Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 1, 2023

THE ALLSTATE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

1-11840

36-3871531

(State or other
jurisdiction of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

3100 Sanders Road, Northbrook, Illinois 60062

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (847) 402-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of each exchange on which registered
Common Stock, par value $0.01 per share	ALL	New York Stock Exchange Chicago Stock Exchange
5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053	ALL.PR.B	New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series H	ALL PR H	New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series I	ALL PR I	New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 7.375% Noncumulative Preferred Stock, Series J	ALL PR J	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition.

The Registrant’s press release dated August 1, 2023, announcing its financial results for the second quarter of 2023, and the Registrant’s second quarter 2023 investor supplement are furnished as Exhibits 99.1 and 99.2, respectively, to this report. The information contained in the press release and the investor supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Registrant’s press release dated August 1, 2023

99.2 Second quarter 2023 Investor Supplement of The Allstate Corporation

104 Cover Page Interactive Data File (formatted as inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			THE ALLSTATE CORPORATION
			(Registrant)

			By:			/s/ John C. Pintozzi
			Name: John C. Pintozzi
			Title: Senior Vice President, Controller and Chief Accounting Officer

Date: August 1, 2023

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contacts:

Al Scott Brent Vandermause

Media Relations Investor Relations

(847) 402-5600 (847) 402-2800

Allstate Reports Second Quarter 2023 Results

NORTHBROOK, Ill., August 1, 2023 – The Allstate Corporation (NYSE: ALL) today reported financial results for the second quarter of 2023.


The Allstate Corporation Consolidated Highlights (1)
	Three months ended June 30,						Six months ended June 30,
($ in millions, except per share data and ratios)	2023		2022		% / pts Change		2023		2022		% / pts Change
Consolidated revenues	$	13,979	$	12,219	14.4	%	$27,765		$24,555		13.1	%
Net loss applicable to common shareholders	(1,389)		(1,040)		33.6		(1,735)		(406)		NM
per diluted common share (2)	(5.29)		(3.80)		39.2		(6.59)		(1.47)		NM
Adjusted net income (loss)*	(1,162)		(207)		NM		(1,504)		523		NM
per diluted common share* (2)	(4.42)		(0.75)		NM		(5.72)		1.87		NM
Return on Allstate common shareholders’ equity (trailing twelve months)
Net income (loss) applicable to common shareholders							(17.2)	%	4.2	%	(21.4)
Adjusted net income (loss)*							(12.7)	%	7.1	%	(19.8)



Common shares outstanding (in millions)							261.8		271.2		(3.5)
Book value per common share							51.29		65.96		(22.2)

Consolidated premiums written (3)	13,731		12,644		8.6		26,596		24,503		8.5
Property-Liability insurance premiums earned	11,921		10,874		9.6		23,556		21,372		10.2
Property-Liability combined ratio
Recorded	117.6		107.9		9.7		113.1		102.7		10.4
Underlying combined ratio*	92.9		93.4		(0.5)		93.1		92.2		0.9
Catastrophe losses	2,696		1,108		143.3		4,387		1,570		179.4
Total policies in force (in thousands)							188,022		187,680		0.2

(1)Prior periods have been recast to reflect the impact of the adoption of Financial Accounting Standard Board (“FASB”) guidance revising the accounting for certain long-duration insurance contracts in the Health and Benefits segment.

(2)In periods where a net loss or adjusted net loss is reported, weighted average shares for basic earnings per share is used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation.

(3)Includes premiums and contract charges for Allstate Health and Benefits segment.

* Measures used in this release that are not based on accounting principles generally accepted in the United States of America (“non-GAAP”) are denoted with an asterisk and defined and reconciled to the most directly comparable GAAP measure in the “Definitions of Non-GAAP Measures” section of this document.

NM = not meaningful

“Allstate’s excellent operating capabilities enabled us to navigate a difficult external environment while building long-term value,” said Tom Wilson, Chair, President and CEO of The Allstate Corporation. “Severe weather resulted in 42 catastrophe events, where we remediated losses for 160,000 customers, causing net catastrophe losses of $2.7 billion in the quarter. The auto insurance profit improvement plan is being successfully implemented and we continue to increase homeowners prices in response to higher severity and catastrophes, although price increases

and operating efficiency gains were largely offset by increased claim frequency and severity in the quarter. Net income for the quarter was a loss of $1.4 billion as catastrophe and underwriting losses more than offset higher investment income and profits from Protection Services and Health and Benefits.”

“Our strategy to become the lowest cost protection provider and broaden customer relationships is supporting near-term profit improvement while building a foundation for growth. Sustainable cost reductions are being implemented, lowering current and future costs. Distribution programs have improved productivity, expanded reach and lowered costs, which will drive accelerated growth as auto and homeowners insurance margins improve. Affordable, simple and connected property-liability products with sophisticated telematics pricing are being introduced through a new technology platform. Protection Plans is expanding with new products and retail relationships and in international markets. Allstate will improve results while building an enhanced business model to better serve customers, generate attractive returns for shareholders and create opportunity for the Allstate team,” concluded Wilson.

Second Quarter 2023 Results

•Total revenues of $14.0 billion in the second quarter of 2023 increased 14.4%, or $1.8 billion, compared to the prior year quarter driven by a $1.0 billion increase in Property-Liability earned premium and net gains on equity valuations in the second quarter of 2023 compared to losses in 2022.

•Net loss applicable to common shareholders was $1.4 billion in the second quarter of 2023 compared to $1.0 billion in the prior year quarter. The result was driven by increased underwriting losses primarily due to higher catastrophe losses. Adjusted net loss* was $1.2 billion, or $4.42 per diluted share, in the second quarter of 2023, compared to an adjusted net loss* of $207 million in the prior year quarter.

•Property-Liability earned premium of $11.9 billion increased 9.6% in the second quarter of 2023 compared to the prior year quarter, primarily driven by higher average premiums. The $2.1 billion underwriting loss in the quarter increased by $1.2 billion compared to the prior year quarter, driven by a $1.6 billion increase in catastrophe losses.


Property-Liability Results
	Three months ended June 30,						Six months ended June 30,
($ in millions)	2023		2022		% / pts Change		2023		2022		% / pts Change




Premiums earned	$	11,921	$	10,874	9.6	%	$	23,556	$	21,372	10.2	%
Allstate brand	10,002		9,288		7.7		19,854		18,299		8.5
National General	1,919		1,586		21.0		3,702		3,073		20.5

Premiums written	$	12,620	$	11,509	9.7	%	$	24,403	$	22,270	9.6	%
Allstate brand	10,525		9,862		6.7		20,230		18,897		7.1
National General	2,095		1,647		27.2		4,173		3,373		23.7

Underwriting income (loss)	(2,094)		(864)		NM		(3,095)		(584)		NM
Allstate brand	(1,847)		(825)		NM		(2,819)		(574)		NM
National General	(248)		(38)		NM		(276)		(9)		NM

Recorded combined ratio	117.6		107.9		9.7		113.1		102.7		10.4
Underlying combined ratio*	92.9		93.4		(0.5)		93.1		92.2		0.9

◦Premiums written of $12.6 billion increased 9.7% compared to the prior year quarter driven by both the Allstate brand and National General. Allstate brand increased 6.7% primarily due to higher auto and homeowners average premium, partially offset by the impact of profitability actions on personal auto policies in force and commercial lines. National General increased 27.2% reflecting higher average premium and policies in force growth.

◦Allstate brand underwriting loss of $1.8 billion increased by $1.0 billion compared to the prior year quarter, driven by higher catastrophe losses and non-catastrophe loss costs, partially offset by higher earned premiums, less unfavorable non-catastrophe prior year reserve reestimates and lower expenses.

◦National General underwriting loss of $248 million increased by $210 million compared to the prior year quarter, reflecting higher unfavorable non-catastrophe prior year reserve reestimates, primarily related to personal auto injury coverages, and higher catastrophe and non-catastrophe losses, partially offset by higher earned premium.

◦Property-Liability underlying combined ratio* of 92.9 in the second quarter of 2023 improved 0.5 points compared to the prior year quarter, reflecting higher earned premiums and lower expenses which were partially offset by higher claim severity and auto accident frequency.

◦Allstate Protection auto insurance results reflect the impact of inflation in loss costs and the comprehensive plan to restore margins through higher rates, lower expenses, underwriting actions and claims process enhancements. National General’s distribution capacity and a broader product portfolio is generating growth through independent agents.


Allstate Protection Auto Results
	Three months ended June 30,						Six months ended June 30,
($ in millions, except ratios)	2023		2022		% / pts Change		2023		2022		% / pts Change
Premiums earned	$	8,121	$	7,348	10.5	%	$	16,029	$	14,429	11.1	%
Allstate brand	6,772		6,253		8.3		13,432		12,326		9.0
National General	1,349		1,095		23.2		2,597		2,103		23.5

Premiums written	$	8,269	$	7,470	10.7	%	16,618		15,032		10.6	%
Allstate brand	6,821		6,374		7.0		13,647		12,682		7.6
National General	1,448		1,096		32.1		2,971		2,350		26.4

Policies in Force (in thousands)							25,520		26,192		(2.6)
Allstate brand							20,821		21,979		(5.3)
National General							4,699		4,213		11.5










Recorded combined ratio	108.3		107.9		0.4		106.4		105.0		1.4



Underlying combined ratio*	102.2		102.1		0.1		102.4		100.5		1.9

◦Earned and written premiums increased 10.5% and 10.7% compared to the prior year quarter, respectively. The increase was driven by higher average premium from rate increases, partially offset by a decline in policies in force.

◦Allstate brand auto net written premium growth of 7.0% compared to the prior year quarter reflects a 14.4% increase in average gross written premium driven by rate increases, partially offset by a decline in policies in force from lower new business and retention.

◦National General auto net written premium grew 32.1% compared to the prior year quarter driven by higher average premium and increased policies in force.

◦Allstate brand auto rate increases were implemented in 34 locations in the second quarter at an average of 10.0%, resulting in an annualized total brand premium impact of 5.8% in the quarter and 7.5% through the first six months of 2023. National General auto rate increases were implemented in 27 locations in the second quarter at an average of 13.9%, resulting in an annualized total brand premium impact of 3.6% in the quarter and 5.5% through the first six months of 2023. We expect to continue to pursue additional rate increases in 2023 to improve auto insurance profitability.

◦The recorded auto insurance combined ratio of 108.3 in the second quarter of 2023 was 0.4 points above the prior year quarter, reflecting higher catastrophe losses, which were partially offset by lower unfavorable non-catastrophe prior year reserve reestimates.

◦The underlying combined ratio* of 102.2 was 0.1 point above the prior year quarter as higher incurred losses from increased claim severity and accident frequency were largely offset by higher average premium and lower expenses.

◦Allstate Protection homeowners insurance continued to grow by increasing rates and policy growth but underwriting income was negatively impacted by elevated catastrophe losses related to more frequent and severe weather events.


Allstate Protection Homeowners Results
	Three months ended June 30,						Six months ended June 30,
($ in millions, except ratios)	2023		2022		% / pts Change		2023		2022		% / pts Change
Premiums earned	$	2,883	$	2,566	12.4	%	$	5,693	$	5,056	12.6	%
Allstate brand	2,537		2,281		11.2		5,025		4,491		11.9
National General	346		285		21.4		668		565		18.2

Premiums written	$	3,381	$	3,008	12.4	%	$	5,915	$	5,289	11.8	%
Allstate brand	2,937		2,665		10.2		5,147		4,685		9.9
National General	444		343		29.4		768		604		27.2

Policies in Force (in thousands)							7,268		7,197		1.0
Allstate brand							6,614		6,566		0.7
National General							654		631		3.6









Recorded combined ratio	145.3		107.5		37.8		132.3		95.9		36.4
Catastrophe Losses	$	2,189	$	913	139.8	%	$	3,638	$	1,296	180.7	%
Underlying combined ratio*	67.6		69.5		(1.9)		67.6		68.8		(1.2)

◦Earned and written premiums both increased 12.4% compared to the prior year quarter, primarily reflecting higher average premium and policies in force growth of 1.0% compared to the second quarter of 2022.

