UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
(Mark One):
x ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
OR
o TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
to
Commission file number 1-11840
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
ALLSTATE 401(k) SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
THE ALLSTATE CORPORATION
2775 SANDERS ROAD, SUITE A1E
NORTHBROOK, ILLINOIS 60062-6127
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Allstate 401(k)
Savings
Plan
(EIN: 36-3871531 Plan: 001)
Financial Statements as of and for the
Years Ended December 31, 2021 and 2020, Supplemental Schedule
as of
December 31,
2021, and
Report of Independent Registered Public Accounting
Firm
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Allstate 401(k) Savings Plan
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Table of Contents
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Page
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Report of Independent Registered Public Accounting
Firm
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Financial Statements:
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Statements of Net Assets Available for Benefits as of
December 31, 2021 and 2020
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Statements of Changes in Net Assets Available for Benefits for the
Years Ended December 31, 2021 and
2020
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Notes to Financial Statements as of and for the Years Ended
December 31, 2021 and 2020
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Supplemental Schedule:
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Form 5500—Schedule H, Part IV, Line 4i — Schedule of
Assets (Held at End of Year)
as of December 31, 2021
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Signatures |
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NOTE: All other supplemental schedules required by
Section 2520.103-10 of the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 have been omitted because
they are not applicable.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Plan Participants and Plan Administrator of
Allstate 401(k) Savings Plan
Northbrook, Illinois
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available
for benefits of the Allstate 401(k) Savings Plan (the “Plan”) as of
December 31, 2021 and 2020, the related statements of changes in
net assets available for benefits for the years then ended, and the
related notes (collectively referred to as the "financial
statements"). In our opinion, the financial statements present
fairly, in all material respects, the net assets available for
benefits of the Plan as of December 31, 2021 and 2020, and the
changes in net assets available for benefits for the years then
ended, in conformity with accounting principles generally accepted
in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the
Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be
independent with respect to the Plan 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 audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error
or fraud. Our audits included performing procedures to assess the
risks of material misstatement of the financial statements, whether
due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis
for our opinion.
Report on Supplemental Schedule
The supplemental schedule of assets (held at end of year) as of
December 31, 2021 has been subjected to audit procedures in
conjunction with the audits of the Plan’s financial statements. The
supplemental schedule is the responsibility of the Plan’s
management. Our audit procedures included determining whether the
supplemental schedule reconciles to the financial statements or the
underlying accounting and other records, as applicable, and
performing procedures to test the completeness and accuracy of the
information presented in the supplemental schedule. In forming our
opinion on the supplemental schedule, we evaluated whether the
supplemental schedule, including its form and content, is presented
in compliance with the Department of Labor’s Rules and Regulations
for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. In our opinion, such supplemental schedule is
fairly stated, in all material respects, in relation to the
financial statements as a whole.
/s/ DELOITTE & TOUCHE LLP
Chicago, Illinois
June 27, 2022
We have served as the auditor of the Plan since 1995.
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Member of
Deloitte Touche Tohmatsu Limited
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ALLSTATE 401(k) SAVINGS PLAN |
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Statement of Net Assets Available for Benefits |
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($ in thousands) |
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December 31, 2021 |
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December 31, 2020 |
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Assets |
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Investments—at contract value (Note 5) |
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$ |
715,193 |
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$ |
779,291 |
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Investments—at fair value (Note 6) |
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6,137,678 |
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5,473,577 |
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Total investments |
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6,852,871 |
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6,252,868 |
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Receivables: |
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Dividends and interest |
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4,152 |
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3,220 |
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Employer contributions |
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116,941 |
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106,928 |
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Participant notes receivable |
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80,261 |
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83,236 |
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Other |
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2,832 |
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— |
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Total receivables |
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204,186 |
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193,384 |
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Other assets |
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10,563 |
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7,634 |
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Total assets |
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7,067,620 |
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6,453,886 |
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Liabilities |
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Payables: |
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Other |
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1,850 |
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817 |
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Total liabilities |
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1,850 |
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817 |
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Net assets available for benefits |
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$ |
7,065,770 |
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$ |
6,453,069 |
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See notes to financial statements.
