Slide 1: Investor Supplement Third Quarter 2015
Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*) the first time they appear. These measures are defined on the page "Definitions of Non-GAAP Measures" and are reconciled to the most d
Slide 2: Table of contents
PAGE Consolidated Statements of Operations 1 Contribution to Income 2 Revenues 3 Statements of Financial Position 4 Book Value Per Common Share 5 Return on Common Shareholders' Equity 6 Debt to Capital 7 Statements of Cash Flows 8 Analysis of Deferred Policy Acquisition Costs 9,10 Property-Liability
Slide 3: Consolidated Statements of Operations
1 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Revenues Property-liability insurance premiums $ 7,650 $ 7,549 $ 7,426 $ 7,354 $ 7,307 $ 7,204 $ 7,064 $ 22,625 $ 21,575 Life and annuity premiums and contract charge
Slide 4: Contribution to Income
2 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Contribution to income Operating income before the impact of restructuring and related charges $ 616 $ 274 $ 619 $ 740 $ 599 $ 448 $ 592 $ 1,509 $ 1,639 Restructuring
Slide 5: Revenues
3 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Property-Liability Property-Liability insurance premiums $ 7,650 $ 7,549 $ 7,426 $ 7,354 $ 7,307 $ 7,204 $ 7,064 $ 22,625 $ 21,575 Net investment income 307 292 358 2
Slide 6: Statements of Financial Position
4 Sept 30, June 30, March 31, Dec. 31, Sept. 30, Sept 30, June 30, March 31, Dec. 31, Sept. 30, 2015 2015 2015 2014 2014 2015 2015 2015 2014 2014 Assets Liabilities Investments Reserve for property-liability insurance claims and claims expense $ 23,757 $ 23,702 $ 23,103 $ 22,923 $ 22,350 Fixed incom
Slide 7: Book Value Per Common Share
5 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2014 2014 2014 2014 Book value per common share Numerator: Common shareholders' equity (1) $ 18,758 $ 19,552 $ 20,433 $ 20,558 $ 20,583 $ 21,126 $ 20,600 Denominator: Common shares outstanding and dilutive potential
Slide 8: Return on Common Shareholders' Equity
6 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2014 2014 2014 2014 Return on Common Shareholders' Equity Numerator: Net income available to common shareholders (1) $ 2,390 $ 2,519 $ 2,807 $ 2,746 $ 2,761 $ 2,321 $ 2,141 Denominator: Beginning common shareholders'
Slide 9: Debt to Capital
7 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2014 2014 2014 2014 Debt Short-term debt $ - $ - $ - $ - $ - $ - $ - Long-term debt 5,175 5,186 5,194 5,194 5,195 5,846 6,200 Total debt $ 5,175 $ 5,186 $ 5,194 $ 5,194 $ 5,195 $ 5,846 $ 6,200 Capital resources Debt
Slide 10: Statements of Cash Flows
8 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 650 $ 355 $ 677 $ 824 $ 781 $ 645 $ 600 $ 1,682 $ 2,026 Adjustments to reconcile net income to net cash provided by
Slide 11: Analysis of Deferred Policy Acquisition Costs
9 Amortization relating to realized capital gains and Amortization losses and (acceleration) Effect of Beginning Acquisition Amortization valuation changes on deceleration unrealized Ending balance costs before embedded derivatives for changes in capital gains balance June 30, 2015 deferred adjustme
Slide 12: Analysis of Deferred Policy Acquisition Costs (year to date)
10 Amortization relating to realized capital gains and Amortization DAC before DAC after losses and (acceleration) Effect of impact of Impact of impact of Beginning Acquisition Amortization valuation changes on deceleration unrealized Ending unrealized unrealized unrealized balance costs before embe
