Exhibit 99.2 Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*) the first time they appear. These measures are defined on the page "Definitions of Non-GAAP Measures" and are reconciled to the most directly comparable generally accepted accounting principles ("GAAP") measure herein. THE ALLSTATE CORPORATION Investor Supplement First Quarter 2015 The consolidated financial statements and financial exhibits included herein are unaudited. These consolidated financial statements and exhibits 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.

PAGE Consolidated Statements of Operations 1 Contribution to Income 2 Revenues 3 Statements of Financial Position 4 Book Value Per Common Share 5 Return on Common Shareholders' Equity 6 Debt to Capital 7 Statements of Cash Flows 8 Analysis of Deferred Policy Acquisition Costs 9 Property-Liability Operations Property-Liability Results 10 Underwriting Results by Area of Business 11 Premiums Written by Brand 12 Impact of Net Rate Changes Approved on Premiums Written 13 Policies in Force and Other Statistics 14 Allstate Brand Profitability Measures 15 Allstate Brand Statistics 16 Esurance Brand Profitability Measures and Statistics 17 Encompass Brand Profitability Measures and Statistics 18 Auto Profitability Measures 19 Homeowners Profitability Measures 20 Other Personal Lines Profitability Measures 21 Commercial Lines Profitability Measures 22 Other Business Lines Profitability Measures 23 Auto, Homeowners and Other Personal Lines Underlying Combined Ratios 24 Allstate Brand Auto and Homeowners Underlying Loss and Expense 25 Homeowners Supplemental Information 26 Catastrophe Losses by Brand 27 Effect of Catastrophe Losses on the Combined Ratio 28 Catastrophe by Size of Event 29 Prior Year Reserve Reestimates 30 Asbestos and Environmental Reserves 31 Allstate Personal Lines - Auto, Homeowners and Other Personal Lines Profitability Measures 32 Emerging Businesses - Esurance, Encompass, Commercial Lines, Other Business Lines, and Answer Financial Profitability Measures 33 Allstate Financial Operations Allstate Financial Results 34 Impact of LBL on Comparison of Allstate Financial Results 35 Return on Attributed Equity 36 Premiums and Contract Charges 37 Change in Contractholder Funds 38 Analysis of Net Income 39 Allstate Financial Weighted Average Investment Spreads 40 Allstate Financial Supplemental Product Information 41 Allstate Financial Insurance Policies and Annuities in Force 42 Allstate Life and Annuities and Allstate Benefits Results and Product Information 43 Corporate and Other Results 44 Investments Investments 45 Limited Partnership Investments 46 Unrealized Net Capital Gains and Losses on Security Portfolio by Type 47 Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-tax) 48 Property-Liability Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-tax) 49 Allstate Financial Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-tax) 50 Investment Results 51 Definitions of Non-GAAP Measures 52 THE ALLSTATE CORPORATION Investor Supplement - First Quarter 2015 Table of Contents

1 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Revenues Property-liability insurance premiums $ 7,426 $ 7,354 $ 7,307 $ 7,204 $ 7,064 Life and annuity premiums and contract charges 537 520 512 518 607 Net investment income 850 779 823 898 959 Realized capital gains and losses: Total other-than-temporary impairment ("OTTI") losses (53) (65) (53) (44) (80) OTTI losses reclassified to (from) other comprehensive income 4 (1) - (1) (1) Net OTTI losses recognized in earnings (49) (66) (53) (45) (81) Sales and other realized capital gains and losses 188 172 347 285 135 Total realized capital gains and losses 139 106 294 240 54 Total revenues 8,952 8,759 8,936 8,860 8,684 Costs and expenses Property-liability insurance claims and claims expense 4,993 4,618 4,909 5,142 4,759 Life and annuity contract benefits 441 431 433 413 488 Interest credited to contractholder funds 199 202 198 212 307 Amortization of deferred policy acquisition costs 1,070 1,035 1,030 1,035 1,035 Operating costs and expenses 1,090 1,156 1,068 1,023 1,094 Restructuring and related charges 4 5 3 4 6 Loss on extinguishment of debt - - - 1 - Interest expense 73 73 78 84 87 Total costs and expenses 7,870 7,520 7,719 7,914 7,776 (Loss) gain on disposition of operations (1) 3 (27) 9 (59) Income from operations before income tax expense 1,081 1,242 1,190 955 849 Income tax expense 404 418 409 310 249 Net income $ 677 $ 824 $ 781 $ 645 $ 600 Preferred stock dividends 29 29 31 31 13 Net income available to common shareholders $ 648 $ 795 $ 750 $ 614 $ 587 Earnings per common share: Net income available to common shareholders per common share - Basic $ 1.56 $ 1.89 $ 1.77 $ 1.41 $ 1.31 Weighted average common shares - Basic 415.8 420.2 424.5 434.3 446.4 Net income available to common shareholders per common share - Diluted $ 1.53 $ 1.86 $ 1.74 $ 1.39 $ 1.30 Weighted average common shares - Diluted 422.6 427.7 431.2 440.7 452.8 Cash dividends declared per common share $ 0.30 $ 0.28 $ 0.28 $ 0.28 $ 0.28 THE ALLSTATE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data) Three months ended

2 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Contribution to income Operating income before the impact of restructuring and related charges $ 619 $ 740 $ 599 $ 448 $ 592 Restructuring and related charges, after-tax (3) (4) (1) (3) (4) Operating income * 616 736 598 445 588 Realized capital gains and losses, after-tax 90 70 192 154 35 Valuation changes on embedded derivatives that are not hedged, after-tax (5) (3) 2 (3) (11) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax - - (3) - - DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax 1 2 - 3 2 Amortization of purchased intangible assets, after-tax (8) (12) (11) (11) (11) (Loss) gain on disposition of operations, after-tax (1) 2 (28) 26 (16) Change in accounting for investments in qualified affordable housing projects, after-tax (45) - - - - Net income available to common shareholders $ 648 $ 795 $ 750 $ 614 $ 587 Income per common share - Diluted Operating income before the impact of restructuring and related charges $ 1.46 $ 1.73 $ 1.39 $ 1.02 $ 1.31 Restructuring and related charges, after-tax - (0.01) - (0.01) (0.01) Operating income 1.46 1.72 1.39 1.01 1.30 Realized capital gains and losses, after-tax 0.21 0.16 0.45 0.35 0.08 Valuation changes on embedded derivatives that are not hedged, after-tax (0.01) (0.01) - (0.01) (0.02) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax - - (0.01) - - DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - 0.01 - 0.01 - Amortization of purchased intangible assets, after-tax (0.02) (0.03) (0.03) (0.03) (0.02) (Loss) gain on disposition of operations, after-tax - 0.01 (0.06) 0.06 (0.04) Change in accounting for investments in qualified affordable housing projects, after-tax (0.11) - - - - Net income available to common shareholders $ 1.53 $ 1.86 $ 1.74 $ 1.39 $ 1.30 Weighted average common shares - Diluted 422.6 427.7 431.2 440.7 452.8 THE ALLSTATE CORPORATION CONTRIBUTION TO INCOME ($ in millions, except per share data) Three months ended

