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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 March 31, 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) 402-5000
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 filerSmaller 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 April 15, 2024, the registrant had 263,915,332 common shares, $.01 par value, outstanding.



The Allstate Corporation
Index to Quarterly Report on Form 10-Q
March 31, 2024
Part I Financial Information
Page
   
Item 1. Financial Statements (unaudited) as of March 31, 2024 and December 31, 2023 and for the Three Month Periods Ended March 31, 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
March 31,
20242023
Revenues  
Property and casualty insurance premiums$13,512 $12,173 
Accident and health insurance premiums and contract charges478 463 
Other revenue669 561 
Net investment income764 575 
Net gains (losses) on investments and derivatives(164)14 
Total revenues15,259 13,786 
Costs and expenses  
Property and casualty insurance claims and claims expense9,501 10,326 
Accident, health and other policy benefits296 265 
Amortization of deferred policy acquisition costs1,939 1,744 
Operating costs and expenses1,885 1,716 
Pension and other postretirement remeasurement (gains) losses(2)(53)
Restructuring and related charges10 27 
Amortization of purchased intangibles69 81 
Interest expense97 86 
Total costs and expenses13,795 14,192 
Income (loss) from operations before income tax expense1,464 (406)
Income tax expense (benefit)266 (85)
Net income (loss)1,198 (321)
Less: Net loss attributable to noncontrolling interest(20)(1)
Net income (loss) attributable to Allstate1,218 (320)
Less: Preferred stock dividends29 26 
Net income (loss) applicable to common shareholders$1,189 $(346)
Earnings per common share:  
Net income (loss) applicable to common shareholders per common share - Basic$4.51 $(1.31)
Weighted average common shares - Basic263.5 263.5 
Net income (loss) applicable to common shareholders per common share - Diluted$4.46 $(1.31)
Weighted average common shares - Diluted266.5 263.5 
See notes to condensed consolidated financial statements.
First 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 March 31,
20242023
Net income (loss)$1,198 $(321)
Other comprehensive (loss) income, after-tax  
Changes in:  
Unrealized net capital gains and losses(215)682 
Unrealized foreign currency translation adjustments8 50 
Unamortized pension and other postretirement prior service credit(1)(4)
Discount rate for reserve for future policy benefits
25 (9)
Other comprehensive (loss) income, after-tax(183)719 
Comprehensive income1,015 398 
Less: Comprehensive (loss) income attributable to noncontrolling interest(19)4 
Comprehensive income attributable to Allstate$1,034 $394 
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)March 31, 2024December 31, 2023
Assets
Investments  
Fixed income securities, at fair value (amortized cost, net $51,837 and $49,649)
$50,777 $48,865 
Equity securities, at fair value (cost $2,172 and $2,244)
2,383 2,411 
Mortgage loans, net815 822 
Limited partnership interests8,562 8,380 
Short-term, at fair value (amortized cost $4,320 and $5,145)
4,318 5,144 
Other investments, net1,004 1,055 
Total investments67,859 66,677 
Cash850 722 
Premium installment receivables, net10,573 10,044 
Deferred policy acquisition costs5,946 5,940 
Reinsurance and indemnification recoverables, net8,726 8,809 
Accrued investment income567 539 
Deferred income taxes161 219 
Property and equipment, net802 859 
Goodwill3,502 3,502 
Other assets, net6,255 6,051 
Total assets105,241 103,362 
Liabilities  
Reserve for property and casualty insurance claims and claims expense40,143 39,858 
Reserve for future policy benefits1,325 1,347 
Contractholder funds890 888 
Unearned premiums24,945 24,709 
Claim payments outstanding1,491 1,353 
Other liabilities and accrued expenses10,029 9,635 
Debt7,938 7,942 
Total liabilities86,761 85,732 
Commitments and Contingent Liabilities (Note 13)
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, 264 million and 262 million shares outstanding
9 9 
Additional capital paid-in3,894 3,854 
Retained income50,662 49,716 
Treasury stock, at cost (636 million and 638 million shares)
(37,044)(37,110)
Accumulated other comprehensive income (loss):  
Unrealized net capital gains and losses(819)(604)
Unrealized foreign currency translation adjustments(90)(98)
Unamortized pension and other postretirement prior service credit12 13 
Discount rate for reserve for future policy benefits
14 (11)
Total accumulated other comprehensive loss(883)(700)
Total Allstate shareholders’ equity18,639 17,770 
Noncontrolling interest(159)(140)
Total equity18,480 17,630 
Total liabilities and equity$105,241 $103,362 
    
