0000899051falseCommon Stock, par value $.01 per shareALLNYSECommon Stock, par value $.01 per shareALLNYSETX00008990512026-11-042026-11-040000899051exch:XNYSall:SubordinatedDebenturesDue2053At5.10PercentMember2026-11-042026-11-040000899051exch:XNYSus-gaap:SeriesHPreferredStockMember2026-11-042026-11-040000899051exch:XNYSall:SeriesIPreferredStockMember2026-11-042026-11-040000899051exch:XNYSall:SeriesJPreferredStockMember2026-11-042026-11-040000899051exch:XNYSus-gaap:CommonStockMember2026-11-042026-11-040000899051exch:XCHIus-gaap:CommonStockMember2026-11-042026-11-04

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): November 4, 2026
THE ALLSTATE CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware1-1184036-3871531
(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 classTrading SymbolsName of each exchange on which registered
Common Stock, par value $0.01 per shareALL
New York Stock Exchange
NYSE Texas
5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053ALL.PR.BNew York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series HALL PR HNew York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series IALL PR INew York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 7.375% Noncumulative Preferred Stock, Series JALL PR JNew 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 November 4, 2026, announcing its financial results for the third quarter of 2026, and the Registrant’s third quarter 2026 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 November 4, 2026
99.2                                Third Quarter 2026 Investor Supplement of The Allstate Corporation
104     Cover Page Interactive Data File (formatted as inline XBRL)

































2

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: November 4, 2026
3
Exhibit 99.1
allstatefilinglogoa.jpg
FOR IMMEDIATE RELEASE

Contacts:    
Nick Nottoli                Allister Gobin                        
Media Relations          Investor Relations            
mediateam@allstate.com        invrel@allstate.com

Allstate Reports Excellent Q3 2026 Results
NORTHBROOK, Ill., Nov. 4, 2026 – The Allstate Corporation (NYSE: ALL) today reported financial results for the third quarter of 2026.
“Allstate delivered excellent financial results and increased Property-Liability growth in the third quarter,” said Tom Wilson, who leads The Allstate Corporation. “Revenues were $17.3 billion as total policies in force reached 217.6 million, with a 3.3% increase in Property-Liability policies. Net income was $2.1 billion, or $8.03 per diluted share, and adjusted net income* was $2.5 billion, or $9.76 per diluted share. Earnings reflected strong underwriting margins on auto and homeowners insurance, higher investment income and continued growth of Protection Services.”

“The strategy to grow personal property-liability market share and expand Protection Services through Transformative Growth and building Allstate’s Large Language Intelligent Ecosystem (ALLIE) reached several important milestones. Auto and homeowners insurance policies were 3.4% and 3.3% higher than last year, respectively, as new Affordable, Simple and Connected products and broad distribution resulted in increased market share. Protection Plans’ international revenues are growing rapidly. ALLIE has been expanded to handle millions of service calls with additional capabilities planned for early 2027. We continue to innovate to create the future of protection,” concluded Wilson.


Third Quarter 2026 Results
•Total revenues of $17.3 billion in the third quarter of 2026 were $93 million, or 0.5% higher than the prior year quarter.
•Net income applicable to common shareholders was $2.1 billion in the third quarter of 2026, compared to $3.7 billion in the prior year quarter primarily due to increased catastrophe losses, a gain on sale of the group health business in 2025 and net losses on investments and derivatives, partially offset by increased premiums earned.
•Adjusted net income* was $2.5 billion, or $9.76 per diluted share, compared to $3.0 billion in the prior year quarter.

1
Exhibit 99.1
The Allstate Corporation Consolidated Highlights
As of or for the three months ended September 30,As of or for the nine months ended September 30,
($ in millions, except per share data and ratios)20262025% / pts
Change		20262025% / pts
Change
Consolidated revenues$17,348 $17,255 0.5 %$52,885 $50,340 5.1 %
Net income applicable to common shareholders2,050 3,717 (44.8)%7,719 6,362 21.3 %
per diluted common share
8.03 13.95 (42.4)%29.79 23.76 25.4 %
Adjusted net income*2,493 2,976 (16.2)%7,620 5,516 38.1 %
per diluted common share*
9.76 11.17 (12.6)%29.41 20.60 42.8 %
Return on Allstate common shareholders’ equity (trailing 12 months)
Net income applicable to common shareholders41.3 %37.2 %4.1 
Adjusted net income*39.7 %34.7 %5.0 
Common shares outstanding (in millions)248.8 262.1 (5.1)%
Book value per common share$120.23 $95.95 25.3 %
Total policies in force (in thousands)217,610 209,481 3.9 %
* 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.
----------------------------------------------------------------------------------------------------------------------------------------------------------

•Property-Liability earned premiums of $15.1 billion increased 3.8% in the third quarter of 2026 compared to the prior year, primarily driven by policies in force growth and higher homeowners insurance average premiums.

Property-Liability Results
As of or for the three months ended September 30,As of or for the nine months ended September 30,
($ in millions)20262025% / pts
Change		20262025% / pts
Change
Premiums written$16,020 $15,630 2.5 %$46,076 $44,974 2.5 %
Premiums earned$15,086 $14,533 3.8 %$44,806 $42,906 4.4 %
Recorded combined ratio86.6 80.1 6.5 85.1 89.4 (4.3)
Underlying combined ratio*80.5 78.7 1.8 80.0 80.4 (0.4)
Catastrophe losses$1,650 $558 195.7 %$4,612 $4,750 (2.9)%
Underwriting income$2,022 $2,894 (30.1)%$6,686 $4,534 47.5 %
Policies in force (in thousands)39,319 38,056 3.3 %
◦Premiums written increased 2.5% compared to the prior year quarter, reflecting policies in force growth and higher homeowners insurance average premiums, partially offset by lower auto insurance average premiums reflecting a shift in product mix toward Allstate-branded Affordable, Simple, Connected auto insurance products.

◦Property-Liability recorded combined ratio was 86.6 for the quarter, which was 6.5 points above the prior year quarter primarily due to 7.1 points of higher catastrophe losses, partially offset by 2.4 points of more favorable non-catastrophe prior year reserve releases.

◦Underwriting income was $2.0 billion compared to $2.9 billion in the prior year quarter, primarily reflecting the impact of increased catastrophe losses.

◦Policies in force increased by 3.3%, reflecting growth in auto and homeowners insurance policies.

◦Allstate-branded Affordable, Simple, Connected auto insurance products are now available in 46 states with the homeowners insurance product available in 42 states. Custom360® middle market standard and preferred auto and homeowners insurance products for the independent agent channel are available in 41 and 42 states, respectively.





2
Exhibit 99.1
◦Allstate Protection auto insurance results reflect continued execution of Transformative Growth, with strong margins and policies in force growth supported by increased customer value and expanded distribution.

Allstate Protection Auto Results
As of or for the three months ended September 30,As of or for the nine months ended September 30,
($ in millions, except ratios)20262025% / pts
Change		20262025% / pts
Change
Premiums written$9,884 $9,869 0.2 %$29,306 $29,250 0.2 %
Premiums earned$9,654 $9,593 0.6 %$28,845 $28,468 1.3 %
Recorded combined ratio83.2 82.0 1.2 82.8 86.4 (3.6)
Underlying combined ratio*89.8 86.0 3.8 89.0 88.3 0.7 
Underwriting income$1,623 $1,726 (6.0)%$4,958 $3,873 28.0 %
Policies in force (in thousands)26,204 25,332 3.4 %

◦Written and earned premiums grew 0.2% and 0.6%, respectively, compared to the prior year quarter, as policies in force growth was largely offset by lower average premiums.

◦The recorded auto insurance combined ratio was 83.2 in the third quarter of 2026 compared to 82.0 in the prior year quarter, reflecting 3.6 points of higher underlying losses and 1.5 points of higher catastrophe losses, partially offset by 4.1 points of more favorable prior year reserve releases.

◦The underlying auto insurance combined ratio* was 89.8 in the third quarter of 2026, compared to 86.0 in the prior year quarter. The third quarter benefited from 1.6 points of favorable development for claims reported in the first half of 2026.

◦Auto insurance policies in force grew by 3.4% with new business increasing 6.3% from the prior year quarter, reflecting expanded distribution, increased marketing and new products.

◦Allstate Protection homeowners insurance remains a competitive advantage and continues to deliver strong underlying profitability and policies in force growth.

Allstate Protection Homeowners Results
As of or for the three months ended September 30,As of or for the nine months ended September 30,
($ in millions, except ratios)20262025% / pts
Change		20262025% / pts
Change
Premiums written$4,950 $4,607 7.4 %$13,443 $12,455 7.9 %
Premiums earned$4,325 $3,880 11.5 %$12,690 $11,308 12.2 %
Recorded combined ratio89.5 71.5 18.0 89.3 94.9 (5.6)
Catastrophe losses$1,330 $479 177.7 %$3,784 $3,917 (3.4)%
Underlying combined ratio*60.1 59.8 0.3 60.7 60.2 0.5 
Underwriting income$452 $1,107 (59.2)%$1,363 $580 135.0%
Policies in force (in thousands)
7,896 7,642 3.3 %
◦Written and earned premiums increased by 7.4% and 11.5%, respectively, compared to the prior year quarter, due to higher average premiums and policies in force growth. Allstate brand homeowners insurance average gross written premium increased 4.9% compared to the prior year quarter, reflecting rate increases and higher home replacement costs.