◦Allstate brand net written premium increased 10.2% compared to the prior year quarter, primarily driven by a 13.2% increase in average gross written premium due to implemented rate increases and inflation in insured home replacement costs.

◦National General net written premium grew 29.4% compared to the prior year quarter primarily due to higher average premium as rates were increased to improve underwriting margins, and policies in force growth.

◦Allstate brand homeowners implemented rate increases in 20 locations in the second quarter at an average of 12.3%, resulting in an annualized total brand premium impact of 2.5% in the quarter and 7.4% through the first six months of 2023. National General homeowners rate increases were implemented in 10 locations in the second quarter at an average of 23.5%, resulting in an annualized total brand premium impact of 3.8% in the quarter and 5.3% through the first six months of 2023.

◦The recorded homeowners insurance combined ratio of 145.3 was 37.8 points higher than the second quarter of 2022, due to catastrophe losses.

◦Catastrophe losses of $2.2 billion in the quarter increased $1.3 billion compared to the prior year quarter, primarily related to an increased number of wind/hail events and larger losses per event.

◦The underlying combined ratio* of 67.6 decreased by 1.9 points compared to the prior year quarter, driven by higher earned premium and a lower expense ratio, partially offset by higher non-catastrophe claim severity.

•Protection Services continues to broaden the protection provided to an increasing number of customers largely through embedded distribution programs. Revenues increased to $686 million in the second quarter of 2023, 9.1% higher than the prior year quarter, primarily due to Allstate Protection Plans and Allstate Dealer Services, partially offset by a decline at Arity. Adjusted net income of $41 million decreased by $2 million compared to the prior year quarter, primarily due to higher claim severity and growth investments at Allstate Protection Plans.


Protection Services Results
	Three months ended June 30,							Six months ended June 30,
($ in millions)	2023		2022		% / $ Change			2023		2022		% / $ Change
Total revenues (1)	$	686	$	629	9.1		%	$	1,357	$	1,256	8.0		%
Allstate Protection Plans	399		338		18.0			784		667		17.5
Allstate Dealer Services	148		139		6.5			296		274		8.0
Allstate Roadside	66		64		3.1			130		129		0.8
Arity	35		52		(32.7)			72		114		(36.8)
Allstate Identity Protection	38		36		5.6			75		72		4.2
Adjusted net income (loss)	$	41	$	43	$	(2)		$	75	$	96	$	(21)
Allstate Protection Plans	31		36		(5)			59		79		(20)
Allstate Dealer Services	6		8		(2)			13		17		(4)
Allstate Roadside	6		1		5			10		3		7
Arity	(3)		(1)		(2)			(7)		(2)		(5)
Allstate Identity Protection	1		(1)		2			—		(1)		1

(1)Excludes net gains and losses on investments and derivatives.

◦Allstate Protection Plans’ relationships with major retailers resulted in revenue of $399 million, $61 million or 18.0% higher than the prior year quarter, reflecting expanded products and international growth. Adjusted net income of $31 million in the second quarter of 2023 was $5 million lower than the prior year quarter, primarily due to the proportion of lower margin business and higher appliance and furniture claim severity.

◦Allstate Dealer Services generated revenue of $148 million through auto dealers, which was 6.5% higher than the second quarter of 2022 due to higher earned premium from rate increases. Adjusted net income of $6 million in the second quarter was $2 million lower than the prior year quarter driven by increased claim severity.

◦Allstate Roadside revenue of $66 million in the second quarter of 2023 increased 3.1% compared to the prior year quarter driven by price increases. Adjusted net income was $5 million higher than the prior year quarter, primarily driven by increased pricing and lower loss severity from in-network sourcing.

◦Arity revenue of $35 million decreased $17 million compared to the prior year quarter, primarily due to reductions in insurance client advertising. Adjusted net loss of $3 million in the second quarter of 2023 compared to a $1 million loss in the prior year quarter reflects lower revenue.

◦Allstate Identity Protection revenue of $38 million in the second quarter of 2023 was 5.6% higher than the prior year quarter due to growth from new and existing clients. Adjusted net income of $1 million in the second quarter of 2023 compared to a $1 million loss in the prior year quarter reflects lower expenses.

•Allstate Health and Benefits premiums and contract charges decreased 2.6% compared to the prior year quarter, primarily driven by a decline in individual health and employer voluntary benefits, partially offset by growth in group health. Adjusted net income of $57 million in the second quarter of 2023 decreased $10 million compared to the prior year quarter, primarily due to a decline in employer voluntary benefits and individual health as well as growth related investments.


Allstate Health and Benefits Results (1)
	Three months ended June 30,						Six months ended June 30,
($ in millions)	2023		2022		% Change		2023		2022		% Change
Premiums and contract charges	$	453	$	465	(2.6)	%	$	916	$	933	(1.8)	%
Employer voluntary benefits	245		257		(4.7)		500		520		(3.8)
Group health	110		95		15.8		217		189		14.8
Individual health	98		113		(13.3)		199		224		(11.2)
Adjusted net income	57		67		(14.9)		113		124		(8.9)

(1)Prior periods have been recast to reflect the impact of the adoption of FASB guidance revising the accounting for certain long-duration insurance contracts.

•Allstate Investments $63.7 billion portfolio generated net investment income of $610 million in the second quarter of 2023, an increase of $48 million from the prior year quarter as higher market-based income was partially offset by lower performance-based results.


Allstate Investment Results
	Three months ended June 30,								Six months ended June 30,
($ in millions, except ratios)	2023			2022			$ / pts Change		2023			2022			$ / pts Change
Net investment income	$	610		$	562		$	48	$	1,185		$	1,156		$	29
Market-based investment income (1)	536			368			168		1,043			691			352
Performance-based investment income (1)	127			236			(109)		253			542			(289)
Net gains (losses) on investments and derivatives	(151)			(733)			582		(137)			(1,000)			863
Change in unrealized net capital gains and losses, pre-tax	(342)			(1,459)			1,117		530			(3,497)			4,027
Total return on investment portfolio	0.2		%	(2.8)		%	3.0		2.5		%	(5.6)		%	8.1
Total return on investment portfolio (trailing twelve months)									4.2		%	(3.5)		%	7.7

(1)Investment expenses are not allocated between market-based and performance-based portfolios with the exception of investee level expenses.

◦Market-based investment income was $536 million in the second quarter of 2023, an increase of $168 million, or 45.7%, compared to the prior year quarter, reflecting higher yields in the $45.5 billion fixed income portfolio and extending duration to 4.4 years, from 4.0 years in the prior quarter. Investment portfolio allocations are based on the enterprise risk and return position, capital levels and expected returns. Equity risk in the market-based portfolio was reduced over the last year to lower overall risk levels.

◦Performance-based investment income totaled $127 million in the second quarter of 2023, a decrease of $109 million compared to the prior year quarter. Portfolio allocation to performance-based assets has remained stable as these investments provide a diversifying source of high returns, despite volatility in reported results. Current quarter results reflect lower valuation increases and gains on the sale of underlying investments compared to the prior year quarter.

◦Net losses on investments and derivatives were $151 million in the second quarter of 2023, compared to $733 million in the prior year quarter. Net losses in the second quarter of 2023 were driven by sales of fixed income securities.

◦Unrealized net capital losses were $2.4 billion, $342 million more than the prior quarter, as higher interest rates resulted in lower fixed income valuations.

◦Total return on the investment portfolio was 0.2% for the second quarter of 2023.

Proactive Capital Management

“Allstate’s sophisticated capital management framework is designed to ensure capital adequacy and generate attractive returns for shareholders. A robust reinsurance program is in place to mitigate losses from large catastrophes and homeowners insurance geographic exposures are managed to generate appropriate risk adjusted returns. The investment portfolio risk profile has been adjusted and fixed income duration has been extended to sustainably increase income in a higher yield environment. Share repurchases under the current $5 billion authorization were suspended in July reflecting underwriting losses,” said Jess Merten, Chief Financial Officer. “Allstate continues to proactively manage capital and has the financial flexibility, liquidity and capital resources to navigate the challenging operating environment and be positioned for growth,” concluded Merten.

Visit www.allstateinvestors.com for additional information about Allstate’s results, including a webcast of its quarterly conference call and the call presentation. The conference call will be at 11 a.m. ET on Wednesday, August 2. Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.

Forward-Looking Statements

This news release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.


THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

($ in millions, except par value data)	June 30, 2023		December 31, 2022
Assets
Investments
Fixed income securities, at fair value (amortized cost, net $47,904 and $45,370)	$	45,550	$	42,485
Equity securities, at fair value (cost $2,231 and $4,253)	2,290		4,567
Mortgage loans, net	823		762
Limited partnership interests	8,150		8,114
Short-term, at fair value (amortized cost $5,138 and $4,174)	5,137		4,173
Other investments, net	1,718		1,728
Total investments	63,668		61,829
Cash	699		736
Premium installment receivables, net	9,713		9,165
Deferred policy acquisition costs	5,607		5,442
Reinsurance and indemnification recoverables, net	9,151		9,619
Accrued investment income	471		423
Deferred income taxes	480		382
Property and equipment, net	945		987
Goodwill	3,502		3,502
Other assets, net	6,278		5,904

Total assets	$	100,514	$	97,989
Liabilities
Reserve for property and casualty insurance claims and claims expense	$	40,531	$	37,541
Reserve for future policy benefits	1,339		1,322
Contractholder funds	881		879
Unearned premiums	23,355		22,299
Claim payments outstanding	1,387		1,268

Other liabilities and accrued expenses	9,700		9,353
Debt	7,949		7,964

Total liabilities	85,142		80,626
Equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand and 81.0 thousand shares issued and outstanding, $2,050 and $2,025 aggregate liquidation preference	2,001		1,970
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 262 million and 263 million shares outstanding	9		9
Additional capital paid-in	3,786		3,788
Retained income	48,766		50,970

Treasury stock, at cost (638 million and 637 million shares)	(37,131)		(36,857)
Accumulated other comprehensive income:
Unrealized net capital gains and losses	(1,845)		(2,255)
Unrealized foreign currency translation adjustments	(87)		(165)
Unamortized pension and other postretirement prior service credit	20		29
Discount rate for reserve for future policy benefits	(2)		(1)
Total accumulated other comprehensive income	(1,914)		(2,392)
Total Allstate shareholders’ equity	15,517		17,488
Noncontrolling interest	(145)		(125)
Total equity	15,372		17,363
Total liabilities and equity	$	100,514	$	97,989


THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

($ in millions, except per share data)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022

Revenues
Property and casualty insurance premiums	$	12,470	$	11,362	$	24,643	$	22,343
Accident and health insurance premiums and contract charges	453		465		916		933
Other revenue	597		563		1,158		1,123
Net investment income	610		562		1,185		1,156
Net gains (losses) on investments and derivatives	(151)		(733)		(137)		(1,000)
Total revenues	13,979		12,219		27,765		24,555

Costs and expenses
Property and casualty insurance claims and claims expense	11,727		9,367		22,053		17,189

Accident, health and other policy benefits	258		265		523		533
Amortization of deferred policy acquisition costs	1,789		1,618		3,533		3,226
Operating costs and expenses	1,786		1,850		3,502		3,752
Pension and other postretirement remeasurement (gains) losses	(40)		259		(93)		12
Restructuring and related charges	27		1		54		13
Amortization of purchased intangibles	82		87		163		174

Interest expense	98		83		184		166
Total costs and expenses	15,727		13,530		29,919		25,065

Loss from operations before income tax expense	(1,748)		(1,311)		(2,154)		(510)

Income tax benefit	(373)		(289)		(458)		(138)

Net loss	(1,375)		(1,022)		(1,696)		(372)

Less: Net loss attributable to noncontrolling interest	(23)		(9)		(24)		(19)

Net loss attributable to Allstate	(1,352)		(1,013)		(1,672)		(353)

Less: Preferred stock dividends	37		27		63		53

Net loss applicable to common shareholders	$	(1,389)	$	(1,040)	$	(1,735)	$	(406)

Earnings per common share:
Net loss applicable to common shareholders per common share - Basic	$	(5.29)	$	(3.80)	$	(6.59)	$	(1.47)
Weighted average common shares - Basic	262.6		273.8		263.1		275.9
Net loss applicable to common shareholders per common share - Diluted	$	(5.29)	$	(3.80)	$	(6.59)	$	(1.47)
Weighted average common shares - Diluted	262.6		273.8		263.1		275.9

Definitions of Non-GAAP Measures

We believe that investors’ understanding of Allstate’s performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

Adjusted net income is net income (loss) applicable to common shareholders, excluding:

◦Net gains and losses on investments and derivatives

◦Pension and other postretirement remeasurement gains and losses

◦Amortization or impairment of purchased intangibles

◦Gain or loss on disposition

◦Adjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two years

◦Related income tax expense or benefit of these items

Net income (loss) applicable to common shareholders is the GAAP measure that is most directly comparable to adjusted net income.