3 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Property-Liability Property-Liability insurance premiums $ 7,426 $ 7,354 $ 7,307 $ 7,204 $ 7,064 Net investment income 358 294 344 351 312 Realized capital gains and losses 28 (20) 266 250 53 Total Property-Liability revenues 7,812 7,628 7,917 7,805 7,429 Allstate Financial Life and annuity premiums and contract charges 537 520 512 518 607 Net investment income 484 480 473 538 640 Realized capital gains and losses 111 125 28 (10) 1 Total Allstate Financial revenues 1,132 1,125 1,013 1,046 1,248 Corporate and Other Service fees (1) 1 1 1 1 2 Net investment income 8 5 6 9 7 Realized capital gains and losses - 1 - - - Total Corporate and Other revenues before reclassification of services fees 9 7 7 10 9 Reclassification of service fees (1) (1) (1) (1) (1) (2) Total Corporate and Other revenues 8 6 6 9 7 Consolidated revenues $ 8,952 $ 8,759 $ 8,936 $ 8,860 $ 8,684 (1) For presentation in the Consolidated Statements of Operations, service fees of the Corporate and Other segment are reclassified to Operating costs and expenses. THE ALLSTATE CORPORATION REVENUES ($ in millions) Three months ended

4 March 31, Dec. 31, Sept. 30, June 30, March 31, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 2015 2014 2014 2014 2014 Assets Liabilities Investments Reserve for property-liability insurance claims and claims expense $ 23,103 $ 22,923 $ 22,350 $ 22,317 $ 21,985 Fixed income securities, at fair value Reserve for life-contingent contract benefits 12,318 12,380 12,482 12,688 12,435 (amortized cost $58,235, $59,672, Contractholder funds 22,267 22,529 22,848 23,472 23,989 $59,616, $59,447 and $58,587) $ 61,403 $ 62,440 $ 62,313 $ 62,634 $ 61,161 Unearned premiums 11,489 11,655 11,728 11,217 10,821 Equity securities, at fair value Claim payments outstanding 796 784 814 851 785 (cost $3,752, $3,692, $3,877, Deferred income taxes 779 715 1,076 1,146 886 $4,658 and $4,575) 4,166 4,104 4,335 5,394 5,297 Other liabilities and accrued expenses 5,635 5,653 4,967 5,044 5,566 Mortgage loans 4,276 4,188 4,143 4,174 4,472 Long-term debt 5,194 5,194 5,195 5,846 6,200 Limited partnership interests 4,699 4,527 4,348 4,309 5,024 Separate Accounts 4,304 4,396 4,521 4,780 4,878 Short-term, at fair value Liabilities held for sale - - - - 14,641 (amortized cost $2,497, $2,540, Total liabilities 85,885 86,229 85,981 87,361 102,186 $2,463, $2,914 and $2,573) 2,497 2,540 2,463 2,914 2,573 Other 3,396 3,314 3,119 3,138 3,163 Total investments 80,437 81,113 80,721 82,563 81,690 Equity Preferred stock and additional capital paid-in, 72.2 thousand, 72.2 thousand, 72.2 thousand, 72.2 thousand and 62.2 thousand outstanding 1,746 1,746 1,746 1,746 1,505 Common stock, 409 million, 418 million, 419 million, 434 million and 434 million shares outstanding 9 9 9 9 9 Additional capital paid-in 3,109 3,199 3,059 3,035 3,017 Retained income 38,363 37,842 37,164 36,532 36,041 Deferred ESOP expense (23) (23) (31) (31) (31) Treasury stock, at cost (491 million, 482 million, 481 million, 466 million and 466 million) (21,799) (21,030) (20,856) (19,985) (19,922) Accumulated other comprehensive income: Unrealized net capital gains and losses: Unrealized net capital gains and losses on fixed income securities with other-than-temporary impairments 71 72 70 72 66 Cash 916 657 885 889 1,170 Other unrealized net capital gains and losses 2,255 1,988 1,970 2,461 2,271 Premium installment receivables, net 5,502 5,465 5,604 5,384 5,271 Unrealized adjustment to DAC, DSI and insurance Deferred policy acquisition costs 3,527 3,525 3,516 3,377 3,316 reserves (189) (134) (213) (383) (246) Reinsurance recoverables, net (1) 8,408 8,490 7,555 7,500 7,512 Total unrealized net capital gains and losses 2,137 1,926 1,827 2,150 2,091 Accrued investment income 597 591 595 611 610 Unrealized foreign currency translation Property and equipment, net 1,026 1,031 1,012 990 1,024 adjustments (29) (2) 18 35 22 Goodwill 1,219 1,219 1,219 1,219 1,243 Unrecognized pension and other Other assets 2,128 2,046 2,682 2,920 2,187 postretirement benefit cost (1,334) (1,363) (607) (619) (627) Separate Accounts 4,304 4,396 4,521 4,780 4,878 Total accumulated other comprehensive Assets held for sale - - - - 15,390 income 774 561 1,238 1,566 1,486 Total shareholders' equity 22,179 22,304 22,329 22,872 22,105 Total assets $ 108,064 $ 108,533 $ 108,310 $ 110,233 $ 124,291 Total liabilities and shareholders' equity $ 108,064 $ 108,533 $ 108,310 $ 110,233 $ 124,291 (1) THE ALLSTATE CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ($ in millions) Reinsurance recoverables of unpaid losses related to Property-Liability were $5,719 million, $5,694 million, $4,764 million, $4,695 million and $4,671 million as of March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.

