Allstate Corp. Files 2023 Annual Report on Form 10-K

Ticker: ALL-PJ · Form: 10-K · Filed: Feb 21, 2024 · CIK: 899051

Allstate Corp 10-K Filing Summary
FieldDetail
CompanyAllstate Corp (ALL-PJ)
Form Type10-K
Filed DateFeb 21, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.01, $2.5 b, $2.19 billion, $1.93 billion, $259 million
Sentimentneutral

Sentiment: neutral

Topics: Allstate, 10-K, Annual Report, Insurance, Financials

TL;DR

<b>Allstate Corp. has filed its 2023 10-K, providing a comprehensive overview of its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ALLSTATE CORP (ALL-PJ) filed a Annual Report (10-K) with the SEC on February 21, 2024. Allstate Corp. filed its 2023 Form 10-K on February 21, 2024, reporting on its fiscal year ending December 31, 2023. The filing covers the company's financial performance and business operations for the fiscal year 2023. Key financial data and disclosures are provided in accordance with SEC regulations. The report details various aspects of the company's financial health and strategic initiatives. Allstate Corp. is a publicly traded company in the Fire, Marine & Casualty Insurance industry.

Why It Matters

For investors and stakeholders tracking ALLSTATE CORP, this filing contains several important signals. This 10-K filing is a crucial document for investors and analysts to assess Allstate's financial health, profitability, and risk exposure for the past fiscal year. Understanding the details within this report allows stakeholders to make informed decisions regarding their investment in Allstate Corp.

Risk Assessment

Risk Level: medium — ALLSTATE CORP shows moderate risk based on this filing. The company operates in the highly regulated insurance industry, facing potential impacts from changes in regulations, economic conditions, and catastrophic events, as detailed in its 10-K filings.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Allstate's performance and outlook for the upcoming year.

Key Numbers

  • 20231231 — Fiscal Year End (Reported fiscal year end)
  • 20240221 — Filing Date (Date the 10-K was filed)
  • 0000899051-24-000013 — Accession Number (Unique identifier for the filing)
  • 6331 — SIC Code (Standard Industrial Classification code)

Key Players & Entities

  • ALLSTATE CORP (company) — Filer name
  • 20231231 (date) — Fiscal year end
  • 20240221 (date) — Filing date
  • FIRE, MARINE & CASUALTY INSURANCE (industry) — Standard Industrial Classification
  • 3100 SANDERS ROAD (address) — Business address street 1
  • NORTHBROOK (location) — Business address city
  • IL (location) — Business address state
  • 60062 (postal_code) — Business address zip

FAQ

When did ALLSTATE CORP file this 10-K?

ALLSTATE CORP filed this Annual Report (10-K) with the SEC on February 21, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by ALLSTATE CORP (ALL-PJ).

Where can I read the original 10-K filing from ALLSTATE CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by ALLSTATE CORP.

What are the key takeaways from ALLSTATE CORP's 10-K?

ALLSTATE CORP filed this 10-K on February 21, 2024. Key takeaways: Allstate Corp. filed its 2023 Form 10-K on February 21, 2024, reporting on its fiscal year ending December 31, 2023.. The filing covers the company's financial performance and business operations for the fiscal year 2023.. Key financial data and disclosures are provided in accordance with SEC regulations..

Is ALLSTATE CORP a risky investment based on this filing?

Based on this 10-K, ALLSTATE CORP presents a moderate-risk profile. The company operates in the highly regulated insurance industry, facing potential impacts from changes in regulations, economic conditions, and catastrophic events, as detailed in its 10-K filings.

What should investors do after reading ALLSTATE CORP's 10-K?

Review the detailed financial statements and risk factors in the 10-K to understand Allstate's performance and outlook for the upcoming year. The overall sentiment from this filing is neutral.

How does ALLSTATE CORP compare to its industry peers?

Allstate Corp. operates within the Fire, Marine & Casualty Insurance sector, a critical part of the financial services industry that provides protection against various risks.

Are there regulatory concerns for ALLSTATE CORP?

The insurance industry is subject to extensive state and federal regulations governing solvency, consumer protection, and market conduct, which Allstate Corp. must adhere to.