We use adjusted net income as an important measure to evaluate our results of operations. We believe that the measure provides investors with a valuable measure of the Company’s ongoing performance because it reveals trends in our insurance and financial services business that may be obscured by the net effect of net gains and losses on investments and derivatives, pension and other postretirement remeasurement gains and losses, amortization or impairment of purchased intangibles, gain or loss on disposition and adjustments for other significant non-recurring, infrequent or unusual items and the related tax expense or benefit of these items. Net gains and losses on investments and derivatives, and pension and other postretirement remeasurement gains and losses may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Gain or loss on disposition is excluded because it is non-recurring in nature and the amortization or impairment of purchased intangibles is excluded because it relates to the acquisition purchase price and is not indicative of our underlying business results or trends. Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends. Accordingly, adjusted net income excludes the effect of items that tend to be highly variable from period to period and highlights the results from ongoing operations and the underlying profitability of our business. A byproduct of excluding these items to determine adjusted net income is the transparency and understanding of their significance to net income variability and profitability while recognizing these or similar items may recur in subsequent periods. Adjusted net income is used by management along with the other components of net income (loss) applicable to common shareholders to assess our performance. We use adjusted measures of adjusted net income in incentive compensation. Therefore, we believe it is useful for investors to evaluate net income (loss) applicable to common shareholders, adjusted net income and their components separately and in the aggregate when reviewing and evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the Company and management’s performance. We note that the price to earnings multiple commonly used by insurance investors as a forward-looking valuation technique uses adjusted net income as the denominator. Adjusted net income should not be considered a substitute for net income (loss) applicable to common shareholders and does not reflect the overall profitability of our business.

The following tables reconcile net income (loss) applicable to common shareholders and adjusted net income. Taxes on adjustments to reconcile net income (loss) applicable to common shareholders and adjusted net income (loss) generally use a 21% effective tax rate.


($ in millions, except per share data)	Three months ended June 30,
	Consolidated				Per diluted common share
	2023		2022		2023		2022
Net loss applicable to common shareholders (1)	$	(1,389)	$	(1,040)	$	(5.29)	$	(3.80)
Net (gains) losses on investments and derivatives	151		733		0.58		2.68
Pension and other postretirement remeasurement (gains) losses	(40)		259		(0.15)		0.95

Amortization of purchased intangibles	82		87		0.31		0.32



(Gain) loss on disposition	8		(27)		0.03		(0.10)

Non-recurring costs (2)	90		—		0.34		—
Income tax expense (benefit)	(64)		(219)		(0.24)		(0.80)
Adjusted net loss * (1)	$	(1,162)	$	(207)	$	(4.42)	$	(0.75)

Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)					1.7		3.2

	Six months ended June 30,
	Consolidated				Per diluted common share
	2023		2022		2023		2022
Net loss applicable to common shareholders (1)	$	(1,735)	$	(406)	$	(6.59)	$	(1.47)
Net (gains) losses on investments and derivatives	137		1,000		0.52		3.58
Pension and other postretirement remeasurement (gains) losses	(93)		12		(0.35)		0.05

Amortization of purchased intangibles	163		174		0.62		0.63



(Gain) loss on disposition	(1)		(11)		(0.01)		(0.04)

Non-recurring costs (2)	90		—		0.34		—
Income tax expense (benefit)	(65)		(246)		(0.25)		(0.88)
Adjusted net income (loss) * (1)	$	(1,504)	$	523	$	(5.72)	$	1.87

Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)					2.1		3.5

_____________

(1) In periods where a net loss or adjusted net loss is reported, weighted average shares for basic earnings per share is used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation.

(2) Relates to settlement costs for non-recurring litigation that is outside of the ordinary course of business.

Adjusted net income return on Allstate common shareholders’ equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month adjusted net income by the average of Allstate common shareholders’ equity at the beginning and at the end of the 12-months, after excluding the effect of unrealized net capital gains and losses. Return on Allstate common shareholders’ equity is the most directly comparable GAAP measure. We use adjusted net income as the numerator for the same reasons we use adjusted net income, as discussed previously. We use average Allstate common shareholders’ equity excluding the effect of unrealized net capital gains and losses for the denominator as a representation of common shareholders’ equity primarily applicable to Allstate's earned and realized business operations because it eliminates the effect of items that are unrealized and vary significantly between periods due to external economic developments such as capital market conditions like changes in equity prices and interest rates, the amount and timing of which are unrelated to the insurance underwriting process. We use it to supplement our evaluation of net income (loss) applicable to common shareholders and return on Allstate common shareholders’ equity because it excludes the effect of items that tend to be highly variable from period to period. We believe that this measure is useful to investors and that it provides a valuable tool for investors when considered along with return on Allstate common shareholders’ equity because it eliminates the after-tax effects of realized and unrealized net capital gains and losses that can fluctuate significantly from period to period and that are driven by economic developments, the magnitude and timing of which are generally not influenced by management. In addition, it eliminates non-recurring items that are not indicative of our ongoing business or economic trends. A byproduct of excluding the items noted above to determine adjusted net income return on Allstate common shareholders’ equity from return on Allstate common shareholders’ equity is the transparency and understanding of their significance to return on common shareholders’ equity variability and profitability while recognizing these or similar items may recur in subsequent periods. We use adjusted measures of adjusted net income return on Allstate common shareholders’ equity in incentive compensation. Therefore, we believe it is useful for investors to have adjusted net income return on Allstate common shareholders’ equity and return on Allstate common shareholders’ equity when evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income return on common shareholders’ equity results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management’s utilization of capital. We also provide it to facilitate a comparison to our long-term adjusted net income return on Allstate common shareholders’ equity goal. Adjusted net income return on Allstate common shareholders’ equity should not be considered a substitute for return on Allstate common shareholders’ equity and does not reflect the overall profitability of our business.

The following tables reconcile return on Allstate common shareholders’ equity and adjusted net income (loss) return on Allstate common shareholders’ equity.


($ in millions)	For the twelve months ended June 30,
	2023			2022
Return on Allstate common shareholders’ equity
Numerator:
Net income (loss) applicable to common shareholders	$	(2,723)		$	913
Denominator:
Beginning Allstate common shareholders’ equity	$	18,094		$	25,774
Ending Allstate common shareholders’ equity (1)	13,516			18,094
Average Allstate common shareholders’ equity	$	15,805		$	21,934
Return on Allstate common shareholders’ equity	(17.2)		%	4.2		%


($ in millions)	For the twelve months ended June 30,
	2023			2022
Adjusted net income (loss) return on Allstate common shareholders’ equity
Numerator:
Adjusted net income (loss) *	$	(2,266)		$	1,557

Denominator:
Beginning Allstate common shareholders’ equity	$	18,094		$	25,774
Less: Unrealized net capital gains and losses	(2,140)			2,165
Adjusted beginning Allstate common shareholders’ equity	20,234			23,609

Ending Allstate common shareholders’ equity (1)	13,516			18,094
Less: Unrealized net capital gains and losses	(1,845)			(2,140)
Adjusted ending Allstate common shareholders’ equity	15,361			20,234
Average adjusted Allstate common shareholders’ equity	$	17,798		$	21,922
Adjusted net income (loss) return on Allstate common shareholders’ equity *	(12.7)		%	7.1		%

_____________

(1) Excludes equity related to preferred stock of $2,001 million and $1,970 million as of June 30, 2023 and 2022, respectively.

Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization or impairment of purchased intangibles (“underlying combined ratio”) is a non-GAAP ratio, which is computed as the difference between four GAAP operating ratios: the combined ratio, the effect of catastrophes on the combined ratio, the effect of prior year non-catastrophe reserve reestimates on the combined ratio, and the effect of amortization or impairment of purchased intangibles on the combined ratio. We believe that this ratio is useful to investors, and it is used by management to reveal the trends in our Property-Liability business that may be obscured by catastrophe losses, prior year reserve reestimates and amortization or impairment of purchased intangibles. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves, which could increase or decrease current year net income. Amortization or impairment of purchased intangibles relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business.

The following tables reconcile the respective combined ratio to the underlying combined ratio. Underwriting margin is calculated as 100% minus the combined ratio.


Property-Liability	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
Combined ratio	117.6	107.9	113.1	102.7
Effect of catastrophe losses	(22.6)	(10.2)	(18.6)	(7.3)
Effect of prior year non-catastrophe reserve reestimates	(1.6)	(3.8)	(0.9)	(2.7)
Effect of amortization of purchased intangibles	(0.5)	(0.5)	(0.5)	(0.5)

Underlying combined ratio*	92.9	93.4	93.1	92.2

Effect of prior year catastrophe reserve reestimates	0.3	0.4	(0.1)	0.2


Allstate Protection - Auto Insurance	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
Combined ratio	108.3	107.9	106.4	105.0
Effect of catastrophe losses	(4.2)	(1.5)	(2.7)	(1.0)
Effect of prior year non-catastrophe reserve reestimates	(1.4)	(3.8)	(0.8)	(2.9)
Effect of amortization of purchased intangibles	(0.5)	(0.5)	(0.5)	(0.6)

Underlying combined ratio*	102.2	102.1	102.4	100.5

Effect of prior year catastrophe reserve reestimates	(0.2)	(0.5)	(0.3)	(0.3)


Allstate Protection - Homeowners Insurance	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
Combined ratio	145.3	107.5	132.3	95.9
Effect of catastrophe losses	(75.9)	(35.6)	(63.9)	(25.6)
Effect of prior year non-catastrophe reserve reestimates	(1.4)	(1.9)	(0.5)	(1.1)
Effect of amortization of purchased intangibles	(0.4)	(0.5)	(0.3)	(0.4)
Underlying combined ratio*	67.6	69.5	67.6	68.8

Effect of prior year catastrophe reserve reestimates	1.8	3.3	0.8	1.5

# # # # #

Investor Supplement Second Quarter 2023 The condensed consolidated financial statements and financial exhibits included herein are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The results of operations for interim periods should not be considered indicative of results to be expected for the full year. Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*). These measures are defined on the pages "Definitions of Non-GAAP Measures" and are reconciled to the most directly comparable generally accepted accounting principles ("GAAP") measure herein. The Allstate Corporation

Condensed Consolidated Statements of Operations 1 Segment Results 11 Contribution to Income 2 Book Value per Common Share and Debt to Capital 3 Return on Allstate Common Shareholders' Equity 4 Segment Results and Other Statistics 12 Policies in Force 5 Segment Results 13 Results 6 Profitability Measures 7 Investment Position and Results 14 Impact of Net Rate Changes Implemented on Premiums Written 8 Investment Position and Results by Strategy 15 Auto Profitability Measures and Statistics 9 Homeowners Profitability Measures and Statistics 10 16,17 18 Items included in the glossary are denoted with a caret (^) the first time used. Property-Liability Allstate Protection The Allstate Corporation Investor Supplement - Second Quarter 2023 Table of Contents Consolidated Operations Protection Services Definitions of Non-GAAP Measures Glossary Allstate Health and Benefits Investments Corporate and Other