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ALLSTATE 401(k) SAVINGS PLAN |
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Statement of Changes in Net Assets Available for
Benefits |
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($ in thousands) |
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Year Ended December 31, |
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2021 |
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2020 |
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Additions |
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Net investment income: |
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Net appreciation in fair value of investments |
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$ |
922,086 |
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$ |
583,748 |
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Interest |
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13,066 |
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17,987 |
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Dividends |
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17,698 |
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13,835 |
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Net investment income |
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952,850 |
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615,570 |
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Interest income on participant notes receivable |
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3,997 |
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5,396 |
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Contributions: |
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Participants |
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574,126 |
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257,993 |
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Employer - cash matched on participant contributions |
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110,396 |
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103,905 |
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Total contributions |
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684,522 |
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361,898 |
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Total additions |
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1,641,369 |
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982,864 |
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Deductions |
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Benefits paid to participants |
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1,021,236 |
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593,177 |
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Administrative expense |
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7,432 |
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6,745 |
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Total deductions |
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1,028,668 |
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599,922 |
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Net increase |
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612,701 |
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382,942 |
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Transfer of assets due to merger of Esurance Insurance Services,
Inc. 401(k) Plan (Note 1) |
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— |
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192,533 |
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Net assets available for benefits |
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Beginning of year |
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6,453,069 |
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5,877,594 |
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End of year |
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$ |
7,065,770 |
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$ |
6,453,069 |
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See notes to financial statements.
ALLSTATE 401(k) SAVINGS PLAN
Notes to Financial Statements
1.Description
of Plan
The following description of the Allstate 401(k) Savings Plan
(the “Plan”), sponsored by The Allstate Corporation (the
“Company”), provides only general information. Participants should
refer to the plan document for a more complete description of the
Plan’s provisions.
General
—
Regular full-time and regular part-time employees of subsidiaries
of the Company, with the exception of those employed by the
Company’s international subsidiaries, InfoArmor, Inc., and
SquareTrade Inc., are eligible to participate in the Plan. There is
no waiting period to enroll in the Plan, provided employees are at
least 18 years old.
The Plan is a defined contribution plan consisting of a profit
sharing and stock bonus plan containing a cash or deferred
arrangement which is intended to meet the requirements of
Sections 401(a) and 401(k) of the Internal Revenue
Code of 1986 (the “Code”). The stock bonus portion of the Plan
includes an employee stock ownership plan (“ESOP”) which is
intended to meet the requirements of Section 409 and
Section 4975(e)(7) of the Code. The Plan is subject to
the provisions of the Employee Retirement Income Security Act of
1974 (“ERISA”).
On July 10, 2020, the Esurance Insurance Services, Inc.
("Esurance") 401(k) Plan, a defined contribution plan sponsored by
Esurance, a subsidiary of the Company, was merged with and into the
Plan. As a result, all participants in the Esurance 401(k) Plan
became participants in the Plan. In conjunction with the merger,
net assets in the amount of $192,532,732 from the Esurance 401(k)
Plan were transferred into the Plan.
On December 17, 2020, the Plan's 401(k) Committee approved a
resolution to permit National General Holdings Corp. (together with
its affiliates and subsidiaries) to adopt the Plan, effective on
January 4, 2021.
On June 14, 2021, the Plan's 401(k) Committee approved resolutions
to provide employees transferred in connection with the sale of
Allstate Life Insurance Company and Allstate Life Insurance Company
of New York with the company match in the year of transfer and
vesting of the employer match account for non-highly compensated
employees.
On September 24, 2021, the Plan's 401(k) Committee approved a
resolution to permit Safe Auto Insurance Group, Inc. (together with
its affiliates and subsidiaries) to adopt the Plan, effective on
October 1, 2021.
Administration
—
The Plan is administered by the Administrative Committee.
Investment transactions are authorized by the Plan’s Investment
Committee. Members of the Administrative and Investment Committees
are appointed by the 401(k) Committee. The 401(k) Committee is
comprised of various Allstate Insurance Company officers as
described in the Plan.
Trustee of the Plan
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The Northern Trust Company holds Plan assets as trustee under the
Allstate 401(k) Savings Plan Trust.
Contributions
— Each
year, employees may contribute up to 50% of eligible annual
compensation through a combination of pre-tax, Roth 401(k), and
after-tax contributions, subject to Internal Revenue Code
limitations. All eligible employees hired or rehired are
automatically enrolled in the Plan at a 5% pre-tax contribution
rate, unless the participant declines enrollment or changes the
contribution rate within the first 45 days of eligibility.
Participants age 50 or older have the option to make additional
pre-tax or Roth 401(k) contributions (“Catch-Up” contributions).