5 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Book value per common share Numerator: Common shareholders' equity (1) $ 20,433 $ 20,558 $ 20,583 $ 21,126 $ 20,600 Denominator: Common shares outstanding and dilutive potential common shares outstanding 415.4 426.2 426.3 440.4 441.1 Book value per common share $ 49.19 $ 48.24 $ 48.28 $ 47.97 $ 46.70 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities * Numerator: Common shareholders' equity $ 20,433 $ 20,558 $ 20,583 $ 21,126 $ 20,600 Unrealized net capital gains and losses on fixed income securities 1,871 1,666 1,541 1,690 1,640 Adjusted common shareholders' equity $ 18,562 $ 18,892 $ 19,042 $ 19,436 $ 18,960 Denominator: Common shares outstanding and dilutive potential common shares outstanding 415.4 426.2 426.3 440.4 441.1 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities $ 44.68 $ 44.33 $ 44.67 $ 44.13 $ 42.98 (1) Excludes equity related to preferred stock of $1,746 million, $1,746 million, $1,746 million, $1,746 million and $1,505 million as of March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively. THE ALLSTATE CORPORATION BOOK VALUE PER COMMON SHARE ($ in millions, except per share data)

6 March 31, Dec. 31, Sept. 30 June 30, March 31, 2015 2014 2014 2014 2014 Return on Common Shareholders' Equity Numerator: Net income available to common shareholders (1) $ 2,807 $ 2,746 $ 2,761 $ 2,321 $ 2,141 Denominator: Beginning common shareholders' equity $ 20,600 $ 20,700 $ 20,130 $ 19,591 $ 20,619 Ending common shareholders' equity 20,433 20,558 20,583 21,126 20,600 Average common shareholders' equity (2) $ 20,517 $ 20,629 $ 20,357 $ 20,359 $ 20,610 Return on common shareholders' equity 13.7 % 13.3 % 13.6 % 11.4 % 10.4 % Operating Income Return on Common Shareholders' Equity * Numerator: Operating income (1) $ 2,395 $ 2,367 $ 2,412 $ 2,527 $ 2,611 Denominator: Beginning common shareholders' equity $ 20,600 $ 20,700 $ 20,130 $ 19,591 $ 20,619 Unrealized net capital gains and losses 2,091 1,646 1,714 1,651 2,905 Adjusted beginning common shareholders' equity 18,509 19,054 18,416 17,940 17,714 Ending common shareholders' equity 20,433 20,558 20,583 21,126 20,600 Unrealized net capital gains and losses 2,137 1,926 1,827 2,150 2,091 Adjusted ending common shareholders' equity 18,296 18,632 18,756 18,976 18,509 Average adjusted common shareholders' equity (2) $ 18,403 $ 18,843 $ 18,586 $ 18,458 $ 18,112 Operating income return on common shareholders' equity 13.0 % 12.6 % 13.0 % 13.7 % 14.4 % (1) Net income available to common shareholders and operating income reflect a trailing twelve-month period. (2) THE ALLSTATE CORPORATION RETURN ON COMMON SHAREHOLDERS' EQUITY ($ in millions) Average common shareholders' equity and average adjusted common shareholders' equity are determined using a two-point average, with the beginning and ending common shareholders' equity and adjusted common shareholders' equity, respectively, for the twelve-month period as data points. Twelve months ended

7 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Debt Short-term debt $ - $ - $ - $ - $ - Long-term debt 5,194 5,194 5,195 5,846 6,200 Total debt $ 5,194 $ 5,194 $ 5,195 $ 5,846 $ 6,200 Capital resources Debt $ 5,194 $ 5,194 $ 5,195 $ 5,846 $ 6,200 Shareholders' equity Preferred stock and additional capital paid-in 1,746 1,746 1,746 1,746 1,505 Common stock 9 9 9 9 9 Additional capital paid-in 3,109 3,199 3,059 3,035 3,017 Retained income 38,363 37,842 37,164 36,532 36,041 Deferred ESOP expense (23) (23) (31) (31) (31) Treasury stock (21,799) (21,030) (20,856) (19,985) (19,922) Unrealized net capital gains and losses 2,137 1,926 1,827 2,150 2,091 Unrealized foreign currency translation adjustments (29) (2) 18 35 22 Unrecognized pension and other postretirement benefit cost (1,334) (1,363) (607) (619) (627) Total shareholders' equity 22,179 22,304 22,329 22,872 22,105 Total capital resources $ 27,373 $ 27,498 $ 27,524 $ 28,718 $ 28,305 Ratio of debt to shareholders' equity 23.4 % 23.3 % 23.3 % 25.6 % 28.0 % Ratio of debt to capital resources 19.0 % 18.9 % 18.9 % 20.4 % 21.9 % THE ALLSTATE CORPORATION DEBT TO CAPITAL ($ in millions)

8 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 677 $ 824 $ 781 $ 645 $ 600 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and other non-cash items 87 89 88 91 98 Realized capital gains and losses (139) (106) (294) (240) (54) Loss on extinguishment of debt - - - 1 - Loss (gain) on disposition of operations 1 (3) 27 (9) 59 Interest credited to contractholder funds 199 202 198 212 307 Changes in: Policy benefits and other insurance reserves 115 491 (53) 121 (18) Unearned premiums (117) (56) 535 379 (92) Deferred policy acquisition costs (35) (31) (112) (80) 3 Premium installment receivables, net (66) 129 (234) (106) (46) Reinsurance recoverables, net (24) (958) (71) 6 (45) Income taxes 59 30 370 (127) (68) Other operating assets and liabilities (191) 60 129 (166) (270) Net cash provided by operating activities 566 671 1,364 727 474 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales Fixed income securities 9,453 6,961 13,443 7,722 6,483 Equity securities 1,152 1,492 2,519 1,416 1,328 Limited partnership interests 296 389 282 564 238 Mortgage loans - - - - 10 Other investments 47 114 211 51 30 Investment collections Fixed income securities 1,213 949 1,057 881 849 Mortgage loans 114 238 142 402 324 Other investments 60 33 51 57 50 Investment purchases Fixed income securities (9,210) (8,109) (14,848) (9,550) (6,252) Equity securities (1,172) (1,235) (1,540) (1,338) (1,330) Limited partnership interests (365) (506) (239) (376) (277) Mortgage loans (202) (283) (109) (107) (2) Other investments (193) (320) (257) (152) (243) Change in short-term investments, net (63) 7 325 (249) 189 Change in other investments, net 2 (12) 9 13 36 Purchases of property and equipment, net (59) (81) (83) (69) (55) Disposition and acquisition of operations - - - 380 (2) Net cash provided by (used in) investing activities 1,073 (363) 963 (355) 1,376 CASH FLOWS FROM FINANCING ACTIVITIES Repayment of long-term debt - - (651) (354) (1) Proceeds from issuance of preferred stock - - - 240 725 Contractholder fund deposits 261 258 260 263 403 Contractholder fund withdrawals (572) (615) (909) (838) (1,084) Dividends paid on common stock (118) (117) (122) (125) (113) Dividends paid on preferred stock (29) (31) (31) (13) (12) Treasury stock purchases (1,010) (112) (932) (142) (1,115) Shares reissued under equity incentive plans, net 64 62 55 72 77 Excess tax benefits on share-based payment arrangements 26 19 4 5 13 Other (2) - (5) (3) (6) Net cash used in financing activities (1,380) (536) (2,331) (895) (1,113) Cash classified as held for sale - - - 242 (242) NET INCREASE (DECREASE) IN CASH 259 (228) (4) (281) 495 CASH AT BEGINNING OF PERIOD 657 885 889 1,170 675 CASH AT END OF PERIOD $ 916 $ 657 $ 885 $ 889 $ 1,170 THE ALLSTATE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in millions) Three months ended

