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): February 5, 2025

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) 402-2800

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 February 5, 2025, announcing its financial results for the fourth quarter and full year of 2024, and the Registrant’s fourth quarter 2024 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 February 5, 2025

99.2 Fourth Quarter 2024 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/ Eric K. Ferren
			Name: Eric K. Ferren
			Title: Senior Vice President, Controller and Chief Accounting Officer

Date: February 5, 2025

FOR IMMEDIATE RELEASE

Contacts:

Nick Nottoli Allister Gobin

Media Relations Investor Relations

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

Allstate Reports Fourth Quarter and Full Year 2024 Results

NORTHBROOK, Ill., February 5, 2025 – The Allstate Corporation (NYSE: ALL) today reported financial results for the fourth quarter of 2024.


The Allstate Corporation Consolidated Highlights
	Three months ended December 31,						Twelve months ended December 31,
($ in millions, except per share data and ratios)	2024		2023		% / pts Change		2024			2023			% / pts Change
Consolidated revenues	$	16,506	$	14,832	11.3	%	$	64,106		$	57,094		12.3	%
Net income (loss) applicable to common shareholders	1,899		1,460		30.1	%	4,550			(316)			NM
per diluted common share (1)	7.07		5.52		28.1	%	16.99			(1.20)			NM
Adjusted net income*	2,062		1,541		33.8	%	4,906			251			NM
per diluted common share*	7.67		5.82		31.8	%	18.32			0.95			NM
Return on Allstate common shareholders’ equity (trailing twelve months)
Net income (loss) applicable to common shareholders							25.8		%	(2.0)		%	27.8
Adjusted net income (loss)*							26.8		%	1.5		%	25.3
Common shares outstanding (in millions)							265.0			262.5			1.0	%
Book value per common share							$	72.35		$	59.39		21.8	%

Consolidated premiums written (2)	$	15,055	$	13,835	8.8	%	$	60,644		$	54,856		10.6	%

Property-Liability insurance premiums earned	13,933		12,601		10.6	%	53,866			48,427			11.2	%
Property-Liability combined ratio
Recorded	86.9		89.5		(2.6)		94.3			104.5			(10.2)
Underlying combined ratio*	83.0		86.9		(3.9)		84.6			91.2			(6.6)
Catastrophe losses	$	410	$	68	NM		$	4,964		$	5,636		(11.9)	%
Total policies in force (in thousands)							208,345			194,416			7.2	%

(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)Includes premiums written for the Allstate Protection and Protection Services segments and premiums and contract charges for the 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

Fourth Quarter 2024 Results

•Total revenues of $16.5 billion in the fourth quarter of 2024 were $1.7 billion or 11.3% higher than the prior year quarter.

•Net income applicable to common shareholders was $1.9 billion in the fourth quarter of 2024 compared to $1.5 billion in the prior year quarter, as Property-Liability underwriting results improved.

•Adjusted net income* was $2.1 billion, or $7.67 per diluted share, compared to $1.5 billion in the prior year quarter.

Full Year 2024 Results

•Total revenues were $64.1 billion, 12.3% above the prior year.

•Net income applicable to common shareholders was $4.6 billion compared to a loss in 2023.

•Adjusted net income* was $4.9 billion generating an adjusted net income return on equity* of 26.8%.

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“Allstate finished 2024 with another excellent quarter both financially and strategically,” said Tom Wilson, Chair, President and CEO of The Allstate Corporation. “Fourth quarter revenue reached $16.5 billion and net income was $1.9 billion, 11.3% and 30.1% above the prior year quarter, respectively. Operational excellence resulted in solid profitability in auto and homeowners insurance and Protection Services. Adjusted net income* for the full year was $4.9 billion which represents an adjusted net income return on equity* of 26.8%.”

“This performance reflects successful risk and return management. Investment income increased to $3.1 billion in 2024, 24.8% above the prior year due to repositioning into higher yielding fixed income securities, portfolio growth and stronger performance-based results. Homeowners insurance generated $1.3 billion of underwriting income for the year while covering $3.7 billion of customers’ catastrophe losses, reflecting an industry-leading business model. We rapidly supported customers impacted by the January California wildfires and related losses are expected to be about $1.1 billion, pre-tax, net of reinsurance, reflecting a decision to reduce market share beginning in 2007 and a comprehensive reinsurance program.”

“Progress was also made in executing the strategy to grow personal Property-Liability market share, expand Protection Services and sell the Health and Benefits businesses. Allstate has a stronger competitive position, broader distribution and significantly larger customer base since undertaking Transformative Growth five years ago,” continued Wilson. “In the Property-Liability business, the underwriting expense ratio has been reduced, new Affordable, Simple and Connected products brought to market and distribution significantly expanded in the direct and independent agent channels. Total Property-Liability policies in force are expected to grow in 2025 as auto insurance policy renewal rates improve and new business continues to increase. Protection Plans revenues reached nearly $2.0 billion for the year, increasing policies in force by 60% since 2019 to 160 million with adjusted net income of $157 million. The decision to maximize shareholder value by combining the Health and Benefits businesses with companies that have greater strategic alignment also was successful with two of the three businesses now under contract to be sold for $3.25 billion,” concluded Wilson.

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•Property-Liability earned premiums of $13.9 billion increased 10.6% in the fourth quarter of 2024 compared to the prior year quarter, primarily driven by higher average premiums. Underwriting income of $1.83 billion improved compared to $1.33 billion in the prior year quarter.


Property-Liability Results
	Three months ended December 31,						Twelve months ended December 31,
($ in millions)	2024		2023		% / pts Change		2024		2023		% / pts Change
Premiums earned	$	13,933	$	12,601	10.6	%	$	53,866	$	48,427	11.2	%



Premiums written	13,757		12,640		8.8	%	55,926		50,347		11.1	%
Policies in force (in thousands)							37,530		37,768		(0.6)	%








Underwriting income (loss)	1,832		1,325		38.3	%	3,080		(2,184)		NM



Recorded combined ratio	86.9		89.5		(2.6)		94.3		104.5		(10.2)
Underlying combined ratio*	83.0		86.9		(3.9)		84.6		91.2		(6.6)

◦Premiums written increased 8.8% compared to the prior year quarter driven by rate increases, partially offset by a decrease in policies in force of 0.6%.

◦Property-Liability combined ratio was 86.9 for the quarter which was 2.6 points better than the prior year primarily due to higher average earned premiums and improved loss experience more than offsetting increased advertising investment and higher catastrophe losses.

◦Allstate Protection auto insurance results reflect successful execution of the comprehensive plan to restore margins.


Allstate Protection Auto Results
	Three months ended December 31,						Twelve months ended December 31,
($ in millions, except ratios)	2024		2023		% / pts Change		2024		2023		% / pts Change
Premiums earned	$	9,348	$	8,566	9.1	%	$	36,475	$	32,940	10.7	%
Premiums written	9,116		8,570		6.4		37,296		33,958		9.8
Underwriting income (loss)	603		93		NM		1,810		(1,109)		NM
Policies in force (in thousands)							24,936		25,283		(1.4)
Recorded combined ratio	93.5		98.9		(5.4)		95.0		103.4		(8.4)
Underlying combined ratio*	93.0		96.4		(3.4)		93.4		99.9		(6.5)

◦Earned premiums grew 9.1% compared to the prior year quarter. The increase was driven by rate increases, partially offset by a decline in policies in force of 1.4%. Policies in force grew compared to prior year in 31 states, representing approximately 60% of total auto written premiums.

◦Auto rate increases result in an annualized premium impact of 0.9% in the quarter and 7.5% in 2024.

◦The recorded auto insurance combined ratio of 93.5 in the fourth quarter of 2024 was 5.4 points below the prior year quarter, reflecting higher average earned premiums, improved underlying loss experience and favorable prior year reserve reestimates. The severity estimated for claims reported in the first three quarters of the year moderated in the fourth quarter which had a favorable impact on quarterly results. Excluding this impact, the fourth quarter combined ratio would have been 95.0.

◦Prior year non-catastrophe reserve reestimates were favorable $35 million in the fourth quarter, reflecting favorable reserve development, primarily driven by physical damage coverages.

◦Allstate Protection homeowners insurance generates attractive returns and is growing policies in force.


Allstate Protection Homeowners Results
	Three months ended December 31,						Twelve months ended December 31,
($ in millions, except ratios)	2024		2023		% / pts Change		2024		2023		% / pts Change
Premiums earned	$	3,548	$	3,077	15.3	%	$	13,360	$	11,739	13.8	%
Premiums written	3,624		3,144		15.3		14,416		12,584		14.6
Underwriting income (loss)	1,070		1,169		(8.5)		1,319		(803)		NM
Policies in force (in thousands)							7,511		7,338		2.4
Recorded combined ratio	69.8		62.0		7.8		90.1		106.8		(16.7)
Catastrophe Losses	$	315	$	21	NM		$	3,717	$	4,537	(18.1)	%
Underlying combined ratio*	59.5		61.3		(1.8)		62.5		67.3		(4.8)

◦Earned premiums increased by 15.3% compared to the prior year quarter, primarily reflecting higher average premium and policies in force growth of 2.4%.