See notes to condensed consolidated financial statements.
First 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 March 31,
20242023
Preferred stock par value$ $ 
Preferred stock additional capital paid-in2,001 1,970 
Common stock par value9 9 
Common stock additional capital paid-in
Balance, beginning of period3,854 3,788 
Equity incentive plans activity, net
40 (8)
Balance, end of period3,894 3,780 
Retained income
Balance, beginning of period49,716 50,970 
Net income (loss)1,218 (320)
Dividends on common stock (declared per share of $0.92 and $0.89)
(243)(236)
Dividends on preferred stock(29)(26)
Balance, end of period50,662 50,388 
Treasury stock
Balance, beginning of period(37,110)(36,857)
Shares acquired (153)
Shares reissued under equity incentive plans, net66 30 
Balance, end of period(37,044)(36,980)
Accumulated other comprehensive income (loss)
Balance, beginning of period(700)(2,392)
Change in unrealized net capital gains and losses(215)682 
Change in unrealized foreign currency translation adjustments8 50 
Change in unamortized pension and other postretirement prior service credit(1)(4)
Change in discount rate for reserve for future policy benefits
25 (9)
Balance, end of period(883)(1,673)
Total Allstate shareholders’ equity18,639 17,494 
Noncontrolling interest
Balance, beginning of period(140)(125)
Change in unrealized net capital gains and losses1 5 
Noncontrolling loss(20)(1)
Balance, end of period(159)(121)
Total equity$18,480 $17,373 
 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)Three months ended March 31,
20242023
Cash flows from operating activities
Net income (loss)$1,198 $(321)
Adjustments to reconcile net income (loss) to net cash provided by operating activities  
Depreciation, amortization and other non-cash items132 177 
Net (gains) losses on investments and derivatives164 (14)
Pension and other postretirement remeasurement (gains) losses(2)(53)
Changes in:  
Policy benefits and other insurance reserves323 1,080 
Unearned premiums267 199 
Deferred policy acquisition costs(12)(29)
Premium installment receivables, net(549)(317)
Reinsurance recoverables, net82 91 
Income taxes217 (125)
Other operating assets and liabilities(154)(87)
Net cash provided by operating activities1,666 601 
Cash flows from investing activities  
Proceeds from sales  
Fixed income securities6,719 7,008 
Equity securities500 3,739 
Limited partnership interests130 414 
Other investments84 55 
Investment collections  
Fixed income securities538 646 
Mortgage loans7 22 
Other investments6 25 
Investment purchases  
Fixed income securities(9,592)(8,424)
Equity securities(430)(1,187)
Limited partnership interests(237)(226)
Mortgage loans (41)
Other investments(40)(73)
Change in short-term and other investments, net966 (2,675)
Purchases of property and equipment, net(41)(79)
Proceeds from sale of property and equipment18  
Net cash used in investing activities(1,372)(796)
Cash flows from financing activities  
Proceeds from issuance of debt 744 
Redemption and repayment of debt
 (250)
Contractholder fund deposits34 33 
Contractholder fund withdrawals(8)(9)
Dividends paid on common stock(233)(224)
Dividends paid on preferred stock(29)(26)
Treasury stock purchases (153)
Shares reissued under equity incentive plans, net80 6 
Other(10) 
Net cash (used in) provided by financing activities(166)121 
Net increase (decrease) in cash128 (74)
Cash at beginning of period722 736 
Cash at end of period$850 $662 
See notes to condensed consolidated financial statements.
First 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 March 31, 2024 and for the three month periods ended March 31, 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.
Pending accounting standard
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 Company is currently evaluating the impact of adopting the guidance to its disclosures.
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 only affects disclosures and will have no impact on the Company’s consolidated financial statements. The Company is currently evaluating the impact of adopting the guidance to its disclosures.
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 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.
6 www.allstate.com

Notes to Condensed Consolidated Financial Statements

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 March 31,
20242023
Numerator:
 