9 Amortization relating to realized capital gains and Amortization DAC before DAC after losses and (acceleration) Effect of impact of Impact of impact of Beginning Acquisition Amortization valuation changes on deceleration unrealized Ending unrealized unrealized unrealized balance costs before embedded derivatives for changes in capital gains balance capital gains capital gains capital gains Dec. 31, 2014 deferred adjustments (1) (2) that are not hedged (2) assumptions (2) and losses Mar. 31, 2015 and losses and losses and losses Property-Liability $ 1,820 $ 1,032 $ (1,000) $ - $ - $ - $ 1,852 $ 1,852 $ - $ 1,852 Allstate Financial: Traditional life and accident and health 753 44 (40) - - - 757 757 - 757 Interest-sensitive life 905 26 (28) (2) - (27) 874 1,066 (192) 874 Fixed annuity 47 - (1) 1 - (3) 44 52 (8) 44 Subtotal 1,705 70 (69) (1) - (30) 1,675 1,875 (200) 1,675 Consolidated $ 3,525 $ 1,102 $ (1,069) $ (1) $ - $ (30) $ 3,527 $ 3,727 $ (200) $ 3,527 Amortization relating to realized capital gains and DAC before DAC after DAC classified losses and Effect of DAC classified impact of Impact of impact of Beginning as held for sale Total DAC including Acquisition Amortization valuation changes on unrealized Total DAC including as held for sale Ending unrealized unrealized unrealized balance beginning those classified costs before embedded derivatives capital gains those classified ending balance capital gains capital gains capital gains Dec. 31, 2013 balance as held for sale deferred adjustments (1) (2) that are not hedged (2) and losses as held for sale balance March 31, 2014 and losses and losses and losses Property-Liability $ 1,625 $ - $ 1,625 $ 962 $ (961) $ - $ - $ 1,626 $ - $ 1,626 $ 1,626 $ - $ 1,626 Allstate Financial: Traditional life and accident and health 711 13 724 39 (36) - - 727 (13) 714 714 - 714 Interest-sensitive life 991 700 1,691 28 (34) (2) (75) 1,608 (674) 934 1,077 (143) 934 Fixed annuity 45 30 75 - (4) 2 (4) 69 (27) 42 51 (9) 42 Subtotal 1,747 743 2,490 67 (74) - (79) 2,404 (714) 1,690 1,842 (152) 1,690 Consolidated $ 3,372 $ 743 $ 4,115 $ 1,029 $ (1,035) $ - $ (79) $ 4,030 $ (714) $ 3,316 $ 3,468 $ (152) $ 3,316 (1) (2) Included as a component of amortization of DAC on the Consolidated Statements of Operations. Amortization before adjustments reflects total DAC amortization before amortization/accretion related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged and amortization acceleration/deceleration for changes in assumptions. THE ALLSTATE CORPORATION ANALYSIS OF DEFERRED POLICY ACQUISITION COSTS ($ in millions) Reconciliation of Deferred Policy Acquisition Costs as of March 31, 2015 Change in Deferred Policy Acquisition Costs For the three months ended March 31, 2015 Reconciliation of Deferred Policy Acquisition Costs as of March 31, 2014For the three months ended March 31, 2014 Change in Deferred Policy Acquisition Costs

10 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Premiums written $ 7,306 $ 7,292 $ 7,806 $ 7,547 $ 6,969 Decrease (increase) in unearned premiums 166 74 (512) (397) 112 Other (46) (12) 13 54 (17) Premiums earned 7,426 7,354 7,307 7,204 7,064 Claims and claims expense (4,993) (4,618) (4,909) (5,142) (4,759) Amortization of deferred policy acquisition costs (1,000) (973) (972) (969) (961) Operating costs and expenses (962) (1,021) (948) (901) (968) Restructuring and related charges (4) (5) (4) (3) (4) Underwriting income * 467 737 474 189 372 Net investment income (1) 358 294 344 351 312 Periodic settlements and accruals on non-hedge derivative instruments (1) (2) (1) (3) (3) Amortization of purchased intangible assets 12 17 17 17 17 Income tax expense on operations (281) (359) (281) (190) (230) Operating income 555 687 553 364 468 Realized capital gains and losses, after-tax 18 (11) 173 161 34 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax 1 2 - 2 2 Amortization of purchased intangible assets, after-tax (8) (12) (11) (11) (11) (Loss) gain on disposition of operations - - (1) 38 - Change in accounting for investments in qualified affordable housing projects, after-tax (28) - - - - Net income available to common shareholders $ 538 $ 666 $ 714 $ 554 $ 493 Catastrophe losses $ 294 $ 95 $ 517 $ 936 $ 445 Operating ratios Claims and claims expense ("loss") ratio 67.2 62.8 67.2 71.4 67.4 Expense ratio 26.5 27.2 26.3 26.0 27.3 Combined ratio 93.7 90.0 93.5 97.4 94.7 Combined ratio excluding the effect of catastrophes * 89.7 88.7 86.4 84.4 88.4 Effect of catastrophe losses on combined ratio 4.0 1.3 7.1 13.0 6.3 Combined ratio 93.7 90.0 93.5 97.4 94.7 Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization of purchased intangible assets ("underlying combined ratio") 89.0 89.5 86.1 84.7 88.4 Effect of catastrophe losses on combined ratio 4.0 1.3 7.1 13.0 6.3 Effect of prior year reserve reestimates on combined ratio 0.5 (1.0) 0.1 (0.1) (0.2) Effect of catastrophe losses included in prior year reserve reestimates on combined ratio 0.1 - - (0.5) - Effect of amortization of purchased intangible assets on combined ratio 0.1 0.2 0.2 0.3 0.2 Combined ratio 93.7 90.0 93.5 97.4 94.7 Effect of restructuring and related charges on combined ratio 0.1 0.1 0.1 - 0.1 Effect of Discontinued Lines and Coverages on combined ratio - 0.1 1.4 0.1 - (1) The increase in first quarter 2015 compared to first quarter 2014 was primarily due to higher equity method limited partnership income resulting primarily from favorable real estate valuations. Economic conditions that have contributed to favorable market performance continue to be reflected in strong limited partnership results, but we continue to expect this income to vary significantly between periods. THE ALLSTATE CORPORATION PROPERTY-LIABILITY RESULTS ($ in millions) Three months ended