◦A 12.8% increase in homeowners insurance average gross written premium compared to the prior year quarter was due to approved rate increases and inflation in insured home replacement costs.

◦Catastrophe losses of $315 million in the quarter increased $294 million compared to the prior year quarter mostly attributed to Hurricane Milton and reestimates for Hurricane Helene.

◦The recorded homeowners insurance combined ratio of 69.8 was 7.8 points above the fourth quarter of 2023 reflecting increased catastrophe losses partially offset by favorable underlying loss performance. The underlying combined ratio* of 59.5 decreased by 1.8 points compared to the prior year quarter reflecting higher average earned premiums exceeding average underlying loss costs mainly driven by lower frequency.

◦The recorded combined ratio for full year 2024 was 90.1 which generated $1.3 billion of underwriting income compared to an underwriting loss of $803 million in 2023.

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•Protection Services provides protection solutions and services through five businesses largely by embedding Allstate branded offerings in non-insurance purchases. Revenues increased to $889 million in the fourth quarter of 2024, 23.6% higher than the prior year quarter, primarily due to Allstate Protection Plans and Arity. Adjusted net income of $50 million increased by $46 million compared to the prior year quarter.


Protection Services Results
	Three months ended December 31,							Twelve months ended December 31,
($ in millions)	2024		2023		% / $ Change			2024		2023		% / $ Change
Total revenues (1)	$	889	$	719	23.6		%	$	3,237	$	2,773	16.7		%
Allstate Protection Plans	528		439		20.3			1,987		1,639		21.2
Allstate Dealer Services	147		146		0.7			587		588		(0.2)
Allstate Roadside	54		66		(18.2)			224		265		(15.5)
Arity	121		32		NM			286		133		115.0
Allstate Identity Protection	39		36		8.3			153		148		3.4
Adjusted net income (loss)	$	50	$	4	$	46		$	217	$	106	$	111
Allstate Protection Plans	37		38		(1)			157		117		40
Allstate Dealer Services	4		(33)		37			21		(15)		36
Allstate Roadside	10		7		3			39		24		15
Arity	(3)		(5)		2			(8)		(18)		10
Allstate Identity Protection	2		(3)		5			8		(2)		10

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

◦Allstate Protection Plans continued to grow by expanding distribution relationships and protection offerings. Revenue of $528 million increased $89 million, or 20.3%, compared to the prior year quarter driven by growth in North American and international business. Adjusted net income of $37 million in the fourth quarter of 2024 was $1 million lower than the prior year quarter.

◦Allstate Dealer Services generated revenue of $147 million and adjusted net income of $4 million which was $37 million higher than the prior year quarter due to a state tax change in the prior year.

◦Allstate Roadside revenue of $54 million in the fourth quarter of 2024 decreased 18.2% compared to the prior year quarter reflecting the exit from a large unprofitable customer relationship. Adjusted net income of $10 million was $3 million higher than the prior year quarter, primarily driven by improved severities and lower costs.

◦Arity revenue of $121 million increased $89 million compared to the prior year quarter, due to higher revenue from lead sales. Adjusted net loss of $3 million in the fourth quarter of 2024 improved compared to a $5 million loss in the prior year quarter.

◦Allstate Identity Protection revenue of $39 million in the fourth quarter of 2024 increased 8.3% compared to the prior year quarter. Adjusted net income of $2 million in the fourth quarter of 2024 was $5 million higher than prior year quarter driven by higher revenue.

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•Allstate Health and Benefits

◦The strategy to sell the three businesses to companies that have greater strategic alignment reached another milestone with an agreement to sell Group Health to Nationwide for $1.25 billion. The expected combined proceeds of $3.25 billion from the sale of Employer Voluntary Benefits and Group Health will generate a financial book gain of approximately $1.0 billion in 2025. Assets and liabilities for the Employer Voluntary Benefits business have been classified as held for sale at December 31, 2024. Beginning in the first quarter of 2025, the assets and liabilities of the Group Health business will also be classified as held for sale. The financial operating results of both businesses will continue to be reported as a part of net income until sold.

◦Premiums and contract charges for health and benefits increased 3.2%, or $15 million, compared to the prior year quarter primarily due to growth in individual health and group health, partially offset by a decline in employer voluntary benefits.

◦Adjusted net income of $35 million in the fourth quarter was $25 million lower than prior year quarter attributable to increased benefit utilization across all businesses.


Allstate Health and Benefits Results
	Three months ended December 31,						Twelve months ended December 31,
($ in millions)	2024		2023		% Change		2024		2023		% Change
Premiums and contract charges	$	482	$	467	3.2	%	$	1,921	$	1,846	4.1	%
Employer voluntary benefits	243		248		(2.0)		985		1,001		(1.6)
Group health	123		112		9.8		481		440		9.3
Individual health	116		107		8.4		455		405		12.3
Adjusted net income	$	35	$	60	(41.7)		$	186	$	242	(23.1)	%
Employer voluntary benefits	21		24		(12.5)		85		100		(15.0)
Group health	2		16		(87.5)		71		95		(25.3)
Individual health	12		20		(40.0)		30		47		(36.2)

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•Allstate Investments uses a proactive approach to balancing risk and returns for the $72.6 billion portfolio. This includes optimizing risk adjusted returns on capital. Net investment income of $833 million in the fourth quarter of 2024, increased by $229 million from the prior year quarter due to repositioning into higher yielding fixed income securities, portfolio growth and stronger performance-based results.


Allstate Investment Results
	Three months ended December 31,								Twelve months ended December 31,
($ in millions, except ratios)	2024			2023			$ / pts Change		2024			2023			$ / pts Change
Net investment income	$	833		$	604		$	229	$	3,092		$	2,478		$	614
Market-based (1)	727			604			123		2,728			2,214			514
Performance-based (1)	167			60			107		618			499			119
Net gains (losses) on investments and derivatives	$	(201)		$	(77)		$	(124)	$	(225)		$	(300)		$	75
Change in unrealized net capital gains and losses, pre-tax (2)	$	(1,444)		$	2,421		$	(3,865)	$	(192)		$	2,096		$	(2,288)
Total return on investment portfolio (2)	(1.1)		%	4.6		%	(5.7)		3.8		%	6.7		%	(2.9)

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

(2)Includes investments held for sale.

◦Market-based investment income was $727 million in the fourth quarter of 2024, an increase of $123 million, or 20.4%, compared to the prior year quarter, reflecting increased asset balances and higher yields in the $62.2 billion market-based portfolio. Fixed income duration ended 2024 at 5.3 years, 0.5 years above prior year end. Public equity holdings were increased by $2.4 billion to $3.3 billion in the fourth quarter.

◦Performance-based investment income totaled $167 million in the fourth quarter of 2024, an increase of $107 million compared to the prior year quarter reflecting higher private equity and real estate investment results. The portfolio allocation to performance-based assets provides a diversifying source of higher long-term returns, and volatility in reported results is expected.

◦Net losses on investments and derivatives were $201 million in the fourth quarter of 2024, compared to losses of $77 million in the prior year quarter. Net losses in the fourth quarter of 2024 were driven by valuation declines on equity investments and losses on the sales of fixed income securities.

◦Unrealized net capital losses totaled $1.0 billion (pre-tax) as of year-end 2024 compared to net capital gains of $461 million from the third quarter of 2024 as higher interest rates resulted in lower fixed income valuations.

◦Total return on the investment portfolio was (1.1)% for the fourth quarter and 3.8% for full year 2024.

Proactive Capital Management

“Allstate’s attractive financial returns and successful strategy execution position us to increase shareholder value through higher growth.” said Jess Merten, Chief Financial Officer. “Adjusted net income return on equity* was 26.8% for 2024 and generated capital to support revenue growth, pay $1.1 billion of common shareholder and preferred dividends and increase total available capital to $21.9 billion. The decision to sell the Employer Voluntary Benefits and Group Health business to two buyers for a combined price of $3.25 billion maximizes shareholder value. While return on equity will be slightly lower, the capital can support additional growth. The Individual Health business, with adjusted net income of $30 million in 2024, has attractive growth prospects and will either be retained or divested. Allstate remains committed to managing capital and enterprise risk and return to benefit shareholders,” 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 9 a.m. ET on Thursday, February 6. 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
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

($ in millions, except par value data)	December 31, 2024		December 31, 2023
Assets
Investments
Fixed income securities, at fair value (amortized cost, net $53,616 and $49,649)	$	52,747	$	48,865
Equity securities, at fair value (cost $4,329 and $2,244)	4,463		2,411
Mortgage loans, net	784		822
Limited partnership interests	9,255		8,380
Short-term, at fair value (amortized cost $4,539 and $5,145)	4,537		5,144
Other investments, net	824		1,055
Total investments	72,610		66,677
Cash	704		722
Premium installment receivables, net	10,614		10,044
Deferred policy acquisition costs	5,773		5,940
Reinsurance and indemnification recoverables, net	8,924		8,809
Accrued investment income	615		539
Deferred income taxes	231		219
Property and equipment, net	669		859
Goodwill	3,245		3,502
Other assets, net	5,140		6,051
Assets held for sale	3,092		—
Total assets	$	111,617	$	103,362
Liabilities
Reserve for property and casualty insurance claims and claims expense	$	41,917	$	39,858
Reserve for future policy benefits	269		1,347
Contractholder funds	—		888
Unearned premiums	26,909		24,709
Claim payments outstanding	1,567		1,353