◦The recorded homeowners insurance combined ratio was 89.5 in the third quarter of 2026, compared to 71.5 in the prior year quarter, primarily reflecting higher catastrophe losses.

◦Catastrophe losses were $1.3 billion in the quarter compared to $479 million the prior year.

◦The underlying homeowners insurance combined ratio* was 60.1 in the third quarter of 2026, compared to 59.8 in the prior year quarter.

3
Exhibit 99.1
◦Underwriting income was $452 million compared to $1.1 billion in the prior year quarter, reflecting higher catastrophe losses.

◦Policies in force increased 3.3% compared to the prior year quarter, with growth across the exclusive agency, independent agency and direct channels. New business was strong, increasing 10.2% compared to the prior year quarter.

----------------------------------------------------------------------------------------------------------------------------------------------------------

•Protection Services broadens Allstate’s customer value proposition through embedded protection products and services across five businesses. Revenues increased to $964 million in the third quarter of 2026, 6.9% higher than the prior year quarter, primarily due to Protection Plans and Roadside growth. Adjusted net income of $64 million increased by $18 million compared to the prior year quarter, led by growth in Protection Plans.

Protection Services Results
Three months ended September 30,Nine months ended September 30,
($ in millions)20262025% / $
Change		20262025% / $
Change
Total revenues (1)
$964 $902 6.9 %$2,821 $2,629 7.3 %
Protection Plans631 588 7.3 1,859 1,691 9.9 
Roadside
70 59 18.6 199 170 17.1 
Dealer Services148 148 — 443 442 0.2 
Identity Protection
39 39 — 119 120 (0.8)
Arity76 68 11.8 201 206 (2.4)
Adjusted net income (loss)
$64 $46 $18 $164 $161 $3 
Protection Plans47 34 13 130 130 — 
Roadside
14 12 2 39 34 5 
Dealer Services7 6 1 15 14 1 
Identity Protection
2 2 — 5 5 — 
Arity(6)(8)2 (25)(22)(3)
(1)Excludes net gains and losses on investments and derivatives.

◦Protection Plans continued to expand domestically and internationally. Revenue of $631 million increased $43 million, or 7.3%, compared to the prior year quarter. Adjusted net income of $47 million in the third quarter of 2026 increased $13 million compared to the prior year quarter primarily reflecting higher gross margins and reduced operating expenses.

◦Roadside revenue of $70 million in the third quarter of 2026 increased 18.6% compared to the prior year quarter reflecting increased bundling with Allstate-branded Affordable, Simple, Connected auto insurance products and new partnerships. Adjusted net income of $14 million in the third quarter was $2 million higher than the prior year quarter.

◦Dealer Services generated revenue of $148 million, flat compared to the prior year quarter. Adjusted net income was $7 million compared to $6 million in the prior year quarter.

◦Identity Protection revenue was $39 million and adjusted net income was $2 million in the third quarter of 2026, in line with the prior year quarter.

◦Arity revenue increased 11.8% to $76 million compared to the prior year quarter driven by higher lead generation advertising sales. Adjusted net loss was $6 million in the third quarter of 2026 compared to a loss of $8 million in the prior year quarter. In October, Arity acquired INRIX, Inc., a transportation intelligence and mobility analytics provider, expanding Arity’s mobility data and analytics capabilities. In November, Arity entered into a definitive agreement to acquire the remaining ownership of Replica, a mobility data and technology company. The acquisition is expected to close before the end of 2026, subject to customary closing conditions.

-------------------------------------------------------------------------------------------------------------------------------------------------------



4
Exhibit 99.1
•Allstate Investments uses a proactive approach to balancing enterprise risk and return across the $87.4 billion portfolio. Net investment income of $1.2 billion in the third quarter of 2026 increased by $228 million from the prior year quarter, reflecting higher market-based and performance-based results.

Allstate Investment Results
Three months ended September 30,Nine months ended September 30,
($ in millions, except ratios)20262025$ / pts
Change		20262025$ / pts
Change
Net investment income$1,177 $949 $228 $3,124 $2,557 $567 
Market-based (1)
887 780 107 2,515 2,232 283 
Performance-based (1)
355 227 128 801 502 299 
Net gains (losses) on investments and derivatives$(545)$252 $(797)$105 $(241)$346 
Change in unrealized net capital gains and losses, pre-tax (2)
$(2,479)$403 $(2,882)$(2,958)$1,435 $(4,393)
Total return on investment portfolio (2)
(2.1)%2.0 %(4.1)0.3 %4.8 %(4.5)
Total return on investment portfolio (2) (trailing 12 months)
1.3 %3.8 %(2.5)
(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 $887 million in the third quarter of 2026, an increase of $107 million, or 13.7%, compared to the prior year quarter, reflecting growth in market-based asset balances to $77.6 billion and higher fixed income yields.

◦Performance-based investment income totaled $355 million in the third quarter of 2026, an increase of $128 million from the prior year quarter, reflecting private equity valuation increases. Performance-based assets provide diversification and attractive long-term returns despite periodic variability.

◦Net losses on investments and derivatives were $545 million in the third quarter of 2026, compared to gains of $252 million in the prior year quarter. Third quarter 2026 losses were primarily the result of higher interest rates, including losses on fixed income sales associated with ongoing portfolio management, fixed income exchange traded fund valuations and interest-rate related derivatives.

◦Unrealized net capital losses were $2.6 billion (pre-tax) at September 30, 2026, compared to losses of $97 million in the prior quarter, primarily reflecting lower fixed income valuations as interest rates increased.

◦Total return on the investment portfolio was negative 2.1% for the third quarter and 1.3% for the trailing 12 months.


Proactive Capital Management

“Allstate continues to generate strong financial results while investing to profitably grow the business,” said Chris Lown, Executive Vice President and Chief Financial Officer. “Adjusted net income return on equity* was 39.7% over the last 12 months, and approximately $1.5 billion was returned to shareholders in the third quarter through share repurchases and dividends. As of Sept. 30, $1.3 billion remains under the $4.0 billion share repurchase authorization initiated in February 2026. Disciplined capital management gives us the flexibility to fund growth and pursue attractive investment opportunities while returning excess capital to shareholders,” concluded Lown.


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, Nov. 5. Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.




5
Exhibit 99.1
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.


About Allstate
The Allstate Corporation (NYSE: ALL) protects people from life’s uncertainties with affordable, simple and connected protection for autos, homes, electronic devices and identities. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online and at the workplace. Allstate has 218 million policies in force and is widely known for the slogan “You’re in Good Hands with Allstate.” For more information, visit www.allstate.com.
6

THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
($ in millions, except par value data)

September 30, 2026December 31, 2025
Assets
Investments
Fixed income securities, at fair value (amortized cost, net $62,818 and $58,730)
$60,246 $59,115 
Equity securities, at fair value (cost $9,200 and $8,026)
10,172 8,398 
Mortgage loans, net1,040 879 
Limited partnership interests9,058 8,844 
Short-term, at fair value (amortized cost $5,781 and $4,888)
5,779 4,887 
Other investments, net1,080 1,114 
Total investments87,375 83,237 
Cash549 678 
Premium installment receivables, net12,376 11,474 
Deferred policy acquisition costs6,213 6,163 
Reinsurance and indemnification recoverables, net7,724 8,501 
Accrued investment income722 708 
Deferred income taxes235 — 
Property and equipment, net589 627 
Goodwill3,118 3,118 
Receivable for securities sold3,750 133 
Other assets, net5,198 5,119 
Total assets$127,849 $119,758 
Liabilities
Reserve for property and casualty insurance claims and claims expense$40,796 $41,079 
Unearned premiums30,378 29,080 
Claim payments outstanding1,661 1,419 
Deferred income taxes— 227 
Payable for securities purchased4,241 49 
Other liabilities and accrued expenses10,987 9,825 
Debt7,494 7,490 
Total liabilities95,557 89,169 
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, 249 million and 260 million shares outstanding
9 9 
Additional capital paid-in4,257 4,158 
Retained income69,282 62,393 
Treasury stock, at cost (651 million and 640 million shares)
(41,090)(38,206)
Accumulated other comprehensive income (loss):
Unrealized net capital gains and losses
(2,024)297 
Unrealized foreign currency translation adjustments(136)(55)
Unamortized pension and other postretirement prior service credit10 11 
Discount rate for reserve for future policy benefits
2 2 
Total accumulated other comprehensive (loss) income(2,148)255 
Total Allstate shareholders’ equity32,311 30,610 
Noncontrolling interest(19)(21)
Total equity
32,292 30,589 
Total liabilities and equity
$127,849 $119,758 