Employees may also roll over pre-tax or Roth 401(k) amounts
representing distributions from other qualified defined benefit or
defined contribution plans. The Company match for a plan year is 80
cents for every pre-tax and/or Roth 401(k) dollar that a
participant contributes to the Plan during the plan year, up to 5%
of eligible compensation. Employer contributions are invested in
accordance with participant elections.
Participant Accounts
—
Individual accounts are maintained for each Plan participant. Each
participant’s account is credited with the participant’s
contribution, allocations of the Company’s contribution and
investment earnings and losses, and is charged with an allocation
of administrative expenses. Accounts may increase by rollovers and
decrease by rollovers and withdrawals. The benefit to which a
participant is entitled is the benefit that can be provided from
the participant’s vested account.
Vesting
—
Participants hired prior to March 1, 2009 were immediately
vested in their contributions and the Company’s contributions plus
earnings thereon. Employees hired on or after March 1, 2009
are immediately vested in their contributions and will fully vest
in the Company’s contributions after three years of vesting
service.
Investment Options
—
Upon enrollment in the Plan, a participant may direct employee
contributions to any or all of the Plan's investment options.
If a participant does not make an investment election, employee
contributions will be invested in the Target Retirement Date Fund
that corresponds with the participant’s birth date and assumes a
retirement date and account distribution at age 65. Participants
may change their investment elections at any time, with limited
trading restrictions, but without
redemption restrictions. The funds transact at net asset value on a
daily basis. Effective September 9, 2021, State Street Global
Advisors (SSGA) replaced Northern Trust as the underlying
investment manager for the Target Retirement Date
Funds.
Participant Notes Receivable
—
Participants may borrow from their employee contribution and
rollover contribution accounts. The loan amount must be at least
$1,000 up to a maximum equal to the lesser of: (i) 50% of
their vested account balance, or (ii) $50,000, and will be
taken from the participant’s accounts in the following order:
pre-tax, Roth 401(k), rollover, and after-tax. Loan transactions
are treated as a proportional transfer from/to the investment funds
and to/from the loan fund. Loan terms range from 6 to
48 months for a general-purpose loan and 49 to 180 months
for a primary residence loan. Loans are secured by the
participant’s account balance and bear interest at the prime rate,
plus one percent, as published in the Wall Street Journal in effect
on the 15th day of the month prior to the first day of the quarter
in which the loan is requested. Generally, principal and interest
are paid by participants ratably through payroll
deductions.
Payment of Benefits
—
Upon termination of service, a participant is entitled to a
complete withdrawal of his or her vested account balance, net of
any outstanding loans. Partial withdrawals are also permitted under
the Plan subject to restrictions. Participants may leave
their account balance in the plan after termination, if the balance
is greater than $1,000; however, after the age of 72 (or 70½ if you
reached age 70½ prior to January 1, 2020), required minimum
distributions must be withdrawn. If the value of a vested account
balance on or after a participant’s termination date does not
exceed $1,000, the participant will receive an automatic lump sum
distribution of their vested account balance.
Forfeited Accounts —
As of December 31, 2021 and 2020, forfeited nonvested accounts
totaled $6,240,625 and $3,099,484, respectively, and are reported
in other assets. These accounts will be used to reduce future
employer contributions. During the years ended December 31,
2021 and 2020, employer contributions were reduced by $3,099,484
and $3,153,761, respectively, due to forfeited nonvested
accounts.
2.Summary
of Accounting Policies
Basis of Accounting
—
The Plan’s financial statements are prepared in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”).
Subsequent events were evaluated through June 27, 2022, the
date the financial statements were issued.
Change in Presentation
—
Beginning in 2021, the supplementary information by fund was
removed from the statement of net assets available for benefits and
changes in net assets available for benefits. This change was
applied on a retrospective basis.
Use of Estimates
—
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those
estimates.
Risks and Uncertainties
—
The Plan utilizes various types of investments, including
institutional index funds, a stable value fund and common stock.
These investments are subject to market risk, the risk that losses
will be incurred due to adverse changes in creditworthiness, equity
prices and interest rates. It is reasonably possible that changes
in the values of investments will occur in the near term and that
such changes could materially affect the amounts reported in the
financial statements.
The Novel Coronavirus Pandemic or COVID-19 ("Coronavirus") resulted
in governments worldwide enacting emergency measures to combat the
spread of the virus, including travel restrictions,
government-imposed shelter-in-place orders, quarantine periods,
social distancing, and restrictions on large gatherings. These
measures have generally moderated, with periodic changes in
response to local conditions. There is no way of predicting with
certainty how long the pandemic might last. The Company continues
to closely monitor and proactively adapt to developments and
changing conditions. Currently, it is not possible to reliably
estimate the impact to the Plan's operations. If the financial
markets or the overall economy are impacted for an extended period,
the future investment results of the Plan may be materially
adversely affected.