 
Net income (loss)$1,198 $(321)
Less: Net loss attributable to noncontrolling interest(20)(1)
Net income (loss) attributable to Allstate1,218 (320)
Less: Preferred stock dividends
29 26 
Net income (loss) applicable to common shareholders$1,189 $(346)
Denominator:
 
 
Weighted average common shares outstanding
263.5 263.5 
Effect of dilutive potential common shares (1):
  
Stock options
2.5  
Restricted stock units (non-participating) and performance stock awards
0.5  
Weighted average common and dilutive potential common shares outstanding
266.5 263.5 
Earnings per common share - Basic$4.51 $(1.31)
Earnings per common share - Diluted (1)
$4.46 $(1.31)
Anti-dilutive options excluded from diluted earnings per common share
0.7 1.1 
Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)
 2.6 
(1)As a result of the net loss reported for the three month period ended March 31, 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 3Reportable 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 (“losses”), amortization of 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.
First Quarter 2024 Form 10-Q 7

Notes to Condensed Consolidated Financial Statements

Reportable segments financial performance
Three months ended March 31,
($ in millions)20242023
Underwriting income (loss) by segment
Allstate Protection$903 $(998)
Run-off Property-Liability
(5)(3)
Total Property-Liability 898 (1,001)
Adjusted net income (loss) by segment, after-tax
Protection Services54 34 
Allstate Health and Benefits
56 56 
Corporate and Other(106)(89)
Reconciling items
Allstate Protection and Run-off Property-Liability net investment income
702 509 
Net gains (losses) on investments and derivatives(164)14 
Pension and other postretirement remeasurement gains (losses)2 53 
Amortization of purchased intangibles (1)
(18)(24)
Gain (loss) on disposition 4 9 
Income tax (expense) benefit on reconciling items (2)
(259)92 
Total reconciling items267 653 
Less: Net loss attributable to noncontrolling interest (3)
(20)(1)
Net income (loss) applicable to common shareholders$1,189 $(346)
(1)Excludes amortization of purchased intangibles in Property-Liability, which is included above in underwriting income.
(2)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.
(3)Reflects net loss attributable to noncontrolling interest in Property-Liability.
8 www.allstate.com

Notes to Condensed Consolidated Financial Statements

Reportable segments revenue information
($ in millions)Three months ended March 31,
20242023
Property-Liability  
Insurance premiums  
Auto$8,778 $7,908 
Homeowners3,154 2,810 
Other personal lines659 562 
Commercial lines169 232 
Other business lines140 123 
Allstate Protection12,900 11,635 
Run-off Property-Liability
  
Total Property-Liability insurance premiums12,900 11,635 
Other revenue430 353 
Net investment income702 509 
Net gains (losses) on investments and derivatives(162)12 
Total Property-Liability13,870 12,509 
Protection Services
Protection plans439 361 
Roadside assistance47 49 
Protection and insurance products
126 128 
Intersegment premiums and service fees (1)
35 33 
Other revenue85 84 
Net investment income21 16 
Net gains (losses) on investments and derivatives(5)(1)
Total Protection Services748 670 
Allstate Health and Benefits
Employer voluntary benefits248 255 
Group health118 107 
Individual health112 101 
Other revenue134 101 
Net investment income23 19 
Net gains (losses) on investments and derivatives2 2 
Total Allstate Health and Benefits
637 585 
Corporate and Other  
Other revenue20 23 
Net investment income18 31 
Net gains (losses) on investments and derivatives1 1 
Total Corporate and Other39 55 
Intersegment eliminations (1)
(35)(33)
Consolidated revenues$15,259 $13,786 
(1)Intersegment insurance premiums and service fees are primarily related to Arity and Allstate Roadside and are eliminated in the condensed consolidated financial statements.
First Quarter 2024 Form 10-Q 9