7

THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
($ in millions, except per share data)
Three months ended September 30,Nine months ended September 30,
2026202520262025
Revenues
Property and casualty insurance premiums$15,856 $15,253 $47,079 $44,992 
Accident and health insurance premiums and contract charges136 110 406 832 
Other revenue724 691 2,171 2,200 
Net investment income1,177 949 3,124 2,557 
Net gains (losses) on investments and derivatives(545)252 105 (241)
Total revenues17,348 17,255 52,885 50,340 
Costs and expenses
Property and casualty insurance claims and claims expense9,943 8,654 28,990 29,718 
Accident, health and other policy benefits
77 67 225 588 
Amortization of deferred policy acquisition costs2,220 2,101 6,600 6,264 
Operating costs and expenses2,336 2,265 6,876 6,645 
Pension and other postretirement remeasurement (gains) losses(28)(108)(155)(30)
Restructuring and related charges40 17 52 48 
Amortization of purchased intangibles46 59 139 175 
Interest expense97 101 291 301 
Total costs and expenses14,731 13,156 43,018 43,709 
Gain on disposition of operations— 720 — 1,610 
Income from operations before income tax expense2,617 4,819 9,867 8,241 
Income tax expense537 1,075 2,058 1,802 
Net income2,080 3,744 7,809 6,439 
Less: Net income (loss) attributable to noncontrolling interest1 (2)2 (11)
Net income attributable to Allstate2,079 3,746 7,807 6,450 
Less: Preferred stock dividends29 29 88 88 
Net income applicable to common shareholders$2,050 $3,717 $7,719 $6,362 
Earnings per common share:
Net income applicable to common shareholders per common share - Basic$8.15 $14.13 $30.20 $24.07 
Weighted average common shares - Basic251.6 263.1 255.6 264.3 
Net income applicable to common shareholders per common share - Diluted$8.03 $13.95 $29.79 $23.76 
Weighted average common shares - Diluted255.3 266.4 259.1 267.8 

8

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 September 30,
2026202520262025
ConsolidatedPer diluted common share
Net income applicable to common shareholders
$2,050 $3,717 $8.03 $13.95 
Net (gains) losses on investments and derivatives545 (252)2.13 (0.95)
Pension and other postretirement remeasurement (gains) losses(28)(108)(0.11)(0.40)
Amortization of purchased intangibles46 59 0.18 0.22 
(Gain) loss on disposition1 (723)— (2.71)
Income tax expense (benefit)(121)283 (0.47)1.06 
Adjusted net income *$2,493 $2,976 $9.76 $11.17 
Nine months ended September 30,
2026202520262025
ConsolidatedPer diluted common share
Net income applicable to common shareholders
$7,719 $6,362 $29.79 $23.76 
Net (gains) losses on investments and derivatives(105)241 (0.41)0.90 
Pension and other postretirement remeasurement (gains) losses(155)(30)(0.60)(0.11)
Amortization of purchased intangibles139 175 0.54 0.65 
(Gain) loss on disposition(6)(1,616)(0.02)(6.03)
Income tax expense (benefit)28 384 0.11 1.43 
Adjusted net income *
$7,620 $5,516 $29.41 $20.60 

9

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 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 12 months ended September 30,
20262025
Return on Allstate common shareholders’ equity
Numerator:
Net income applicable to common shareholders
$11,522 $8,261 
Denominator:
Beginning Allstate common shareholders’ equity
$25,504 $18,876 
Ending Allstate common shareholders’ equity (1)
30,310 25,504 
Average Allstate common shareholders’ equity
$27,907 $22,190 
Return on Allstate common shareholders’ equity41.3 %37.2 %

($ in millions)For the 12 months ended September 30,
20262025
Adjusted net income return on Allstate common shareholders’ equity
Numerator:
Adjusted net income *
$11,408 $7,578 
Denominator:
Beginning Allstate common shareholders’ equity
$25,504 $18,876 
Less: Unrealized net capital gains and losses 351 361 
Adjusted beginning Allstate common shareholders’ equity
25,153 18,515 
Ending Allstate common shareholders’ equity (1)
30,310 25,504 
Less: Unrealized net capital gains and losses(2,024)351 
Adjusted ending Allstate common shareholders’ equity
32,334 25,153 
Average adjusted Allstate common shareholders’ equity
$28,744 $21,834 
Adjusted net income return on Allstate common shareholders’ equity *
39.7 %34.7 %
_____________
(1) Excludes equity related to preferred stock of $2,001 million for both periods shown.
10

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 reserve reestimates, excluding catastrophes 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-LiabilityThree months ended September 30,Nine months ended September 30,
2026202520262025
Combined ratio
86.6 80.1 85.1 89.4 
Effect of catastrophe losses(10.9)(3.8)(10.3)(11.1)
Effect of prior year reserve reestimates, excluding catastrophes
5.1 2.7 5.5 2.4 
Effect of amortization of purchased intangibles(0.3)(0.3)(0.3)(0.3)
Underlying combined ratio*80.5 78.7 80.0 80.4 
Effect of prior year catastrophe reserve reestimates0.1 (0.2)0.2 (0.1)
Allstate Protection - Auto InsuranceThree months ended September 30,Nine months ended September 30,
2026202520262025
Combined ratio83.2 82.0 82.8 86.4 
Effect of catastrophe losses(2.2)(0.7)(1.8)(1.7)
Effect of prior year reserve reestimates, excluding catastrophes
9.1 5.0 8.2 4.0 
Effect of amortization of purchased intangibles(0.3)(0.3)(0.2)(0.4)
Underlying combined ratio*89.8 86.0 89.0 88.3 
Effect of prior year catastrophe reserve reestimates(0.1)— (0.1)(0.1)
Allstate Protection - Homeowners InsuranceThree months ended September 30,Nine months ended September 30,
2026202520262025
Combined ratio89.5 71.5 89.3 94.9 
Effect of catastrophe losses(30.8)(12.3)(29.8)(34.6)
Effect of prior year reserve reestimates, excluding catastrophes
1.6 1.0 1.5 0.3 
Effect of amortization of purchased intangibles(0.2)(0.4)(0.3)(0.4)
Underlying combined ratio*60.1 59.8 60.7 60.2 
Effect of prior year catastrophe reserve reestimates0.5 (0.4)0.5 — 

# # # # #




11
The Allstate Corporation Investor Supplement Third Quarter 2026 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. Exhibit 99.2

 
The Allstate Corporation Investor Supplement - Third Quarter 2026 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 Corporate Return on Allstate Common Shareholders' Equity 4 Segment Results 12 Policies in Force 5 Investments Property-Liability Investment Position and Results 13 Results 6 Investment Position and Results by Strategy 14 Allstate Protection Profitability Measures 7 Definitions of Non-GAAP Measures 15,16 Impact of Net Rate Changes Implemented on Premiums Written 8 Auto Profitability Measures and Statistics 9 Glossary 17 Homeowners Profitability Measures and Statistics 10 Items included in the glossary are denoted with a caret (^) the first time used. As a result of the dispositions of the employer voluntary benefits and group health businesses, starting in the third quarter of 2025, the Allstate Health and Benefits segment is no longer a reportable segment.

 
The Allstate Corporation Condensed Consolidated Statements of Operations (In millions, except per share data) Three months ended Nine months ended Trailing 12-months Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2026 Sept. 30, 2025 Sept. 30, 2026 Sept. 30, 2025 Revenues Property and casualty insurance premiums ^ $ 15,856 $ 15,670 $ 15,553 $ 15,511 $ 15,253 $ 15,041 $ 14,698 $ 14,591 $ 47,079 $ 44,992 $ 62,590 $ 59,583 Accident and health insurance premiums and contract charges ^ 136 134 136 114 110 235 487 482 406 832 520 1,314 Other revenue ^ 724 728 719 755 691 747 762 801 2,171 2,200 2,926 3,001 Net investment income 1,177 1,009 938 892 949 754 854 833 3,124 2,557 4,016 3,390 Net gains (losses) on investments and derivatives (545) 1,055 (405) 73 252 (144) (349) (201) 105 (241) 178 (442) Total revenues 17,348 18,596 16,941 17,345 17,255 16,633 16,452 16,506 52,885 50,340 70,230 66,846 Costs and expenses Property and casualty insurance claims and claims expense 9,943 9,862 9,185 7,736 8,654 10,249 10,815 9,024 28,990 29,718 36,726 38,742 Accident, health and other policy benefits 77 72 76 68 67 188 333 337 225 588 293 925 Amortization of deferred policy acquisition costs 2,220 2,202 2,178 2,125 2,101 2,076 2,087 2,062 6,600 6,264 8,725 8,326 Operating costs and expenses 2,336 2,315 2,225 2,332 2,265 2,135 2,245 2,505 6,876 6,645 9,208 9,150 Pension and other postretirement remeasurement (gains) losses (28) (146) 19 (5) (108) — 78 (52) (155) (30) (160) (82) Restructuring and related charges 40 7 5 13 17 15 16 10 52 48 65 58 Amortization of purchased intangibles 46 46 47 56 59 57 59 70 139 175 195 245 Interest expense 97 96 98 98 101 100 100 101 291 301 389 402 Total costs and expenses 14,731 14,454 13,833 12,423 13,156 14,820 15,733 14,057 43,018 43,709 55,441 57,766 Gain (loss) on disposition of operations — — — (7) 720 890 — — — 1,610 (7) 1,610 Income from operations before income tax expense 2,617 4,142 3,108 4,915 4,819 2,703 719 2,449 9,867 8,241 14,782 10,690 Income tax expense 537 871 650 1,088 1,075 604 123 559 2,058 1,802 3,146 2,361 Net income 2,080 3,271 2,458 3,827 3,744 2,099 596 1,890 7,809 6,439 11,636 8,329 Less: Net income (loss) attributable to noncontrolling interest 1 — 1 (5) (2) (10) 1 (38) 2 (11) (3) (49) Net income attributable to Allstate 2,079 3,271 2,457 3,832 3,746 2,109 595 1,928 7,807 6,450 11,639 8,378 Less: Preferred stock dividends 29 30 29 29 29 30 29 29 88 88 117 117 Net income applicable to common shareholders $ 2,050 $ 3,241 $ 2,428 $ 3,803 $ 3,717 $ 2,079 $ 566 $ 1,899 $ 7,719 $ 6,362 $ 11,522 $ 8,261 Earnings per common share Net income applicable to common shareholders per common share - Basic ^ $ 8.15 $ 12.66 $ 9.36 $ 14.55 $ 14.13 $ 7.86 $ 2.13 $ 7.16 $ 30.20 $ 24.07 $ 44.82 $ 31.23 Weighted average common shares - Basic 251.6 256.0 259.4 261.3 263.1 264.6 265.3 265.1 255.6 264.3 257.1 264.5 Net income applicable to common shareholders per common share - Diluted ^ $ 8.03 $ 12.51 $ 9.25 $ 14.37 $ 13.95 $ 7.76 $ 2.11 $ 7.07 $ 29.79 $ 23.76 $ 44.25 $ 30.82 Weighted average common shares - Diluted 255.3 259.1 262.6 264.7 266.4 267.9 268.8 268.7 259.1 267.8 260.4 268.0 Cash dividends declared per common share $ 1.08 $ 1.08 $ 1.08 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 0.92 $ 3.24 $ 3.00 $ 4.24 $ 3.92 The Allstate Corporation 3Q 26 Supplement 1