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and
Economic Security (CARES) Act. The CARES Act provided temporary
relief for retirement plan sponsors and their participants with
respect to employer contributions, distributions and participant
loans. The provisions of the CARES Act are effective and
operationalized immediately, prior to amending the plan document.
The 401(k) Committee has approved the implementation of certain
relief provisions included in the CARES Act, including suspending
required loan repayments due between March 27, 2020 and December
31, 2020 by twelve months, allowing Coronavirus-related
distributions up to $100,000 to be taken without an
early-withdrawal penalty, and waiving required minimum
distributions in 2020. The future effects of these provisions on
the Plan’s net assets available for benefits and changes in net
assets available for benefits are uncertain. The Plan will be
formally amended by the end of the 2022 plan year.
Investment Valuation and Income Recognition
—
Plan investments are stated at fair value except for fully
benefit-responsive investment contracts ("FBRIC"), which are
reported at contract value. The Stable Value Fund is a FBRIC and
stated at contract
value, which is the amount Plan participants would receive if they
were to initiate permitted transactions under the terms of the
Plan.
Purchases and sales of securities are recorded on a trade-date plus
one basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
Administrative Expenses
—
Investment management fees, recordkeeping fees, and trustee fees
along with other administrative expenses charged to the Plan for
investments in each of the Plan’s investment options are deducted
from income earned on a daily basis and are not separately
reflected. Consequently, fees and expenses are reflected as a
reduction of investment return for such investments.
Benefits Paid to Participants and Participant Notes
Receivable
—
Benefits paid to participants and participant notes receivable are
recorded upon distribution. Amounts allocated to accounts of
persons who have elected to withdraw from the Plan, but have not
yet been paid as of year end are included in other assets on the
Statements of Net Assets Available for Benefits. Participant notes
receivable are measured at their unpaid principal balance plus any
accrued but unpaid interest.
3.Plan
Termination
Although it has not expressed any intent to do so, the Company has
the right under the Plan to discontinue its contributions at any
time and to terminate the Plan subject to the provisions of ERISA
and the Internal Revenue Code. In the event that the Plan is
terminated, participants would be 100% vested in their
accounts.
4.Tax
Status
The Internal Revenue Service ("IRS") has determined and informed
the Company by a letter, dated August 17, 2017, that the Plan and
related trust were designed in accordance with applicable sections
of the Code. The plan document has been amended since receiving the
determination letter. The Plan’s management believes that the Plan
is currently designed and is being operated in compliance with the
applicable requirements of the Code. Therefore, no provision for
income taxes has been included in the Plan’s financial statements,
and there are no uncertain tax positions taken or expected to be
taken that would require recognition of a liability (or asset) or
disclosure in the financial statements. The IRS is not currently
examining the Plan.
5.Fully
Benefit-Responsive Investment Contracts
The Stable Value Fund holdings include investment contracts called
synthetic guaranteed investment contracts comprised of investments
in the common collective trusts plus a wrapper contract. The
wrapper contract is issued by a financial institution and the
contract guarantees to provide a specific interest rate to be
credited to the contract plus provide for participant liquidity at
contract value in certain situations.
The Stable Value Fund’s wrapper contracts are benefit-responsive
and are thus eligible for contract-value reporting. Funds may be
withdrawn pro-rata from all the Stable Value Fund’s investment
contracts at contract value determined by the respective issuing
companies to pay benefits and to make participant-directed
transfers to other investment options pursuant to the terms of the
Plan after the amounts in the Stable Value Fund’s Short-Term
Investment Fund reserve are depleted.
The wrapper contracts wrap underlying assets which are held in the
trust and owned by the Stable Value Fund. The underlying assets are
comprised of common collective trusts which may include a variety
of high quality fixed income investments selected by the fund
manager consistent with the Stable Value Fund’s investment
guidelines. High quality, as defined by the Stable Value Fund’s
investment guidelines, means the average credit quality of all of
the investments backing the Stable Value Fund contracts is AA/A1 or
better as measured by S&P Global’s or Moody’s credit rating
services. The investments in the common collective trusts are used
to generate the investment returns that are utilized to provide for
interest rates credited through the wrapper contracts.