11 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Property-Liability Underwriting Summary Allstate Protection $ 469 $ 741 $ 579 $ 192 $ 375 Discontinued Lines and Coverages (2) (4) (105) (3) (3) Underwriting income $ 467 $ 737 $ 474 $ 189 $ 372 Allstate Protection Underwriting Summary Premiums written $ 7,306 $ 7,292 $ 7,805 $ 7,547 $ 6,969 Premiums earned $ 7,426 $ 7,354 $ 7,306 $ 7,204 $ 7,064 Claims and claims expense (4,992) (4,615) (4,804) (5,140) (4,756) Amortization of deferred policy acquisition costs (1,000) (973) (972) (969) (961) Operating costs and expenses (961) (1,020) (947) (900) (968) Restructuring and related charges (4) (5) (4) (3) (4) Underwriting income $ 469 $ 741 $ 579 $ 192 $ 375 Catastrophe losses $ 294 $ 95 $ 517 $ 936 $ 445 Operating ratios Loss ratio 67.2 62.7 65.8 71.3 67.3 Expense ratio 26.5 27.2 26.3 26.0 27.4 Combined ratio 93.7 89.9 92.1 97.3 94.7 Effect of catastrophe losses on combined ratio 4.0 1.3 7.1 13.0 6.3 Effect of restructuring and related charges on combined ratio 0.1 0.1 0.1 - 0.1 Effect of amortization of purchased intangible assets on combined ratio 0.1 0.2 0.2 0.2 0.2 Discontinued Lines and Coverages Underwriting Summary Premiums written $ - $ - $ 1 $ - $ - Premiums earned $ - $ - $ 1 $ - $ - Claims and claims expense (1) (3) (105) (2) (3) Operating costs and expenses (1) (1) (1) (1) - Underwriting loss $ (2) $ (4) $ (105) $ (3) $ (3) Effect of Discontinued Lines and Coverages on the Property-Liability combined ratio - 0.1 1.4 0.1 - Underwriting Income (Loss) by Brand Allstate brand $ 526 $ 782 $ 676 $ 299 $ 478 Esurance brand (69) (59) (62) (45) (93) Encompass brand 14 22 (31) (59) (8) Answer Financial (2) (4) (4) (3) (2) Underwriting income $ 469 $ 741 $ 579 $ 192 $ 375 THE ALLSTATE CORPORATION PROPERTY-LIABILITY UNDERWRITING RESULTS BY AREA OF BUSINESS ($ in millions) Three months ended

12 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Allstate brand (1) Auto $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 Homeowners 1,379 1,598 1,831 1,765 1,342 Other personal lines 357 376 426 416 351 Commercial lines 128 126 122 130 116 Other business lines 184 176 185 180 176 6,583 6,623 7,054 6,866 6,277 Esurance brand Auto 434 354 403 338 404 Homeowners 5 4 3 1 1 Other personal lines 2 1 2 1 1 441 359 408 340 406 Encompass brand Auto 147 160 178 176 151 Homeowners 111 123 137 136 110 Other personal lines 24 27 28 29 25 282 310 343 341 286 Allstate Protection 7,306 7,292 7,805 7,547 6,969 Discontinued Lines and Coverages - - 1 - - Property-Liability $ 7,306 $ 7,292 $ 7,806 $ 7,547 $ 6,969 Allstate Protection Auto $ 5,116 $ 4,861 $ 5,071 $ 4,889 $ 4,847 Homeowners 1,495 1,725 1,971 1,902 1,453 Other personal lines 383 404 456 446 377 Commercial lines 128 126 122 130 116 Other business lines 184 176 185 180 176 $ 7,306 $ 7,292 $ 7,805 $ 7,547 $ 6,969 (1) Canada premiums included in Allstate brand Auto $ 173 $ 200 $ 233 $ 250 $ 180 Homeowners 41 53 66 63 40 Other personal lines 11 13 16 15 11 $ 225 $ 266 $ 315 $ 328 $ 231 THE ALLSTATE CORPORATION PROPERTY-LIABILITY PREMIUMS WRITTEN BY BRAND ($ in millions) Three months ended

13 Number of Location Number of Location Number of Location locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) Allstate brand Auto (2) (9) 18 (6) 0.4 3.9 14 (6) 0.7 3.4 20 (6) 0.9 3.7 Homeowners (3) 10 (7) 0.2 3.0 16 (7) 0.9 4.6 6 0.2 6.0 Esurance brand Auto 13 1.3 4.4 7 1.4 5.3 15 0.6 3.1 Encompass brand Auto 6 1.3 6.9 13 2.8 6.0 9 0.9 4.1 Homeowners 4 0.4 8.1 9 2.5 7.8 7 0.6 6.5 Number of Location Number of Location Number of Location locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) Allstate brand Auto (2) 25 (6) - (8) (0.2) 19 0.8 2.5 24 0.8 2.6 Homeowners (3) 11 (7) 0.4 5.7 8 (7) 0.2 2.3 21 1.5 4.5 Esurance brand Auto 15 1.7 4.4 17 2.2 8.2 16 1.1 5.5 Encompass brand Auto 12 2.4 7.6 2 0.5 4.9 11 2.1 6.6 Homeowners 12 1.5 7.8 1 - 2.5 14 2.7 6.4 (1) (2) (3) (4) (5) (6) Includes two, one, one and three Canadian provinces for auto for the three months ended March 31, 2015, December 31, 2014, September 30, 2014 and June 30, 2014, respectively. (7) (8) Excluding Canada, Allstate Brand Auto rate change was 0.5% for the three months ended June 30, 2014. (9) Given current loss cost trends, we expect the level of rate increases to accelerate. Approved rates in April 2015 exceed that of the entire first quarter of 2015. Represents the impact in the states and Canadian provinces where rate changes were approved during the period as a percentage of total brand prior year-end premiums written. Represents the impact in the states and Canadian provinces where rate changes were approved during the period as a percentage of its respective total prior year-end premiums written in those same locations. Includes two, one, two and one Canadian provinces for homeowners for the three months ended March 31, 2015, December 31, 2014, June 30, 2014 and March 31, 2014, respectively. June 30, 2014 March 31, 2014 Rate changes include changes approved based on our net cost of reinsurance. These rate changes do not reflect initial rates filed for insurance subsidiaries initially writing business. Based on historical premiums written in those states and Canadian provinces, rate changes approved for the three month period ending March 31, 2015 are estimated to total $108 million. Rate changes do not include rating plan enhancements, including the introduction of discounts and surcharges, that result in no change in the overall rate level in the state. Allstate Brand rate changes exclude Canada and specialty auto in periods prior to first quarter 2014. Impacts of Allstate brand auto effective rate changes as a percentage of total brand prior year-end premiums written were 0.8%, 0.4%, 0.2%, 1.1%, 0.5% and 0.5% for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013, respectively. Rate changes are included in the effective calculations in the period the rate change is effective for renewal contracts. December 31, 2013 Impacts of Allstate brand homeowners effective rate changes as a percentage of total brand prior year-end premiums written were 0.9%, 0.3%, 0.1%, 0.5%, 1.3% and 0.4% for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013, respectively. December 31, 2014 September 30, 2014 Three months ended Three months ended Three months ended March 31, 2015 (1) Three months ended Three months ended THE ALLSTATE CORPORATION PROPERTY-LIABILITY IMPACT OF NET RATE CHANGES APPROVED ON PREMIUMS WRITTEN Three months ended

