ALLSTATE CORP
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
ALL$261.12+2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2023 |
| Cash flows from operating activities | |||
| Net income (loss) | $10,266 | $4,599 | $(213) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation, amortization and other non-cash items | 482 | 555 | 704 |
| Net (gains) losses on investments and derivatives | 168 | 225 | 300 |
| Pension and other postretirement remeasurement (gains) losses | (35) | (37) | 9 |
| Gain on disposition of operations | (1,603) | — | — |
| Changes in: | |||
| Claims and claims expense and other insurance reserves | (943) | 2,171 | 2,202 |
| Unearned premiums | 2,120 | 2,294 | 2,385 |
| Deferred policy acquisition costs | (365) | (347) | (489) |
| Premium installment receivables, net | (831) | (705) | (861) |
| Reinsurance and indemnification recoverables, net | 630 | (226) | 807 |
| Income taxes | 583 | 753 | (229) |
| Other operating assets and liabilities | (362) | (351) | (387) |
| Net cash provided by operating activities | 10,110 | 8,931 | 4,228 |
| Cash flows from investing activities | |||
| Proceeds from sales | |||
| Fixed income securities | 72,897 | 38,751 | 22,973 |
| Equity securities | 6,729 | 3,168 | 5,400 |
| Limited partnership interests | 1,357 | 633 | 710 |
| Other investments | 243 | 265 | 594 |
| Investment collections | |||
| Fixed income securities | 814 | 1,509 | 1,641 |
| Mortgage loans | 127 | 151 | 81 |
| Other investments | 55 | 41 | 152 |
| Investment purchases | |||
| Fixed income securities | (78,784) | (46,590) | (29,431) |
| Equity securities | (10,595) | (4,980) | (2,935) |
| Limited partnership interests | (1,269) | (1,434) | (890) |
| Mortgage loans | (242) | (113) | (145) |
| Other investments | (609) | (172) | (292) |
| Change in short-term and other investments, net | (791) | 724 | (617) |
| Purchases of property and equipment, net | (228) | (210) | (267) |
| Proceeds from sale of property and equipment | — | 18 | 27 |
| Acquisition of operations, net of cash acquired | — | (13) | — |
| Proceeds from disposition of operations, net of cash transferred | 3,041 | — | — |
| Net cash used in investing activities | (7,255) | (8,252) | (2,999) |
| Cash flows from financing activities | |||
| Proceeds from issuance of debt | — | 495 | 743 |
| Redemption and repayment of debt | (600) | (350) | (750) |
| Proceeds from issuance of preferred stock | — | — | 587 |
| Redemption of preferred stock | — | — | (575) |
| Contractholder fund deposits | 30 | 129 | 130 |
| Contractholder fund withdrawals | (15) | (37) | (35) |
| Dividends paid on common stock | (1,036) | (962) | (925) |
| Dividends paid on preferred stock | (117) | (117) | (107) |
| Treasury stock purchases | (1,233) | (2) | (335) |
| Shares reissued under equity incentive plans, net | 48 | 163 | 73 |
| Other | 42 | (16) | (49) |
| Net cash used in financing activities | (2,881) | (697) | (1,243) |
| Net decrease in cash | (26) | (18) | (14) |
| Cash at beginning of period | 704 | 722 | 736 |
| Cash at end of period | $678 | $704 | $722 |
The Allstate Corporation 91
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