The wrapper contracts are benefit-responsive in that they provide
that participants may execute transactions from the Stable Value
Fund according to Plan provisions at contract value. Contract value
represents contributions made to the Stable Value Fund, plus
earnings, less participant withdrawals. The interest rates in
wrapper contracts are reset monthly, based on market rates of other
similar investments, the current yield of the underlying
investments, the spread between the market value and contract value
of the investments held by the contract, and the financial duration
of the contract investments. All contracts have a minimum crediting
rate of 0%, but ranged between 1.61% and 1.87% during 2021. Certain
events, such as plan termination, or a plan merger initiated by the
plan sponsor, or changes to Plan provisions not approved by the
issuers of the Stable Value Fund’s wrapper contracts, may limit the
ability of the Stable Value Fund to transact at contract value or
may allow for the termination of the wrapper contracts at less than
contract value. Plan Management does not believe that any events
that may limit the ability of the Stable Value Fund to transact at
contract value are probable.
Changes in market interest rates affect the yield to maturity and
the market value of the investments in the common collective
trusts, and thus can have a material impact on the interest
crediting rate. In addition, participant withdrawals and transfers
from the Stable Value Fund are paid at contract value but funded
through the market value liquidation of the investments in
the
common collective trusts, which also may affect future interest
crediting rates. If market interest rates rise and fair values of
investments in the common collective trusts fall, the fair value
may be less than the corresponding contract value. This shortfall
in fair value will be reflected in future crediting rates by
amortizing the effect into the future through an adjustment to
interest crediting rates of the wrapper contracts. Similarly, if
market interest rates fall and fair values of investments in the
common collective trusts rise, the fair values of investments held
by the wrapper contract may be greater than the corresponding
contract value. This excess in fair value will also be reflected in
future crediting rates through an amortization process similar to
that when there is a fair value shortfall.
6.Fair
Value of Assets and Liabilities
Fair value is defined as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The hierarchy
for inputs used in determining fair value maximizes the use of
observable inputs and minimizes the use of unobservable inputs by
requiring that observable inputs be used when available. Assets and
liabilities recorded on the Statements of Net Assets Available for
Benefits at fair value are categorized in the fair value hierarchy
based on the observability of inputs to the valuation techniques as
follows:
Level 1:
Assets and liabilities whose values are based on unadjusted quoted
prices for identical assets or liabilities in an active market that
the Plan can access.
Level 2:
Assets and liabilities whose values are based on the
following:
(a)Quoted
prices for similar assets or liabilities in active
markets;
(b)Quoted
prices for identical or similar assets or liabilities in markets
that are not active; or
(c)Valuation
models whose inputs are observable, directly or indirectly, for
substantially the full term of the asset or liability.
Level 3:
Assets and liabilities whose values are based on prices or
valuation techniques that require inputs that are both unobservable
and significant to the overall fair value measurement. Unobservable
inputs reflect the Plan’s estimates of the assumptions that market
participants would use in valuing the assets and
liabilities.
Category level in the fair value hierarchy for assets or
liabilities is determined based on the lowest level input that is
significant to the fair value measurement in its entirety.
Valuation techniques used maximize the use of observable inputs and
minimize the use of unobservable inputs.
Summary of significant valuation techniques used for Level 1 and
Level 2 assets and liabilities measured at fair value on a
recurring basis
The Allstate Corporation Common Stock:
The Company’s common stock is actively traded on the New York Stock
Exchange and is valued based on unadjusted quoted
prices.
Northern Trust Collective Short-Term Investment Fund:
The collective short-term investment fund is valued using amortized
cost which approximates fair value.
Investments excluded from the fair value hierarchy
Common and collective trust funds:
Comprise funds that have daily quoted net asset values for
identical assets in markets that are not active. The net asset
values are primarily derived based on the fair values of the
underlying investments in the fund, some of which are not actively
traded.
