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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number 1-11840
all_line_ver_notag_rgb_pos.jpg

THE ALLSTATE CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
 
36-3871531
 
 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 
 
3100 Sanders Road, Northbrook, Illinois    60062
(Address of principal executive offices)    (Zip Code)
Registrant’s telephone number, including area code: (847) 402-2800
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange
on which registered
Common Stock, par value $.01 per shareALL
New York Stock Exchange
Chicago Stock Exchange
5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053ALL.PR.BNew York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series HALL PR HNew York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series IALL PR INew York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 7.375% Noncumulative Preferred Stock, Series JALL PR JNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 14, 2024, the registrant had 264,803,459 common shares, $.01 par value, outstanding.


The Allstate Corporation
Index to Quarterly Report on Form 10-Q
September 30, 2024
Part I Financial Information
Page
   
Item 1. Financial Statements (unaudited) as of September 30, 2024 and December 31, 2023 and for the Three Month and Nine Month Periods Ended September 30, 2024 and 2023
 
 
 
 
 
 
Segment results
 
 
   
Part II Other Information

Condensed Consolidated Financial Statements
Part I. Financial Information
Item 1. Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
(In millions, except per share data)Three months ended
September 30,		Nine months ended September 30,
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 income783 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 expense10,409 10,237 30,711 32,290 
Accident, health and other policy benefits (including remeasurement (gains) losses of $1, $0, $1 and $0)
317 262 904 785 
Amortization of deferred policy acquisition costs2,037 1,841 5,977 5,374 
Operating costs and expenses2,217 1,771 6,121 5,273 
Pension and other postretirement remeasurement (gains) losses26 149 15 56 
Restructuring and related charges28 87 51 141 
Amortization of purchased intangibles71 83 210 246 
Interest expense104 88 299 272 
Total costs and expenses15,209 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)
Less: Preferred stock dividends29 36 88 99 
Net income (loss) applicable to common shareholders$1,161 $(41)$2,651 $(1,776)
Earnings per common share:    
Net income (loss) applicable to common shareholders per common share - Basic$4.39 $(0.16)$10.04 $(6.76)
Weighted average common shares - Basic264.6 261.8 264.1 262.6 
Net income (loss) applicable to common shareholders per common share - Diluted$4.33 $(0.16)$9.91 $(6.76)
Weighted average common shares - Diluted268.0 261.8 267.4 262.6 
See notes to condensed consolidated financial statements.
Third Quarter 2024 Form 10-Q 1
Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
($ in millions)Three months ended September 30,Nine months ended September 30,
2024202320242023
Net income (loss)$1,164 $(4)$2,709 $(1,700)
Other comprehensive income (loss), after-tax    
Changes in:    
Unrealized net capital gains and losses1,299 (667)965 (257)
Unrealized foreign currency translation adjustments14 (14)(1)64 
Unamortized pension and other postretirement prior service credit— (5)(1)(14)
Discount rate for reserve for future policy benefits
(36)30 (12)29 
Other comprehensive income (loss), after-tax1,277 (656)951 (178)
Comprehensive income (loss)2,441 (660)3,660 (1,878)
Less: Comprehensive loss attributable to noncontrolling interest(19)(1)(22)(21)
Comprehensive income (loss) attributable to Allstate$2,460 $(659)$3,682 $(1,857)
See notes to condensed consolidated financial statements.
2 www.allstate.com
Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Financial Position (unaudited)
($ in millions, except par value data)September 30, 2024December 31, 2023
Assets
Investments  
Fixed income securities, at fair value (amortized cost, net $53,447 and $49,649)
$53,961 $48,865 
Equity securities, at fair value (cost $1,829 and $2,244)
2,091 2,411 
Mortgage loans, net765 822 
Limited partnership interests8,925 8,380 
Short-term, at fair value (amortized cost $6,995 and $5,145)
6,994 5,144 
Other investments, net866 1,055 
Total investments73,602 66,677 
Cash816 722 
Premium installment receivables, net11,041 10,044 
Deferred policy acquisition costs5,751 5,940 
Reinsurance and indemnification recoverables, net9,013 8,809 
Accrued investment income603 539 
Deferred income taxes— 219 
Property and equipment, net714 859 
Goodwill3,206 3,502 
Other assets, net5,834 6,051 
Assets held for sale3,163 — 
Total assets113,743 103,362 
Liabilities  
Reserve for property and casualty insurance claims and claims expense42,743 39,858 
Reserve for future policy benefits274 1,347 
Contractholder funds— 888 
Unearned premiums27,059 24,709 
Claim payments outstanding1,727 1,353 
Deferred income taxes211 — 
Other liabilities and accrued expenses10,644 9,635 
Debt8,083 7,942 
Liabilities held for sale2,164 — 
Total liabilities92,905 85,732 
Commitments and Contingent Liabilities (Note 15)
Equity  
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference
2,001 2,001 