 
The Allstate Corporation Contribution to Income (In millions, except per share data) Three months ended Nine months ended Trailing 12-months Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2026 Sept. 30, 2025 Sept. 30, 2026 Sept. 30, 2025 Contribution to income Net income applicable to common shareholders $ 2,050 $ 3,241 $ 2,428 $ 3,803 $ 3,717 $ 2,079 $ 566 $ 1,899 $ 7,719 $ 6,362 $ 11,522 $ 8,261 Net (gains) losses on investments and derivatives 545 (1,055) 405 (73) (252) 144 349 201 (105) 241 (178) 442 Pension and other postretirement remeasurement (gains) losses (28) (146) 19 (5) (108) — 78 (52) (155) (30) (160) (82) Amortization of purchased intangibles 46 46 47 56 59 57 59 70 139 175 195 245 (Gain) loss on disposition (1) 1 (1) (6) — (723) (893) — (10) (6) (1,616) (6) (1,626) Income tax expense (benefit) (121) 245 (96) 7 283 204 (103) (46) 28 384 35 338 Adjusted net income * $ 2,493 $ 2,330 $ 2,797 $ 3,788 $ 2,976 $ 1,591 $ 949 $ 2,062 $ 7,620 $ 5,516 $ 11,408 $ 7,578 Income per common share - Diluted ^ Net income applicable to common shareholders $ 8.03 $ 12.51 $ 9.25 $ 14.37 $ 13.95 $ 7.76 $ 2.11 $ 7.07 $ 29.79 $ 23.76 $ 44.25 $ 30.82 Net (gains) losses on investments and derivatives 2.13 (4.07) 1.54 (0.28) (0.95) 0.54 1.30 0.75 (0.41) 0.90 (0.68) 1.65 Pension and other postretirement remeasurement (gains) losses (0.11) (0.57) 0.07 (0.02) (0.40) — 0.29 (0.20) (0.60) (0.11) (0.62) (0.30) Amortization of purchased intangibles 0.18 0.18 0.18 0.21 0.22 0.21 0.22 0.26 0.54 0.65 0.75 0.92 (Gain) loss on disposition (1) — — (0.02) — (2.71) (3.33) — (0.04) (0.02) (6.03) (0.02) (6.07) Income tax expense (benefit) (0.47) 0.94 (0.37) 0.03 1.06 0.76 (0.39) (0.17) 0.11 1.43 0.13 1.26 Adjusted net income * $ 9.76 $ 8.99 $ 10.65 $ 14.31 $ 11.17 $ 5.94 $ 3.53 $ 7.67 $ 29.41 $ 20.60 $ 43.81 $ 28.28 Weighted average common shares - Diluted 255.3 259.1 262.6 264.7 266.4 267.9 268.8 268.7 259.1 267.8 260.4 268.0 (1) Includes changes in the value of contingent consideration related to the sale of Allstate Life Insurance Company and certain affiliates in 2021 that are included within operating costs and expenses on the Condensed Consolidated Statements of Operations. The Allstate Corporation 3Q 26 Supplement 2

 
The Allstate Corporation Book Value per Common Share and Debt to Capital ($ in millions, except per share data) Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Book value per common share Numerator: Allstate common shareholders' equity (1) $ 30,310 $ 31,697 $ 29,606 $ 28,609 $ 25,504 $ 22,018 $ 20,054 $ 19,441 Denominator: Common shares outstanding and dilutive potential common shares outstanding (2) 252.1 256.9 260.8 263.8 265.8 267.2 268.8 268.7 Book value per common share $ 120.23 $ 123.38 $ 113.52 $ 108.45 $ 95.95 $ 82.40 $ 74.61 $ 72.35 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) $ 30,310 $ 31,697 $ 29,606 $ 28,609 $ 25,504 $ 22,018 $ 20,054 $ 19,441 Less: Unrealized net capital gains and losses on fixed income securities (2,030) (74) (220) 303 357 40 (351) (779) Adjusted Allstate common shareholders' equity $ 32,340 $ 31,771 $ 29,826 $ 28,306 $ 25,147 $ 21,978 $ 20,405 $ 20,220 Denominator: Common shares outstanding and dilutive potential common shares outstanding (2) 252.1 256.9 260.8 263.8 265.8 267.2 268.8 268.7 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities * $ 128.28 $ 123.67 $ 114.36 $ 107.30 $ 94.61 $ 82.25 $ 75.91 $ 75.25 Total debt $ 7,494 $ 7,492 $ 7,491 $ 7,490 $ 8,089 $ 8,087 $ 8,086 $ 8,085 Total capital resources $ 39,805 $ 41,190 $ 39,098 $ 38,100 $ 35,594 $ 32,106 $ 30,141 $ 29,527 Ratio of debt to Allstate shareholders' equity 23.2 % 22.2 % 23.7 % 24.5 % 29.4 % 33.7 % 36.7 % 37.7 % Ratio of debt to capital resources 18.8 % 18.2 % 19.2 % 19.7 % 22.7 % 25.2 % 26.8 % 27.4 % (1) Excludes equity related to preferred stock of $2,001 million for all periods shown. (2) Common shares outstanding were 248,779,577 and 260,135,910 as of September 30, 2026 and December 31, 2025, respectively. The Allstate Corporation 3Q 26 Supplement 3

 
The Allstate Corporation Return on Allstate Common Shareholders' Equity ($ in millions) As of or for the 12 months ended Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Return on Allstate common shareholders' equity Numerator: Net income applicable to common shareholders $ 11,522 $ 13,189 $ 12,027 $ 10,165 $ 8,261 $ 5,705 $ 3,927 $ 4,550 Denominator: Beginning Allstate common shareholders' equity $ 25,504 $ 22,018 $ 20,054 $ 19,441 $ 18,876 $ 16,592 $ 16,638 $ 15,769 Ending Allstate common shareholders' equity (1) 30,310 31,697 29,606 28,609 25,504 22,018 20,054 19,441 Average Allstate common shareholders' equity ^ $ 27,907 $ 26,858 $ 24,830 $ 24,025 $ 22,190 $ 19,305 $ 18,346 $ 17,605 Return on Allstate common shareholders' equity 41.3 % 49.1 % 48.4 % 42.3 % 37.2 % 29.6 % 21.4 % 25.8 % Adjusted net income return on Allstate common shareholders' equity Numerator: Adjusted net income * $ 11,408 $ 11,891 $ 11,152 $ 9,304 $ 7,578 $ 5,650 $ 4,488 $ 4,906 Denominator: Beginning Allstate common shareholders' equity $ 25,504 $ 22,018 $ 20,054 $ 19,441 $ 18,876 $ 16,592 $ 16,638 $ 15,769 Less: Unrealized net capital gains and losses 351 36 (351) (771) 361 (938) (819) (604) Adjusted beginning Allstate common shareholders' equity 25,153 21,982 20,405 20,212 18,515 17,530 17,457 16,373 Ending Allstate common shareholders' equity (1) 30,310 31,697 29,606 28,609 25,504 22,018 20,054 19,441 Less: Unrealized net capital gains and losses (2,024) (79) (221) 297 351 36 (351) (771) Adjusted ending Allstate common shareholders' equity 32,334 31,776 29,827 28,312 25,153 21,982 20,405 20,212 Average adjusted Allstate common shareholders' equity ^ $ 28,744 $ 26,879 $ 25,116 $ 24,262 $ 21,834 $ 19,756 $ 18,931 $ 18,293 Adjusted net income return on Allstate common shareholders' equity * 39.7 % 44.2 % 44.4 % 38.3 % 34.7 % 28.6 % 23.7 % 26.8 % (1) Excludes equity related to preferred stock of $2,001 million for all periods shown. The Allstate Corporation 3Q 26 Supplement 4