Other liabilities and accrued expenses	9,390		9,635
Debt	8,085		7,942
Liabilities held for sale	2,113		—
Total liabilities	90,250		85,732
Equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference	2,001		2,001
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 265 million and 262 million shares outstanding	9		9
Additional capital paid-in	4,029		3,854
Retained income	53,288		49,716

Treasury stock, at cost (635 million and 638 million shares)	(36,996)		(37,110)
Accumulated other comprehensive income (loss):
Unrealized net capital gains and losses	(771)		(604)
Unrealized foreign currency translation adjustments	(145)		(98)
Unamortized pension and other postretirement prior service credit	11		13
Discount rate for reserve for future policy benefits	16		(11)
Total accumulated other comprehensive loss	(889)		(700)
Total Allstate shareholders’ equity	21,442		17,770
Noncontrolling interest	(75)		(140)
Total equity	21,367		17,630
Total liabilities and equity	$	111,617	$	103,362


THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

($ in millions, except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2024		2023		2024		2023

Revenues
Property and casualty insurance premiums	$	14,591	$	13,188	$	56,388	$	50,670
Accident and health insurance premiums and contract charges	482		467		1,921		1,846
Other revenue	801		650		2,930		2,400
Net investment income	833		604		3,092		2,478
Net gains (losses) on investments and derivatives	(201)		(77)		(225)		(300)
Total revenues	16,506		14,832		64,106		57,094

Costs and expenses
Property and casualty insurance claims and claims expense	9,024		8,780		39,735		41,070

Accident, health and other policy benefits (including remeasurement (gains) losses of $0, $0, $1 and $0)	337		286		1,241		1,071
Amortization of deferred policy acquisition costs	2,062		1,904		8,039		7,278
Operating costs and expenses	2,505		1,864		8,626		7,137
Pension and other postretirement remeasurement (gains) losses	(52)		(47)		(37)		9
Restructuring and related charges	10		28		61		169
Amortization of purchased intangibles	70		83		280		329

Interest expense	101		107		400		379
Total costs and expenses	14,057		13,005		58,345		57,442

Income (loss) from operations before income tax expense	2,449		1,827		5,761		(348)

Income tax expense (benefit)	559		340		1,162		(135)

Net income (loss)	1,890		1,487		4,599		(213)

Less: Net loss attributable to noncontrolling interest	(38)		(2)		(68)		(25)

Net income (loss) attributable to Allstate	1,928		1,489		4,667		(188)

Less: Preferred stock dividends	29		29		117		128

Net income (loss) applicable to common shareholders	$	1,899	$	1,460	$	4,550	$	(316)

Earnings per common share:
Net income (loss) applicable to common shareholders per common share - Basic	$	7.16	$	5.57	$	17.22	$	(1.20)
Weighted average common shares - Basic	265.1		262.2		264.3		262.5
Net income (loss) applicable to common shareholders per common share - Diluted	$	7.07	$	5.52	$	16.99	$	(1.20)
Weighted average common shares - Diluted	268.7		264.7		267.8		262.5

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 (loss) 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 (loss). 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 December 31,
	2024		2023		2024		2023
	Consolidated				Per diluted common share
Net income (loss) applicable to common shareholders	$	1,899	$	1,460	$	7.07	$	5.52
Net (gains) losses on investments and derivatives	201		77		0.75		0.29
Pension and other postretirement remeasurement (gains) losses	(52)		(47)		(0.20)		(0.18)

Amortization of purchased intangibles	70		83		0.26		0.31



(Gain) loss on disposition	(10)		(8)		(0.04)		(0.03)

Non-recurring costs	—		—		—		—
Income tax expense (benefit)	(46)		(24)		(0.17)		(0.09)
Adjusted net income (loss) *	$	2,062	$	1,541	$	7.67	$	5.82

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

	Twelve months ended December 31,
	2024		2023		2024		2023
	Consolidated				Per diluted common share
Net income (loss) applicable to common shareholders (1)	$	4,550	$	(316)	$	16.99	$	(1.20)
Net (gains) losses on investments and derivatives	225		300		0.84		1.13
Pension and other postretirement remeasurement (gains) losses	(37)		9		(0.14)		0.04

Amortization of purchased intangibles	280		329		1.05		1.24



(Gain) loss on disposition	(16)		(4)		(0.06)		(0.01)

Non-recurring costs (2)	—		90		—		0.34
Income tax expense (benefit)	(96)		(157)		(0.36)		(0.59)
Adjusted net income (loss) *	$	4,906	$	251	$	18.32	$	0.95

Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)					—		2.2

_____________

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

Adjusted net income (loss) 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 December 31,
	2024			2023
Return on Allstate common shareholders’ equity
Numerator:
Net income (loss) applicable to common shareholders	$	4,550		$	(316)
Denominator:
Beginning Allstate common shareholders’ equity	$	15,769		$	15,518
Ending Allstate common shareholders’ equity (1)	19,441			15,769
Average Allstate common shareholders’ equity	$	17,605		$	15,644
Return on Allstate common shareholders’ equity	25.8		%	(2.0)		%


($ in millions)	For the twelve months ended December 31,
	2024			2023
Adjusted net income (loss) return on Allstate common shareholders’ equity
Numerator:
Adjusted net income (loss) *	$	4,906		$	251

Denominator:
Beginning Allstate common shareholders’ equity	$	15,769		$	15,518
Less: Unrealized net capital gains and losses	(604)			(2,255)
Adjusted beginning Allstate common shareholders’ equity	16,373			17,773

Ending Allstate common shareholders’ equity (1)	19,441			15,769
Less: Unrealized net capital gains and losses	(771)			(604)
Adjusted ending Allstate common shareholders’ equity	20,212			16,373
Average adjusted Allstate common shareholders’ equity	$	18,293		$	17,073
Adjusted net income (loss) return on Allstate common shareholders’ equity *	26.8		%	1.5		%

_____________

(1) Excludes equity related to preferred stock of $2,001 million as of both December 31, 2024 and 2023.

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 December 31,		Twelve months ended December 31,
	2024	2023	2024	2023
Combined ratio	86.9	89.5	94.3	104.5
Effect of catastrophe losses	(2.9)	(0.5)	(9.2)	(11.6)
Effect of prior year non-catastrophe reserve reestimates	(0.6)	(1.6)	(0.2)	(1.2)
Effect of amortization of purchased intangibles	(0.4)	(0.5)	(0.3)	(0.5)

Underlying combined ratio*	83.0	86.9	84.6	91.2

Effect of prior year catastrophe reserve reestimates	(0.4)	(0.2)	(0.7)	—


Allstate Protection - Auto Insurance	Three months ended December 31,		Twelve months ended December 31,
	2024	2023	2024	2023
Combined ratio	93.5	98.9	95.0	103.4
Effect of catastrophe losses	(0.6)	(0.3)	(2.2)	(2.1)
Effect of prior year non-catastrophe reserve reestimates	0.4	(1.7)	0.9	(0.9)
Effect of amortization of purchased intangibles	(0.3)	(0.5)	(0.3)	(0.5)

Underlying combined ratio*	93.0	96.4	93.4	99.9

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


Allstate Protection - Homeowners Insurance	Three months ended December 31,		Twelve months ended December 31,
	2024	2023	2024	2023
Combined ratio	69.8	62.0	90.1	106.8
Effect of catastrophe losses	(8.9)	(0.7)	(27.8)	(38.6)
Effect of prior year non-catastrophe reserve reestimates	(1.1)	0.3	0.5	(0.5)
Effect of amortization of purchased intangibles	(0.3)	(0.3)	(0.3)	(0.4)
Underlying combined ratio*	59.5	61.3	62.5	67.3

Effect of prior year catastrophe reserve reestimates	(1.2)	(0.8)	(2.4)	0.3

# # # # #

The Allstate Corporation Investor Supplement Fourth Quarter 2024 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 Investor Supplement - Fourth Quarter 2024 Table of Contents Consolidated Operations Protection Services Condensed Consolidated Statements of Operations 1 Segment Results 11 Contribution to Income 2 Book Value per Common Share and Debt to Capital 3 Allstate Health and Benefits Return on Allstate Common Shareholders' Equity 4 Segment Results and Other Statistics 12 Policies in Force 5 Corporate and Other Property-Liability Segment Results 13 Results 6 Allstate Protection Investments 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 Definitions of Non-GAAP Measures 16,17 Glossary 18 Items included in the glossary are denoted with a caret (^) the first time used.