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 265 million and 262 million shares outstanding
9 9 
Additional capital paid-in3,987 3,854 
Retained income51,635 49,716 
Treasury stock, at cost (635 million and 638 million shares)
(37,006)(37,110)
Accumulated other comprehensive income (loss):  
Unrealized net capital gains and losses361 (604)
Unrealized foreign currency translation adjustments(99)(98)
Unamortized pension and other postretirement prior service credit12 13 
Discount rate for reserve for future policy benefits
(23)(11)
Total accumulated other comprehensive income (loss)251 (700)
Total Allstate shareholders’ equity20,877 17,770 
Noncontrolling interest(39)(140)
Total equity20,838 17,630 
Total liabilities and equity$113,743 $103,362 
See notes to condensed consolidated financial statements.
Third Quarter 2024 Form 10-Q 3
Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders’ Equity (unaudited)
($ in millions, except per share data)Three months ended September 30,Nine months ended September 30,
2024202320242023
Preferred stock par value$— $— $— $— 
Preferred stock additional capital paid-in  
Balance, beginning of period2,001 2,001 2,001 1,970 
Preferred stock issuance, net of issuance costs— — — 587 
Preferred stock redemption— — — (556)
Balance, end of period2,001 2,001 2,001 2,001 
Common stock par value9 9 9 9 
Common stock additional capital paid-in  
Balance, beginning of period3,927 3,786 3,854 3,788 
Equity incentive plans activity, net
60 25 133 23 
Balance, end of period3,987 3,811 3,987 3,811 
Retained income  
Balance, beginning of period50,718 48,766 49,716 50,970 
Net income (loss)1,190 (5)2,739 (1,677)
Dividends on common stock (declared per share of $0.92, $0.89, $2.76, and $2.67 )
(244)(234)(732)(703)
Dividends on preferred stock(29)(36)(88)(99)
Balance, end of period51,635 48,491 51,635 48,491 
Treasury stock  
Balance, beginning of period(37,036)(37,131)(37,110)(36,857)
Shares acquired— (26)— (333)
Shares reissued under equity incentive plans, net30 8 104 41 
Balance, end of period(37,006)(37,149)(37,006)(37,149)
Accumulated other comprehensive income (loss)  
Balance, beginning of period(1,026)(1,914)(700)(2,392)
Change in unrealized net capital gains and losses1,299 (667)965 (257)
Change in unrealized foreign currency translation adjustments14 (14)(1)64 
Change in unamortized pension and other postretirement prior service credit— (5)(1)(14)
Change in discount rate for reserve for future policy benefits
(36)30 (12)29 
Balance, end of period251 (2,570)251 (2,570)
Total Allstate shareholders’ equity20,877 14,593 20,877 14,593 
Noncontrolling interest
Balance, beginning of period(20)(145)(140)(125)
Change in unrealized net capital gains and losses7 (2)8 2 
Noncontrolling (loss) income(26)1 (30)(23)
Capital transaction for noncontrolling interest
— — 123 — 
Balance, end of period(39)(146)(39)(146)
Total equity$20,838 $14,447 $20,838 $14,447 
See notes to condensed consolidated financial statements.
4 www.allstate.com
Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
($ in millions)Nine months ended September 30,
20242023
Cash flows from operating activities
Net income (loss)$2,709 $(1,700)
Adjustments to reconcile net income (loss) to net cash provided by operating activities  
Depreciation, amortization and other non-cash items404 539 
Net (gains) losses on investments and derivatives24 223 
Pension and other postretirement remeasurement (gains) losses15 56 
Changes in:  
Policy benefits and other insurance reserves2,921 3,068 
Unearned premiums2,378 2,216 
Deferred policy acquisition costs(315)(385)
Premium installment receivables, net(1,094)(934)
Reinsurance recoverables, net(324)534 
Income taxes346 (532)
Other operating assets and liabilities162 (82)
Net cash provided by operating activities7,226 3,003 
Cash flows from investing activities  
Proceeds from sales  
Fixed income securities26,841 17,443 
Equity securities2,137 4,755 
Limited partnership interests409 590 
Other investments169 153 
Investment collections  
Fixed income securities1,260 1,384 
Mortgage loans74 66 
Other investments35 76 
Investment purchases  
Fixed income securities(33,023)(23,708)
Equity securities(1,631)(2,316)
Limited partnership interests(915)(639)
Mortgage loans(17)(138)
Other investments(125)(234)
Change in short-term and other investments, net(1,653)851 
Purchases of property and equipment, net(160)(196)
Proceeds from sale of property and equipment18 19 
Net cash used in investing activities(6,581)(1,894)
Cash flows from financing activities  
Proceeds from issuance of debt495 743 
Redemption and repayment of debt
(350)(750)
Proceeds from issuance of preferred stock— 587 
Redemption of preferred stock— (575)
Contractholder fund deposits98 99 
Contractholder fund withdrawals(26)(23)
Dividends paid on common stock(719)(692)
Dividends paid on preferred stock(88)(71)
Treasury stock purchases— (335)
Shares reissued under equity incentive plans, net149 17 
Other4 15 
Net cash used in financing activities(437)(985)
Net increase in cash208 124 
Cash at beginning of period722 736 
Less: Cash classified as assets held for sale at end of period
114 — 
Cash at end of period$816 $860 
See notes to condensed consolidated financial statements.
Third Quarter 2024 Form 10-Q 5
Notes to Condensed Consolidated Financial Statements