 
The Allstate Corporation Policies in Force Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Policies in force statistics (in thousands) (1) Allstate Protection Auto 26,204 25,951 25,758 25,504 25,332 25,243 25,100 24,936 Homeowners 7,896 7,819 7,739 7,697 7,642 7,596 7,549 7,511 Specialty lines 5,021 4,945 4,902 4,898 4,908 4,885 4,874 4,870 Commercial lines 198 182 177 176 174 176 189 213 Total 39,319 38,897 38,576 38,275 38,056 37,900 37,712 37,530 Protection Services Protection Plans 169,823 168,703 165,210 164,650 163,451 162,315 161,503 159,761 Roadside 1,654 1,520 1,379 1,244 1,119 988 867 758 Dealer Services 3,557 3,601 3,628 3,663 3,681 3,697 3,690 3,710 Identity Protection 2,782 2,719 2,752 2,626 2,694 2,669 2,648 2,511 Total 177,816 176,543 172,969 172,183 170,945 169,669 168,708 166,740 All other 475 495 507 479 480 482 478 471 Total policies in force (2) 217,610 215,935 212,052 210,937 209,481 208,051 206,898 204,741 (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. • Protection Plans represents active consumer product protection plans. Policies in force at June 30, 2026 includes 2.9 million policies that primarily relate to periods from September 30, 2025 through March 31, 2026 and were not reflected in previously reported numbers. • Roadside reflects memberships in force and does not include their wholesale partners as the customer relationship is managed by the wholesale partner. • 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. • Identity Protection reflects individual customer counts for identity protection products. • All other reflects certificate counts for the individual health business. (2) As a result of the dispositions of the employer voluntary benefits and group health businesses, starting in the third quarter of 2025, the Allstate Health and Benefits segment is no longer a reportable segment. Historical totals exclude employer voluntary benefits and group health businesses that have been divested. The Allstate Corporation 3Q 26 Supplement 5

 
The Allstate Corporation Property-Liability Results ($ in millions, except ratios) Three months ended Nine months ended Trailing 12-months Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2026 Sept. 30, 2025 Sept. 30, 2026 Sept. 30, 2025 Premiums written $ 16,020 $ 15,431 $ 14,625 $ 14,572 $ 15,630 $ 15,047 $ 14,297 $ 13,757 $ 46,076 $ 44,974 $ 60,648 $ 58,731 Premiums earned $ 15,086 $ 14,918 $ 14,802 $ 14,776 $ 14,533 $ 14,346 $ 14,027 $ 13,933 $ 44,806 $ 42,906 $ 59,582 $ 56,839 Other revenue 564 568 544 541 518 504 488 493 1,676 1,510 2,217 2,003 Claims and claims expense (9,743) (9,668) (8,992) (7,567) (8,466) (10,084) (10,660) (8,871) (28,403) (29,210) (35,970) (38,081) Amortization of deferred policy acquisition costs (1,854) (1,840) (1,821) (1,772) (1,757) (1,742) (1,732) (1,699) (5,515) (5,231) (7,287) (6,930) Operating costs and expenses (1,954) (1,928) (1,835) (1,917) (1,873) (1,685) (1,701) (1,966) (5,717) (5,259) (7,634) (7,225) Restructuring and related charges (39) (6) (1) (10) (15) (13) (16) (6) (46) (44) (56) (50) Amortization of purchased intangibles (38) (38) (39) (45) (46) (46) (46) (52) (115) (138) (160) (190) Underwriting income (loss) (1) $ 2,022 $ 2,006 $ 2,658 $ 4,006 $ 2,894 $ 1,280 $ 360 $ 1,832 $ 6,686 $ 4,534 $ 10,692 $ 6,366 Catastrophe losses $ (1,650) $ (1,722) $ (1,240) $ (209) $ (558) $ (1,990) $ (2,202) $ (410) $ (4,612) $ (4,750) $ (4,821) $ (5,160) Claims expense excluding catastrophe expense ^ (865) (799) (783) (755) (765) (751) (734) (758) (2,447) (2,250) (3,202) (3,008) Operating ratios and reconciliations to underlying ratios Loss ratio 64.6 64.8 60.7 51.2 58.3 70.3 76.0 63.7 63.4 68.1 60.4 67.0 Effect of catastrophe losses (10.9) (11.5) (8.4) (1.4) (3.8) (13.9) (15.7) (2.9) (10.3) (11.1) (8.1) (9.1) Effect of prior year reserve reestimates, excluding catastrophes 5.1 4.6 6.9 5.4 2.7 2.6 1.7 (0.6) 5.5 2.4 5.5 1.6 Underlying loss ratio * 58.8 57.9 59.2 55.2 57.2 59.0 62.0 60.2 58.6 59.4 57.8 59.5 Expense ratio ^ 22.0 21.8 21.3 21.7 21.8 20.8 21.4 23.2 21.7 21.3 21.7 21.8 Effect of amortization of purchased intangibles (0.3) (0.3) (0.2) (0.3) (0.3) (0.3) (0.3) (0.4) (0.3) (0.3) (0.3) (0.3) Underlying expense ratio * 21.7 21.5 21.1 21.4 21.5 20.5 21.1 22.8 21.4 21.0 21.4 21.5 Effect of advertising expense (3.9) (3.5) (3.7) (3.8) (4.0) (3.1) (3.7) (4.7) (3.7) (3.6) (3.7) (3.7) Effect of restructuring and related charges (0.2) — — (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) Adjusted underwriting expense ratio * 17.6 18.0 17.4 17.5 17.4 17.3 17.3 18.0 17.6 17.3 17.6 17.7 Claims expense ratio excluding catastrophe expense ^ 5.7 5.4 5.3 5.1 5.3 5.2 5.2 5.4 5.5 5.2 5.4 5.3 Adjusted expense ratio * 23.3 23.4 22.7 22.6 22.7 22.5 22.5 23.4 23.1 22.5 23.0 23.0 Combined ratio 86.6 86.6 82.0 72.9 80.1 91.1 97.4 86.9 85.1 89.4 82.1 88.8 Effect of catastrophe losses (10.9) (11.5) (8.4) (1.4) (3.8) (13.9) (15.7) (2.9) (10.3) (11.1) (8.1) (9.1) Effect of prior year reserve reestimates, excluding catastrophes 5.1 4.6 6.9 5.4 2.7 2.6 1.7 (0.6) 5.5 2.4 5.5 1.6 Effect of amortization of purchased intangibles (0.3) (0.3) (0.2) (0.3) (0.3) (0.3) (0.3) (0.4) (0.3) (0.3) (0.3) (0.3) Underlying combined ratio * 80.5 79.4 80.3 76.6 78.7 79.5 83.1 83.0 80.0 80.4 79.2 81.0 Effect of Run-off Property-Liability on combined ratio 1.4 — — — 1.0 — — 0.1 0.5 0.3 0.4 0.3 (1) Underwriting income (loss) Allstate Protection $ 2,240 $ 2,006 $ 2,659 $ 4,007 $ 3,040 $ 1,283 $ 364 $ 1,837 $ 6,905 $ 4,687 $ 10,912 $ 6,524 Run-off Property-Liability (218) — (1) (1) (146) (3) (4) (5) (219) (153) (220) (158) Property-Liability $ 2,022 $ 2,006 $ 2,658 $ 4,006 $ 2,894 $ 1,280 $ 360 $ 1,832 $ 6,686 $ 4,534 $ 10,692 $ 6,366 Other financial information Net investment income $ 1,052 $ 885 $ 845 $ 814 $ 873 $ 687 $ 783 $ 757 $ 2,782 $ 2,343 $ 3,596 $ 3,100 Income tax expense on operations (643) (608) (744) (1,074) (790) (402) (227) (596) (1,995) (1,419) (3,069) (2,015) Net income (loss) attributable to noncontrolling interest, after-tax 1 1 1 (5) (1) (10) 1 (38) 3 (10) (2) (48) The Allstate Corporation 3Q 26 Supplement 6