The Allstate Corporation Condensed Consolidated Statements of Operations (In millions, except per share data) Three months ended Twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Revenues Property and casualty insurance premiums ^ $ 14,591 $ 14,333 $ 13,952 $ 13,512 $ 13,188 $ 12,839 $ 12,470 $ 12,173 $ 56,388 $ 50,670 Accident and health insurance premiums and contract charges ^ 482 487 474 478 467 463 453 463 1,921 1,846 Other revenue ^ 801 781 679 669 650 592 597 561 2,930 2,400 Net investment income 833 783 712 764 604 689 610 575 3,092 2,478 Net gains (losses) on investments and derivatives (201) 243 (103) (164) (77) (86) (151) 14 (225) (300) Total revenues 16,506 16,627 15,714 15,259 14,832 14,497 13,979 13,786 64,106 57,094 Costs and expenses Property and casualty insurance claims and claims expense 9,024 10,409 10,801 9,501 8,780 10,237 11,727 10,326 39,735 41,070 Accident, health and other policy benefits 337 317 291 296 286 262 258 265 1,241 1,071 Amortization of deferred policy acquisition costs 2,062 2,037 2,001 1,939 1,904 1,841 1,789 1,744 8,039 7,278 Operating costs and expenses 2,505 2,217 2,019 1,885 1,864 1,771 1,786 1,716 8,626 7,137 Pension and other postretirement remeasurement (gains) losses (52) 26 (9) (2) (47) 149 (40) (53) (37) 9 Restructuring and related charges 10 28 13 10 28 87 27 27 61 169 Amortization of purchased intangibles 70 71 70 69 83 83 82 81 280 329 Interest expense 101 104 98 97 107 88 98 86 400 379 Total costs and expenses 14,057 15,209 15,284 13,795 13,005 14,518 15,727 14,192 58,345 57,442 Income (loss) from operations before income tax expense 2,449 1,418 430 1,464 1,827 (21) (1,748) (406) 5,761 (348) Income tax expense (benefit) 559 254 83 266 340 (17) (373) (85) 1,162 (135) Net income (loss) 1,890 1,164 347 1,198 1,487 (4) (1,375) (321) 4,599 (213) Less: Net income (loss) attributable to noncontrolling interest (38) (26) 16 (20) (2) 1 (23) (1) (68) (25) Net income (loss) attributable to Allstate 1,928 1,190 331 1,218 1,489 (5) (1,352) (320) 4,667 (188) Less: Preferred stock dividends 29 29 30 29 29 36 37 26 117 128 Net income (loss) applicable to common shareholders $ 1,899 $ 1,161 $ 301 $ 1,189 $ 1,460 $ (41) $ (1,389) $ (346) $ 4,550 $ (316) Earnings per common share Net income (loss) applicable to common shareholders per common share - Basic $ 7.16 $ 4.39 $ 1.14 $ 4.51 $ 5.57 $ (0.16) $ (5.29) $ (1.31) $ 17.22 $ (1.20) Weighted average common shares - Basic 265.1 264.6 264.1 263.5 262.2 261.8 262.6 263.5 264.3 262.5 Net income (loss) applicable to common shareholders per common share - Diluted (1) $ 7.07 $ 4.33 $ 1.13 $ 4.46 $ 5.52 $ (0.16) $ (5.29) $ (1.31) $ 16.99 $ (1.20) Weighted average common shares - Diluted (1) 268.7 268.0 267.1 266.5 264.7 261.8 262.6 263.5 267.8 262.5 Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1) — — — — — 1.5 1.7 2.6 — 2.2 Cash dividends declared per common share $ 0.92 $ 0.92 $ 0.92 $ 0.92 $ 0.89 $ 0.89 $ 0.89 $ 0.89 $ 3.68 $ 3.56 (1) 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. The Allstate Corporation 4Q24 Supplement 1

The Allstate Corporation Contribution to Income (In millions, except per share data) Three months ended Twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Contribution to income Net income (loss) applicable to common shareholders $ 1,899 $ 1,161 $ 301 $ 1,189 $ 1,460 $ (41) $ (1,389) $ (346) $ 4,550 $ (316) Net (gains) losses on investments and derivatives 201 (243) 103 164 77 86 151 (14) 225 300 Pension and other postretirement remeasurement (gains) losses (52) 26 (9) (2) (47) 149 (40) (53) (37) 9 Amortization of purchased intangibles 70 71 70 69 83 83 82 81 280 329 (Gain) loss on disposition (10) (1) (1) (4) (8) 5 8 (9) (16) (4) Non-recurring costs — — — — — — 90 (2) — — 90 (2) Income tax expense (benefit) (46) 34 (35) (49) (24) (68) (64) (1) (96) (157) Adjusted net income (loss) * $ 2,062 $ 1,048 $ 429 $ 1,367 $ 1,541 $ 214 $ (1,162) $ (342) $ 4,906 $ 251 Income per common share - Diluted Net income (loss) applicable to common shareholders (1) $ 7.07 $ 4.33 $ 1.13 $ 4.46 $ 5.52 $ (0.16) (5.29) $ (1.31) $ 16.99 $ (1.20) Net (gains) losses on investments and derivatives 0.75 (0.91) 0.38 0.62 0.29 0.33 0.58 (0.05) 0.84 1.13 Pension and other postretirement remeasurement (gains) losses (0.20) 0.10 (0.03) (0.01) (0.18) 0.57 (0.15) (0.20) (0.14) 0.04 Amortization of purchased intangibles 0.26 0.26 0.26 0.26 0.31 0.31 0.31 0.31 1.05 1.24 (Gain) loss on disposition (0.04) — — (0.02) (0.03) 0.02 0.03 (0.04) (0.06) (0.01) Non-recurring costs — — — — — — 0.34 (2) — — 0.34 (2) Income tax expense (benefit) (0.17) 0.13 (0.13) (0.18) (0.09) (0.26) (0.24) (0.01) (0.36) (0.59) Adjusted net income (loss) * (1) $ 7.67 $ 3.91 $ 1.61 $ 5.13 $ 5.82 $ 0.81 $ (4.42) $ (1.30) $ 18.32 $ 0.95 Weighted average common shares - Diluted (1) 268.7 268.0 267.1 266.5 264.7 263.3 262.6 263.5 267.8 264.7 Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1) — — — — — 1.5 1.7 2.6 — 2.2 (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. The Allstate Corporation 4Q24 Supplement 2

The Allstate Corporation Book Value per Common Share and Debt to Capital ($ in millions, except per share data) Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Book value per common share Numerator: Allstate common shareholders' equity (1) $ 19,441 $ 18,876 $ 16,592 $ 16,638 $ 15,769 $ 12,592 $ 13,516 $ 15,524 Denominator: Common shares outstanding and dilutive potential common shares outstanding (2) 268.7 268.3 267.0 267.2 265.5 263.5 263.5 264.7 Book value per common share $ 72.35 $ 70.35 $ 62.14 $ 62.27 $ 59.39 $ 47.79 $ 51.29 $ 58.65 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities Numerator: Allstate common shareholders' equity (1) $ 19,441 $ 18,876 $ 16,592 $ 16,638 $ 15,769 $ 12,592 $ 13,516 $ 15,524 Less: Unrealized net capital gains and losses on fixed income securities (779) 364 (939) (813) (597) (2,509) (1,843) (1,575) Adjusted Allstate common shareholders' equity $ 20,220 $ 18,512 $ 17,531 $ 17,451 $ 16,366 $ 15,101 $ 15,359 $ 17,099 Denominator: Common shares outstanding and dilutive potential common shares outstanding (2) 268.7 268.3 267.0 267.2 265.5 263.5 263.5 264.7 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities * $ 75.25 $ 69.00 $ 65.66 $ 65.31 $ 61.64 $ 57.31 $ 58.29 $ 64.60 Total debt $ 8,085 $ 8,083 $ 8,082 $ 7,938 $ 7,942 $ 7,946 $ 7,949 $ 8,452 Total capital resources $ 29,527 $ 28,960 $ 26,675 $ 26,577 $ 25,712 $ 22,539 $ 23,466 $ 25,946 Ratio of debt to Allstate shareholders' equity 37.7 % 38.7 % 43.5 % 42.6 % 44.7 % 54.5 % 51.2 % 48.3 % Ratio of debt to capital resources 27.4 % 27.9 % 30.3 % 29.9 % 30.9 % 35.3 % 33.9 % 32.6 % (1) Excludes equity related to preferred stock of $2,001 milion as of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023 and $1,970 million as of March 31, 2023. (2) Common shares outstanding were 264,969,685 and 262,496,775 as of December 31, 2024 and December 31, 2023, respectively. The Allstate Corporation 4Q24 Supplement 3