14 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Policies in Force (in thousands) (1) Allstate Brand Auto 20,036 19,916 19,751 19,605 19,413 Homeowners 6,114 6,106 6,082 6,069 6,063 Landlord 738 738 737 738 740 Renter 1,494 1,466 1,447 1,421 1,402 Condominium 658 655 652 648 646 Other 1,245 1,248 1,248 1,245 1,244 Other personal lines 4,135 4,107 4,084 4,052 4,032 Commercial lines 326 325 320 313 305 Other business lines 941 948 958 972 991 Excess and surplus 27 27 26 25 23 Total 31,579 31,429 31,221 31,036 30,827 Esurance Brand Auto 1,470 1,424 1,410 1,399 1,375 Homeowners 15 10 6 2 1 Other personal lines 42 36 33 30 26 Total 1,527 1,470 1,449 1,431 1,402 Encompass Brand Auto 778 790 792 788 778 Homeowners 361 365 365 364 359 Other personal lines 120 122 123 124 124 Total 1,259 1,277 1,280 1,276 1,261 Total Policies in Force 34,365 34,176 33,950 33,743 33,490 Other Customer Relationships Good Hands Roadside Members (in thousands) (2) 2,118 2,055 1,996 1,871 1,734 Non-Proprietary Premiums ($ in millions) Ivantage (3) $ 1,446 $ 1,422 $ 1,407 $ 1,391 $ 1,376 Answer Financial (4) 149 129 134 125 139 (1) (2) (3) (4) Membership provides pay on demand access to roadside services. Fees for three months ended March 31, 2015 were $86 thousand. Represents non-proprietary premiums under management as of the end of the period related to personal and commercial line products offered by Ivantage when an Allstate product is not available. During first quarter 2015, we added $15 million of premiums under management including $25 million of premiums managed by an independent agency subsidiary partially offset by the impact of conforming commercial business to the current counting methodology. Represents non-proprietary premiums written for the period. Commissions earned for the three months ended March 31, 2015 were $19.0 million. THE ALLSTATE CORPORATION POLICIES IN FORCE AND OTHER STATISTICS Policies in Force: Policy counts are based on items rather than customers. A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy. Allstate Dealer Services (service contracts and other products sold in conjunction with auto lending and vehicle sales transactions) and Partnership Marketing Group (roadside assistance products) statistics are not included in total policies in force since these are not meaningful. Additionally, non- proprietary products offered by Ivantage (insurance agency) and Answer Financial (independent insurance agency) are not included.

15 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Net premiums written $ 6,583 $ 6,623 $ 7,054 $ 6,866 $ 6,277 Net premiums earned Auto $ 4,432 $ 4,376 $ 4,352 $ 4,297 $ 4,209 Homeowners 1,631 1,625 1,616 1,594 1,580 Other personal lines 391 390 389 387 385 Commercial lines 125 125 120 121 110 Other business lines 141 140 138 131 133 Total 6,720 6,656 6,615 6,530 6,417 Incurred losses Auto $ 3,175 $ 3,103 $ 2,964 $ 3,011 $ 2,858 Homeowners 894 634 930 1,212 994 Other personal lines 244 223 229 226 279 Commercial lines 98 88 72 78 81 Other business lines 69 65 70 64 63 Total 4,480 4,113 4,265 4,591 4,275 Expenses Auto $ 1,113 $ 1,140 $ 1,088 $ 1,089 $ 1,075 Homeowners 389 399 382 359 385 Other personal lines 105 118 103 105 108 Commercial lines 38 41 38 35 34 Other business lines 69 63 63 52 62 Total 1,714 1,761 1,674 1,640 1,664 Underwriting income (loss) Auto $ 144 $ 133 $ 300 $ 197 $ 276 Homeowners 348 592 304 23 201 Other personal lines 42 49 57 56 (2) Commercial lines (11) (4) 10 8 (5) Other business lines 3 12 5 15 8 Total 526 782 676 299 478 Loss ratio (1) 66.7 61.8 64.5 70.3 66.6 Expense ratio 25.5 26.5 25.3 25.1 26.0 Combined ratio 92.2 88.3 89.8 95.4 92.6 Effect of catastrophe losses on combined ratio 4.1 1.3 6.9 13.1 6.4 Effect of prior year reserve reestimates on combined ratio 0.7 (1.0) (1.3) (0.1) (0.2) Effect of advertising expenses on combined ratio 2.3 2.4 2.6 2.7 2.4 Underlying combined ratio 87.4 87.9 84.2 83.0 86.4 Effect of catastrophe losses 4.1 1.3 6.9 13.1 6.4 Effect of prior year non-catastrophe reserve reestimates 0.7 (0.9) (1.3) (0.7) (0.2) Combined ratio 92.2 88.3 89.8 95.4 92.6 (1) Approximately 0.3 points of the increase in first quarter 2015 compared to first quarter 2014 is due to claims staffing expenses being restored to normal levels following retirements in 2013. Staffing was restored throughout 2014. THE ALLSTATE CORPORATION ALLSTATE BRAND PROFITABILITY MEASURES ($ in millions) Three months ended