 
The Allstate Corporation Allstate Protection Profitability Measures ($ in millions, except ratios) Three months ended Nine months ended Trailing 12-months Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2026 Sept. 30, 2025 Sept. 30, 2026 Sept. 30, 2025 Premiums written Auto $ 9,884 $ 9,572 $ 9,850 $ 9,399 $ 9,869 $ 9,533 $ 9,848 $ 9,116 $ 29,306 $ 29,250 $ 38,705 $ 38,366 Homeowners 4,950 4,752 3,741 4,110 4,607 4,395 3,453 3,624 13,443 12,455 17,553 16,079 Specialty lines 923 886 768 784 887 865 729 746 2,577 2,481 3,361 3,227 Commercial lines 115 121 112 107 101 100 94 84 348 295 455 379 Brokered solutions and collateral protection ^ 148 100 154 172 166 154 173 187 402 493 574 680 Total $ 16,020 $ 15,431 $ 14,625 $ 14,572 $ 15,630 $ 15,047 $ 14,297 $ 13,757 $ 46,076 $ 44,974 $ 60,648 $ 58,731 Premiums earned Auto $ 9,654 $ 9,644 $ 9,547 $ 9,622 $ 9,593 $ 9,528 $ 9,347 $ 9,348 $ 28,845 $ 28,468 $ 38,467 $ 37,816 Homeowners 4,325 4,201 4,164 4,055 3,880 3,771 3,657 3,548 12,690 11,308 16,745 14,856 Specialty lines 839 822 820 814 800 779 741 745 2,481 2,320 3,295 3,065 Commercial lines 113 107 101 103 99 104 113 131 321 316 424 447 Brokered solutions and collateral protection 155 144 170 182 161 164 169 161 469 494 651 655 Total $ 15,086 $ 14,918 $ 14,802 $ 14,776 $ 14,533 $ 14,346 $ 14,027 $ 13,933 $ 44,806 $ 42,906 $ 59,582 $ 56,839 Underwriting income (loss) Auto $ 1,623 $ 1,606 $ 1,729 $ 1,851 $ 1,726 $ 1,331 $ 816 $ 603 $ 4,958 $ 3,873 $ 6,809 $ 4,476 Homeowners 452 226 685 1,813 1,107 (76) (451) 1,070 1,363 580 3,176 1,650 Specialty lines 52 108 157 205 61 (11) (65) 133 317 (15) 522 118 Commercial lines 55 13 21 45 93 (17) 16 (16) 89 92 134 76 Brokered solutions and collateral protection 58 53 67 93 53 56 48 47 178 157 271 204 Total $ 2,240 $ 2,006 $ 2,659 $ 4,007 $ 3,040 $ 1,283 $ 364 $ 1,837 $ 6,905 $ 4,687 $ 10,912 $ 6,524 Claims expense excluding catastrophe expense $ 862 $ 799 $ 783 $ 755 $ 741 $ 750 $ 731 $ 756 $ 2,444 $ 2,222 $ 3,199 $ 2,978 Operating ratios and reconciliations to underlying ratios Loss ratio 63.2 64.8 60.7 51.2 57.3 70.3 76.0 63.6 62.9 67.8 60.0 66.7 Effect of catastrophe losses (10.9) (11.5) (8.4) (1.4) (3.8) (13.9) (15.7) (2.9) (10.3) (11.1) (8.1) (9.1) Effect of prior year reserve reestimates, excluding catastrophes 6.5 4.6 6.9 5.4 3.7 2.6 1.7 (0.5) 6.0 2.7 5.9 1.9 Underlying loss ratio * 58.8 57.9 59.2 55.2 57.2 59.0 62.0 60.2 58.6 59.4 57.8 59.5 Expense ratio 22.0 21.8 21.3 21.7 21.8 20.8 21.4 23.2 21.7 21.3 21.7 21.8 Effect of amortization of purchased intangibles (0.3) (0.3) (0.2) (0.3) (0.3) (0.3) (0.3) (0.4) (0.3) (0.3) (0.3) (0.3) Underlying expense ratio * 21.7 21.5 21.1 21.4 21.5 20.5 21.1 22.8 21.4 21.0 21.4 21.5 Effect of advertising expense (3.9) (3.5) (3.7) (3.8) (4.0) (3.1) (3.7) (4.7) (3.7) (3.6) (3.7) (3.7) Effect of restructuring and related charges (0.2) — — (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) Adjusted underwriting expense ratio * 17.6 18.0 17.4 17.5 17.4 17.3 17.3 18.0 17.6 17.3 17.6 17.7 Combined ratio 85.2 86.6 82.0 72.9 79.1 91.1 97.4 86.8 84.6 89.1 81.7 88.5 Underlying combined ratio * 80.5 79.4 80.3 76.6 78.7 79.5 83.1 83.0 80.0 80.4 79.2 81.0 Claims expense ratio excluding catastrophe expense 5.7 5.4 5.3 5.1 5.1 5.2 5.2 5.4 5.5 5.2 5.4 5.2 The Allstate Corporation 3Q 26 Supplement 7

 
The Allstate Corporation Allstate Protection Impact of Net Rate Changes Implemented on Premiums Written Three months ended September 30, 2026 Three months ended June 30, 2026 Number of locations (1) Total (%) (2) (3) Location specific (%) (4) Number of locations (1) Total (%) (3) Location specific (%) Auto 39 0.4 2.3 36 — — Homeowners (5) 21 0.5 4.2 33 (0.1) (1.9) Three months ended March 31, 2026 Three months ended December 31, 2025 Number of locations Total (%) (3) Location specific (%) Number of locations Total (%) (3) Location specific (%) Auto 39 — — 34 0.2 1.8 Homeowners (5) 18 1.4 7.2 15 0.8 5.4 (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. The impact reflects the combined effect of rate increases and decreases implemented during the period. (3) Implemented auto insurance rate increases totaled $175 million in the third quarter of 2026, after implementing rate decreases of $4 million and $2 million in the second and first quarters of 2026, respectively, and rate increases of $81 million in the fourth quarter of 2025. (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 3Q 26 Supplement 8

 
The Allstate Corporation Auto Profitability Measures and Statistics ($ in millions, except ratios) Three months ended Nine months ended Trailing 12-months Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2026 Sept. 30, 2025 Sept. 30, 2026 Sept. 30, 2025 Allstate Protection Premiums written $ 9,884 $ 9,572 $ 9,850 $ 9,399 $ 9,869 $ 9,533 $ 9,848 $ 9,116 $ 29,306 $ 29,250 $ 38,705 $ 38,366 Premiums earned 9,654 9,644 9,547 9,622 9,593 9,528 9,347 9,348 28,845 28,468 38,467 37,816 Underwriting income 1,623 1,606 1,729 1,851 1,726 1,331 816 603 4,958 3,873 6,809 4,476 Operating ratios and reconciliations to underlying ratios Loss ratio 61.6 61.4 60.6 58.9 60.6 65.0 69.3 69.3 61.2 64.9 60.6 66.0 Effect of catastrophe losses (2.2) (2.2) (0.9) (0.4) (0.7) (2.2) (2.2) (0.6) (1.8) (1.7) (1.4) (1.4) Effect of prior year reserve reestimates, excluding catastrophes 9.1 6.6 8.8 7.5 5.0 4.3 2.5 0.4 8.2 4.0 8.0 3.1 Underlying loss ratio * 68.5 65.8 68.5 66.0 64.9 67.1 69.6 69.1 67.6 67.2 67.2 67.7 Expense ratio 21.6 21.9 21.3 21.9 21.4 21.0 22.0 24.2 21.6 21.5 21.7 22.2 Effect of amortization of purchased intangibles (0.3) (0.1) (0.3) (0.3) (0.3) (0.3) (0.4) (0.3) (0.2) (0.4) (0.3) (0.4) Underlying expense ratio * 21.3 21.8 21.0 21.6 21.1 20.7 21.6 23.9 21.4 21.1 21.4 21.8 Combined ratio 83.2 83.3 81.9 80.8 82.0 86.0 91.3 93.5 82.8 86.4 82.3 88.2 Effect of catastrophe losses (2.2) (2.2) (0.9) (0.4) (0.7) (2.2) (2.2) (0.6) (1.8) (1.7) (1.4) (1.4) Effect of prior year reserve reestimates, excluding catastrophes 9.1 6.6 8.8 7.5 5.0 4.3 2.5 0.4 8.2 4.0 8.0 3.1 Effect of amortization of purchased intangibles (0.3) (0.1) (0.3) (0.3) (0.3) (0.3) (0.4) (0.3) (0.2) (0.4) (0.3) (0.4) Underlying combined ratio * 89.8 87.6 89.5 87.6 86.0 87.8 91.2 93.0 89.0 88.3 88.6 89.5 Annualized average earned premium ^ ($) 1,474 1,486 1,483 1,509 1,515 1,510 1,490 1,500 1,468 1,498 1,468 1,493 Average underlying loss (incurred pure premium) * ^ ($) 1,010 978 1,016 996 983 1,013 1,037 1,037 992 1,007 986 1,011 Average underlying loss (incurred pure premium) * (% change year-over-year) 2.7 (3.5) (2.0) (4.0) (4.7) (2.9) (0.6) — (1.5) (3.5) (2.5) (3.4) Average underlying loss (incurred pure premium) and expense * ^ ($) 1,324 1,302 1,327 1,322 1,303 1,326 1,359 1,395 1,307 1,323 1,301 1,336 New issued applications by channel (in thousands) ^ Exclusive agency 812 805 807 794 823 764 748 671 2,424 2,335 3,218 3,006 Independent agency 775 745 742 719 696 685 686 562 2,262 2,067 2,981 2,629 Direct 887 797 848 713 809 708 757 579 2,532 2,274 3,245 2,853 Total 2,474 2,347 2,397 2,226 2,328 2,157 2,191 1,812 7,218 6,676 9,444 8,488 Allstate brand Average premium - gross written ^ ($) 811 819 832 844 853 850 853 858 821 852 826 853 The Allstate Corporation 3Q 26 Supplement 9