The Allstate Corporation Return on Allstate Common Shareholders' Equity ($ in millions) As of or for the twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Return on Allstate common shareholders' equity Numerator: Net income (loss) applicable to common shareholders $ 4,550 $ 4,111 $ 2,909 $ 1,219 $ (316) $ (2,079) $ (2,723) $ (2,374) Denominator: Beginning Allstate common shareholders' equity $ 15,769 $ 12,592 $ 13,516 $ 15,524 $ 15,518 $ 15,713 $ 18,094 $ 21,105 Ending Allstate common shareholders' equity (1) 19,441 18,876 16,592 16,638 15,769 12,592 13,516 15,524 Average Allstate common shareholders' equity ^ $ 17,605 $ 15,734 $ 15,054 $ 16,081 $ 15,644 $ 14,153 $ 15,805 $ 18,315 Return on Allstate common shareholders' equity 25.8 % 26.1 % 19.3 % 7.6 % (2.0) % (14.7) % (17.2) % (13.0) % Adjusted net income (loss) return on Allstate common shareholders' equity Numerator: Adjusted net income (loss) * $ 4,906 $ 4,385 $ 3,551 $ 1,960 $ 251 $ (1,641) $ (2,266) $ (1,311) Denominator: Beginning Allstate common shareholders' equity $ 15,769 $ 12,592 $ 13,516 $ 15,524 $ 15,518 $ 15,713 $ 18,094 $ 21,105 Less: Unrealized net capital gains and losses (604) (2,512) (1,845) (1,573) (2,255) (2,929) (2,140) (996) Adjusted beginning Allstate common shareholders' equity 16,373 15,104 15,361 17,097 17,773 18,642 20,234 22,101 Ending Allstate common shareholders' equity (1) 19,441 18,876 16,592 16,638 15,769 12,592 13,516 15,524 Less: Unrealized net capital gains and losses (771) 361 (938) (819) (604) (2,512) (1,845) (1,573) Adjusted ending Allstate common shareholders' equity 20,212 18,515 17,530 17,457 16,373 15,104 15,361 17,097 Average adjusted Allstate common shareholders' equity ^ $ 18,293 $ 16,810 $ 16,446 $ 17,277 $ 17,073 $ 16,873 $ 17,798 $ 19,599 Adjusted net income (loss) return on Allstate common shareholders' equity * 26.8 % 26.1 % 21.6 % 11.3 % 1.5 % (9.7) % (12.7) % (6.7) % (1) Excludes equity related to preferred stock of $2,001 milion as of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023 and $1,970 million as of March 31, 2023. The Allstate Corporation 4Q24 Supplement 4

The Allstate Corporation Policies in Force Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Policies in force statistics (in thousands) (1) Allstate Protection Auto 24,936 24,998 25,124 25,207 25,283 25,376 25,520 25,733 Homeowners 7,511 7,483 7,426 7,364 7,338 7,297 7,268 7,262 Other personal lines 4,870 4,877 4,871 4,849 4,863 4,884 4,890 4,913 Commercial lines 213 238 256 273 284 296 307 307 Total 37,530 37,596 37,677 37,693 37,768 37,853 37,985 38,215 Protection Services Allstate Protection Plans 159,761 156,818 151,172 148,086 145,292 140,648 138,172 136,591 Allstate Dealer Services 3,710 3,703 3,733 3,758 3,776 3,813 3,825 3,839 Allstate Roadside 758 670 604 565 553 554 545 536 Allstate Identity Protection 2,511 2,538 2,510 3,031 2,884 2,965 3,222 3,206 Total 166,740 163,729 158,019 155,440 152,505 147,980 145,764 144,172 Allstate Health and Benefits Employer voluntary benefits ^ 3,464 3,556 3,577 3,594 3,590 3,710 3,736 3,799 Group health ^ 140 140 148 146 136 134 131 127 Individual health ^ 471 462 456 453 417 412 406 413 Total 4,075 4,158 4,181 4,193 4,143 4,256 4,273 4,339 Total policies in force 208,345 205,483 199,877 197,326 194,416 190,089 188,022 186,726 (1) 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. • Lender-placed policies are excluded from policy counts because relationships are with the lenders. • Allstate Roadside reflects memberships in force and does 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 4Q24 Supplement 5

The Allstate Corporation Property-Liability Results ($ in millions, except ratios) Three months ended Twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Premiums written $ 13,757 $ 14,707 $ 14,279 $ 13,183 $ 12,640 $ 13,304 $ 12,620 $ 11,783 $ 55,926 $ 50,347 Decrease (increase) in unearned premiums 267 (1,075) (921) (237) (42) (1,082) (753) (127) (1,966) (2,004) Other (91) 62 (19) (46) 3 48 54 (21) (94) 84 Premiums earned 13,933 13,694 13,339 12,900 12,601 12,270 11,921 11,635 53,866 48,427 Other revenue 493 531 441 430 410 393 389 353 1,895 1,545 Claims and claims expense (8,871) (10,249) (10,649) (9,349) (8,621) (10,077) (11,575) (10,180) (39,118) (40,453) Amortization of deferred policy acquisition costs (1,699) (1,696) (1,673) (1,608) (1,589) (1,533) (1,496) (1,452) (6,676) (6,070) Operating costs and expenses (1,966) (1,710) (1,537) (1,417) (1,394) (1,333) (1,249) (1,279) (6,630) (5,255) Restructuring and related charges (6) (23) (15) (7) (22) (74) (26) (21) (51) (143) Amortization of purchased intangibles (52) (52) (51) (51) (60) (60) (58) (57) (206) (235) Underwriting income (loss) (1) $ 1,832 $ 495 $ (145) $ 898 $ 1,325 $ (414) $ (2,094) $ (1,001) $ 3,080 $ (2,184) Catastrophe losses $ (410) $ (1,703) $ (2,120) $ (731) $ (68) $ (1,181) $ (2,696) $ (1,691) $ (4,964) $ (5,636) Claims expense excluding catastrophe expense ^ (758) (736) (713) (696) (735) (707) (687) (670) (2,903) (2,799) Operating ratios and reconciliations to underlying ratios Loss ratio 63.7 74.9 79.8 72.4 68.4 82.2 97.1 87.5 72.6 83.5 Effect of catastrophe losses (2.9) (12.4) (15.9) (5.7) (0.5) (9.6) (22.6) (14.5) (9.2) (11.6) Effect of non-catastrophe prior year reserve reestimates (0.6) (0.4) 0.5 (0.1) (1.6) (1.4) (1.6) (0.3) (0.2) (1.2) Underlying loss ratio * 60.2 62.1 64.4 66.6 66.3 71.2 72.9 72.7 63.2 70.7 Expense ratio ^ 23.2 21.5 21.3 20.6 21.1 21.2 20.5 21.1 21.7 21.0 Effect of amortization of purchased intangibles (0.4) (0.4) (0.4) (0.3) (0.5) (0.5) (0.5) (0.5) (0.3) (0.5) Underlying expense ratio * 22.8 21.1 20.9 20.3 20.6 20.7 20.0 20.6 21.4 20.5 Effect of advertising expense (4.7) (3.8) (3.0) (2.2) (1.5) (1.4) (0.9) (1.3) (3.5) (1.3) Effect of restructuring and related charges (0.1) (0.1) (0.1) (0.1) (0.2) (0.6) (0.2) (0.2) (0.2) (0.3) Adjusted underwriting expense ratio * 18.0 17.2 17.8 18.0 18.9 18.7 18.9 19.1 17.7 18.9 Claims expense ratio excluding catastrophe expense ^ 5.4 5.4 5.3 5.4 5.8 5.8 5.8 5.8 5.4 5.8 Adjusted expense ratio * 23.4 22.6 23.1 23.4 24.7 24.5 24.7 24.9 23.1 24.7 Combined ratio 86.9 96.4 101.1 93.0 89.5 103.4 117.6 108.6 94.3 104.5 Effect of catastrophe losses (2.9) (12.4) (15.9) (5.7) (0.5) (9.6) (22.6) (14.5) (9.2) (11.6) Effect of non-catastrophe prior year reserve reestimates (0.6) (0.4) 0.5 (0.1) (1.6) (1.4) (1.6) (0.3) (0.2) (1.2) Effect of amortization of purchased intangibles (0.4) (0.4) (0.4) (0.3) (0.5) (0.5) (0.5) (0.5) (0.3) (0.5) Underlying combined ratio * 83.0 83.2 85.3 86.9 86.9 91.9 92.9 93.3 84.6 91.2 Effect of Run-off Property-Liability on combined ratio 0.1 0.5 — — 0.1 0.7 0.1 — 0.2 0.2 (1) Underwriting income (loss) Allstate Protection $ 1,837 $ 555 $ (142) $ 903 $ 1,331 $ (331) $ (2,092) (998) $ 3,153 $ (2,090) Run-off Property-Liability (5) (60) (3) (5) (6) (83) (2) (3) (73) (94) Property-Liability $ 1,832 $ 495 $ (145) $ 898 $ 1,325 $ (414) $ (2,094) $ (1,001) $ 3,080 $ (2,184) Other financial information Net investment income $ 757 $ 708 $ 643 $ 702 $ 538 $ 627 $ 544 $ 509 $ 2,810 $ 2,218 Income tax (expense) benefit on operations (596) (217) (113) (308) (343) (43) 320 91 (1,234) 25 Net income (loss) attributable to noncontrolling interest, after-tax (38) (25) 16 (20) (2) 2 (23) (1) (67) (24) Amortization of purchased intangibles (52) (52) (51) (51) (60) (60) (58) (57) (206) (235) The Allstate Corporation 4Q24 Supplement 6