16 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 New Issued Applications (in thousands) (2) Auto (7) 792 740 809 770 714 Homeowners 177 178 201 192 154 Average Premium - Gross Written ($) (3) Auto 484 486 481 478 473 Homeowners 1,148 1,144 1,144 1,135 1,137 Average Premium - Net Earned ($) (4) Auto 444 444 443 441 435 Homeowners 1,060 1,060 1,054 1,045 1,034 Renewal Ratio (%) (5) Auto 88.8 88.6 88.9 89.1 89.0 Homeowners 88.4 88.6 88.6 88.3 88.2 Bodily Injury Claim Frequency (% change year-over-year) Auto (6) 6.8 4.0 (1.3) (2.8) (0.3) Property Damage Claim Frequency (% change year-over-year) Auto (6) 2.1 0.5 (1.0) (2.4) 5.1 Auto Paid Severity (% change year-over-year) Bodily injury 3.9 6.0 2.2 1.3 0.7 Property damage 4.8 3.9 5.5 4.4 2.7 Homeowners Excluding Catastrophe Losses (% change year-over-year) Claim frequency (7.9) (4.1) (5.5) 2.3 6.1 Claim severity 6.6 8.1 9.2 5.5 8.3 (1) (2) (3) (4) (5) (6) (7) Auto new issued applications increased to 792 thousand in first quarter 2015 from 714 thousand in first quarter 2014. As a result of a change that allows a greater number of autos on a single policy, new issued applications are approximately 1.0 point lower in first quarter 2015 compared to first quarter 2014. The increase in bodily injury frequency in first quarter 2015 reflects favorable frequency results in first quarter 2014 as well as increases broadly across the country. Quarterly fluctuations in bodily injury frequency can be volatile and have ranged from a decrease of (3.9) to an increase of 6.8 since the beginning of 2011. Over that period of time, on a 12 month moving basis, the year over year (decreases) and increases were (3.7), (1.5), (0.6) and 1.7 for the periods ended March 31, 2012, 2013, 2014 and 2015, respectively. The increase in property damage frequency in first quarter 2015 was impacted in part by adverse winter weather experienced predominately in the east, as well as higher frequency trends broadly across the country. First quarter 2014 was also adversely impacted by winter weather. THE ALLSTATE CORPORATION ALLSTATE BRAND STATISTICS (1) Renewal ratio: Renewal policies issued during the period, based on contract effective dates, divided by the total policies issued 6 months prior for auto or 12 months prior for homeowners. Statistics presented for Allstate brand exclude excess and surplus lines. 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 6 months for auto and 12 months for homeowners. Average Premium - Net Earned: Earned premium divided by average policies in force for the period. Earned premium includes the impacts from mid-term premium adjustments and ceded reinsurance, but does not include impacts of premium refund accruals. Average premiums represent the appropriate policy term for each line, which is 6 months for auto and 12 months for homeowners. Three months ended New Issued Applications: Item counts of automobiles or homeowners insurance applications for insurance policies that were issued during the period, regardless of whether the customer was previously insured by another Allstate Protection brand. Allstate brand includes automobiles added by existing customers when they exceed the amount allowed on a policy which is currently four or ten depending on the state.

17 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Net premiums written $ 441 $ 359 $ 408 $ 340 $ 406 Net premiums earned Auto $ 382 $ 378 $ 370 $ 365 $ 342 Homeowners 3 2 1 - - Other personal lines 2 1 2 1 1 387 381 373 366 343 Incurred losses Auto $ 297 $ 300 $ 283 $ 275 $ 260 Homeowners 1 1 1 - - Other personal lines 1 1 1 1 - 299 302 285 276 260 Expenses Auto $ 155 $ 136 $ 148 $ 135 $ 174 Homeowners - - - - - Other personal lines 2 2 2 - 2 157 138 150 135 176 Underwriting loss Auto $ (70) $ (58) $ (61) $ (45) $ (92) Homeowners 2 1 - - - Other personal lines (1) (2) (1) - (1) (69) (59) (62) (45) (93) Loss ratio 77.2 79.3 76.4 75.4 75.8 Expense ratio (1) 40.6 36.2 40.2 36.9 51.3 Combined ratio 117.8 115.5 116.6 112.3 127.1 Underlying loss ratio * 78.2 80.3 75.3 74.1 76.4 Expense ratio, excluding the effect of amortization of purchased intangible assets 38.3 33.1 37.0 33.6 47.8 Underlying combined ratio 116.5 113.4 112.3 107.7 124.2 Effect of catastrophe losses on combined ratio - 0.3 1.9 2.7 0.3 Effect of prior year reserve reestimates on combined ratio (1.0) (1.3) (0.8) (1.4) (0.9) Effect of amortization of purchased intangible assets on combined ratio 2.3 3.1 3.2 3.3 3.5 Effect of advertising expenses on combined ratio 17.3 11.8 15.8 14.5 28.3 Underlying combined ratio 116.5 113.4 112.3 107.7 124.2 Effect of catastrophe losses - 0.3 1.9 2.7 0.3 Effect of prior year non-catastrophe reserve reestimates (1.0) (1.3) (0.8) (1.4) (0.9) Effect of amortization of purchased intangible assets 2.3 3.1 3.2 3.3 3.5 Combined ratio 117.8 115.5 116.6 112.3 127.1 Policies in Force (in thousands) Auto 1,470 1,424 1,410 1,399 1,375 Homeowners 15 10 6 2 1 Other personal lines 42 36 33 30 26 1,527 1,470 1,449 1,431 1,402 New Issued Applications (in thousands) Auto 195 168 181 177 221 Homeowners 6 4 5 1 1 Other personal lines 12 10 9 10 10 213 182 195 188 232 Average Premium - Gross Written ($) Auto 520 500 499 497 504 Homeowners 849 781 829 822 691 Renewal Ratio (%) Auto 79.9 79.4 78.4 80.1 80.4 (1) Customer acquisition costs totaled 27.3 points in first quarter 2015 compared to 38.0 points in first quarter 2014. The spending on expansion initiatives, excluding customer acquisition costs which occur prior to premiums being written, contributed approximately 2.8 points to the expense ratio in first quarter 2015 compared to 2.0 points in first quarter 2014. THE ALLSTATE CORPORATION ESURANCE PROFITABILITY MEASURES AND STATISTICS ($ in millions) Three months ended