Slide 13: Property-Liability Results
11 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Premiums written $ 8,137 $ 7,877 $ 7,306 $ 7,292 $ 7,806 $ 7,547 $ 6,969 $ 23,320 $ 22,322 (Increase) decrease in unearned premiums (485) (370) 166 74 (512) (397) 11
Slide 14: Underwriting Results by Area of Business
12 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Property-Liability Underwriting Summary Allstate Protection $ 540 $ (8) $ 469 $ 741 $ 579 $ 192 $ 375 $ 1,001 $ 1,146 Discontinued Lines and Coverages (49) (2) (2) (
Slide 15: Premiums Written by Brand
13 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Allstate brand (1) Auto $ 4,746 $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 13,869 $ 13,157 Homeowners 1,879 1,819 1,379 1,598 1,831 1,765 1,342 5,077 4,938 Ot
Slide 16: Impact of Net Rate Changes Approved on Premiums Written
14 Number of Location Number of Location Number of Location locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) Allstate brand Auto (2) 23 (6) 1.6 5.1 34 (6) 1.5 3.6 18 (6) 0.4 3.9 Homeowners (3) 6 0.4 6.4 9 (7)
Slide 17: Policies in Force and Other Statistics
15 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2014 2014 2014 2014 Policies in Force (in thousands) (1) Allstate Brand Auto (2) 20,367 20,258 20,036 19,916 19,751 19,605 19,413 Homeowners (3) 6,163 6,141 6,114 6,106 6,082 6,069 6,063 Landlord 736 737 738 738 737
Slide 18: Allstate Brand Profitability Measures
16 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 7,383 $ 7,168 $ 6,583 $ 6,623 $ 7,054 $ 6,866 $ 6,277 $ 21,134 $ 20,197 Net premiums earned Auto $ 4,597 $ 4,524 $ 4,432 $ 4,376 $ 4,352 $ 4,2
Slide 19: Allstate Brand Statistics
17 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 New Issued Applications (in thousands) (2) Auto (6) 790 818 792 740 809 770 714 2,400 2,293 Homeowners 218 212 177 178 201 192 154 607 547 Average Premium - Gross Wr
Slide 20: Allstate Brand Auto Frequency Analysis
18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Rates of change in auto frequency (1) (% change in frequency rate year over year) Allstate gross frequency (2) 5.1% 3.4% 6.9% 6.9% 2.1% -3.2% -4.4% -4.1% -2.9% 1.2% -1.8% -3.1% -2.4% -1.1% 0.8% -1.7% -0.3% -2.8% -1.3% 4.0% 6.8%
Slide 21: Allstate Brand Auto Frequency Analysis: Property Damage
19 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Rates of change in auto frequency (1) (% change in frequency rate year over year) Allstate gross frequency (2) -0.5% 1.5% 3.1% 1.7% 0.6% -4.4% -3.3% -3.1% -4.8% 0.7% -1.8% -4.3% -0.7% -0.3% 0.6% 1.4% 5.1% -2.4% -1.0% 0.5% 2.1% 6
Slide 22: Esurance Brand Profitability Measures and Statistics
20 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 423 $ 371 $ 441 $ 359 $ 408 $ 340 $ 406 $ 1,235 $ 1,154 Net premiums earned Auto $ 392 $ 397 $ 382 $ 378 $ 370 $ 365 $ 342 $ 1,171 $ 1,077 Hom
Slide 23: Encompass Brand Profitability Measures and Statistics
21 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 331 $ 338 $ 282 $ 310 $ 343 $ 341 $ 286 $ 951 $ 970 Net premiums earned Auto $ 165 $ 165 $ 165 $ 164 $ 168 $ 162 $ 161 $ 495 $ 491 Homeowners
Slide 24: Auto Profitability Measures
22 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, ($ in millions) 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 4,746 $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 13,869 $ 13,157 Esurance brand 411 363 434 354 403 338
Slide 25: Homeowners Profitability Measures