The Allstate Corporation Allstate Protection Profitability Measures ($ in millions, except ratios) Three months ended Twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Premiums written Auto $ 9,116 $ 9,539 $ 9,284 $ 9,357 $ 8,570 $ 8,770 $ 8,269 $ 8,349 $ 37,296 $ 33,958 Homeowners 3,624 4,073 3,845 2,874 3,144 3,525 3,381 2,534 14,416 12,584 Other personal lines 746 817 845 660 620 676 675 548 3,068 2,519 Commercial lines 84 104 150 157 153 140 200 227 495 720 Other business lines ^ 187 174 155 135 153 193 95 125 651 566 Total $ 13,757 $ 14,707 $ 14,279 $ 13,183 $ 12,640 $ 13,304 $ 12,620 $ 11,783 $ 55,926 $ 50,347 Net premiums earned Auto $ 9,348 $ 9,270 $ 9,079 $ 8,778 $ 8,566 $ 8,345 $ 8,121 $ 7,908 $ 36,475 $ 32,940 Homeowners 3,548 3,403 3,255 3,154 3,077 2,969 2,883 2,810 13,360 11,739 Other personal lines 745 718 701 659 630 608 587 562 2,823 2,387 Commercial lines 131 151 158 169 183 194 202 232 609 811 Other business lines 161 152 146 140 145 154 128 123 599 550 Total $ 13,933 $ 13,694 $ 13,339 $ 12,900 $ 12,601 $ 12,270 $ 11,921 $ 11,635 $ 53,866 $ 48,427 Underwriting income (loss) Auto $ 603 $ 486 $ 370 $ 351 $ 93 $ (178) $ (678) $ (346) $ 1,810 $ (1,109) Homeowners 1,070 60 (375) 564 1,169 (131) (1,307) (534) 1,319 (803) Other personal lines 133 (18) (55) 7 114 6 (70) (89) 67 (39) Commercial lines (16) (16) (138) (70) (84) (60) (61) (60) (240) (265) Other business lines 45 40 52 48 37 28 21 29 185 115 Answer Financial 2 3 4 3 2 4 3 2 12 11 Total $ 1,837 $ 555 $ (142) $ 903 $ 1,331 $ (331) $ (2,092) $ (998) $ 3,153 $ (2,090) Claims expense excluding catastrophe expense $ 756 $ 732 $ 711 $ 695 $ 733 $ 703 $ 685 $ 668 $ 2,894 $ 2,789 Operating ratios and reconciliations to underlying ratios Loss ratio 63.6 74.4 79.8 72.4 68.3 81.5 97.0 87.5 72.4 83.3 Effect of catastrophe losses (2.9) (12.4) (15.9) (5.7) (0.5) (9.6) (22.6) (14.5) (9.2) (11.6) Effect of non-catastrophe prior year reserve reestimates (0.5) 0.1 0.5 (0.1) (1.5) (0.7) (1.5) (0.3) — (1.0) Underlying loss ratio * 60.2 62.1 64.4 66.6 66.3 71.2 72.9 72.7 63.2 70.7 Expense ratio 23.2 21.5 21.3 20.6 21.1 21.2 20.5 21.1 21.7 21.0 Effect of amortization of purchased intangibles (0.4) (0.4) (0.4) (0.3) (0.5) (0.5) (0.5) (0.5) (0.3) (0.5) Underlying expense ratio * 22.8 21.1 20.9 20.3 20.6 20.7 20.0 20.6 21.4 20.5 Effect of advertising expense (4.7) (3.8) (3.0) (2.2) (1.5) (1.4) (0.9) (1.3) (3.5) (1.3) Effect of restructuring and related charges (0.1) (0.1) (0.1) (0.1) (0.2) (0.6) (0.2) (0.2) (0.2) (0.3) Adjusted underwriting expense ratio * 18.0 17.2 17.8 18.0 18.9 18.7 18.9 19.1 17.7 18.9 Combined ratio 86.8 95.9 101.1 93.0 89.4 102.7 117.5 108.6 94.1 104.3 Underlying combined ratio * 83.0 83.2 85.3 86.9 86.9 91.9 92.9 93.3 84.6 91.2 Claims expense ratio excluding catastrophe expense 5.4 5.3 5.3 5.4 5.8 5.7 5.7 5.7 5.4 5.8 The Allstate Corporation 4Q24 Supplement 7

The Allstate Corporation Allstate Protection Impact of Net Rate Changes Implemented on Premiums Written Three months ended December 31, 2024 Three months ended September 30, 2024 Number of locations (1) Total (%) (2) (3) Location specific (%) (4) Number of locations Total (%) (3) Location specific (%) Auto 33 0.9 4.8 39 2.7 7.6 Homeowners (5) 32 3.7 9.5 23 2.9 16.3 Three months ended June 30, 2024 Three months ended March 31, 2024 Number of locations Total (%) (3) Location specific (%) Number of locations Total (%) (3) Location specific (%) Auto 38 1.1 6.8 41 2.8 8.7 Homeowners (5) 23 1.2 10.8 26 3.2 11.8 (1) Refers to the number of U.S. states, the District of Columbia or Canadian provinces where rate changes have been implemented. (2) Represents the impact in the locations where rate changes were implemented during the period as a percentage of total prior year-end premiums written. (3) Implemented auto insurance rate increases totaled $309 million in the fourth quarter of 2024, after implementing $919 million, $385 million and $930 million in the third, second and first quarters of 2024, respectively. (4) 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. (5) Excludes the impact to average premium from inflation in insured home replacement costs and other aging factor adjustments, which could be significant. The Allstate Corporation 4Q24 Supplement 8

The Allstate Corporation Auto Profitability Measures and Statistics ($ in millions, except ratios) Three months ended Twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Allstate Protection Premiums written $ 9,116 $ 9,539 $ 9,284 $ 9,357 $ 8,570 $ 8,770 $ 8,269 $ 8,349 $ 37,296 $ 33,958 Net premiums earned 9,348 9,270 9,079 8,778 8,566 8,345 8,121 7,908 36,475 32,940 Underwriting income (loss) 603 486 370 351 93 (178) (678) (346) 1,810 (1,109) Operating ratios and reconciliations to underlying ratios Loss ratio 69.3 71.9 74.2 75.4 78.5 81.4 87.9 83.4 72.7 82.8 Effect of catastrophe losses (0.6) (3.0) (3.9) (1.2) (0.3) (2.6) (4.2) (1.2) (2.2) (2.1) Effect of non-catastrophe prior year reserve reestimates ("PYRR") 0.4 0.6 1.9 0.7 (1.7) (0.3) (1.4) (0.1) 0.9 (0.9) Underlying loss ratio * 69.1 69.5 72.2 74.9 76.5 78.5 82.3 82.1 71.4 79.8 Expense ratio 24.2 22.9 21.7 20.6 20.4 20.7 20.4 21.0 22.3 20.6 Effect of amortization of purchased intangibles (0.3) (0.4) (0.4) (0.4) (0.5) (0.4) (0.5) (0.5) (0.3) (0.5) Underlying expense ratio * 23.9 22.5 21.3 20.2 19.9 20.3 19.9 20.5 22.0 20.1 Combined ratio 93.5 94.8 95.9 96.0 98.9 102.1 108.3 104.4 95.0 103.4 Effect of catastrophe losses (0.6) (3.0) (3.9) (1.2) (0.3) (2.6) (4.2) (1.2) (2.2) (2.1) Effect of non-catastrophe PYRR 0.4 0.6 1.9 0.7 (1.7) (0.3) (1.4) (0.1) 0.9 (0.9) Effect of amortization of purchased intangibles ("APIA") (0.3) (0.4) (0.4) (0.4) (0.5) (0.4) (0.5) (0.5) (0.3) (0.5) Underlying combined ratio * 93.0 92.0 93.5 95.1 96.4 98.8 102.2 102.6 93.4 99.9 Annualized average earned premium ^ ($) 1,500 1,483 1,445 1,393 1,355 1,315 1,273 1,229 1,463 1,303 Average underlying loss (incurred pure premium) * ^ ($) 1,037 1,031 1,043 1,043 1,037 1,032 1,048 1,009 1,045 1,040 Average underlying loss (incurred pure premium) * (% change year-over- year) — (0.1) (0.5) 3.4 (0.7) 8.4 17.4 24.1 0.5 12.1 Average underlying loss (incurred pure premium) and expense * ^ ($) 1,395 1,364 1,351 1,325 1,306 1,299 1,301 1,261 1,366 1,302 New issued applications by channel (in thousands) ^ Exclusive agency 671 675 628 605 549 582 574 589 2,579 2,294 Independent agency 562 597 562 555 493 525 489 482 2,276 1,989 Direct 579 620 538 510 356 398 415 463 2,247 1,632 Total 1,812 1,892 1,728 1,670 1,398 1,505 1,478 1,534 7,102 5,915 Allstate brand Average premium - gross written ^ ($) 858 852 841 823 794 772 737 726 843 757 The Allstate Corporation 4Q24 Supplement 9