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 June 30, 2023 June 30, 2022 12,470$ 12,173$ 11,900$ 11,661$ 11,362$ 10,981$ 24,643$ 22,343$ 453 463 436 463 465 468 916 933 597 561 660 561 563 560 1,158 1,123 610 575 557 690 562 594 1,185 1,156 (151) 14 95 (167) (733) (267) (137) (1,000) 13,979 13,786 13,648 13,208 12,219 12,336 27,765 24,555 11,727 10,326 10,002 10,073 9,367 7,822 22,053 17,189 258 265 257 252 265 268 523 533 1,789 1,744 1,725 1,683 1,618 1,608 3,533 3,226 1,786 1,716 1,852 1,842 1,850 1,902 3,502 3,752 (40) (53) 25 79 259 (247) (93) 12 27 27 24 14 1 12 54 13 82 81 89 90 87 87 163 174 98 86 84 85 83 83 184 166 15,727 14,192 14,058 14,118 13,530 11,535 29,919 25,065 (1,748) (406) (410) (910) (1,311) 801 (2,154) (510) (373) (85) (114) (236) (289) 151 (458) (138) (1,375) (321) (296) (674) (1,022) 650 (1,696) (372) (23) (1) (19) (15) (9) (10) (24) (19) (1,352) (320) (277) (659) (1,013) 660 (1,672) (353) 37 26 26 26 27 26 63 53 (1,389)$ (346)$ (303)$ (685)$ (1,040)$ 634$ (1,735)$ (406)$ (5.29)$ (1.31)$ (1.15)$ (2.55)$ (3.80)$ 2.28$ (6.59)$ (1.47)$ 262.6 263.5 264.4 268.7 273.8 278.1 263.1 275.9 (5.29)$ (1.31)$ (1.15)$ (2.55)$ (3.80)$ 2.25$ (6.59)$ (1.47)$ 262.6 263.5 264.4 268.7 273.8 281.8 263.1 275.9 1.7 2.6 3.1 2.9 3.2 - 2.1 3.5 0.89$ 0.89$ 0.85$ 0.85$ 0.85$ 0.85$ 1.78$ 1.70$ (1) (2) (In millions, except per share data) Revenues Property and casualty insurance premiums ^ The Allstate Corporation Condensed Consolidated Statements of Operations (1) Three months ended Accident and health insurance premiums and contract charges ^ Other revenue ^ Net investment income Net gains (losses) on investments and derivatives Total revenues Costs and expenses Property and casualty insurance claims and claims expense Accident, health and other policy benefits Amortization of deferred policy acquisition costs Operating costs and expenses Income (loss) from operations before income tax expense Income tax expense (benefit) Pension and other postretirement remeasurement (gains) losses Restructuring and related charges Amortization of purchased intangibles Interest expense Six months ended In periods where a net loss is reported, weighted average shares for basic earnings per share is used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation. 2022 periods have been recast to reflect the impact of the adoption of the Financial Accounting Standards Board ("FASB") guidance revising the accounting for certain long-duration insurance contracts. Net income (loss) Less: Net income (loss) attributable to noncontrolling interest Net income (loss) attributable to Allstate Less: Preferred stock dividends Net income (loss) applicable to common shareholders Earnings per common share Total costs and expenses Weighted average common shares - Diluted (2) Cash dividends declared per common share Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (2) Net income (loss) applicable to common shareholders per common share - Basic Weighted average common shares - Basic Net income (loss) applicable to common shareholders per common share - Diluted (2) The Allstate Corporation 2Q23 Supplement 1

(In millions, except per share data) June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 June 30, 2023 June 30, 2022 Contribution to income (1,389)$ (346)$ (303)$ (685)$ (1,040)$ 634$ (1,735)$ (406)$ Net (gains) losses on investments and derivatives 151 (14) (95) 167 733 267 137 1,000 Pension and other postretirement remeasurement (gains) losses (40) (53) 25 79 259 (247) (93) 12 Amortization of purchased intangibles 82 81 89 90 87 87 163 174 (Gain) loss on disposition 8 (9) (83) (4) 5 (27) 16 (1) (11) Non-recurring costs (2) 90 - - - - - 90 - Income tax expense (benefit) (64) (1) 16 (67) (219) (27) (65) (246) (1,162)$ (342)$ (351)$ (411)$ (207)$ 730$ (1,504)$ 523$ (5.29)$ (1.31)$ (1.15)$ (2.55)$ (3.80)$ 2.25$ (6.59)$ (1.47)$ Net (gains) losses on investments and derivatives 0.58 (0.05) (0.36) 0.62 2.68 0.95 0.52 3.58 Pension and other postretirement remeasurement (gains) losses (0.15) (0.20) 0.09 0.29 0.95 (0.88) (0.35) 0.05 Amortization of purchased intangibles 0.31 0.31 0.34 0.34 0.32 0.31 0.62 0.63 (Gain) loss on disposition 0.03 (0.04) (0.32) 0.02 (0.10) 0.06 (0.01) (0.04) Non-recurring costs (2) 0.34 - - - - - 0.34 - Income tax expense (benefit) (0.24) (0.01) 0.07 (0.25) (0.80) (0.10) (0.25) (0.88) (4.42)$ (1.30)$ (1.33)$ (1.53)$ (0.75)$ 2.59$ (5.72)$ 1.87$ 262.6 263.5 264.4 268.7 273.8 281.8 263.1 279.4 Adjusted net income (loss) * (3) Weighted average common shares - Diluted (3) Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (3) 1.7 2.6 3.1 2.9 3.2 - 2.1 3.5 (1) (2) (3) (4) Contribution to Income (1) The Allstate Corporation Six months ended Relates to settlement costs for non-recurring litigation that is outside of the ordinary course of business. 2022 periods have been recast to reflect the impact of the adoption of the FASB guidance revising the accounting for certain long-duration insurance contracts. In periods where a net loss or adjusted net loss is reported, weighted average shares for basic earnings per share is used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation. Includes $83 million related to the gain on sale of headquarters in the fourth quarter of 2022 reported as other revenue in Corporate and Other segment. Three months ended Net income (loss) applicable to common shareholders Adjusted net income (loss) * Income per common share - Diluted Net income (loss) applicable to common shareholders (3) The Allstate Corporation 2Q23 Supplement 2

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 13,516$ 15,524$ 15,518$ 15,713$ 18,094$ 21,105$ 263.5 264.7 267.0 269.1 274.3 279.7 51.29$ 58.65$ 58.12$ 58.39$ 65.96$ 75.46$ 13,516$ 15,524$ 15,518$ 15,713$ 18,094$ 21,105$ (1,843) (1,575) (2,254) (2,933) (2,143) (996) 15,359$ 17,099$ 17,772$ 18,646$ 20,237$ 22,101$ 263.5 264.7 267.0 269.1 274.3 279.7 58.29$ 64.60$ 66.56$ 69.29$ 73.78$ 79.02$ 7,949$ 8,452$ 7,964$ 7,967$ 7,970$ 7,973$ 23,466$ 25,946$ 25,452$ 25,650$ 28,034$ 31,048$ 51.2 % 48.3 % 45.5 % 45.1 % 39.7 % 34.6 % 33.9 % 32.6 % 31.3 % 31.1 % 28.4 % 25.7 % (1) (2) (3) The Allstate Corporation Book Value per Common Share and Debt to Capital (1) Denominator: Common shares outstanding and dilutive potential common shares outstanding (3) ($ in millions, except per share data) Book value per common share Numerator: Allstate common shareholders' equity (2) Book value per common share Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities Numerator: Allstate common shareholders' equity (2) Less: Unrealized net capital gains and losses on fixed income securities Adjusted Allstate common shareholders' equity Denominator: Common shares outstanding and dilutive potential common shares outstanding (3) Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities * Total debt Total capital resources Ratio of debt to Allstate shareholders' equity 2022 periods have been recast to reflect the impact of the adoption of the FASB guidance revising the accounting for certain long-duration insurance contracts. Common shares outstanding were 261,778,045 and 263,458,276 as of June 30, 2023 and December 31, 2022, respectively. Excludes equity related to preferred stock of $2,001 million as of June 30, 2023 and $1,970 million for all other periods shown. Ratio of debt to capital resources The Allstate Corporation 2Q23 Supplement 3

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 (2,723)$ (2,374)$ (1,394)$ (294)$ 913$ 3,545$ 18,094$ 21,105$ 22,974$ 24,515$ 25,774$ 24,421$ 13,516 15,524 15,518 15,713 18,094 21,105 15,805$ 18,315$ 19,246$ 20,114$ 21,934$ 22,763$ (17.2) % (13.0) % (7.2) % (1.5) % 4.2 % 15.6 % (2,266)$ (1,311)$ (239)$ 915$ 1,557$ 2,910$ 18,094$ 21,105$ 22,974$ 24,515$ 25,774$ 24,421$ (2,140) (996) 598 1,829 2,165 1,681 20,234 22,101 22,376 22,686 23,609 22,740 13,516 15,524 15,518 15,713 18,094 21,105 (1,845) (1,573) (2,255) (2,929) (2,140) (996) 15,361 17,097 17,773 18,642 20,234 22,101 17,798$ 19,599$ 20,075$ 20,664$ 21,922$ 22,421$ (12.7) % (6.7) % (1.2) % 4.4 % 7.1 % 13.0 % (1) (2) (3) ($ in millions) Return on Allstate common shareholders' equity Return on Allstate Common Shareholders' Equity (1) The Allstate Corporation Twelve months ended Numerator: Net income (loss) applicable to common shareholders (2) Denominator: Beginning Allstate common shareholders' equity Ending Allstate common shareholders' equity (3) Average Allstate common shareholders' equity ^ Return on Allstate common shareholders' equity Adjusted net income (loss) return on Allstate common shareholders' equity Numerator: Adjusted net income (loss) * (2) Denominator: Beginning Allstate common shareholders' equity Less: Unrealized net capital gains and losses Adjusted beginning Allstate common shareholders' equity 2022 periods have been recast to reflect the impact of the adoption of the FASB guidance revising the accounting for certain long-duration insurance contracts. Excludes equity related to preferred stock of $2,001 million as of June 30, 2023 and $1,970 million for all other periods shown. Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. Ending Allstate common shareholders' equity (3) Less: Unrealized net capital gains and losses Adjusted ending Allstate common shareholders' equity Average adjusted Allstate common shareholders' equity ^ Adjusted net income (loss) return on Allstate common shareholders' equity * The Allstate Corporation 2Q23 Supplement 4

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 25,520 25,733 26,034 26,131 26,192 26,071 7,268 7,262 7,260 7,237 7,197 7,165 4,890 4,913 4,936 4,930 4,919 4,894 307 307 311 310 311 312 37,985 38,215 38,541 38,608 38,619 38,442 20,821 21,142 21,658 21,853 21,979 21,968 6,614 6,621 6,622 6,599 6,566 6,536 4,699 4,591 4,376 4,278 4,213 4,103 654 641 638 638 631 629 138,172 136,591 138,726 134,700 137,292 139,992 3,825 3,839 3,865 3,888 3,921 3,924 545 536 531 523 519 518 3,222 3,206 3,112 2,968 2,961 2,949 145,764 144,172 146,234 142,079 144,693 147,383 4,273 4,339 4,296 4,320 4,368 4,484 188,022 186,726 189,071 185,007 187,680 190,309 (1) • • • • • • • • Policies in force statistics (in thousands) (1) Allstate Protection Auto Homeowners The Allstate Corporation Policies in Force Other personal lines Commercial lines Total Allstate brand Auto Homeowners National General Auto Homeowners Protection Services Allstate Protection Plans Allstate Dealer Services Allstate Roadside Allstate Identity Protection Total Allstate Health and Benefits Total policies in force Policy counts are based on items rather than customers. A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy. PIF does not reflect banking relationships for our lender-placed insurance products to customers including fire, home and flood products, as well as collateral protection insurance and guaranteed asset protection products for automobiles. Commercial lines PIF for shared economy agreements reflect contracts that cover multiple drivers as opposed to individual drivers. Allstate Roadside reflects memberships in force and do not include their wholesale partners as the customer relationship is managed by the wholesale partner. Allstate Dealer Services reflects service contracts and other products sold in conjunction with auto lending and vehicle sales transactions and do not include their third party administrators ("TPAs") as the customer relationship is managed by the TPAs. Allstate Protection Plans represents active consumer product protection plans. Allstate Identity Protection reflects individual customer counts for identity protection products. Allstate Health and Benefits reflects certificate counts as opposed to group counts. The Allstate Corporation 2Q23 Supplement 5