The following table summarizes the Plan’s assets measured at fair
value on a recurring basis as of December 31, 2021. There were
no assets measured at fair value on a non-recurring basis as of
December 31, 2021. There were no level 3 assets as of
December 31, 2021.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Level 1 |
|
Level 2 |
|
Total |
|
Assets |
|
|
|
|
|
|
|
The Allstate Corporation Common Stock |
|
$ |
610,047 |
|
|
$ |
— |
|
|
$ |
610,047 |
|
|
Collective short-term investment fund |
|
— |
|
|
762 |
|
|
762 |
|
|
Total assets in the fair value hierarchy |
|
$ |
610,047 |
|
|
$ |
762 |
|
|
610,809 |
|
|
|
|
|
|
|
|
|
Assets measured at net asset value
(1)
|
|
|
|
|
|
5,526,869 |
|
|
|
|
|
|
|
|
|
Total assets at fair value
|
|
|
|
|
|
$ |
6,137,678 |
|
The following table summarizes the Plan’s assets measured at fair
value on a recurring basis as of December 31, 2020. There were
no assets measured at fair value on a non-recurring basis as of
December 31, 2020. There were no level 3 assets as of
December 31, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Level 1 |
|
Level 2 |
|
Total |
|
Assets |
|
|
|
|
|
|
|
The Allstate Corporation Common Stock |
|
$ |
656,295 |
|
|
$ |
— |
|
|
$ |
656,295 |
|
|
Collective short-term investment fund |
|
— |
|
|
2,253 |
|
|
2,253 |
|
|
Total assets in the fair value hierarchy |
|
$ |
656,295 |
|
|
$ |
2,253 |
|
|
658,548 |
|
|
|
|
|
|
|
|
|
Assets measured at net asset value
(1)
|
|
|
|
|
|
4,815,029 |
|
|
|
|
|
|
|
|
|
Total assets at fair value |
|
|
|
|
|
$ |
5,473,577 |
|
(1)Certain
investments that were measured at net asset value per share (or its
equivalent) are not required to be classified in the fair value
hierarchy. The fair value amounts are intended to permit
reconciliation of the fair value hierarchy to the line items in the
Statements of Net Assets Available for Benefits.
7.Reconciliation
of Financial Statements to Form 5500
The following is a reconciliation of net investment income per the
financial statements to the Form 5500 for the years ended
December 31, 2021 and 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
2021 |
|
2020 |
|
|
|
|
|
Total net investment income per the financial
statements |
$ |
952,850 |
|
|
$ |
615,486 |
|
|
Interest income on participant notes receivable |
3,997 |
|
|
5,396 |
|
|
Total net investment income per the Form 5500 |
$ |
956,847 |
|
|
$ |
620,882 |
|
8.Related-Party
Transactions
The Plan invests in The Northern Trust Collective Short Term
Investment Fund and the NTI Emerging Markets Fund, which are
collective investment funds managed by NTI, the investment advisor
division of The Northern Trust Company, the trustee of the Plan.
Fees paid by the Plan for investment management services associated
with the Collective Short Term Investment Fund and the NTI Emerging
Markets Fund were included as a reduction of the return earned on
each fund. The Plan also invests in the common stock of The
Allstate Corporation, the Plan’s sponsor.
******
SUPPLEMENTAL SCHEDULE
|
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|
|
|
|
|
|
|
|
|
ALLSTATE 401(k) SAVINGS PLAN |
|
36-3871531 Plan: 001 |
|
FORM 5500 — SCHEDULE H, PART IV, LINE 4i — |
|
SCHEDULE OF ASSETS (HELD AT END OF YEAR) |
|
As of December 31, 2021 |
|
(a) |
(b)
Identity of issue, borrower, lessor, or similar party |
(c)
Description of investment,
including maturity date, rate of interest, collateral, par, or
maturity value |
(d)
Cost |
(e)
Current Value |
|
Invesco Advisers Stable Value Fund: |
|
|
|
|
|
|
|
|
|
* |
The Northern Trust Collective Short Term Investment Fund No.