23 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, ($ in millions) 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 1,879 $ 1,819 $ 1,379 $ 1,598 $ 1,831 $ 1,765 $ 1,342 $ 5,077 $ 4,938 Esurance brand 9 7 5 4 3 1 1 21 5 Encompa
Slide 26: Other Personal Lines Profitability Measures
24 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, ($ in millions) 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 429 $ 424 $ 357 $ 376 $ 426 $ 416 $ 351 $ 1,210 $ 1,193 Esurance brand 3 1 2 1 2 1 1 6 4 Encompass brand 28 29
Slide 27: Commercial Lines Profitability Measures
25 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, ($ in millions) 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 124 $ 138 $ 128 $ 126 $ 122 $ 130 $ 116 $ 390 $ 368 Net premiums earned $ 128 $ 128 $ 125 $ 125 $ 120 $ 121 $ 110 $ 381 $ 351
Slide 28: Other Business Lines Profitability Measures
26 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, ($ in millions) 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 205 $ 199 $ 184 $ 176 $ 185 $ 180 $ 176 $ 588 $ 541 Net premiums earned $ 148 $ 137 $ 141 $ 140 $ 138 $ 131 $ 133 $ 426 $ 402
Slide 29: Underlying Combined Ratios
27 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Auto Allstate brand underlying combined ratio 98.1 97.8 95.6 98.2 92.9 91.8 93.8 97.2 92.8 Effect of catastrophe losses on combined ratio 0.5 3.2 0.3 0.2 1.8 4.1 0.4
Slide 30: Allstate Brand Auto and Homeowners Underlying Loss and Expense
28 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2014 2014 2014 2014 Auto Annualized average premium (1) $ 903 $ 893 $ 885 $ 879 $ 881 $ 877 $ 867 Underlying combined ratios 98.1 97.8 95.6 98.2 92.9 91.8 93.8 Average underlying loss (incurred pure premium) and exp
Slide 31: Homeowners Supplemental Information
29 Annual impact of Effect of rate changes Earned Incurred Catastrophe catastrophes Number of Number of on state specific Primary Exposure Groupings (1) premiums losses Loss ratios losses on loss ratio catastrophes locations premiums written Florida $ 84 $ 54 64.3% $ - 0.0% Other hurricane exposure
Slide 32: Catastrophe Losses by Brand
30 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Allstate brand Auto $ 22 $ 143 $ 13 $ 9 $ 80 $ 178 $ 16 $ 178 $ 274 Homeowners 207 528 227 62 355 617 336 962 1,308 Other personal lines 18 47 29 11 19 48 49 94 116
Slide 33: Effect of Catastrophe Losses on the Combined Ratio
31 Premiums Total Total Effect on the earned catastrophe catastrophe Property-Liability Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year year-to-date losses by year losses by year combined ratio 2006 1.6 3.7 2.5 4.1 3.0 $ 27,369 $ 810 $ 1,044 3.8 2007 2.4 6.3 5.0 7.0 5.2 27,233 1,409 1,336 4.9 2008 8.4
Slide 34: Catastrophe by Size of Event
32 Average Number Claims and Combined catastrophe Size of catastrophe of events claims expense ratio impact loss per event Greater than $250 million - - % $ - - % - % - $101 million to $250 million - - - - - - $50 million to $100 million 2 9.1 115 42.6 1.5 58 Less than $50 million 20 90.9 137 50.7 1
Slide 35: Prior Year Reserve Reestimates
33 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Prior Year Reserve Reestimates (1) Auto $ 14 $ 11 $ 24 $ (75) $ (79) $ (36) $ (48) $ 49 $ (163) Homeowners (15) 4 1 (21) (9) 41 18 (10) 50 Other personal lines 11 6
Slide 36: Asbestos and Environmental Reserves
34 Sept. 30, June 30, March 31, 2015 2015 2015 2014 2013 2012 2011 2010 (net of reinsurance) Asbestos claims Beginning reserves $ 977 $ 993 $ 1,014 $ 1,017 $ 1,026 $ 1,078 $ 1,100 $ 1,180 Incurred claims and claims expense 39 - - 87 74 26 26 5 Claims and claims expense paid (21) (16) (21) (90) (83)