Industry Context

Allstate Corp. operates within the Fire, Marine & Casualty Insurance sector, a critical part of the financial services industry that provides protection against various risks.

Regulatory Implications

The insurance industry is subject to extensive state and federal regulations governing solvency, consumer protection, and market conduct, which Allstate Corp. must adhere to.

What Investors Should Do

  1. Analyze the financial statements within the 10-K for revenue, net income, and balance sheet changes.
  2. Examine the risk factors section for potential challenges and uncertainties facing Allstate.
  3. Compare key performance indicators with previous years to identify trends and assess performance.

Key Dates

  • 2024-02-21: 10-K Filing — Submission of the annual report for the fiscal year 2023.

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for understanding a company's financial health and operations over the past year.)

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Filing Stats: 4,183 words · 17 min read · ~14 pages · Grade level 15.5 · Accepted 2024-02-21 14:09:58

Key Financial Figures

  • $0.01 — ich registered Common Stock, par value $0.01 per share ALL New York Stock Exchange
  • $2.5 b — and earthquake perils is approximately $2.5 billion, net of reinsurance. We continual
  • $2.19 billion — . As of December 31, 2023, Ivantage had $2.19 billion non-proprietary premiums under manageme
  • $1.93 billion — management, consisting of approximately $1.93 billion of personal insurance premiums primar
  • $259 million — ricane exposed areas, and approximately $259 million of commercial insurance premiums. Addi

Filing Documents

Page

Part I Page Item 1.

Business

Business 1 Overview 1 Strategy and Segment Information 2 – Allstate Protection 4 – Protection Services 9 – Allstate Health and Benefits 10 – Other Business Segments 11 Regulation 12 Human Capital 17 Website 19 Other Information About Allstate 19 Information about our Executive Officers 20

Forward-Looking Statements

Forward-Looking Statements 21 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 31

C

Item 1 C . Cybersecurity 31 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 Part II Item 5. Market for Registrant's Common Equity, Related Stockholders Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 96 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 97 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 191 Item 9A.

Controls and Procedures

Controls and Procedures 191 Item 9B. Other Information 191

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 191 Part III Item 10. Directors, Executive Officers and Corporate Governance 192 Item 11.

Executive Compensation

Executive Compensation 192 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 193 Item 13. Certain Relationships and Related Transactions, and Director Independence 193 Item 14. Principal Accounting Fees and Services 193 Part IV Item 15. Exhibits and Financial Statement Schedules 194 Item 16. Form 10-K Summary 197

Signatures

Signatures 198 Financial Statement Schedules S- 1 2023 Form 10-K Item 1. Business Part I

Business

Item 1. Business The Allstate Corporation was incorporated under the laws of the State of Delaware on November 5, 1992, to serve as the holding company for Allstate Insurance Company. Its business is conducted principally through Allstate Insurance Company and other subsidiaries (collectively, including The Allstate Corporation, "Allstate"). Allstate protects people from life's uncertainties with a wide array of protection for autos, homes and personal property. Allstate is primarily engaged in the property and casualty insurance business in the United States and Canada. Additionally, Allstate provides customers other protection solutions such as protection plans that cover consumer electronics, mobile phones and appliances, personal identity protection and accident and health insurance. On November 1, 2023, we announced that we are pursuing the sale of the Health and Benefits business. The Allstate Corporation is one of the largest publicly held personal lines insurers in the United States. Allstate's personal property-liability strategy is to increase market share by offering consumers a broad suite of protection solutions and a competitive value proposition across distribution channels. The Allstate brand is widely known through the "You're In Good Hands With Allstate " slogan. Allstate is the second largest personal property and casualty insurer in the United States on the basis of 2022 statutory direct premiums written according to A.M. Best. Allstate also has strong market positions in other protection solutions. Allstate Protection Plans provides protection on a wide variety of consumer goods such as cell phones, tablets, computers, furniture and appliances, and has a leading position in distribution through major retailers. Allstate Identity Protection has a leading position in identity protection through workplace benefit programs. In total, Allstate had 194 million policies in force ("PIF") as of December 31, 2023. Allstate Health and Benefits provid

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