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 June 30, 2023 June 30, 2022 12,620$ 11,783$ 11,480$ 12,037$ 11,509$ 10,761$ 24,403$ 22,270$ (753) (127) (67) (852) (599) (258) (880) (857) 54 (21) (33) (28) (36) (5) 33 (41) 11,921 11,635 11,380 11,157 10,874 10,498 23,556 21,372 389 353 350 364 355 347 742 702 (11,575) (10,180) (9,865) (9,934) (9,231) (7,702) (21,755) (16,933) (1,496) (1,452) (1,453) (1,414) (1,355) (1,348) (2,948) (2,703) (1,249) (1,279) (1,365) (1,390) (1,450) (1,445) (2,528) (2,895) (26) (21) (20) (14) 2 (12) (47) (10) (58) (57) (62) (61) (59) (58) (115) (117) (2,094)$ (1,001)$ (1,035)$ (1,292)$ (864)$ 280$ (3,095)$ (584)$ (2,696)$ (1,691)$ (779)$ (763)$ (1,108)$ (462)$ (4,387)$ (1,570)$ (687) (670) (701) (679) (651) (621) (1,357) (1,272) 97.1 87.5 86.7 89.0 84.9 73.3 92.3 79.2 (22.6) (14.5) (6.8) (6.8) (10.2) (4.4) (18.6) (7.3) (1.6) (0.3) (2.5) (7.8) (3.8) (1.5) (0.9) (2.7) 72.9 72.7 77.4 74.4 70.9 67.4 72.8 69.2 20.5 21.1 22.4 22.6 23.0 24.0 20.8 23.5 (0.5) (0.5) (0.6) (0.6) (0.5) (0.5) (0.5) (0.5) 20.0 20.6 21.8 22.0 22.5 23.5 20.3 23.0 (0.9) (1.3) (1.3) (1.7) (2.3) (3.3) (1.2) (2.8) (0.2) (0.2) (0.1) (0.1) - (0.1) (0.2) - 18.9 19.1 20.4 20.2 20.2 20.1 18.9 20.2 5.8 5.8 6.2 6.1 6.0 5.9 5.8 6.0 24.7 24.9 26.6 26.3 26.2 26.0 24.7 26.2 117.6 108.6 109.1 111.6 107.9 97.3 113.1 102.7 (22.6) (14.5) (6.8) (6.8) (10.2) (4.4) (18.6) (7.3) (1.6) (0.3) (2.5) (7.8) (3.8) (1.5) (0.9) (2.7) (0.5) (0.5) (0.6) (0.6) (0.5) (0.5) (0.5) (0.5) 92.9 93.3 99.2 96.4 93.4 90.9 93.1 92.2 0.1 - - 1.1 - - - - (1,847)$ (972)$ (990)$ (1,049)$ (825)$ 251$ (2,819)$ (574)$ (248) (28) (44) (124) (38) 29 (276) (9) 3 2 1 3 2 2 5 4 (2,092) (998) (1,033) (1,170) (861) 282 (3,090) (579) (2) (3) (2) (122) (3) (2) (5) (5) (2,094)$ (1,001)$ (1,035)$ (1,292)$ (864)$ 280$ (3,095)$ (584)$ 544$ 509$ 494$ 632$ 506$ 558$ 1,053$ 1,064$ 320 91 115 179 79 (175) 411 (96) (23) (1) (17) (15) (10) (10) (24) (20) (58) (57) (62) (61) (59) (58) (115) (117) ($ in millions, except ratios) Premiums written The Allstate Corporation Property-Liability Results Three months ended Operating costs and expenses Restructuring and related charges Amortization of purchased intangibles (Increase) decrease in unearned premiums Other Premiums earned Other revenue Expense ratio ^ Six months ended Effect of amortization of purchased intangibles Underlying expense ratio * Operating ratios and reconciliations to underlying ratios Loss ratio Effect of catastrophe losses Effect of non-catastrophe prior year reserve reestimates Underlying loss ratio * Underwriting income (loss) (1) Catastrophe losses Claims expense excluding catastrophe expense ^ Claims and claims expense Amortization of deferred policy acquisition costs Combined ratio Effect of catastrophe losses Effect of non-catastrophe prior year reserve reestimates Effect of amortization of purchased intangibles Effect of advertising expense Effect of restructuring and related charges Adjusted underwriting expense ratio * Claims expense ratio excluding catastrophe expense ^ Adjusted expense ratio * Underlying combined ratio * Effect of Run-off Property-Liability on combined ratio (1) Underwriting income (loss) Allstate brand National General Answer Financial Total underwriting income (loss) for Allstate Protection Run-off Property-Liability Total underwriting income (loss) for Property-Liability Other financial information Net investment income Income tax (expense) benefit on operations Net income (loss) attributable to noncontrolling interest, after-tax Amortization of purchased intangibles The Allstate Corporation 2Q23 Supplement 6

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 June 30, 2023 June 30, 2022 8,269$ 8,349$ 7,774$ 7,860$ 7,470$ 7,562$ 16,618$ 15,032$ 3,381 2,534 2,775 3,145 3,008 2,281 5,915 5,289 675 548 530 606 609 504 1,223 1,113 200 227 248 285 297 294 427 591 95 125 153 141 125 120 220 245 12,620$ 11,783$ 11,480$ 12,037$ 11,509$ 10,761$ 24,403$ 22,270$ 8,121$ 7,908$ 7,741$ 7,545$ 7,348$ 7,081$ 16,029$ 14,429$ 2,883 2,810 2,720 2,642 2,566 2,490 5,693 5,056 587 562 543 540 545 531 1,149 1,076 202 232 249 296 295 283 434 578 128 123 127 134 120 113 251 233 11,921$ 11,635$ 11,380$ 11,157$ 10,874$ 10,498$ 23,556$ 21,372$ (678)$ (346)$ (974)$ (1,315)$ (578)$ (147)$ (1,024)$ (725)$ (1,307) (534) 197 266 (192) 400 (1,841) 208 (70) (89) (107) (10) 11 18 (159) 29 (61) (60) (190) (117) (135) (22) (121) (157) 21 29 40 3 31 31 50 62 3 2 1 3 2 2 5 4 (2,092)$ (998)$ (1,033)$ (1,170)$ (861)$ 282$ (3,090)$ (579)$ 685$ 668$ 699$ 675$ 650$ 619$ 1,353$ 1,269$ 97.0 87.5 86.7 88.0 84.9 73.3 92.3 79.2 (22.6) (14.5) (6.8) (6.8) (10.2) (4.4) (18.6) (7.3) (1.5) (0.3) (2.5) (6.8) (3.8) (1.5) (0.9) (2.7) 72.9 72.7 77.4 74.4 70.9 67.4 72.8 69.2 20.5 21.1 22.4 22.5 23.0 24.0 20.8 23.5 (0.5) (0.5) (0.6) (0.6) (0.5) (0.5) (0.5) (0.5) 20.0 20.6 21.8 21.9 22.5 23.5 20.3 23.0 (0.9) (1.3) (1.3) (1.7) (2.3) (3.3) (1.2) (2.8) (0.2) (0.2) (0.2) (0.1) - (0.1) (0.2) - 18.9 19.1 20.3 20.1 20.2 20.1 18.9 20.2 117.5 108.6 109.1 110.5 107.9 97.3 113.1 102.7 92.9 93.3 99.2 96.3 93.4 90.9 93.1 92.2 5.7 5.7 6.1 6.1 6.0 5.9 5.7 5.9 ($ in millions, except ratios) Premiums written The Allstate Corporation Allstate Protection Profitability Measures Three months ended Net premiums earned Auto Homeowners Other personal lines Auto Homeowners Other personal lines Commercial lines Other business lines ^ Answer Financial Total Six months ended Claims expense excluding catastrophe expense Auto Homeowners Other personal lines Commercial lines Other business lines Commercial lines Other business lines Total Underwriting income (loss) Total Operating ratios and reconciliations to underlying ratios Loss ratio Effect of catastrophe losses Effect of non-catastrophe prior year reserve reestimates Underlying loss ratio * Expense ratio Effect of amortization of purchased intangibles Underlying expense ratio * Effect of advertising expense Claims expense ratio excluding catastrophe expense Effect of restructuring and related charges Adjusted underwriting expense ratio * Combined ratio Underlying combined ratio * The Allstate Corporation 2Q23 Supplement 7

Number of locations (1) Total brand (%) (2) (3) Location specific (%) (4) Number of locations Total brand (%) (3) Location specific (%) 34 5.8 10.0 28 1.7 8.4 20 2.5 12.3 18 4.9 13.7 27 3.6 13.9 28 1.9 5.6 10 3.8 23.5 7 1.5 12.2 Number of locations Total brand (%) (3) Location specific (%) Number of locations Total brand (%) (3) Location specific (%) 38 6.1 11.2 19 4.7 14.0 16 2.1 11.3 9 0.5 6.9 26 4.3 8.5 19 1.1 3.2 16 4.4 15.7 7 1.6 10.8 (1) (2) (3) (4) (5) The Allstate Corporation Three months ended March 31, 2023 Three months ended September 30, 2022 Three months ended December 31, 2022 National General Auto Homeowners (5) Allstate brand Auto Homeowners (5) Three months ended June 30, 2023 Allstate Protection Impact of Net Rate Changes Implemented on Premiums Written Allstate brand Auto Homeowners (5) National General Refers to the number of U.S. states, the District of Columbia or Canadian provinces where rate changes have been implemented. Allstate brand operates in 50 states, the District of Columbia, and 5 Canadian provinces. National General operates in 50 states and the District of Columbia. Auto Homeowners (5) Excludes the impact to average premium from inflation in insured home replacement costs and other aging factor adjustments. Represents the impact in the locations where rate changes were implemented during the period as a percentage of its respective total prior year-end premiums written in those same locations. Total Allstate brand implemented auto insurance rate increases totaled $1.49 billion in the second quarter of 2023, after implementing $454 million of rate increases in the first quarter of 2023 and $1.48 billion and $1.14 billion of rate increases in the fourth and third quarters of 2022, respectively. Represents the impact in the locations where rate changes were implemented during the period as a percentage of total brand prior year-end premiums written. The Allstate Corporation 2Q23 Supplement 8