Slide 37: Allstate Personal Lines Profitability Measures
35 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Auto $ 4,746 $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 13,869 $ 13,157 Homeowners 1,879 1,819 1,379 1,598 1,831 1,765 1,342 5,077 4,938
Slide 38: Emerging Businesses Profitability Measures
36 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Esurance $ 423 $ 371 $ 441 $ 359 $ 408 $ 340 $ 406 $ 1,235 $ 1,154 Encompass 331 338 282 310 343 341 286 951 970 Allstate Roadside Services 87 8
Slide 39: Allstate Financial Results
37 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Premiums $ 329 $ 326 $ 328 $ 312 $ 308 $ 312 $ 327 $ 983 $ 947 Contract charges 209 210 209 208 204 206 280 628 690 Net investment income 491 489 484 480 473 538 640
Slide 40: Impact of LBL on Comparison of Allstate Financial Results
38 Sept. 30, Sept. 30, Q1 2014 Change 2015 2014 Change LBL results excl.LBL Premiums and contract charges $ 1,611 $ 1,637 $ (26) $ 85 $ 59 Net investment income 1,464 1,651 (187) 126 (61) Periodic settlements and accruals on non-hedge derivative instruments - (1) 1 - 1 Contract benefits (1,347) (1,3
Slide 41: Return on Attributed Equity
39 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2014 2014 2014 2014 Return on Attributed Equity Numerator: Net income available to common shareholders (1) $ 832 $ 686 $ 652 $ 631 $ 542 $ 66 $ 111 Denominator: Beginning attributed equity (2) $ 7,356 $ 7,262 $ 7,81
Slide 42: Allstate Financial Premiums and Contract Charges
40 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 PREMIUMS AND CONTRACT CHARGES - BY PRODUCT Underwritten Products Traditional life insurance premiums $ 135 $ 131 $ 132 $ 133 $ 126 $ 125 $ 127 $ 398 $ 378 Accident a
Slide 43: Allstate Financial Change in Contractholder Funds
41 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Contractholders funds, beginning balance $ 21,968 $ 22,267 $ 22,529 $ 22,848 $ 23,472 $ 23,989 $ 24,304 $ 22,529 $ 24,304 Contractholders funds classified as held fo
Slide 44: Allstate Financial Analysis of Net Income
42 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Benefit spread Premiums $ 329 $ 326 $ 328 $ 312 $ 308 $ 312 $ 327 $ 983 $ 947 Cost of insurance contract charges (1) 137 138 138 136 135 135 187 413 457 Contract ben
Slide 45: Allstate Financial Weighted Average Investment Spreads
43 Weighted average Weighted average Weighted average Weighted average Weighted average Weighted average investment yield interest crediting rate investment spreads investment yield interest crediting rate investment spreads Interest-sensitive life insurance 5.1 % 3.9 % 1.2 % 5.1 % 4.0 % 1.1 % Defer
Slide 46: Allstate Financial Supplemental Product Information
44 Twelve months ended Sept. 30, 2015 Attributed equity Reserves and excluding unrealized Sept. June March Dec. Sept. June March Contractholder funds capital gains/losses (3)(4) Operating income (5) 2015 2015 2015 2014 2014 2014 2014 Underwritten products Life insurance $ 10,624 $ 2,626 $ 243 10.0 %
Slide 47: Allstate Financial Insurance Policies and Annuities in Force
45 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2014 2014 2014 2014 ALLSTATE FINANCIAL INSURANCE POLICIES AND ANNUITIES IN FORCE BY PRODUCT Underwritten products Life insurance 2,459 2,456 2,448 2,434 2,432 2,436 2,588 Accident and health insurance 2,848 2,843 2,
Slide 48: Allstate Life, Annuities and Benefits Results
