able to liquidate within one week.
Intercompany dividends were paid in the first nine months of 2024 between the following companies: American Heritage Life (“AHL”), Allstate Financial Insurance Holdings Corporation (“AFIHC”), the Corporation, North Light Specialty Insurance Company (“NLSIC”) and AIC.
Intercompany dividends
($ in millions)
AHL to AFIHC$130 
AFIHC to the Corporation130 
NLSIC to AIC
18 
Based on the greater of 2023 statutory net income or 10% of statutory surplus, the maximum amount of dividends that AIC will be able to pay, without prior Illinois Department of Insurance approval, at a given point in time through February 2025, is estimated at $1.20 billion, less dividends paid during the preceding twelve months measured at that point in time. In the first nine months of 2024, no dividends have been paid.
Dividends may not be paid or declared on our common stock and shares of common stock may not be repurchased unless the full dividends for the latest completed dividend period on our preferred stock have been declared and paid or provided for.
The terms of our outstanding subordinated debentures also prohibit us from declaring or paying any dividends or distributions on our common or preferred stock or redeeming, purchasing, acquiring, or making liquidation payments on our common stock or preferred stock if we have elected to defer interest payments on the subordinated debentures, subject to certain limited exceptions. In the first nine months of
2024, we did not defer interest payments on the subordinated debentures.
Additional resources to support liquidity are as follows:
•The Corporation and AIC have access to a $750 million unsecured revolving credit facility that is available for short-term liquidity requirements. The maturity date of this facility is November 2027. The facility is fully subscribed among 11 lenders with the largest commitment being $95 million. The commitments of the lenders are several and no lender is responsible for any other lender’s commitment if such lender fails to make a loan under the facility. This facility contains an increase provision that would allow up to an additional $500 million of borrowing, subject to the lenders’ commitment. This facility has a financial covenant requiring that we not exceed a 37.5% debt to capitalization ratio as defined in the agreement. This ratio was 22.0% as of September 30, 2024. Although the right to borrow under the facility is not subject to a minimum rating requirement, the costs of maintaining the facility and borrowing under it are based on the ratings of our senior unsecured, unguaranteed long-term debt. There were no borrowings under the credit facility during 2024.
•To cover short-term cash needs, the Corporation has access to a commercial paper facility with a borrowing capacity limited to any undrawn credit facility balance up to $750 million.
•As of September 30, 2024, there were no balances outstanding for the credit facility or the commercial paper facility and therefore the remaining borrowing capacity was $750 million.
•The Corporation has access to a universal shelf registration statement with the Securities and Exchange Commission that was filed on April 30, 2024 and expires in 2027. We can use this shelf registration to issue an unspecified amount of debt securities, common stock (including 635 million shares of treasury stock as of September 30, 2024), preferred stock, depositary shares, warrants, stock purchase contracts and stock purchase units. The specific terms of any securities we issue under this registration statement will be provided in the applicable prospectus supplements.
74 www.allstate.com