Notes to Condensed Consolidated Financial Statements

Note 4Investments
Portfolio composition
($ in millions)March 31, 2024December 31, 2023
Fixed income securities, at fair value$50,777 $48,865 
Equity securities, at fair value2,383 2,411 
Mortgage loans, net815 822 
Limited partnership interests 8,562 8,380 
Short-term investments, at fair value4,318 5,144 
Other investments, net1,004 1,055 
Total$67,859 $66,677 
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)Amortized cost, netGross unrealized
Fair
value
GainsLosses
March 31, 2024    
U.S. government and agencies$10,142 $56 $(168)$10,030 
Municipal5,491 61 (160)5,392 
Corporate33,110 273 (1,114)32,269 
Foreign government1,255 4 (19)1,240 
ABS1,839 14 (7)1,846 
Total fixed income securities$51,837 $408 $(1,468)$50,777 
December 31, 2023    
U.S. government and agencies$8,624 $114 $(119)$8,619 
Municipal6,049 109 (152)6,006 
Corporate31,951 397 (1,143)31,205 
Foreign government1,286 17 (13)1,290 
ABS1,739 13 (7)1,745 
Total fixed income securities$49,649 $650 $(1,434)$48,865 
Scheduled maturities for fixed income securities
($ in millions)March 31, 2024December 31, 2023
Amortized cost, net
Fair
value
Amortized cost, net
Fair
value
Due in one year or less$3,374 $3,333 $3,422 $3,374 
Due after one year through five years23,324 22,678 23,218 22,614 
Due after five years through ten years14,894 14,560 12,553 12,273 
Due after ten years8,406 8,360 8,717 8,859 
 49,998 48,931 47,910 47,120 
ABS1,839 1,846 1,739 1,745 
Total$51,837 $50,777 $49,649 $48,865 
Actual maturities may differ from those scheduled as a result of calls and make-whole payments by the issuers. ABS is shown separately because of potential prepayment of principal prior to contractual maturity dates.
Net investment income
($ in millions)Three months ended March 31,
20242023
Fixed income securities$526 $390 
Equity securities15 11 
Mortgage loans9 8 
Limited partnership interests199 134 
Short-term investments67 66 
Other investments21 41 
Investment income, before expense837 650 
Investment expense(73)(75)
Net investment income
$764 $575 
10 www.allstate.com

Notes to Condensed Consolidated Financial Statements

Net gains (losses) on investments and derivatives by asset type
($ in millions)Three months ended March 31,
20242023
Fixed income securities$(101)$(136)
Equity securities62 167 
Limited partnership interests8 22 
Derivatives(8)(52)
Other investments(2)13 
Other (1)
(123) 
Net gains (losses) on investments and derivatives$(164)$14 
(1)Related to the valuation allowance established for the surplus notes issued by Adirondack Insurance Exchange and New Jersey Skylands Insurance Association (together “Reciprocal Exchanges”). See Note 7 for further detail.
Net gains (losses) on investments and derivatives by transaction type
($ in millions)
Three months ended March 31,
20242023
Sales$(111)$(120)
Credit losses(115)(12)
Valuation change of equity investments (1)
70 198 
Valuation change and settlements of derivatives(8)(52)
Net gains (losses) on investments and derivatives$(164)$14 
(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Gross realized gains (losses) on sales of fixed income securities
($ in millions)Three months ended March 31,
20242023
Gross realized gains$41 $46 
Gross realized losses (146)(173)
Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)Three months ended March 31,
20242023
Equity securities$61 $20 
Limited partnership interests carried at fair value
30 16 
Total$91 $36 
Credit losses recognized in net income
($ in millions)Three months ended March 31,
20242023
Assets
Fixed income securities:  
Corporate$4 $(9)
Total fixed income securities4 (9)
Other investments
Bank loans3 (3)
Other
(123) 
Total credit losses by asset type$(116)$(12)
Liabilities
Commitments to fund commercial mortgage loans and bank loans1  
Total $(115)$(12)
First Quarter 2024 Form 10-Q 11

Notes to Condensed Consolidated Financial Statements

Unrealized net capital gains and losses included in Accumulated Other Comprehensive Income (“AOCI”)
($ in millions)
Fair
value
Gross unrealized
Unrealized net
gains (losses)
March 31, 2024GainsLosses
Fixed income securities$50,777 $408 $(1,468)$(1,060)
Short-term investments4,318  (2)(2)
Derivative instruments  (2)(2)
Limited partnership interests
    
Unrealized net capital gains and losses, pre-tax   (1,064)
Reclassification of noncontrolling interest   12 
Deferred income taxes   233 
Unrealized net capital gains and losses, after-tax   $(819)
December 31, 2023
Fixed income securities$48,865 $650 $(1,434)$(