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 June 30, 2023 June 30, 2022 8,269$ 8,349$ 7,774$ 7,860$ 7,470$ 7,562$ 16,618$ 15,032$ 8,121 7,908 7,741 7,545 7,348 7,081 16,029 14,429 (678) (346) (974) (1,315) (578) (147) (1,024) (725) 87.9 83.4 90.6 95.3 84.9 77.6 85.7 81.3 (4.2) (1.2) (0.5) (4.4) (1.5) (0.6) (2.7) (1.0) (1.4) (0.1) (2.3) (8.5) (3.8) (2.1) (0.8) (2.9) 82.3 82.1 87.8 82.4 79.6 74.9 82.2 77.4 20.4 21.0 22.0 22.1 23.0 24.5 20.7 23.7 (0.5) (0.5) (0.6) (0.5) (0.5) (0.6) (0.5) (0.6) 19.9 20.5 21.4 21.6 22.5 23.9 20.2 23.1 108.3 104.4 112.6 117.4 107.9 102.1 106.4 105.0 (4.2) (1.2) (0.5) (4.4) (1.5) (0.6) (2.7) (1.0) (1.4) (0.1) (2.3) (8.5) (3.8) (2.1) (0.8) (2.9) (0.5) (0.5) (0.6) (0.5) (0.5) (0.6) (0.5) (0.6) 102.2 102.6 109.2 104.0 102.1 98.8 102.4 100.5 6,821$ 6,826$ 6,560$ 6,704$ 6,374$ 6,308$ 13,647$ 12,682$ 6,772 6,660 6,544 6,416 6,253 6,073 13,432 12,326 (546) (332) (909) (1,222) (578) (137) (878) (715) 87.7 84.3 92.2 97.1 86.4 78.3 86.0 82.4 (4.5) (0.6) (3.0) (13.6) (5.5) (2.9) (2.5) (4.2) 83.2 83.7 89.2 83.5 80.9 75.4 83.5 78.2 108.1 105.0 113.9 119.0 109.2 102.3 106.5 105.8 (4.7) (0.8) (3.1) (13.7) (5.6) (3.0) (2.7) (4.3) 103.4 104.2 110.8 105.3 103.6 99.3 103.8 101.5 737 726 698 667 644 626 732 635 1,301 1,260 1,209 1,174 1,138 1,106 1,290 1,122 14.3 13.9 10.1 7.2 3.4 0.4 15.0 2.1 1,082 1,055 1,078 981 921 834 1,077 877 17.5 26.5 29.3 22.6 25.1 34.7 22.8 29.7 1,345 1,313 1,339 1,237 1,179 1,098 1,339 1,138 85.5 85.7 86.0 87.0 87.5 87.5 85.6 87.5 1,448$ 1,523$ 1,214$ 1,156$ 1,096$ 1,254$ 2,971$ 2,350$ 1,349 1,248 1,197 1,129 1,095 1,008 2,597 2,103 (132) (14) (65) (93) - (10) (146) (10) 109.8 101.1 105.4 108.2 100.0 101.0 105.6 100.5 (13.7) (7.1) (4.8) (11.4) (6.6) (5.6) (10.5) (6.1) 96.1 94.0 100.6 96.8 93.4 95.4 95.1 94.4 (1) (2) Effect of catastrophe losses The Allstate Corporation Auto Profitability Measures and Statistics ($ in millions, except ratios) Three months ended Six months ended Allstate Protection Premiums written Net premiums earned Underwriting income (loss) Operating ratios and reconciliations to underlying ratios Loss ratio Premiums written Effect of non-catastrophe prior year reserve reestimates ("PYRR") Underlying loss ratio * Expense ratio Effect of amortization of purchased intangibles Underlying expense ratio * Combined ratio Effect of catastrophe losses Effect of non-catastrophe PYRR Effect of amortization of purchased intangibles ("APIA") Underlying combined ratio * Allstate brand Average underlying loss (incurred pure premium) * ̂($) (1) Net premiums earned Underwriting income (loss) Loss ratio Effect of catastrophe losses and non-catastrophe PYRR Underlying loss ratio * Combined ratio Effect of catastrophe losses, non-catastrophe PYRR and APIA Underlying combined ratio * Average premium - gross written ̂($) Annualized average earned premium ̂($) Annualized average earned premium ̂(% change year-over-year) Includes 2.1 points and 2.2 points in the second quarter and first six months of 2023, respectively, and 2.9 and 3.1 points in the second quarter and first six months of 2022, respectively, related to the effect of amortization of purchased intangibles. Average underlying loss (incurred pure premium) * ̂(% change year- over-year) Average underlying loss (incurred pure premium) and expense* ̂($) Renewal ratio ̂(%) National General Premiums written Net premiums earned Underwriting income (loss) Combined ratio Effect of catastrophe losses, non-catastrophe PYRR and APIA (2) Underlying combined ratio * Average underlying loss increased 9.7% in the first quarter of 2023 and 12.0% in the six months ended June 30, 2023, from $962 million for the twelve months ended December 31, 2022. The Allstate Corporation 2Q23 Supplement 9

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 June 30, 2023 June 30, 2022 3,381$ 2,534$ 2,775$ 3,145$ 3,008$ 2,281$ 5,915$ 5,289$ 2,883 2,810 2,720 2,642 2,566 2,490 5,693 5,056 (1,307) (534) 197 266 (192) 400 (1,841) 208 125.0 98.5 70.4 67.4 84.5 61.8 111.9 73.4 (75.9) (51.6) (22.2) (13.4) (35.6) (15.4) (63.9) (25.6) (1.4) 0.5 (0.7) (1.9) (1.9) (0.1) (0.5) (1.1) 47.7 47.4 47.5 52.1 47.0 46.3 47.5 46.7 20.3 20.5 22.4 22.5 23.0 22.1 20.4 22.5 (0.4) (0.3) (0.4) (0.5) (0.5) (0.4) (0.3) (0.4) 19.9 20.2 22.0 22.0 22.5 21.7 20.1 22.1 145.3 119.0 92.8 89.9 107.5 83.9 132.3 95.9 (75.9) (51.6) (22.2) (13.4) (35.6) (15.4) (63.9) (25.6) (1.4) 0.5 (0.7) (1.9) (1.9) (0.1) (0.5) (1.1) (0.4) (0.3) (0.4) (0.5) (0.5) (0.4) (0.3) (0.4) 67.6 67.6 69.5 74.1 69.5 68.0 67.6 68.8 2,937$ 2,210$ 2,448$ 2,803$ 2,665$ 2,020$ 5,147$ 4,685$ 2,537 2,488 2,408 2,350 2,281 2,210 5,025 4,491 (1,195) (508) 197 268 (132) 368 (1,703) 236 147.1 120.4 91.8 88.6 105.8 83.3 133.9 94.7 (79.9) (54.5) (23.7) (16.0) (38.8) (16.6) (67.4) (27.8) 67.2 65.9 68.1 72.6 67.0 66.7 66.5 66.9 1,800 1,706 1,668 1,635 1,590 1,554 1,758 1,574 86.3 86.3 86.7 87.4 86.9 86.2 86.3 86.6 444$ 324$ 327$ 342$ 343$ 261$ 768$ 604$ 346 322 312 292 285 280 668 565 (112) (26) - (2) (60) 32 (138) (28) 132.4 108.1 100.0 100.7 121.1 88.6 120.7 105.0 (61.9) (27.4) (20.2) (13.7) (31.6) (10.7) (45.3) (21.3) 70.5 80.7 79.8 87.0 89.5 77.9 75.4 83.7 (1) Loss ratio ($ in millions, except ratios) Allstate Protection The Allstate Corporation Homeowners Profitability Measures and Statistics Three months ended Underlying combined ratio * Six months ended Underlying expense ratio * Combined ratio Effect of catastrophe losses Effect of non-catastrophe PYRR Effect of amortization of purchased intangibles ("APIA") Effect of catastrophe losses Effect of non-catastrophe prior year reserve reestimates ("PYRR") Underlying loss ratio * Expense ratio Effect of amortization of purchased intangibles Premiums written Net premiums earned Underwriting income (loss) Operating ratios and reconciliations to underlying ratios Allstate brand Premiums written Net premiums earned Underwriting income (loss) Combined ratio Renewal ratio (%) National General Effect of catastrophe losses, non-catastrophe PYRR and APIA Underlying combined ratio * Average premium - gross written ($) Underlying combined ratio * Includes 1.8 points and 1.5 points in the first quarter and first six months of 2023, respectively, and 3.2 points and 2.9 points in the first quarter and first six months of 2022, respectively, related to the effect of amortization of purchased intangibles. Premiums written Net premiums earned Underwriting income (loss) Combined ratio Effect of catastrophe losses, non-catastrophe PYRR and APIA (1) The Allstate Corporation 2Q23 Supplement 10

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 June 30, 2023 June 30, 2022 658$ 619$ 742$ 657$ 670$ 630$ 1,277$ 1,300$ 549$ 538$ 520$ 504$ 488$ 483$ 1,087$ 971$ 84 84 78 84 91 94 168 185 35 33 31 39 38 41 68 79 18 16 14 13 12 9 34 21 (153) (153) (140) (141) (128) (123) (306) (251) (259) (251) (243) (236) (228) (221) (510) (449) (218) (221) (229) (214) (213) (218) (439) (431) - (1) (1) (1) - - (1) - (15) (11) 6 (13) (16) (12) (26) (28) Less: net income (loss) attributable to noncontrolling interest - - (2) - 1 - - 1 41 34 38 35 43 53 75 96 6 6 6 6 6 6 12 12 - 1 1 1 - - 1 - 15 11 (6) 13 16 12 26 28 62$ 52$ 39$ 55$ 65$ 71$ 114$ 136$ 481$ 439$ 570$ 452$ 456$ 429$ 920$ 885$ 373$ 361$ 346$ 330$ 318$ 313$ 734$ 631$ 399 385 367 349 338 329 784 667 (106) (105) (94) (92) (82) (77) (211) (159) (148) (141) (134) (129) (123) (119) (289) (242) (103) (103) (102) (90) (83) (80) (206) (163) - - (1) - - - - - (11) (8) 4 (9) (13) (10) (19) (23) Less: net income (loss) attributable to noncontrolling interest - - (2) - 1 - - 1 31$ 28$ 42$ 29$ 36$ 43$ 59$ 79$ 148$ 148$ 145$ 143$ 139$ 135$ 296$ 274$ 6 7 8 10 8 9 13 17 66$ 64$ 64$ 65$ 64$ 65$ 130$ 129$ 6 4 3 1 1 2 10 3 35$ 37$ 33$ 49$ 52$ 62$ 72$ 114$ (3) (4) (7) (2) (1) (1) (7) (2) 38$ 37$ 34$ 34$ 36$ 36$ 75$ 72$ 1 (1) (8) (3) (1) - - (1) (1) ($ in millions) Protection Services Net premiums written The Allstate Corporation Protection Services Segment Results Three months ended Income tax expense on operations Adjusted net income (1) Premiums earned Other revenue Intersegment insurance premiums and service fees Net investment income Claims and claims expense Adjusted net income is the GAAP segment measure. Income tax expense on operations Adjusted net income Allstate Dealer Services Revenue Adjusted net income Allstate Roadside Revenue Adjusted net income Arity Revenue Adjusted net income (loss) Allstate Identity Protection Revenue Adjusted net income (loss) Other costs and expenses ^ Restructuring and related charges Six months ended Net premiums written Premiums earned Revenue ^ Claims and claims expense Amortization of deferred policy acquisition costs Depreciation Restructuring and related charges Income tax expense on operations Adjusted earnings before taxes, depreciation and restructuring * Allstate Protection Plans Amortization of deferred policy acquisition costs Operating costs and expenses Restructuring and related charges The Allstate Corporation 2Q23 Supplement 11

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 June 30, 2023 June 30, 2022 453$ 463$ 436$ 463$ 465$ 468$ 916$ 933$ 101 101 125 90 92 95 202 187 21 19 19 17 16 17 40 33 (258) (265) (257) (252) (265) (268) (523) (533) (34) (41) (29) (33) (35) (39) (75) (74) (210) (203) (220) (207) (185) (202) (413) (387) - (4) (1) 1 (2) - (4) (2) (16) (14) (15) (16) (19) (14) (30) (33) 57$ 56$ 58$ 63$ 67$ 57$ 113$ 124$ (9) (8) (8) (8) (9) (8) (17) (17) 55.0 % 55.5 % 57.1 % 52.7 % 55.1 % 55.6 % 55.2 % 55.3 % 245$ 255$ 256$ 257$ 257$ 263$ 500$ 520$ 110 107 100 96 95 94 217 189 98 101 80 110 113 111 199 224 453$ 463$ 436$ 463$ 465$ 468$ 916$ 933$ (1) (2) Amortization of deferred policy acquisition costs ($ in millions) Allstate Health and Benefits Individual health ^ The Allstate Corporation Allstate Health and Benefits Segment Results and Other Statistics (1) Three months ended Other revenue (2) Net investment income Total 2022 periods have been recast to reflect the impact of the adoption of the FASB guidance revising the accounting for certain long-duration insurance contracts. Reflects commission revenue, administrative fees, agency fees and technology fees from the group health and individual health business. Six months ended Interest credited to contractholder funds Benefit ratio ^ Premiums and contract charges Employer voluntary benefits ^ Group health ^ Operating costs and expenses Restructuring and related charges Income tax expense on operations Adjusted net income ^ Accident and health insurance premiums and contract charges Accident, health and other policy benefits The Allstate Corporation 2Q23 Supplement 12