Forward-Looking Statements
This report contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. These statements may address, among other things, our strategy for growth, catastrophe exposure management, product development, investment results, regulatory approvals, market position, expenses, financial results, litigation and reserves. We believe that these statements are based on reasonable estimates, assumptions and plans. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements as a result of new information or future events or developments. In addition, forward-looking statements are subject to certain risks or uncertainties that could cause actual results to differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include risks related to:
Insurance and Financial Services (1) actual claim costs exceeding current reserves; (2) unexpected increases in claim frequency or severity; (3) catastrophes and severe weather events; (4) limitations in analytical models used for loss cost estimates; (5) price competition and changes in regulation and underwriting standards; (6) market risk, inflation, and declines in credit quality of our investment portfolios; (7) our subjective determination of fair value and amount of credit losses for investments; (8) our participation in indemnification programs, including state industry pools and facilities; (9) inability to mitigate the impact associated with changes in capital requirements; (10) a downgrade in financial strength ratings;
Business, Strategy and Operations (11) operations in markets that are highly competitive; (12) changing consumer preferences; (13) new or changing technologies; (14) implementation of our Transformative Growth strategy; (15) our catastrophe management strategy; (16) restrictions on our subsidiaries’ ability to pay dividends; (17) restrictions under terms of certain of our securities on our ability to pay dividends or repurchase our stock; (18) the availability of reinsurance at current levels and prices; (19) counterparty risk related to reinsurance; (20) acquisitions and divestitures of businesses; (21) intellectual property infringement, misappropriation and third-party claims; (22) vendor-related business disruptions or failure of a vendor to provide and protect data, confidential and proprietary information, or personal information of our customers, claimants or employees; (23) our ability to attract, develop and retain talent;
Macro, Regulatory and Risk Environment (24) conditions in the global economy and capital markets; (25) a large-scale pandemic, the occurrence of terrorism, military actions or social unrest; (26) the failure in cyber or other information security controls, as well as the occurrence of events unanticipated in our disaster recovery processes and business continuity planning; (27) changing climate and weather conditions; (28) evolving environmental, social and governance standards and expectations; (29) restrictive regulations and regulatory reforms and uncertainty around the interpretation and implementation of regulations in the U.S. and internationally; (30) regulatory limitations on rate increases and requirements to underwrite business and participate in loss sharing arrangements; (31) losses from legal and regulatory actions; (32) changes in or the application of accounting standards and changes in tax laws; and (33) misconduct or fraudulent acts by employees, agents and third parties.
Additional information concerning these and other factors may be found in our filings with the Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures. We maintain disclosure controls and procedures as defined in Rules 13a-15(e) under the Securities Exchange Act of 1934. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based upon this evaluation, the principal executive officer and the principal financial officer concluded that our disclosure controls and procedures are effective in providing reasonable assurance that material information required to be disclosed in our reports filed with or submitted to the Securities and Exchange Commission under the Securities Exchange Act is made known to management, including the principal executive officer and the principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting. During the fiscal quarter ended September 30, 2024, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Third Quarter 2024 Form 10-Q 75
Part II. Other Information
Part II. Other Information
Item 1. Legal Proceedings
Information required for Part II, Item 1 is incorporated by reference to the discussion under the heading “Regulation and compliance” and under the heading “Legal and regulatory proceedings and inquiries” in Note 15 of the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q.
Item 1A. Risk Factors
There have been no material changes in our risk factors from those disclosed in Part I, Item 1A in our annual report on Form 10-K for the year ended December 31, 2023.
項目2. 非註冊權益證券的銷售、資金使用及發行人股票的購買
發行人回購股權證券
期間
總股份數
(或單位) 購買 (1)
平均價格
每股支付
(或單位)
作爲公開宣佈計劃或程序的一部分購買的總股份數 (或單位)
根據計劃或程序可能尚待購買的股份數 (或大致美元金額) (2)
2024年7月1日 - 2024年7月31日
      公開市場購買1,346 $158.43 — 
2024年8月1日 - 2024年8月31日
      公開市場購買116,318 $179.60 — 
2024年9月1日 - 2024年9月30日
      公開市場購買1,303 $187.84 — 
總計118,967 $179.45 — $— 
(1)根據其股權激勵計劃的條款，好事達在限制性股票單位和業績股票獎勵的歸屬以及員工和/或董事持有的期權的行使中收購了以下股份。這些股份是爲了支付行使或歸屬時應繳的預扣稅和期權的行使價格。
七月：1,346
八月：116,318
九月：1,303
(2)截至2024年9月30日，尚未授權普通股回購計劃。
項目5. 其他信息
在 2024年8月22日, 托馬斯·J·威爾遜, 董事會主席，首席總裁，首席執行官及董事 公司的一名董事， 未採取 一項規則10b5-1交易計劃。規則10b5-1計劃旨在滿足《1934年證券交易法》第10b5-1(c)條款下的追訴抗辯條件。威爾遜先生的規則10b5-1計劃規定出售最多 189,016 公司的普通股股份。規則10b5-1計劃將於 2025年5月22日或在所有授權交易首次完成時。
在 2024年9月20日, 傑西·E·梅特, 執行副總裁兼財務長 的公司， 未採取 一項規則10b5-1交易計劃。該規則10b5-1計劃旨在滿足1934年證券交易法案第10b5-1(c)條款的確立抗辯條件。梅特先生的規則10b5-1計劃允許出售最多 40,102 公司的普通股。該規則10b5-1計劃於 2025年5月9日或在所有授權交易提前完成時。
截至2024年9月30日的三個月期間，沒有其他董事或高管需要根據《證券交易法》第16節提交報告 未採取，修改或 終止 根據S-k法規第408(a)條的定義，「Rule 10b5-1交易安排」或「非Rule 10b5-1交易安排」。
76 www.好事達.com
其他信息 第二部分。
項 6. 附件
(a)展覽品
以下是作爲本表格10-Q部分提交的展品列表。
  通過參考併入 
展品
編號
展品描述表格
文件 
號碼
附件
提交
日期
提交或
配傢具
隨附
3.18-K1-118403(i)2012年5月23日
3.28-K1-118403.12023年7月17日
3.38-K1-118403.12019年8月5日
3.48-K1-118403.12019年11月8日
3.510-K1-118403.62020年2月21日
3.610-Q1-118403.62023年5月3日
3.78-K1-118403.12023年5月18日
4
好事達公司在此同意根據要求向委員會提供其及其控股子公司的每一期長期債務持有者權利的定義文件
     
15    X
31(i)    X
31(i)    X
32    X
101.INS
內嵌XBRL實例文檔（該實例文檔未出現在互動數據文件中，因爲其XBRL標記嵌入在內嵌XBRL文檔中）
    X
101.SCHInline XBRL 分類擴展架構文檔    X
101.CALInline XBRL 分類擴展計算鏈接庫文檔    X
101.DEFInline XBRL 分類擴展定義鏈接庫文檔    X
101.LABInline XBRL 分類擴展標籤鏈接庫文檔    X
101.PREInline XBRL 分類擴展展示鏈接庫文檔    X
104封面交互數據文件（格式爲內嵌XBRL，幷包含在附錄101中） X
2024年第三季度10-Q表格 77

簽名
根據1934年證券交易法的要求，註冊人已由以下簽字人正式授權簽署本報告。
 
好事達公司
 
(登記單位)
 
 
 
 
 
 
2024年10月30日
簽名人
/s/ 埃裏克·K·費倫
 
 
埃裏克·K·費倫
 
 
高級副總裁，控制器兼首席會計官
 
 
(授權簽字人及首席會計官)

78 www.好事達.com