22-19589 |
Common Collective Trust Fund |
** |
$ |
33,452,538 |
|
|
|
|
|
|
|
Transamerica: |
Transamerica No. MDA-00714TR |
|
|
|
IGT Invesco A+ Intermediate Fund |
Common Collective Trust Fund |
** |
3,510,331 |
|
|
IGT Jennison A+ Intermediate Fund |
Common Collective Trust Fund |
** |
5,266,730 |
|
|
IGT Loomis Sayles A+ Core Fixed Income Fund |
Common Collective Trust Fund |
** |
12,842,204 |
|
|
IGT Loomis Sayles A+ Intermediate Fund |
Common Collective Trust Fund |
** |
877,089 |
|
|
IGT Dodge & Cox A+ Core Fund |
Common Collective Trust Fund |
** |
12,863,167 |
|
|
IGT Invesco A+ Core Fixed Income Fund |
Common Collective Trust Fund |
** |
9,934,895 |
|
|
IGT Invesco High Quality Short-Term Bond Fund |
Common Collective Trust Fund |
** |
60,797,803 |
|
|
IGT PIMCO A+ Core Fixed Income Fund |
Common Collective Trust Fund |
** |
9,932,123 |
|
|
IGT PIMCO A+ Intermediate Fund |
Common Collective Trust Fund |
** |
878,195 |
|
|
Adjustment from fair value to contract value for interest in fully
benefit-responsive contracts |
|
|
(2,723,485) |
|
|
|
|
|
|
|
Pacific Life Insurance: |
Pacific Life Insurance No. G-26930.01.0001 |
|
|
|
IGT Invesco High Quality Short-Term Bond Fund |
Common Collective Trust Fund |
** |
74,320,125 |
|
|
IGT Dodge & Cox A+ Core Fund |
Common Collective Trust Fund |
** |
9,573,096 |
|
|
IGT Loomis Sayles A+ Core Fixed Income Fund |
Common Collective Trust Fund |
** |
9,557,493 |
|
|
IGT PIMCO A+ Core Fixed Income Fund |
Common Collective Trust Fund |
** |
9,565,776 |
|
|
IGT Invesco A+ Core Fixed Income Fund |
Common Collective Trust Fund |
** |
9,568,449 |
|
|
Adjustment from fair value to contract value for interest in fully
benefit-responsive contracts |
|
|
(2,067,419) |
|
|
|
|
|
|
|
Prudential Insurance Company: |
Prudential Insurance Company No. GA-62294 |
|
|
|
IGT Invesco A+ Core Fixed Income Fund |
Common Collective Trust Fund |
** |
5,842,904 |
|
|
IGT Invesco High Quality Short-Term Bond Fund |
Common Collective Trust Fund |
** |
74,107,394 |
|
|
IGT Jennison A+ Intermediate Fund |
Common Collective Trust Fund |
** |
24,506,971 |
|
|
IGT PIMCO A+ Core Fixed Income Fund |
Common Collective Trust Fund |
** |
5,841,270 |
|
|
Adjustment from fair value to contract value for interest in fully
benefit-responsive contracts |
|
|
(1,816,417) |
|
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLSTATE 401(k) SAVINGS PLAN |
|
36-3871531 Plan: 001 |
|
FORM 5500 — SCHEDULE H, PART IV, LINE 4i — |
|
SCHEDULE OF ASSETS (HELD AT END OF YEAR) |
|
As of December 31, 2021 |
|
(a) |
(b)
Identity of issue, borrower, lessor, or similar party |
(c)
Description of investment,
including maturity date, rate of interest, collateral, par, or
maturity value |
(d)
Cost |
(e)
Current Value |
|
Invesco Advisers Stable Value Fund continued: |
|
|
|
|
|
|
|
|
|
State Street Bank: |
State Street Bank No. 105027 |
|
|
|
IGT Loomis Sayles A+ Intermediate Fund |
Common Collective Trust Fund |
** |
$ |
31,859,999 |
|
|
IGT Invesco A+ Intermediate Fund |
Common Collective Trust Fund |
** |
31,877,937 |
|
|
IGT PIMCO A+ Intermediate Fund |
Common Collective Trust Fund |
** |
31,900,197 |
|
|
IGT Invesco High Quality Short-Term Bond Fund |
Common Collective Trust Fund |
** |
10,617,605 |
|
|
Adjustment from fair value to contract value for interest in fully
benefit-responsive contracts |
|
|
(2,417,841) |
|
|
|
|
|
|
|
Voya Retirement & Annuity: |
Voya Retirement & Annuity No. 60256 |
|
|
|
IGT Invesco High Quality Short-Term Bond Fund |
Common Collective Trust Fund |
** |
53,814,344 |
|
|
IGT Loomis Sayles A+ Intermediate Fund |
Common Collective Trust Fund |
** |
3,450,416 |
|
|
IGT Jennison A+ Intermediate Fund |
Common Collective Trust Fund |
** |
41,438,021 |
|
|
IGT PIMCO A+ Intermediate Fund |
Common Collective Trust Fund |
** |
3,454,770 |
|
|
IGT Invesco A+ Intermediate Fund |
Common Collective Trust Fund |
** |
35,904,535 |
|
|
Adjustment from fair value to contract value for interest in fully
benefit-responsive contracts |
|
|
(2,584,989) |
|
|
|
|
|
|
|
Metropolitan Tower Life Insurance: |
Metropolitan Tower Life No. 38024 |
|
|
|
IGT Invesco High Quality Short-Term Bond Fund |