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 June 30, 2023 June 30, 2022 23$ 23$ 23$ (2) 23$ 25$ 24$ 46$ 49$ 27 31 30 28 28 10 58 38 (45) (1) (48) (63) (65) (75) (59) (93) (1) (134) (1) (1) (2) - (1) - (2) (1) (98) (86) (86) (83) (83) (83) (184) (166) 20 18 24 19 26 23 38 49 (37) (26) (26) (26) (27) (26) (63) (53) (111)$ (89)$ (100)$ (104)$ (107)$ (111)$ (200)$ (218)$ (1) (2) The Allstate Corporation Corporate and Other Segment Results Three months ended Preferred stock dividends Adjusted net loss ^ Income tax benefit on operations ($ in millions) Other revenue Excludes settlement costs for non-recurring litigation that is outside of the ordinary course of business. Excludes $83 million related to the gain on sale of headquarters in the fourth quarter of 2022 reported as other revenue. Six months ended Net investment income Operating costs and expenses Restructuring and related charges Interest expense The Allstate Corporation 2Q23 Supplement 13

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 June 30, 2023 June 30, 2022 45,550$ 44,103$ 42,485$ 41,715$ 41,282$ 40,745$ 45,550$ 41,282$ 2,290 2,174 4,567 4,723 4,681 5,315 2,290 4,681 823 781 762 833 848 855 823 848 8,150 7,971 8,114 7,907 7,943 7,977 8,150 7,943 5,137 6,722 4,173 4,030 4,384 4,344 5,137 4,384 1,718 1,724 1,728 1,798 1,917 2,532 1,718 1,917 63,668$ 63,475$ 61,829$ 61,006$ 61,055$ 61,768$ 63,668$ 61,055$ 422$ 390$ 366$ 323$ 299$ 267$ 812$ 566$ 21 11 32 30 34 36 32 70 8 8 8 8 9 8 16 17 122 134 144 325 224 292 256 516 69 66 40 30 10 2 135 12 39 41 42 38 42 40 80 82 681 650 632 754 618 645 1,331 1,263 (71) (75) (75) (64) (56) (51) (146) (107) 610$ 575$ 557$ 690$ 562$ 594$ 1,185$ 1,156$ 3.6 % 3.4 % 3.2 % 2.9 % 2.8 % 2.6 % 3.5 % 2.7 % (130)$ (120)$ (227)$ (175)$ (303)$ (127)$ (250)$ (430)$ (37) (12) (24) (6) (13) (11) (49) (24) 23 198 361 (285) (689) (447) 221 (1,136) (7) (52) (15) 299 272 318 (59) 590 (151)$ 14$ 95$ (167)$ (733)$ (267)$ (137)$ (1,000)$ 1.0 % 0.9 % 0.9 % 1.1 % 0.9 % 0.9 % 1.9 % 1.8 % (0.8) 1.1 1.0 (1.4) (2.6) (3.1) 0.3 (5.7) - 0.4 0.6 (0.5) (1.1) (0.6) 0.3 (1.7) 0.2 % 2.4 % 2.5 % (0.8) % (2.8) % (2.8) % 2.5 % (5.6) % 4.4 4.0 3.6 3.6 3.8 3.8 4.4 4.0 3.4 3.0 3.2 3.1 3.9 3.5 3.1 2.8 2.9 2.8 ($ in millions) Investment position Fixed income securities, at fair value As of or for the three months ended Equity securities ^ Mortgage loans, net Limited partnership interests ^ Equity securities Mortgage loans Limited partnership interests Short-term investments Short-term, at fair value Other investments, net Total Net investment income Valuation change of equity investments Investment Position and Results The Allstate Corporation As of or for the six months ended Valuation change and settlements of derivatives Pre-tax yields on fixed income securities ^ Net gains (losses) on investments and derivatives, pre-tax by transaction type Sales Credit losses Other investments Investment income, before expense Investment expense Net investment income Fixed income securities Total Total return on investment portfolio ^ Net investment income Valuation-interest bearing Fixed income and short-term investments duration including interest rate derivative positions (in years) Valuation-equity investments Total Fixed income securities portfolio duration ^ (in years) Fixed income securities portfolio duration including interest rate derivative positions (in years) The Allstate Corporation 2Q23 Supplement 14

June 30, 2023 March 31, 2023 Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 March 31, 2022 June 30, 2023 June 30, 2022 52,191$ 52,337$ 48,114$ 47,364$ 47,457$ 47,480$ 52,191$ 47,457$ 1,850 1,765 4,112 4,283 4,259 4,915 1,850 4,259 201 214 519 469 485 548 201 485 54,242$ 54,316$ 52,745$ 52,116$ 52,201$ 52,943$ 54,242$ 52,201$ 7,381$ 7,168$ 6,965$ 6,980$ 6,996$ 6,943$ 7,381$ 6,996$ 2,045 1,991 2,119 1,910 1,858 1,882 2,045 1,858 9,426$ 9,159$ 9,084$ 8,890$ 8,854$ 8,825$ 9,426$ 8,854$ 519$ 481$ 432$ 376$ 336$ 296$ 1,000$ 632$ 16 14 34 25 29 26 30 55 3 13 - 5 4 3 16 7 538 508 466 406 369 325 1,046 694 (2) (1) (2) (4) (1) (2) (3) (3) 536$ 507$ 464$ 402$ 368$ 323$ 1,043$ 691$ 3.8 % 3.6 % 3.3 % 2.9 % 2.7 % 2.4 % 3.7 % 2.5 % 112$ 105$ 110$ 311$ 129$ 248$ 217$ 377$ 31 37 56 37 120 72 68 192 143 142 166 348 249 320 285 569 (16) (16) (19) (13) (13) (14) (32) (27) 127$ 126$ 147$ 335$ 236$ 306$ 253$ 542$ 5.5 % 5.5 % 6.5 % 15.2 % 10.7 % 14.1 % 5.5 % 12.4 % 0.1 % 2.6 % 2.8 % (1.5) % (3.7) % (3.8) % 2.7 % (7.5) % 1.0 1.6 0.9 3.6 3.1 4.0 2.6 7.1 12.6 % 12.7 % 12.9 % 13.0 % 13.0 % 13.0 % 12.1 12.1 13.1 13.3 14.1 13.9 19.6 16.0 15.7 14.9 15.2 15.0 4.2 5.9 11.2 17.4 24.6 27.7 (1) ($ in millions) Investment Position Market-based ^ As of or for the three months ended Interest-bearing investments ^ Total Investment income Market-based Equity securities LP and other alternative investments ^ Total Performance-based ^ Private equity (1) Private equity Real estate Investment Position and Results by Strategy The Allstate Corporation As of or for the six months ended Income for yield calculation Pre-tax yield Performance-based Interest-bearing investments Equity securities LP and other alternative investments Investment income, before expense Investee level expenses Real estate Includes infrastructure investments of $1.12 billion as of June 30, 2023. Investment income, before expense Investee level expenses Income for yield calculation Pre-tax yield Total return on investments portfolio Market-based Performance-based Internal rate of return ^ Performance-based 10 year 5 year 3 year 1 year The Allstate Corporation 2Q23 Supplement 15

• Net gains and losses on investments and derivatives • Pension and other postretirement remeasurement gains and losses • Amortization or impairment of purchased intangibles • Gain or loss on disposition • Adjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two years • Related income tax expense or benefit of these items Average underlying loss (incurred pure premium) and average underlying loss (incurred pure premium) and expense are calculated as the underlying loss ratio and the underlying combined ratio (non-GAAP ratios), respectively, multiplied by the annualized GAAP earned premium (“annualized average earned premium”). We believe that this measure is useful to investors, and it is used by management for the same reasons noted above for the underlying loss and underlying combined ratios. The components of the calculation are available on the "Auto Profitability Measures and Statistics" page. Underlying expense ratio is a non-GAAP ratio, which is computed as the difference between the expense ratio and the effect of amortization or impairment of purchased intangibles on the expense ratio. We believe that the measure provides investors with a valuable measure of ongoing performance because it reveals trends that may be obscured by the amortization or impairment of purchased intangible assets. Amortization or Impairment of purchased intangible assets is excluded because it relates to the acquisition purchase price and is not indicative of our business results or trends. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the expense ratio. The underlying expense ratio should not be considered a substitute for the expense ratio and does not reflect the overall expense ratio of our business. A reconciliation of underlying expense ratio is provided in the schedules "Property-Liability Results", "Allstate Protection Profitability Measures", "Auto Profitability Measures" and "Homeowners Profitability Measures". Definitions of Non-GAAP Measures We believe that investors’ understanding of Allstate’s performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited. Adjusted net income is net income (loss) applicable to common shareholders, excluding: Net income (loss) applicable to common shareholders is the GAAP measure that is most directly comparable to adjusted net income. We use adjusted net income as an important measure to evaluate our results of operations. We believe that the measure provides investors with a valuable measure of the Company’s ongoing performance because it reveals trends in our insurance and financial services business that may be obscured by the net effect of net gains and losses on investments and derivatives, pension and other postretirement remeasurement gains and losses, amortization or impairment of purchased intangibles, gain or loss on disposition and adjustments for other significant non-recurring, infrequent or unusual items and the related tax expense or benefit of these items. Net gains and losses on investments and derivatives, and pension and other postretirement remeasurement gains and losses may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Gain or loss on disposition is excluded because it is non- recurring in nature and the amortization or impairment of purchased intangibles is excluded because it relates to the acquisition purchase price and is not indicative of our underlying business results or trends. Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends. Accordingly, adjusted net income excludes the effect of items that tend to be highly variable from period to period and highlights the results from ongoing operations and the underlying profitability of our business. A byproduct of excluding these items to determine adjusted net income is the transparency and understanding of their significance to net income variability and profitability while recognizing these or similar items may recur in subsequent periods. Adjusted net income is used by management along with the other components of net income (loss) applicable to common shareholders to assess our performance. We use adjusted measures of adjusted net income in incentive compensation. Therefore, we believe it is useful for investors to evaluate net income (loss) applicable to common shareholders, adjusted net income and their components separately and in the aggregate when reviewing and evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the Company and management’s performance. We note that the price to earnings multiple commonly used by insurance investors as a forward-looking valuation technique uses adjusted net income as the denominator. Adjusted net income should not be considered a substitute for net income (loss) applicable to common shareholders and does not reflect the overall profitability of our business. A reconciliation of adjusted net income to net income (loss) applicable to common shareholders is provided in the schedule, "Contribution to Income". Underlying loss ratio is a non-GAAP ratio, which is computed as the difference between three GAAP operating ratios: the loss ratio, the effect of catastrophes on the combined ratio, and the effect of prior year non-catastrophe reserve reestimates on the combined ratio. We believe that this ratio is useful to investors, and it is used by management to reveal the trends that may be obscured by catastrophe losses and prior year reserve reestimates. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the loss ratio. The underlying loss ratio should not be considered a substitute for the loss ratio and does not reflect the overall loss ratio of our business. A reconciliation of underlying loss ratio is provided in the schedules "Property-Liability Results", "Allstate Protection Profitability Measures", "Auto Profitability Measures" and "Homeowners Profitability Measures". The Allstate Corporation 2Q23 Supplement 16

