Allstate 2014 Annual Report Download - page 226
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The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis
during the year ended December 31, 2012.
Total gains (losses)
($ in millions) included in:
Balance as of Transfers Transfers
December 31, Net into out of
2011 income (1) OCI Level 3 Level 3
Assets
Fixed income securities:
U.S. government and agencies $ — $ — $ — $ 8 $ —
Municipal 1,332 (35) 76 53 (28)
Corporate 1,405 20 68 387 (92)
ABS 297 26 61 43 (81)
RMBS 51 — — — (47)
CMBS 60 (4) 9 — (5)
Redeemable preferred stock 1 — — — —
Total fixed income securities 3,146 7 214 491 (253)
Equity securities 43 (7) 9 — —
Free-standing derivatives, net (95) 27 — — —
Other assets 1 — — — —
Total recurring Level 3 assets $ 3,095 $ 27 $ 223 $ 491 $ (253)
Liabilities
Contractholder funds: Derivatives embedded
in life and annuity contracts $ (723) $ 168 $ — $ — $ —
Total recurring Level 3 liabilities $ (723) $ 168 $ — $ — $ —
Balance as of
December 31,
Purchases Sales Issues Settlements 2012
Assets
Fixed income securities:
U.S. government and agencies $ — $ — $ — $ — $ 8
Municipal 46 (463) — (16) 965
Corporate 276 (310) — (137) 1,617
ABS 155 (217) — (33) 251
RMBS — — — (1) 3
CMBS 34 (27) — (15) 52
Redeemable preferred stock 1 (1) — — 1
Total fixed income securities 512 (1,018) — (202) 2,897
Equity securities 164 (38) — — 171
Free-standing derivatives, net 27 — — 14 (27) (2)
Other assets — — — — 1
Total recurring Level 3 assets $ 703 $ (1,056) $ — $ (188) $ 3,042
Liabilities
Contractholder funds: Derivatives
embedded in life and annuity contracts $ — $ — $ (79) $ 81 $ (553)
Total recurring Level 3 liabilities $ — $ — $ (79) $ 81 $ (553)
(1) The effect to net income totals $195 million and is reported in the Consolidated Statements of Operations as follows: $27 million in net investment
income, $132 million in interest credited to contractholder funds and $36 million in life and annuity contract benefits.
(2) Comprises $3 million of assets and $30 million of liabilities.
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