Common Collective Trust Fund |
** |
61,369,226 |
|
|
IGT Invesco A+ Core Fixed Income Fund |
Common Collective Trust Fund |
** |
11,154,439 |
|
|
IGT Loomis Sayles A+ Core Fixed Income Fund |
Common Collective Trust Fund |
** |
13,927,086 |
|
|
IGT PIMCO A+ Core Fixed Income Fund |
Common Collective Trust Fund |
** |
11,151,327 |
|
|
IGT Dodge & Cox A+ Core Fund |
Common Collective Trust Fund |
** |
13,949,820 |
|
|
Adjustment from fair value to contract value for interest in fully
benefit-responsive contracts |
|
|
(2,305,279) |
|
|
Total Invesco Advisers Stable Value Fund |
|
|
715,192,845 |
|
|
|
|
|
|
|
* |
The Allstate Corporation common stock |
Company Stock Fund |
|
610,047,368 |
|
|
|
|
|
|
|
|
|
|
(Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLSTATE 401(k) SAVINGS PLAN |
|
36-3871531 Plan: 001 |
|
FORM 5500 — SCHEDULE H, PART IV, LINE 4i — |
|
SCHEDULE OF ASSETS (HELD AT END OF YEAR) |
|
As of December 31, 2021 |
|
(a) |
(b)
Identity of issue, borrower, lessor, or similar party |
(c)
Description of investment,
including maturity date, rate of interest, collateral, par, or
maturity value |
(d)
Cost |
(e)
Current Value |
|
State Street Global Advisors (SSGA): |
|
|
|
|
SSgA U.S. Bond Index Non-Lending Series Fund - Class A |
Common Collective Trust Fund |
** |
$ |
552,264,885 |
|
|
SSgA Real Return ex-Natural Resource Equities Non-Lending Fund -
Class C |
Common Collective Trust Fund |
** |
54,662,908 |
|
|
SSgA S&P 500 Index Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
2,000,747,069 |
|
|
SSgA Global All Cap Equity ex U.S. Index Non-Lending Series Fund -
Class A |
Common Collective Trust Fund |
** |
732,798,432 |
|
|
SSgA Russell Small Cap Index Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
479,147,417 |
|
|
SSgA S&P Mid-Cap Index Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
542,530,119 |
|
|
SSgA Target Retirement Income Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
42,710,885 |
|
|
SSgA Target Retirement 2020 Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
73,955,578 |
|
|
SSgA Target Retirement 2025 Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
174,751,106 |
|
|
SSgA Target Retirement 2030 Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
187,892,778 |
|
|
SSgA Target Retirement 2035 Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
168,268,709 |
|
|
SSgA Target Retirement 2040 Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
139,465,923 |
|
|
SSgA Target Retirement 2045 Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
110,726,317 |
|
|
SSgA Target Retirement 2050 Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
86,544,070 |
|
|
SSgA Target Retirement 2055 Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
86,671,202 |
|
|
SSgA Target Retirement 2060 Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
33,908,561 |
|
|
SSgA Target Retirement 2065 Non-Lending Series Fund - Class
A |
Common Collective Trust Fund |
** |
536,021 |
|
|
Total State Street Global Advisors |
|
|
5,467,581,980 |
|
|
|
|
|
|
|
* |
Northern Trust Investments (NTI): |
|
|
|
|
The Northern Trust Collective Short Term Investment Fund No.
22-44460 |
Common Collective Trust Fund |
** |
762,463 |
|
|
NTI Emerging Markets Fund |
Common Collective Trust Fund |
** |
59,286,916 |
|
|
Total Northern Trust Investments |
|
|
60,049,379 |
|
|
|
Rates of interest from 3.25% to |
|
|
|
* |
Participant loans |
8.25% maturing through 2049 |
** |
80,260,889 |
|
|
|
|
** |
|
|
Total |
|
|
$ |
6,933,132,461 |
|
|
|
|
|
|
|
* |
Permitted party in interest. |
|
|
|
|
** |
Cost information not provided as investments are
participant-directed. |
|
|
|
(Concluded)
SIGNATURES
The Plan.
Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly
authorized.
|
|
|
|
|
|
|
|
|
|
|
ALLSTATE 401(k) SAVINGS PLAN |
|
|
|
|
|
By |
/s/ Livia W. Paylo |
|
|
|
Livia W. Paylo |
|
|
|
Plan Administrator |
|
|
|
|
|
|
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|
June 27, 2022 |
|
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|
Grafico Azioni Allstate (NYSE:ALL)
Storico
Da Lug 2022 a Ago 2022
Grafico Azioni Allstate (NYSE:ALL)
Storico
Da Ago 2021 a Ago 2022