The Allstate Corporation Homeowners Profitability Measures and Statistics ($ in millions, except ratios) Three months ended Twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Allstate Protection Premiums written $ 3,624 $ 4,073 $ 3,845 $ 2,874 $ 3,144 $ 3,525 $ 3,381 $ 2,534 $ 14,416 $ 12,584 Net premiums earned 3,548 3,403 3,255 3,154 3,077 2,969 2,883 2,810 13,360 11,739 Underwriting income (loss) 1,070 60 (375) 564 1,169 (131) (1,307) (534) 1,319 (803) Operating ratios and reconciliations to underlying ratios Loss ratio 46.9 76.3 90.3 60.3 39.4 82.4 125.0 98.5 68.1 85.4 Effect of catastrophe losses (8.9) (36.2) (49.6) (17.6) (0.7) (29.6) (75.9) (51.6) (27.8) (38.6) Effect of non-catastrophe prior year reserve reestimates ("PYRR") (1.1) 0.4 1.9 1.3 0.3 (1.5) (1.4) 0.5 0.5 (0.5) Underlying loss ratio * 36.9 40.5 42.6 44.0 39.0 51.3 47.7 47.4 40.8 46.3 Expense ratio 22.9 21.9 21.2 21.8 22.6 22.0 20.3 20.5 22.0 21.4 Effect of amortization of purchased intangibles (0.3) (0.3) (0.3) (0.3) (0.3) (0.4) (0.4) (0.3) (0.3) (0.4) Underlying expense ratio * 22.6 21.6 20.9 21.5 22.3 21.6 19.9 20.2 21.7 21.0 Combined ratio 69.8 98.2 111.5 82.1 62.0 104.4 145.3 119.0 90.1 106.8 Effect of catastrophe losses (8.9) (36.2) (49.6) (17.6) (0.7) (29.6) (75.9) (51.6) (27.8) (38.6) Effect of non-catastrophe PYRR (1.1) 0.4 1.9 1.3 0.3 (1.5) (1.4) 0.5 0.5 (0.5) Effect of amortization of purchased intangibles ("APIA") (0.3) (0.3) (0.3) (0.3) (0.3) (0.4) (0.4) (0.3) (0.3) (0.4) Underlying combined ratio * 59.5 62.1 63.5 65.5 61.3 72.9 67.6 67.6 62.5 67.3 New issued applications by channel (in thousands) Exclusive agency 227 260 241 218 191 211 202 196 946 800 Independent agency 54 63 61 48 54 69 59 50 226 232 Direct 37 39 32 25 19 22 19 19 133 79 Total 318 362 334 291 264 302 280 265 1,305 1,111 Allstate brand Average premium - gross written ($) 2,111 2,050 1,993 1,912 1,872 1,851 1,800 1,706 2,021 1,812 The Allstate Corporation 4Q24 Supplement 10

The Allstate Corporation Protection Services Segment Results ($ in millions) Three months ended Twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Protection Services Net premiums written $ 816 $ 678 $ 676 $ 627 $ 728 $ 658 $ 658 $ 619 $ 2,797 $ 2,663 Premiums earned $ 658 $ 639 $ 613 $ 612 $ 587 $ 569 $ 549 $ 538 $ 2,522 $ 2,243 Other revenue 148 110 98 85 76 75 84 84 441 319 Intersegment insurance premiums and service fees 57 49 39 35 36 34 35 33 180 138 Net investment income 26 24 23 21 20 19 18 16 94 73 Claims and claims expense (160) (166) (157) (158) (160) (166) (153) (153) (641) (632) Amortization of deferred policy acquisition costs (328) (304) (296) (289) (279) (269) (259) (251) (1,217) (1,058) Operating costs and expenses (330) (280) (246) (234) (225) (225) (218) (221) (1,090) (889) Restructuring and related charges (1) — — (1) (2) (3) — (1) (2) (6) Income tax (expense) benefit on operations (20) (15) (19) (17) (49) (8) (15) (11) (71) (83) Less: net income (loss) attributable to noncontrolling interest — (1) — — — (1) — — (1) (1) Adjusted net income ^ (1) 50 58 55 54 4 27 41 34 217 106 Depreciation 5 5 6 6 6 6 6 6 22 24 Restructuring and related charges 1 — — 1 2 3 — 1 2 6 Income tax expense (benefit) on operations 20 15 19 17 49 8 15 11 71 83 Adjusted earnings before taxes, depreciation and restructuring * $ 76 $ 78 $ 80 $ 78 $ 61 $ 44 $ 62 $ 52 $ 312 $ 219 Allstate Protection Plans Net premiums written $ 648 $ 519 $ 518 $ 470 $ 578 $ 487 $ 481 $ 439 $ 2,155 $ 1,985 Premiums earned $ 497 $ 480 $ 453 $ 439 $ 414 $ 392 $ 373 $ 361 $ 1,869 $ 1,540 Revenue ^ 528 512 483 464 439 416 399 385 1,987 1,639 Claims and claims expense (123) (129) (120) (114) (113) (116) (106) (105) (486) (440) Amortization of deferred policy acquisition costs (219) (196) (188) (180) (170) (159) (148) (141) (783) (618) Other costs and expenses ^ (130) (139) (122) (117) (113) (114) (103) (103) (508) (433) Restructuring and related charges (1) — 1 (1) — (1) — — (1) (1) Income tax (expense) benefit on operations (18) (10) (13) (12) (5) (7) (11) (8) (53) (31) Less: net income (loss) attributable to noncontrolling interest — (1) — — — (1) — — (1) (1) Adjusted net income $ 37 $ 39 $ 41 $ 40 $ 38 $ 20 $ 31 $ 28 $ 157 $ 117 Allstate Dealer Services Revenue $ 147 $ 146 $ 148 $ 146 $ 146 $ 146 $ 148 $ 148 $ 587 $ 588 Adjusted net income (loss) 4 5 6 6 (33) 5 6 7 21 (15) Allstate Roadside Revenue $ 54 $ 53 $ 51 $ 66 $ 66 $ 69 $ 66 $ 64 $ 224 $ 265 Adjusted net income 10 10 8 11 7 7 6 4 39 24 Arity Revenue $ 121 $ 74 $ 52 $ 39 $ 32 $ 29 $ 35 $ 37 $ 286 $ 133 Adjusted net income (loss) (3) 1 (2) (4) (5) (6) (3) (4) (8) (18) Allstate Identity Protection Revenue $ 39 $ 37 $ 39 $ 38 $ 36 $ 37 $ 38 $ 37 $ 153 $ 148 Adjusted net income (loss) 2 3 2 1 (3) 1 1 (1) 8 (2) (1) Adjusted net income is the GAAP segment measure. The Allstate Corporation 4Q24 Supplement 11

The Allstate Corporation Allstate Health and Benefits Segment Results and Other Statistics ($ in millions) Three months ended Twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Allstate Health and Benefits Accident and health insurance premiums and contract charges $ 482 $ 487 $ 474 $ 478 $ 467 $ 463 $ 453 $ 463 $ 1,921 $ 1,846 Other revenue (1) 144 123 121 134 141 104 101 101 522 447 Net investment income 26 26 25 23 22 20 21 19 100 82 Accident, health and other policy benefits (337) (317) (291) (296) (286) (262) (258) (265) (1,241) (1,071) Amortization of deferred policy acquisition costs (35) (37) (32) (42) (36) (39) (34) (41) (146) (150) Operating costs and expenses (234) (232) (224) (225) (232) (197) (210) (203) (915) (842) Restructuring and related charges — (2) — (1) (1) (2) — (4) (3) (7) Income tax expense on operations (11) (11) (15) (15) (15) (18) (16) (14) (52) (63) Adjusted net income $ 35 $ 37 $ 58 $ 56 $ 60 $ 69 $ 57 $ 56 $ 186 $ 242 Interest credited to contractholder funds (9) (8) (8) (9) (8) (8) (9) (8) (34) (33) Benefit ratio ^ 68.0 % 63.4 % 59.7 % 60.0 % 59.5 % 54.9 % 55.0 % 55.5 % 62.8 % 56.2 % Adjusted net income Employer voluntary benefits $ 21 $ 19 $ 28 $ 17 $ 24 $ 28 $ 26 $ 22 $ 85 $ 100 Group health 2 13 28 28 16 26 24 29 71 95 Individual health 12 5 2 11 20 15 7 5 30 47 Total $ 35 $ 37 $ 58 $ 56 $ 60 $ 69 $ 57 $ 56 $ 186 $ 242 Premiums and contract charges Employer voluntary benefits $ 243 $ 248 $ 246 $ 248 $ 248 $ 253 $ 245 $ 255 $ 985 $ 1,001 Group health 123 120 120 118 112 111 110 107 481 440 Individual health 116 119 108 112 107 99 98 101 455 405 Total $ 482 $ 487 $ 474 $ 478 $ 467 $ 463 $ 453 $ 463 $ 1,921 $ 1,846 (1) Reflects commission revenue, administrative fees, agency fees and technology fees from the group health and individual health business. The Allstate Corporation 4Q24 Supplement 12

The Allstate Corporation Corporate and Other Segment Results ($ in millions) Three months ended Twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Other revenue $ 16 $ 17 $ 19 $ 20 $ 20 $ 20 $ 23 $ 23 $ 72 $ 86 Net investment income 24 25 21 18 24 23 27 31 88 105 Operating costs and expenses (35) (39) (47) (42) (53) (39) (45) (1) (48) (163) (185) (1) Restructuring and related charges (3) (3) 2 (1) (3) (8) (1) (1) (5) (13) Interest expense (101) (104) (98) (97) (107) (88) (98) (86) (400) (379) Income tax benefit on operations 22 23 29 25 43 18 20 18 99 99 Preferred stock dividends (29) (29) (30) (29) (29) (36) (37) (26) (117) (128) Adjusted net loss $ (106) $ (110) $ (104) $ (106) $ (105) $ (110) $ (111) $ (89) $ (426) $ (415) (1) Excludes settlement costs for non-recurring litigation that is outside of the ordinary course of business. The Allstate Corporation 4Q24 Supplement 13