46 Allstate Allstate Allstate Allstate Allstate Financial Allstate Allstate Allstate Financial Life Annuities Benefits Segment Life Annuities Benefits Segment $ 374 $ - $ 609 $ 983 $ 360 $ 5 $ 582 $ 947 538 10 80 628 603 14 73 690 362 1,049 53 1,464 403 1,194 54 1,651 - - - - - (1) - (1) (560) (453)
Slide 49: Corporate and Other Results
47 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net investment income $ 9 $ 8 $ 8 $ 5 $ 6 $ 9 $ 7 $ 25 $ 22 Operating costs and expenses (13) (9) (5) (14) (6) (10) (8) (27) (24) Interest expense (73) (73) (73) (73
Slide 50: Investments
48 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, 2015 2015 2015 2014 2014 2015 2015 2015 2014 2014 Fixed income securities, at fair value: Tax-exempt $ 4,289 $ 4,418 $ 4,362 $ 4,138 $ 4,288 $ 17 $ 23 $ 28 $ 75 $ 39 Taxable 24,868 25,192 25,674 26,696
Slide 51: Limited Partnership Investments
49 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2014 2014 2014 2014 Investment position Accounting basis Cost method $ 1,148 $ 1,130 $ 1,137 $ 1,122 $ 1,144 $ 1,157 $ 1,346 Equity method ("EMA") (1) 3,675 3,406 3,562 3,405 3,204 3,152 3,678 Total $ 4,823 $ 4,536
Slide 52: Unrealized Net Capital Gains and Losses on Security Portfolio
50 Unrealized net Fair value Unrealized net Fair value Unrealized net Fair value capital gains Fair as a percent of capital gains Fair as a percent of capital gains Fair as a percent of and losses value amortized cost (1) and losses value amortized cost (1) and losses value amortized cost (1) Fixed
Slide 53: Net Investment Income, Yields and Realized Capital Gains and Losses
51 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities $ 546 $ 567 $ 568 $ 577 $ 581 $ 584 $ 705 $ 1,681 $ 1,870 Equity securities 23 31 23 26 28 35 28 77 91 Mortgage loans 5
Slide 54: Property-Liability Net Investment Income and Yields
52 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities: Tax-exempt $ 24 $ 26 $ 25 $ 26 $ 27 $ 29 $ 31 $ 75 $ 87 Taxable 197 195 190 191 189 183 184 582 556 Equity securities
Slide 55: Allstate Financial Net Investment Income and Yields
53 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities $ 314 $ 338 $ 344 $ 353 $ 359 $ 365 $ 484 $ 996 $ 1,208 Equity securities 7 8 5 4 7 6 5 20 18 Mortgage loans 49 54 51 5
Slide 56: Consolidated Investment Portfolio and Total Return
54 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2015 2015 2015 2014 2014 2014 2014 2015 2014 Consolidated investment portfolio Interest-bearing (1) $ 68,913 $ 70,243 $ 71,287 $ 72,201 $ 71,755 $ 72,580 $ 71,084 $ 68,913 $ 71,756 Equity/owned (2) 9,429 8,898
Slide 57: Market-Based and Performance-Based Investment Strategies
55 Market- Market- Performance- Performance- Based Based Based Based September 30, 2015 Total Core (1) Active (2) Long-Term (3) Opportunistic (4) Fixed income securities, at fair value $ 58,257 $ 51,644 $ 6,501 $ 64 $ 48 Equity securities, at fair value 4,236 3,438 644 83 71 Mortgage loans 4,402 4,4
Slide 58: Performance-Based Long-Term Investments
56 Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2014 2014 2014 2014 Investment position Limited Partnerships Private equity / debt (1) $ 3,131 $ 3,012 $ 2,969 $ 2,756 $ 2,759 $ 2,631 $ 2,674 Real estate (2) 1,160 1,164 1,366 1,413 1,425 1,517 1,577 Timber & Agric
Slide 59: Definitions of Non-GAAP Measures
57 Operating income is net income available to common shareholders, excluding: - realized capital gains and losses, after-tax, except for periodic settlements and accruals on non-hedge derivative instruments, which are reported with realized capital gains and losses but included in operating income,