The Allstate Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1General
Basis of presentation
The accompanying condensed consolidated financial statements include the accounts of The Allstate Corporation (the “Corporation”) and its wholly owned subsidiaries, primarily Allstate Insurance Company (“AIC”), a property and casualty insurance company (collectively referred to as the “Company” or “Allstate”) and variable interest entities (“VIEs”) in which the Company is considered a primary beneficiary. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
The condensed consolidated financial statements and notes as of September 30, 2024 and for the three and nine month periods ended September 30, 2024 and 2023 are unaudited. The condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. Certain amounts have been reclassified to conform to current year presentation.
These condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023. The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. All significant intercompany accounts and transactions have been eliminated.
Held for sale classification
A business is classified as held for sale when management having the authority to approve the action commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value and certain other criteria are met. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. When the proceeds expected to be received from the sale exceed the carrying amount of the business, a gain is recognized when the sale closes. Assets and liabilities related to a business classified as held for sale are segregated in the condensed consolidated statement of position in the period in which the business is classified as held for sale. Additional details are included in Note 3.
Pending accounting standards
Accounting for joint ventures In August 2023, the Financial Accounting Standards Board (“FASB”) issued guidance requiring a joint venture to initially measure assets contributed and liabilities assumed at fair value as of the formation date. The new guidance will be applied prospectively for joint ventures with a formation date on or after January 1, 2025. The impact of the adoption is not expected to be material to the Company’s results of operations or financial position.
Segment reporting In November 2023, the FASB issued guidance expanding segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of reportable segments’ profit or loss and assets. The guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 and is to be applied retrospectively, with early adoption permitted. The guidance affects disclosures only.
Income tax disclosures In December 2023, the FASB issued guidance enhancing various aspects of income tax disclosures. The guidance requires a tabular reconciliation between statutory and effective income tax expense (benefit) with both amounts and percentages for a list of required categories. For certain required categories where an individual category is at least five percent of the statutory tax amount, the required category must be further broken out by nature and, for foreign tax effects, jurisdiction. Additionally, entities must disclose income taxes paid, net of refunds received, broken out between federal, state and foreign, and amounts paid, net of refunds received, to an individual jurisdiction when five percent or more of the total income taxes paid, net of refunds received.
All requirements in the guidance are annual in nature, and the guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The guidance affects disclosures only.
Climate disclosures In March 2024, the Securities and Exchange Commission (“SEC”) adopted a final rule requiring registrants to disclose certain climate-related information in their registration statements and annual reports. The rule requires the disclosure of qualitative and quantitative information, with certain information, such as financial statement effects of severe weather events, included in the notes to the audited financial statements. Other disclosure requirements include material climate-related risks, processes to manage and govern those risks, disclosure of targets if the targets materially affect or are reasonably likely to
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Notes to Condensed Consolidated Financial Statements

materially affect the Company, and, if material, disclosure of certain greenhouse gas emissions. On April 4, 2024, the SEC issued a voluntary stay of the final rule, pending the outcome of pending litigation.
The requirements will be applied prospectively and have phased-in effective dates. For the Company, the
Form 10-K for the year ended December 31, 2025, will be the first annual report with new climate-related disclosures. The Company is currently evaluating the impact of adopting the final rule.
Note 2Earnings per Common Share
Basic earnings per common share is computed using the weighted average number of common shares outstanding, including vested unissued participating restricted stock units. Diluted earnings per common share is computed using the weighted average number of common and dilutive potential common shares outstanding.
For the Company, dilutive potential common shares consist of outstanding stock options, unvested
non-participating restricted stock units and contingently issuable performance stock awards. The effect of dilutive potential common shares does not include the effect of options with an anti-dilutive effect on earnings per common share because their exercise prices exceed the average market price of Allstate common shares during the period or for which the unrecognized compensation cost would have an anti-dilutive effect.
Computation of basic and diluted earnings per common share
(In millions, except per share data)Three months ended September 30,Nine months ended September 30,
2024202320242023
Numerator:
 
 
 