The Allstate Corporation Investment Position and Results ($ in millions) As of or for the three months ended As of or for the twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Investment position Fixed income securities, at fair value $ 52,747 $ 53,961 $ 52,576 $ 50,777 $ 48,865 $ 46,771 $ 45,550 $ 44,103 $ 52,747 $ 48,865 Equity securities ^ 4,463 2,091 2,216 2,383 2,411 2,419 2,290 2,174 4,463 2,411 Mortgage loans, net 784 765 815 815 822 830 823 781 784 822 Limited partnership interests ^ 9,255 8,925 8,730 8,562 8,380 8,363 8,150 7,971 9,255 8,380 Short-term, at fair value 4,537 6,994 5,288 4,318 5,144 3,368 5,137 6,722 4,537 5,144 Other investments, net 824 866 979 1,004 1,055 1,608 1,718 1,724 824 1,055 Total $ 72,610 $ 73,602 $ 70,604 $ 67,859 $ 66,677 $ 63,359 $ 63,668 $ 63,475 $ 72,610 $ 66,677 Net investment income Fixed income securities $ 614 $ 587 $ 571 $ 526 $ 492 $ 457 $ 422 $ 390 $ 2,298 $ 1,761 Equity securities 27 17 18 15 28 15 21 11 77 75 Mortgage loans 9 9 9 9 10 9 8 8 36 35 Limited partnership interests 160 138 103 199 53 190 122 134 600 499 Short-term investments 74 87 62 67 59 59 69 66 290 253 Other investments 35 25 25 21 48 41 39 41 106 169 Investment income, before expense 919 863 788 837 690 771 681 650 3,407 2,792 Investment expense (86) (80) (76) (73) (86) (82) (71) (75) (315) (314) Net investment income $ 833 $ 783 $ 712 $ 764 $ 604 $ 689 $ 610 $ 575 $ 3,092 $ 2,478 Pre-tax yields on fixed income securities ^ (1) 4.4 % 4.3 % 4.3 % 4.1 % 4.0 % 3.7 % 3.6 % 3.4 % 4.3 % 3.7 % Net gains (losses) on investments and derivatives, pre-tax by transaction type Sales $ (75) $ 116 $ (90) $ (111) $ (120) $ (63) $ (130) $ (120) $ (160) $ (433) Credit losses (3) (12) (16) (115) (30) (20) (37) (12) (146) (99) Valuation change of equity investments (112) 119 18 70 129 (34) 23 198 95 316 Valuation change and settlements of derivatives (11) 20 (15) (8) (56) 31 (7) (52) (14) (84) Total $ (201) $ 243 $ (103) $ (164) $ (77) $ (86) $ (151) $ 14 $ (225) $ (300) Total return on investment portfolio ^ (1) Net investment income 1.1 % 1.1 % 1.0 % 1.1 % 0.9 % 1.1 % 1.0 % 0.9 % 4.3 % 3.9 % Valuation-interest bearing (2.1) 2.5 (0.3) (0.7) (2) 3.5 (1.5) (0.8) 1.1 (0.7) (2) 2.3 Valuation-equity investments (0.1) 0.1 — 0.1 0.2 — — 0.4 0.2 0.5 Total (1.1) % 3.7 % 0.7 % 0.5 % 4.6 % (0.4) % 0.2 % 2.4 % 3.8 % 6.7 % Fixed income securities portfolio duration ^ (in years) (1) 5.2 5.1 4.9 4.8 4.7 4.5 4.4 4.0 Fixed income securities portfolio duration including interest rate derivative positions (in years) (1) 5.3 5.3 5.0 4.9 4.8 4.6 4.4 4.0 Fixed income and short-term investments duration including interest rate derivative positions (in years) (1) 4.9 4.7 4.6 4.6 4.3 4.3 3.9 3.5 (1) Beginning in the third quarter of 2024 calculations include investments held for sale. (2) Includes (0.2%) impact related to the $123 million credit loss for the carrying value of the surplus notes issued by Adirondack Insurance Exchange and New Jersey Skylands Insurance Association (together “Reciprocal Exchanges”) in the first quarter and twelve months of 2024. The Allstate Corporation 4Q24 Supplement 14

The Allstate Corporation Investment Position and Results by Strategy ($ in millions) As of or for the three months ended As of or for the twelve months ended Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 Sept. 30, 2023 June 30, 2023 March 31, 2023 Dec. 31, 2024 Dec. 31, 2023 Investment Position Market-based ^ Interest-bearing investments ^ $ 58,068 $ 61,747 $ 58,781 $ 56,035 $ 55,025 $ 51,661 $ 52,191 $ 52,337 $ 58,068 $ 55,025 Equity securities 3,797 1,400 1,539 1,722 1,768 1,986 1,850 1,765 3,797 1,768 LP and other alternative investments ^ 285 148 162 158 141 198 201 214 285 141 Total $ 62,150 $ 63,295 $ 60,482 $ 57,915 $ 56,934 $ 53,845 $ 54,242 $ 54,316 $ 62,150 $ 56,934 Performance-based ^ Private equity (1) $ 8,411 $ 8,191 $ 8,064 $ 7,891 $ 7,752 $ 7,551 $ 7,381 $ 7,168 $ 8,411 $ 7,752 Real estate 2,049 2,116 2,058 2,053 1,991 1,963 2,045 1,991 2,049 1,991 Total $ 10,460 $ 10,307 $ 10,122 $ 9,944 $ 9,743 $ 9,514 $ 9,426 $ 9,159 $ 10,460 $ 9,743 Investment income Market-based Interest-bearing investments $ 705 $ 691 $ 649 $ 609 $ 578 $ 546 $ 519 $ 481 $ 2,654 $ 2,124 Equity securities 25 16 16 13 25 15 16 14 70 70 LP and other alternative investments (2) (3) 1 2 4 1 6 1 12 4 20 Income for yield calculation $ 727 $ 708 $ 667 $ 626 $ 604 $ 567 $ 536 $ 507 $ 2,728 $ 2,214 Pre-tax yield (3) 4.5 % 4.5 % 4.4 % 4.3 % 4.2 % 4.0 % 3.8 % 3.6 % 4.4 % 3.9 % Performance-based Private equity $ 138 $ 130 $ 119 $ 196 $ 66 $ 131 $ 112 $ 105 $ 583 $ 414 Real estate 54 25 2 15 20 71 31 37 96 159 Investment income, before expense 192 155 121 211 86 202 143 142 679 573 Investee level expenses (25) (12) (14) (10) (26) (16) (16) (16) (61) (74) Income for yield calculation $ 167 $ 143 $ 107 $ 201 $ 60 $ 186 $ 127 $ 126 $ 618 $ 499 Pre-tax yield 6.5 % 5.6 % 4.3 % 8.2 % 2.5 % 7.9 % 5.5 % 5.5 % 6.2 % 5.3 % Total return on investment portfolio Market-based (3) (1.5) % 4.2 % 0.7 % 0.3 % (4) 5.4 % (0.8) % 0.1 % 2.6 % 3.7 % (4) 7.3 % Performance-based 2.1 1.5 1.0 2.3 0.4 2.8 1.0 1.6 6.9 5.8 Internal rate of return ^ Performance-based 10 year 11.4 % 11.2 % 11.5 % 11.7 % 12.0 % 12.5 % 12.6 % 12.7 % 5 year 12.1 11.5 11.6 12.1 12.0 12.2 12.1 12.1 3 year 7.3 9.4 11.7 14.3 17.3 19.3 19.6 16.0 1 year 6.3 4.3 4.9 5.6 4.6 5.7 4.2 5.9 (1) Includes infrastructure investments of $1.33 billion as of December 31, 2024. (2) Net of any investee level expenses. (3) Beginning in the third quarter of 2024 calculations include investments held for sale. (4) Includes (0.2%) impact related to the $123 million credit loss for the carrying value of the surplus notes issued by Adirondack Insurance Exchange and New Jersey Skylands Insurance Association (together “Reciprocal Exchanges”) in the first quarter and twelve months of 2024. The Allstate Corporation 4Q24 Supplement 15

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 (loss) 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. 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". 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". Average underlying loss (incurred pure premium) and average underlying loss (incurred pure premium) and expense per policy 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 these measures are useful to investors and are 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. The Allstate Corporation 4Q24 Supplement 16

Definitions of Non-GAAP Measures (continued) 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 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". 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 net income (loss) 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 4Q24 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 automotive protection 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. New issued applications: Item counts of automobile and homeowner insurance applications for insurance policies that were issued during the period, regardless of whether the customer was previously insured by another Allstate Protection brand. Other business lines primarily represent commissions earned and other costs and expenses for Ivantage, non-proprietary life and annuity products, and lender-placed products. 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. Allstate Health and Benefits 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. 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. 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. The Allstate Corporation 4Q24 Supplement 18

Document and Entity Information Document	Feb. 05, 2025
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 05, 2025
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	402-2800
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