 
The Allstate Corporation Homeowners Profitability Measures and Statistics ($ in millions, except ratios) Three months ended Nine months ended Trailing 12-months Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2026 Sept. 30, 2025 Sept. 30, 2026 Sept. 30, 2025 Allstate Protection Premiums written $ 4,950 $ 4,752 $ 3,741 $ 4,110 $ 4,607 $ 4,395 $ 3,453 $ 3,624 $ 13,443 $ 12,455 $ 17,553 $ 16,079 Premiums earned 4,325 4,201 4,164 4,055 3,880 3,771 3,657 3,548 12,690 11,308 16,745 14,856 Underwriting income (loss) 452 226 685 1,813 1,107 (76) (451) 1,070 1,363 580 3,176 1,650 Operating ratios and reconciliations to underlying ratios Loss ratio 67.2 72.4 61.5 33.2 48.5 81.2 91.8 46.9 67.1 73.4 58.8 67.1 Effect of catastrophe losses (30.8) (33.5) (25.1) (4.2) (12.3) (42.8) (49.9) (8.9) (29.8) (34.6) (23.6) (28.5) Effect of prior year reserve reestimates, excluding catastrophes 1.6 0.7 2.3 0.6 1.0 (0.3) 0.2 (1.1) 1.5 0.3 1.3 — Underlying loss ratio * 38.0 39.6 38.7 29.6 37.2 38.1 42.1 36.9 38.8 39.1 36.5 38.6 Expense ratio 22.3 22.2 22.0 22.1 23.0 20.8 20.5 22.9 22.2 21.5 22.2 21.8 Effect of amortization of purchased intangibles (0.2) (0.3) (0.2) (0.3) (0.4) (0.3) (0.2) (0.3) (0.3) (0.4) (0.2) (0.3) Underlying expense ratio * 22.1 21.9 21.8 21.8 22.6 20.5 20.3 22.6 21.9 21.1 22.0 21.5 Combined ratio 89.5 94.6 83.5 55.3 71.5 102.0 112.3 69.8 89.3 94.9 81.0 88.9 Effect of catastrophe losses (30.8) (33.5) (25.1) (4.2) (12.3) (42.8) (49.9) (8.9) (29.8) (34.6) (23.6) (28.5) Effect of prior year reserve reestimates, excluding catastrophes 1.6 0.7 2.3 0.6 1.0 (0.3) 0.2 (1.1) 1.5 0.3 1.3 — Effect of amortization of purchased intangibles (0.2) (0.3) (0.2) (0.3) (0.4) (0.3) (0.2) (0.3) (0.3) (0.4) (0.2) (0.3) Underlying combined ratio * 60.1 61.5 60.5 51.4 59.8 58.6 62.4 59.5 60.7 60.2 58.5 60.1 New issued applications by channel (in thousands) Exclusive agency 253 260 241 237 262 251 232 227 754 745 991 972 Independent agency 73 65 36 36 41 48 47 54 174 136 210 190 Direct 84 86 81 69 69 54 41 37 251 164 320 201 Total 410 411 358 342 372 353 320 318 1,179 1,045 1,521 1,363 Allstate brand Average premium - gross written ($) 2,408 2,399 2,360 2,267 2,296 2,267 2,210 2,111 2,391 2,262 2,360 2,226 The Allstate Corporation 3Q 26 Supplement 10

 
The Allstate Corporation Protection Services Segment Results ($ in millions) Three months ended Nine months ended Trailing 12-months Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2026 Sept. 30, 2025 Sept. 30, 2026 Sept. 30, 2025 Protection Services Net premiums written $ 809 $ 769 $ 727 $ 867 $ 749 $ 733 $ 657 $ 816 $ 2,305 $ 2,139 $ 3,172 $ 2,955 Premiums earned $ 770 $ 752 $ 751 $ 735 $ 720 $ 695 $ 671 $ 658 $ 2,273 $ 2,086 $ 3,008 $ 2,744 Other revenue 124 123 117 126 124 111 128 148 364 363 490 511 Intersegment insurance premiums and service fees 43 35 31 31 33 36 37 57 109 106 140 163 Net investment income 27 25 23 25 25 25 24 26 75 74 100 100 Claims and claims expense (208) (198) (199) (175) (193) (170) (161) (160) (605) (524) (780) (684) Amortization of deferred policy acquisition costs (358) (356) (348) (345) (337) (328) (318) (328) (1,062) (983) (1,407) (1,311) Non-deferrable commissions (127) (124) (126) (120) (116) (110) (101) (92) (377) (327) (497) (419) Other operating costs and expenses (189) (186) (183) (204) (194) (180) (208) (238) (558) (582) (762) (820) Restructuring and related charges (1) — (4) (2) (1) (1) — (1) (5) (2) (7) (3) Income tax expense on operations (17) (19) (15) (14) (16) (18) (17) (20) (51) (51) (65) (71) Less: net loss attributable to noncontrolling interest — (1) — — (1) — — — (1) (1) (1) (1) Adjusted net income ^ (1) 64 53 47 57 46 60 55 50 164 161 221 211 Depreciation 5 4 4 4 5 5 5 5 13 15 17 20 Restructuring and related charges 1 — 4 2 1 1 — 1 5 2 7 3 Income tax expense on operations 17 19 15 14 16 18 17 20 51 51 65 71 Adjusted earnings before taxes, depreciation and restructuring * $ 87 $ 76 $ 70 $ 77 $ 68 $ 84 $ 77 $ 76 $ 233 $ 229 $ 310 $ 305 Protection Plans Net premiums written $ 623 $ 585 $ 554 $ 693 $ 567 $ 558 $ 487 $ 648 $ 1,762 $ 1,612 $ 2,455 $ 2,260 Premiums earned 592 578 578 566 552 531 510 497 1,748 1,593 2,314 2,090 Revenue ^ $ 631 $ 615 $ 613 $ 609 $ 588 $ 563 $ 540 $ 528 $ 1,859 $ 1,691 $ 2,468 $ 2,219 Claims and claims expense (162) (156) (156) (135) (152) (130) (124) (123) (474) (406) (609) (529) Amortization of deferred policy acquisition costs (251) (244) (239) (236) (228) (218) (210) (219) (734) (656) (970) (875) Non-deferrable commissions (117) (113) (114) (109) (106) (99) (90) (82) (344) (295) (453) (377) Other operating costs and expenses (41) (46) (50) (64) (55) (51) (58) (48) (137) (164) (201) (212) Restructuring and related charges (1) — — (1) (1) — — (1) (1) (1) (2) (2) Income tax expense on operations (12) (15) (13) (15) (13) (14) (13) (18) (40) (40) (55) (58) Less: net loss attributable to noncontrolling interest — (1) — — (1) — — — (1) (1) (1) (1) Adjusted net income $ 47 $ 42 $ 41 $ 49 $ 34 $ 51 $ 45 $ 37 $ 130 $ 130 $ 179 $ 167 Roadside Revenue $ 70 $ 66 $ 63 $ 61 $ 59 $ 56 $ 55 $ 54 $ 199 $ 170 $ 260 $ 224 Adjusted net income 14 13 12 12 12 11 11 10 39 34 51 44 Dealer Services Revenue $ 148 $ 147 $ 148 $ 148 $ 148 $ 148 $ 146 $ 147 $ 443 $ 442 $ 591 $ 589 Adjusted net income 7 3 5 7 6 4 4 4 15 14 22 18 Identity Protection Revenue $ 39 $ 40 $ 40 $ 39 $ 39 $ 41 $ 40 $ 39 $ 119 $ 120 $ 158 $ 159 Adjusted net income 2 2 1 1 2 2 1 2 5 5 6 7 Arity Revenue $ 76 $ 67 $ 58 $ 60 $ 68 $ 59 $ 79 $ 121 $ 201 $ 206 $ 261 $ 327 Adjusted net loss (6) (7) (12) (12) (8) (8) (6) (3) (25) (22) (37) (25) (1) Adjusted net income is the GAAP segment measure. The Allstate Corporation 3Q 26 Supplement 11

 
The Allstate Corporation Corporate Segment Results ($ in millions) Three months ended Nine months ended Trailing 12-months Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2026 Sept. 30, 2025 Sept. 30, 2026 Sept. 30, 2025 Other revenue $ 9 $ 12 $ 17 $ 19 $ 24 $ 23 $ 15 $ 16 $ 38 $ 62 $ 57 $ 78 Net investment income 96 96 68 52 49 37 22 24 260 108 312 132 Operating costs and expenses (25) (33) (33) (41) (42) (45) (32) (35) (91) (119) (132) (154) Restructuring and related charges — — — (1) — — — (3) — — (1) (3) Interest expense (97) (96) (98) (98) (101) (100) (100) (101) (291) (301) (389) (402) Income tax benefit on operations 3 3 16 14 12 21 27 22 22 60 36 82 Preferred stock dividends (29) (30) (29) (29) (29) (30) (29) (29) (88) (88) (117) (117) Adjusted net loss $ (43) $ (48) $ (59) $ (84) $ (87) $ (94) $ (97) $ (106) $ (150) $ (278) $ (234) $ (384) The Allstate Corporation 3Q 26 Supplement 12