 
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)
Less: Preferred stock dividends
29 36 88 99 
Net income (loss) applicable to common shareholders$1,161 $(41)$2,651 $(1,776)
Denominator:
 
 
 
 
Weighted average common shares outstanding
264.6 261.8 264.1 262.6 
Effect of dilutive potential common shares (1):
  
 
 
Stock options
2.6 — 2.6 — 
Restricted stock units (non-participating) and performance stock awards
0.8 — 0.7 — 
Weighted average common and dilutive potential common shares outstanding
268.0 261.8 267.4 262.6 
Earnings per common share - Basic$4.39 $(0.16)$10.04 $(6.76)
Earnings per common share - Diluted (1)
$4.33 $(0.16)$9.91 $(6.76)
Anti-dilutive options excluded from diluted earnings per common share
0.6 3.1 0.5 3.0 
Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)
— 1.5 — 1.9 
(1)As a result of the net loss reported for the three and nine month periods ended September 30, 2023, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation.
Note 3Disposition
On August 13, 2024, the Company entered into a share purchase agreement (the “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 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 the net assets related to this transaction, resulting in an
estimated gain that will be recognized at closing of the transaction. 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 amount of goodwill included in the carrying value is based on the relative fair value of the employer voluntary benefits business to the fair value of the Allstate Health and Benefits segment and is reported in other assets in the table below.
Third Quarter 2024 Form 10-Q 7
Notes to Condensed Consolidated Financial Statements

The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions. The Company continues to pursue the sale of the group health and individual health businesses.
The employer voluntary benefits business generated $248 million and $742 million of premiums and contract charges for the three and nine months ended September 30, 2024, respectively, and adjusted net income of $19 million and $64 million for the three and nine months ended September 30, 2024, respectively.
Major classes of assets and liabilities classified as held for sale
($ in millions)September 30, 2024
Assets
Investments
Fixed income securities, at fair value (amortized cost, net $1,691)
$1,641 
Equity securities, at fair value (cost $1)
1 
Short-term, at fair value (amortized cost $76)
76 
Other investments, net
121 
Total investments1,839 
Cash114 
Deferred policy acquisitions costs516 
Reinsurance recoverables, net117 
Other assets577 
Total assets held for sale$3,163 
Liabilities
Reserve for future policy benefits$1,141 
Contractholder funds891 
Other liabilities and accrued expenses132 
Total liabilities held for sale$2,164 
Included in shareholders' equity is $65 million of accumulated other comprehensive loss related to assets and liabilities held for sale.
Note 4Reportable Segments
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.
Allstate Protection and Run-off Property-Liability segments comprise Property-Liability. The Company does not allocate 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, Protection Services, Allstate Health and Benefits, and Corporate and Other levels for decision-making purposes.
Underwriting income is calculated as premiums earned and other revenue, less claims and claims expenses, 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 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
A reconciliation of these measures to net income (loss) applicable to common shareholders is provided below.
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Notes to Condensed Consolidated Financial Statements

Reportable segments financial performance
Three months ended September 30,Nine months ended September 30,
($ in millions)2024202320242023
Underwriting income (loss) by segment
Allstate Protection$555 $(331)$1,316 $(3,421)
Run-off Property-Liability
(60)(83)(68)(88)
Total Property-Liability 495 (414)1,248 (3,509)
Adjusted net income (loss) by segment, after-tax
Protection Services58 27 167 102 
Allstate Health and Benefits
37 69 151 182 
Corporate and Other(110)(110)(320)(310)
Reconciling items
Allstate Protection and Run-off Property-Liability net investment income
708 627 2,053 1,680 
Net gains (losses) on investments and derivatives243 (86)(24)(223)
Pension and other postretirement remeasurement gains (losses)(26)(149)(15)(56)
Amortization of purchased intangibles (1)
(19)(23)(56)(71)
Gain (loss) on disposition 1 (5)6 (4)
Non-recurring costs (2)
— — — (90)
Income tax (expense) benefit on Property-Liability and reconciling items (3)
(251)25 (588)501 
Total reconciling items656 389 1,376 1,737 
Less: Net (loss) income attributable to noncontrolling interest (4)
(25)2 (29)(22)
Net income (loss) applicable to common shareholders$1,161 $(41)$2,651 $(1,776)
(1)Excludes amortization of purchased intangibles in Allstate Protection, which is already included above in underwriting income.
(2)Relates to settlement costs for non-recurring litigation that is outside of the ordinary course of business.
(3)The tax computation of the reporting segments and income tax benefit (expense) on reconciling items to net income (loss) are computed discretely based on the tax law of the jurisdictions applicable to the reporting entities.
(4)Reflects net (loss) income attributable to noncontrolling interest in Property-Liability.
Third Quarter 2024 Form 10-Q 9
Notes to Condensed Consolidated Financial Statements

Reportable segments revenue informati