Allstate 2015 Annual Report Download - page 231

The Allstate Corporation 2015 Annual Report 225
The following table summarizes the liabilities for guarantees.
($ in millions) Liability for
guarantees related
to death benefits
and interest-
sensitive life
products
Liability for
guarantees
related to
income
benefits
Liability for
guarantees
related to
accumulation
and withdrawal
benefits Total
Balance, December 31, 2014 (1) $ 195 $ 95 $ 60 $ 350
Less reinsurance recoverables 98 91 45 234
Net balance as of December 31, 2014 97 4 15 116
Incurred guarantee benefits 20 — 8 28
Paid guarantee benefits — — — —
Net change 20 — 8 28
Net balance as of December 31, 2015 117 4 23 144
Plus reinsurance recoverables 106 64 52 222
Balance, December 31, 2015 (2) $ 223 $ 68 $ 75 $ 366
Balance, December 31, 2013 (3) $ 377 $ 113 $ 65 $ 555
Less reinsurance recoverables 100 99 56 255
Net balance as of December 31, 2013 277 14 9 300
Incurred guarantee benefits 34 — 9 43
Paid guarantee benefits — — — —
Sold in LBL disposition (214) (10) (3) (227)
Net change (180) (10) 6 (184)
Net balance as of December 31, 2014 97 4 15 116
Plus reinsurance recoverables 98 91 45 234
Balance, December 31, 2014 (1) $ 195 $ 95 $ 60 $ 350
(1) Included in the total liability balance as of December 31, 2014 are reserves for variable annuity death benefits of $96 million, variable annuity
income benefits of $92 million, variable annuity accumulation benefits of $32 million, variable annuity withdrawal benefits of $13 million and other
guarantees of $117 million.
(2) Included in the total liability balance as of December31, 2015 are reserves for variable annuity death benefits of $105 million, variable annuity
income benefits of $65 million, variable annuity accumulation benefits of $38 million, variable annuity withdrawal benefits of $14 million and other
guarantees of $144 million.
(3) Included in the total liability balance as of December31, 2013 are reserves for variable annuity death benefits of $98 million, variable annuity
income benefits of $99 million, variable annuity accumulation benefits of $43 million, variable annuity withdrawal benefits of $13 million and other
guarantees of $302 million.
10. Reinsurance
The effects of reinsurance on property-liability insurance premiums written and earned and life and annuity premiums
and contract charges for the years ended December31 are as follows:
($ in millions) 2015 2014 2013
Property-liability insurance premiums written
Direct $ 31,924 $ 30,686 $ 29,241
Assumed 39 48 52
Ceded (1,092) (1,120) (1,129)
Property‑liability insurance premiums written, net of reinsurance $ 30,871 $ 29,614 $ 28,164
Property-liability insurance premiums earned
Direct $ 31,274 $ 29,914 $ 28,638
Assumed 41 45 49
Ceded (1,006) (1,030) (1,069)
Property‑liability insurance premiums earned, net of reinsurance $ 30,309 $ 28,929 $ 27,618
Life and annuity premiums and contract charges
Direct $ 1,641 $ 1,944 $ 2,909
Assumed 849 629 82
Ceded (332) (416) (639)
Life and annuity premiums and contract charges, net of reinsurance $ 2,158 $ 2,157 $ 2,352