Definitions of Non-GAAP Measures (continued) Protection Services adjusted earnings before taxes, depreciation and restructuring, is a non-GAAP measure, which is computed as adjusted net income (loss), excluding taxes, depreciation and restructuring. Adjusted net income (loss) is the GAAP measure that is most directly comparable to adjusted earnings before taxes, depreciation and restructuring. We use adjusted earnings before taxes, depreciation and restructuring, as an important measure to evaluate Protection Services' results of operations. We believe that the measure provides investors with a valuable measure of Protection Services' ongoing performance because it reveals trends that may be obscured by the taxes, depreciation and restructuring expenses. Taxes, depreciation and restructuring are excluded because these are not directly attributable to the underlying operating performance of Protection Services' segment. Adjusted earnings before taxes, depreciation and restructuring highlights the results from ongoing operations and the underlying profitability of our business and is used by management along with the other components of adjusted net income (loss) to assess our performance. We believe it is useful for investors to evaluate adjusted net income (loss), adjusted earnings before taxes, depreciation and restructuring, and their components separately and in the aggregate when reviewing and evaluating Protection Services segment’s performance. Adjusted earnings before taxes, depreciation and restructuring should not be considered a substitute for adjusted net income (loss) and does not reflect the overall profitability of our business. A reconciliation of adjusted net income (loss) to adjusted earnings before taxes, depreciation and restructuring, is provided in the schedule, "Protection Services Segment Results". Adjusted expense ratio is a non-GAAP ratio, which is computed as the combination of the adjusted underwriting expense ratio and claims expense ratio excluding catastrophe expense. We believe it is useful for investors to evaluate this ratio which is linked to a long-term expense ratio improvement commitment through 2024. The most directly comparable GAAP measure is the expense ratio. The adjusted expense ratio should not be considered a substitute for the expense ratio and does not reflect the overall expense ratio of our business. Underlying combined ratio is a non-GAAP ratio, which is the sum of the underlying loss and underlying expense ratios. We believe that this ratio is useful to investors, and it is used by management to reveal the trends in our Property- Liability business that may be obscured by catastrophe losses, prior year reserve reestimates and amortization or impairment of purchased intangibles. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business. A reconciliation of the underlying combined ratio to combined ratio is provided in the schedule "Property-Liability Results", "Auto Profitability Measures" and "Homeowners Profitability Measures". Adjusted underwriting expense ratio is a non-GAAP ratio, which is computed as the difference between the expense ratio and the effect of advertising expense, restructuring and related charges and amortization or impairment of purchased intangibles on the expense ratio. We believe that the measure provides investors with a valuable measure of ongoing performance because it reveals trends that may be obscured by the advertising expense, restructuring and related charges and amortization or impairment of purchased intangibles. Advertising expense is excluded as it may vary significantly from period to period based on business decisions and competitive position. Restructuring and related charges are excluded because these items are not indicative of our business results or trends. Amortization or impairment of purchased intangible assets is excluded because it relates to the acquisition purchase price. These are not indicative of our business results or trends. A reduction in expenses enables investment flexibility that can drive growth. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the expense ratio. The adjusted underwriting expense ratio should not be considered a substitute for the expense ratio and does not reflect the overall expense ratio of our business. Adjusted net income return on Allstate common shareholders’ equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month adjusted net income by the average of Allstate common shareholders’ equity at the beginning and at the end of the 12-months, after excluding the effect of unrealized net capital gains and losses. Return on Allstate common shareholders’ equity is the most directly comparable GAAP measure. We use adjusted net income as the numerator for the same reasons we use adjusted net income, as discussed previously. We use average Allstate common shareholders’ equity excluding the effect of unrealized net capital gains and losses for the denominator as a representation of common shareholders’ equity primarily applicable to Allstate's earned and realized business operations because it eliminates the effect of items that are unrealized and vary significantly between periods due to external economic developments such as capital market conditions like changes in equity prices and interest rates, the amount and timing of which are unrelated to the insurance underwriting process. We use it to supplement our evaluation of net income (loss) applicable to common shareholders and return on Allstate common shareholders’ equity because it excludes the effect of items that tend to be highly variable from period to period. We believe that this measure is useful to investors and that it provides a valuable tool for investors when considered along with return on Allstate common shareholders’ equity because it eliminates the after-tax effects of realized and unrealized net capital gains and losses that can fluctuate significantly from period to period and that are driven by economic developments, the magnitude and timing of which are generally not influenced by management. In addition, it eliminates non-recurring items that are not indicative of our ongoing business or economic trends. A byproduct of excluding the items noted above to determine adjusted net income return on Allstate common shareholders’ equity from return on Allstate common shareholders’ equity is the transparency and understanding of their significance to return on common shareholders’ equity variability and profitability while recognizing these or similar items may recur in subsequent periods. We use adjusted measures of adjusted net income return on Allstate common shareholders’ equity in incentive compensation. Therefore, we believe it is useful for investors to have adjusted net income return on Allstate common shareholders’ equity and return on Allstate common shareholders’ equity when evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income return on common shareholders’ equity results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management’s utilization of capital. Adjusted net income return on Allstate common shareholders’ equity should not be considered a substitute for return on Allstate common shareholders’ equity and does not reflect the overall profitability of our business. A reconciliation of return on Allstate common shareholders' equity and adjusted net income return on Allstate common shareholders' equity can be found in the schedule, "Return on Allstate Common Shareholders' Equity". Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, is a ratio that uses a non-GAAP measure. It is calculated by dividing Allstate common shareholders’ equity after excluding the impact of unrealized net capital gains and losses on fixed income securities by total common shares outstanding plus dilutive potential common shares outstanding. We use the trend in book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, in conjunction with book value per common share to identify and analyze the change in net worth applicable to management efforts between periods. We believe the non-GAAP ratio is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are generally not influenced by management, and we believe it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. We note that book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, is a measure commonly used by insurance investors as a valuation technique. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, should not be considered a substitute for book value per common share, and does not reflect the recorded net worth of our business. A reconciliation of book value per common share, excluding the impact of unrealized net capital gains on fixed income securities, and book value per common share can be found in the schedule, "Book Value per Common Share and Debt to Capital". The Allstate Corporation 2Q23 Supplement 17

Glossary Consolidated Operations Accident and health insurance premiums and contract charges are reported in the Allstate Health and Benefits segment and include employer voluntary benefits, group health and individual health products. Adjusted net income is the GAAP segment measure used for the Protection Services, Allstate Health and Benefits, and Corporate and Other segments. Average Allstate common shareholders' equity and average adjusted Allstate common shareholders' equity are determined using a two-point average, with the beginning and ending Allstate common shareholders' equity and Allstate adjusted common shareholders' equity, respectively, for the twelve-month period as data points. Other revenue primarily represents fees collected from policyholders relating to premium installment payments, commissions on sales of non-proprietary products, sales of identity protection services, fee-based services and other revenue transactions. Property and casualty insurance premiums are reported in the Allstate Protection and Protection Services segments and include auto, homeowners, other personal lines, commercial lines and other business lines insurance products, as well as consumer product protection plans, roadside assistance and finance and insurance products. Property-Liability Annualized average earned premium is calculated by annualizing net earned premium reported in the quarter and year-to-date divided by policies in force at quarter end. Average premium - gross written: Gross premiums written divided by issued item count. Gross premiums written include the impacts from discounts, surcharges and ceded reinsurance premiums and exclude the impacts from mid-term premium adjustments and premium refund accruals. Average premiums represent the appropriate policy term for each line, which is generally 6 months for auto and 12 months for homeowners. Claims expense ratio excluding catastrophe expense: Incurred loss adjustment expenses, net of reinsurance, excluding expenses related to catastrophes. These expenses are embedded within the loss ratio. Expense ratio: Other revenue is deducted from other costs and expenses in the expense ratio calculation. Other business lines primarily represent commissions earned and other costs and expenses for Ivantage, non-proprietary life and annuity products, and lender-placed products and related services. Renewal ratio: Renewal policy item counts issued during the period, based on contract effective dates, divided by the total policy item counts issued generally 6 months prior for auto or 12 months prior for homeowners. Allstate Health and Benefits Investments Duration measures the price sensitivity of assets and liabilities to changes in interest rates. Equity securities include investments in exchange traded and mutual funds whose underlying investments are fixed income securities. Interest-bearing investments comprise fixed income securities, mortgage loans, short-term investments, and other investments including bank loans and derivatives. Internal rate of return is one of the measures we use to evaluate the performance of these investments. The IRR represents the rate of return on the investments considering the cash flows paid and received and, until the investment is fully liquidated, the estimated value of investment holdings at the end of the measurement period. The calculated IRR for any measurement period is highly influenced by the values of the portfolio at the beginning and end of the period, which reflect the estimated fair values of the investments as of such dates. As a result, the IRR can vary significantly for different measurement periods based on macroeconomic or other events that impact the estimated beginning or ending portfolio value, such as the global financial crisis. Our IRR calculation method may differ from those used by other investors. The timing of the recognition of income in the financial statements may differ significantly from the cash distributions and changes in the value of these investments. Limited partnership interests: Income from equity method of accounting LP is generally recognized on a three-month delay due to the availability of the investee financial statements. LP and other investments comprise limited partnership interests and other alternative investments, including real estate investments classified as other investments. Market-based investments include publicly traded equity securities classified as limited partnerships. Market-based strategy seeks to deliver predictable earnings aligned to business needs and take advantage of short-term opportunities primarily through public and private fixed income investments and public equity securities. Performance-based strategy seeks to deliver attractive risk-adjusted returns and supplement market risk with idiosyncratic risk primarily through investments in private equity, including infrastructure investments, and real estate, most of which were limited partnerships. Pre-tax yields: Quarterly pre-tax yield is calculated as annualized quarterly investment income, before investment expense divided by the average of the ending investment balances of the current and prior quarter. Year-to-date pre-tax yield is calculated as annualized year-to-date investment income, before investment expense divided by the average of investment balances at the beginning of the year and the end of each quarter during the year. For the purposes of the pre-tax yield calculation, income for directly held real estate and other investments is net of investee level expenses (asset level operating expenses reported in investment expense). Fixed income securities investment balances exclude unrealized capital gains and losses. Equity securities investment balances use cost in the calculation. Total return on investment portfolio is calculated from GAAP results, including the total of net investment income, net gains and losses on investments and derivative instruments, the change in unrealized net capital gains and losses, and the change in the difference between fair value and carrying value of mortgage and bank loans divided by the average fair value balances. Group health includes health products and administrative services sold to employers. Individual health includes short-term medical and other health products sold directly to individuals. Protection Services Other costs and expenses may include amortization of deferred policy acquisition costs, operating costs and expenses, and restructuring and related charges. Revenue may include net premiums earned, intersegment insurance premiums and service fees, other revenue, revenue earned from external customers and net investment income. Benefit ratio is accident, health and other policy benefits less interest credited to contractholder funds, divided by premiums and contract charges. Employer voluntary benefits includes supplemental life and health products offered through workplace enrollment. The Allstate Corporation 2Q23 Supplement 18

Document and Entity Information Document	Aug. 01, 2023
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Aug. 01, 2023
Entity Registrant Name	ALLSTATE CORP
Entity Incorporation, State or Country Code	DE
Entity File Number	1-11840
Entity Tax Identification Number	36-3871531
Entity Address, Address Line One	3100 Sanders Road
Entity Address, City or Town	Northbrook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60062
City Area Code	847
Local Phone Number	402-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000899051
Common Stock \| NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	NYSE
Common Stock \| CHICAGO STOCK EXCHANGE, INC [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	CHX
Subordinated Debentures Due 2053 at 5.10 Percent \| NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053
Trading Symbol	ALL.PR.B
Security Exchange Name	NYSE
Series H Preferred Stock [Member] \| NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series H
Trading Symbol	ALL PR H
Security Exchange Name	NYSE
Series I Preferred Stock [Member] \| NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series I
Trading Symbol	ALL PR I
Security Exchange Name	NYSE
Series J Preferred Stock \| NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 7.375% Noncumulative Preferred Stock, Series J
Trading Symbol	ALL PR J
Security Exchange Name	NYSE