 
The Allstate Corporation Investment Position and Results ($ in millions) As of or for the three months ended As of or for the nine months ended Trailing 12-months Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2026 Sept. 30, 2025 Sept. 30, 2026 Sept. 30, 2025 Investment position Fixed income securities, at fair value $ 60,246 $ 60,809 $ 59,060 $ 59,115 $ 57,186 $ 54,435 $ 51,993 $ 52,747 $ 60,246 $ 57,186 Equity securities ^ 10,172 11,159 10,431 8,398 5,338 2,397 4,465 4,463 10,172 5,338 Mortgage loans, net 1,040 842 868 879 831 807 770 784 1,040 831 Limited partnership interests ^ 9,058 8,967 8,946 8,844 9,213 9,194 9,380 9,255 9,058 9,213 Short-term, at fair value 5,779 4,872 4,705 4,887 8,743 9,640 6,541 4,537 5,779 8,743 Other investments, net 1,080 1,153 1,150 1,114 1,017 964 901 824 1,080 1,017 Total $ 87,375 $ 87,802 $ 85,160 $ 83,237 $ 82,328 $ 77,437 $ 74,050 $ 72,610 $ 87,375 $ 82,328 Net investment income Fixed income securities $ 759 $ 710 $ 666 $ 665 $ 634 $ 602 $ 608 $ 614 $ 2,135 $ 1,844 $ 2,800 $ 2,458 Equity securities 53 54 41 43 19 17 20 27 148 56 191 83 Mortgage loans 15 12 12 11 11 9 10 9 39 30 50 39 Limited partnership interests 354 240 206 140 226 74 194 160 800 494 940 654 Short-term investments 48 48 59 72 104 97 72 74 155 273 227 347 Other investments 26 28 26 48 26 24 21 35 80 71 128 106 Investment income, before expense 1,255 1,092 1,010 979 1,020 823 925 919 3,357 2,768 4,336 3,687 Investment expense (78) (83) (72) (87) (71) (69) (71) (86) (233) (211) (320) (297) Net investment income $ 1,177 $ 1,009 $ 938 $ 892 $ 949 $ 754 $ 854 $ 833 $ 3,124 $ 2,557 $ 4,016 $ 3,390 Pre-tax yields on fixed income securities ^ (1) 4.9 % 4.7 % 4.5 % 4.6 % 4.6 % 4.4 % 4.4 % 4.4 % 4.7 % 4.5 % 4.7 % 4.5 % Net gains (losses) on investments and derivatives, pre-tax by transaction type Sales $ (413) $ (80) $ (4) $ 60 $ 69 $ (245) $ (137) $ (75) $ (497) $ (313) $ (437) $ (388) Credit losses (30) (18) (7) (7) (23) (4) (76) (3) (55) (103) (62) (106) Valuation change of equity investments (61) 1,179 (388) 18 200 170 (117) (112) 730 253 748 141 Valuation change and settlements of derivatives (41) (26) (6) 2 6 (65) (19) (11) (73) (78) (71) (89) Total $ (545) $ 1,055 $ (405) $ 73 $ 252 $ (144) $ (349) $ (201) $ 105 $ (241) $ 178 $ (442) Total return on investment portfolio ^ (1) Net investment income 1.3 % 1.2 % 1.1 % 1.1 % 1.2 % 1.0 % 1.2 % 1.1 % 3.6 % 3.3 % 4.7 % 4.4 % Valuation-interest bearing (3.3) — (0.8) — 0.6 0.2 0.4 (2.1) (2) (4.1) 1.2 (2) (4.2) (0.7) Valuation-equity investments (0.1) 1.4 (0.5) — 0.2 0.2 (0.2) (0.1) 0.8 0.3 0.8 0.1 Total (2.1) % 2.6 % (0.2) % 1.1 % 2.0 % 1.4 % 1.4 % (1.1) % 0.3 % 4.8 % 1.3 % 3.8 % Fixed income securities portfolio duration ^ (in years) (1) 5.3 5.5 5.5 5.1 5.1 4.1 5.1 5.2 Fixed income securities portfolio duration including interest rate derivative positions (in years) (1) 5.4 5.5 5.7 5.1 5.0 4.0 5.1 5.3 Fixed income and short-term investments duration including interest rate derivative positions (in years) (1) 4.9 5.1 5.3 4.7 4.3 3.4 4.6 4.9 (1) Calculations for 2025 include investments held for sale. (2) Includes (0.1%) impact in the first quarter and first nine months of 2025 related to losses recorded for variable interest in Reciprocal Exchanges. The Allstate Corporation 3Q 26 Supplement 13

 
The Allstate Corporation Investment Position and Results by Strategy ($ in millions) As of or for the three months ended As of or for the nine months ended Trailing 12-months Sept. 30, 2026 June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2026 Sept. 30, 2025 Sept. 30, 2026 Sept. 30, 2025 Investment Position Market-based ^ Interest-bearing investments ^ $ 67,479 $ 66,968 $ 65,014 $ 65,236 $ 66,973 $ 65,060 $ 59,411 $ 58,068 $ 67,479 $ 66,973 Equity securities 9,812 10,806 10,052 8,009 4,762 1,786 3,795 3,797 9,812 4,762 LP and other alternative investments ^ 267 256 183 146 232 211 281 285 267 232 Total $ 77,558 $ 78,030 $ 75,249 $ 73,391 $ 71,967 $ 67,057 $ 63,487 $ 62,150 $ 77,558 $ 71,967 Performance-based ^ Private equity $ 7,521 $ 7,461 $ 7,633 $ 7,658 $ 8,134 $ 8,208 $ 8,393 $ 8,411 $ 7,521 $ 8,134 Real estate 2,296 2,311 2,278 2,188 2,227 2,172 2,170 2,049 2,296 2,227 Total $ 9,817 $ 9,772 $ 9,911 $ 9,846 $ 10,361 $ 10,380 $ 10,563 $ 10,460 $ 9,817 $ 10,361 Investment income Market-based Interest-bearing investments $ 833 $ 783 $ 748 $ 758 $ 759 $ 716 $ 698 $ 705 $ 2,364 $ 2,173 $ 3,122 $ 2,878 Equity securities 54 54 39 43 19 16 18 25 147 53 190 78 LP and other alternative investments (1) — — 4 3 2 1 3 (3) 4 6 7 3 Income for yield calculation $ 887 $ 837 $ 791 $ 804 $ 780 $ 733 $ 719 $ 727 $ 2,515 $ 2,232 $ 3,319 $ 2,959 Pre-tax yield (2) 4.5 % 4.4 % 4.3 % 4.5 % 4.5 % 4.4 % 4.4 % 4.5 % 4.4 % 4.4 % 4.4 % 4.4 % Performance-based Private equity $ 328 $ 143 $ 111 $ 123 $ 197 $ 74 $ 103 $ 138 $ 582 $ 374 $ 705 $ 512 Real estate 40 112 108 52 43 16 103 54 260 162 312 216 Investment income, before expense 368 255 219 175 240 90 206 192 842 536 1,017 728 Investee level expenses (13) (16) (12) (29) (13) (11) (10) (25) (41) (34) (70) (59) Income for yield calculation $ 355 $ 239 $ 207 $ 146 $ 227 $ 79 $ 196 $ 167 $ 801 $ 502 $ 947 $ 669 Pre-tax yield 14.5 % 9.7 % 8.4 % 5.9 % 8.9 % 3.0 % 7.5 % 6.5 % 10.9 % 6.5 % 9.6 % 6.5 % Total return on investment portfolio Market-based (2) (2.7) % 2.7 % (0.4) % 1.2 % 2.0 % 1.6 % 1.5 % (3) (1.5) % (0.5) % 5.0 % (3) 0.7 % 3.5 % Performance-based 3.4 2.6 1.9 0.9 2.5 1.0 1.6 2.1 8.0 5.1 8.9 7.2 Internal rate of return ^ Performance-based 10 year 11.4 % 11.2 % 11.1 % 11.1 % 10.9 % 11.0 % 11.2 % 11.4 % 5 year 8.8 9.9 11.2 13.1 14.3 14.4 12.2 12.1 3 year 6.8 6.1 5.9 5.6 5.7 4.7 5.4 7.3 1 year 9.2 8.7 7.6 5.8 7.1 5.0 4.5 6.3 (1) Net of any investee level expenses. (2) Calculations for 2025 include investments held for sale. (3) Includes (0.1%) impact in the first quarter and first nine months of 2025 related to losses recorded for variable interest in Reciprocal Exchanges. The Allstate Corporation 3Q 26 Supplement 14

 
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 reserve reestimates, excluding catastrophes 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 3Q 26 Supplement 15

 
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. 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 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 3Q 26 Supplement 16

 
Glossary Consolidated Operations Accident and health insurance premiums and contract charges include premiums for individual health, employer voluntary benefits through March 31, 2025 and group health through June 30, 2025. Adjusted net income is the GAAP segment measure used for the Protection Services and Corporate 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 12-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, specialty lines, commercial lines, and brokered solutions and collateral protection products, as well as consumer product protection plans, roadside assistance and automotive protection and insurance products. Trailing 12-month basic and diluted earnings per share and adjusted net income earnings per share* are calculated using the applicable aggregate earnings for the most recent four fiscal quarters divided by the average of the applicable basic or diluted weighted average common shares outstanding for each of those four quarters. Accordingly, trailing 12-month per-share amounts may differ from the sum of the per-share amounts reported for the individual quarters. 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. For trailing 12-month periods, average earned premium is calculated using net earned premium for the trailing 12 months 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. Brokered solutions and collateral protection primarily represent commissions earned and other costs and expenses for Ivantage, non-proprietary life and annuity products, and lender-placed products. Protection Services Revenue includes premiums earned, other revenue, intersegment insurance premiums and service fees and net investment income. Investments Duration measures the price sensitivity of fixed income and short-term investments 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 LPs is generally recognized on a three-month delay due to the availability of the investee financial statements. LP and other alternative investments comprise limited partnership interests and 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. Trailing 12- month pre-tax yield is calculated as annualized investment income, before investment expense for the trailing four-quarter period divided by the average of investment balances for the five most recent quarter-end periods. 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 3Q 26 Supplement 17