18 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Net premiums written $ 282 $ 310 $ 343 $ 341 $ 286 Net premiums earned Auto $ 165 $ 164 $ 168 $ 162 $ 161 Homeowners 127 126 123 120 117 Other personal lines 27 27 27 26 26 Total 319 317 318 308 304 Incurred losses Auto $ 116 $ 126 $ 131 $ 134 $ 114 Homeowners 74 56 103 118 86 Other personal lines 23 18 20 21 21 Total 213 200 254 273 221 Expenses Auto $ 47 $ 48 $ 50 $ 50 $ 48 Homeowners 37 38 37 37 35 Other personal lines 8 9 8 7 8 Total 92 95 95 94 91 Underwriting income (loss) Auto $ 2 $ (10) $ (13) $ (22) $ (1) Homeowners 16 32 (17) (35) (4) Other personal lines (4) - (1) (2) (3) Total 14 22 (31) (59) (8) Loss ratio 66.8 63.1 79.8 88.7 72.7 Expense ratio 28.8 30.0 29.9 30.5 29.9 Combined ratio 95.6 93.1 109.7 119.2 102.6 Effect of catastrophe losses on combined ratio 6.3 1.9 16.4 23.7 11.2 Effect of prior year reserve reestimates on combined ratio (2.2) (1.2) (1.9) 1.0 (0.7) Effect of advertising expenses on combined ratio 0.6 0.3 - 0.6 0.7 Underlying combined ratio 90.6 92.7 95.6 94.8 91.8 Effect of catastrophe losses 6.3 1.9 16.4 23.7 11.2 Effect of prior year non-catastrophe reserve reestimates (1.3) (1.5) (2.3) 0.7 (0.4) Combined ratio 95.6 93.1 109.7 119.2 102.6 Policies in Force (in thousands) Auto 778 790 792 788 778 Homeowners 361 365 365 364 359 Other personal lines 120 122 123 124 124 1,259 1,277 1,280 1,276 1,261 New Issued Applications (in thousands) Auto 23 28 34 40 33 Homeowners 12 15 18 20 17 Average Premium - Gross Written ($) Auto 913 901 898 888 893 Homeowners 1,519 1,482 1,471 1,437 1,440 Renewal Ratio (%) Auto 78.5 80.0 79.4 80.3 79.2 Homeowners 83.2 84.9 84.8 86.2 86.6 THE ALLSTATE CORPORATION ENCOMPASS BRAND PROFITABILITY MEASURES AND STATISTICS ($ in millions) Three months ended

19 March 31, Dec. 31, Sept. 30, June 30, March 31, ($ in millions) 2015 2014 2014 2014 2014 Net premiums written Allstate brand $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 Esurance brand 434 354 403 338 404 Encompass brand 147 160 178 176 151 5,116 4,861 5,071 4,889 4,847 Net premiums earned Allstate brand $ 4,432 $ 4,376 $ 4,352 $ 4,297 $ 4,209 Esurance brand 382 378 370 365 342 Encompass brand 165 164 168 162 161 4,979 4,918 4,890 4,824 4,712 Incurred losses Allstate brand $ 3,175 $ 3,103 $ 2,964 $ 3,011 $ 2,858 Esurance brand 297 300 283 275 260 Encompass brand 116 126 131 134 114 3,588 3,529 3,378 3,420 3,232 Expenses Allstate brand $ 1,113 $ 1,140 $ 1,088 $ 1,089 $ 1,075 Esurance brand 155 136 148 135 174 Encompass brand 47 48 50 50 48 1,315 1,324 1,286 1,274 1,297 Underwriting income Allstate brand $ 144 $ 133 $ 300 $ 197 $ 276 Esurance brand (70) (58) (61) (45) (92) Encompass brand 2 (10) (13) (22) (1) 76 65 226 130 183 Loss ratio Allstate brand 71.7 70.9 68.1 70.1 67.9 Esurance brand 77.7 79.3 76.5 75.3 76.0 Encompass brand 70.3 76.8 78.0 82.7 70.8 Allstate Protection 72.1 71.8 69.1 70.9 68.6 Expense ratio Allstate brand 25.1 26.1 25.0 25.3 25.5 Esurance brand 40.6 36.0 40.0 37.0 50.9 Encompass brand 28.5 29.3 29.7 30.9 29.8 Allstate Protection 26.4 26.9 26.3 26.4 27.5 Combined ratio Allstate brand 96.8 97.0 93.1 95.4 93.4 Esurance brand 118.3 115.3 116.5 112.3 126.9 Encompass brand 98.8 106.1 107.7 113.6 100.6 Allstate Protection 98.5 98.7 95.4 97.3 96.1 Effect of catastrophe losses on combined ratio Allstate brand 0.3 0.2 1.8 4.1 0.4 Esurance brand - 0.3 1.9 2.7 0.3 Encompass brand - - 3.0 9.3 0.6 Effect of prior year reserve reestimates on combined ratio Allstate brand (1) 0.8 (1.5) (1.8) (0.6) (0.9) Esurance brand (1.0) (1.3) (0.8) (1.4) (0.9) Encompass brand (4.8) (0.6) 0.5 (3.7) (4.3) Effect of catastrophe losses included in prior year reserve reestimates on combined ratio Allstate brand (0.1) (0.1) (0.2) (0.1) (0.1) Esurance brand - - - - - Encompass brand (0.6) - - (0.6) - Effect of amortization of purchased intangible assets on combined ratio Esurance brand 2.3 3.1 3.2 3.3 3.5 (1) Approximately half of the unfavorable reserve reestimates in first quarter 2015 were due to litigation settlement accruals. THE ALLSTATE CORPORATION AUTO PROFITABILITY MEASURES Three months ended

20 March 31, Dec. 31, Sept. 30, June 30, March 31, ($ in millions) 2015 2014 2014 2014 2014 Net premiums written Allstate brand $ 1,379 $ 1,598 $ 1,831 $ 1,765 $ 1,342 Esurance brand 5 4 3 1 1 Encompass brand 111 123 137 136 110 1,495 1,725 1,971 1,902 1,453 Net premiums earned Allstate brand $ 1,631 $ 1,625 $ 1,616 $ 1,594 $ 1,580 Esurance brand 3 2 1 - - Encompass brand 127 126 123 120 117 1,761 1,753 1,740 1,714 1,697 Incurred losses Allstate brand $ 894 $ 634 $ 930 $ 1,212 $ 994 Esurance brand 1 1 1 - - Encompass brand 74 56 103 118 86 969 691 1,034 1,330 1,080 Expenses Allstate brand $ 389 $ 399 $ 382 $ 359 $ 385 Esurance brand - - - - - Encompass brand 37 38 37 37 35 426 437 419 396 420 Underwriting income Allstate brand $ 348 $ 592 $ 304 $ 23 $ 201 Esurance brand 2 1 - - - Encompass brand 16 32 (17) (35) (4) 366 625 287 (12) 197 Loss ratio Allstate brand 54.8 39.0 57.6 76.1 62.9 Esurance brand 33.3 50.0 100.0 - - Encompass brand 58.3 44.4 83.7 98.3 73.5 Allstate Protection 55.0 39.4 59.4 77.6 63.6 Expense ratio Allstate brand 23.9 24.6 23.6 22.5 24.4 Esurance brand - - - - - Encompass brand 29.1 30.2 30.1 30.9 29.9 Allstate Protection 24.2 24.9 24.1 23.1 24.8 Combined ratio Allstate brand 78.7 63.6 81.2 98.6 87.3 Esurance brand 33.3 50.0 100.0 - - Encompass brand 87.4 74.6 113.8 129.2 103.4 Allstate Protection 79.2 64.3 83.5 100.7 88.4 Effect of catastrophe losses on combined ratio Allstate brand 13.9 3.8 22.0 38.7 21.3 Encompass brand 14.2 4.8 36.6 46.7 25.6 Effect of prior year reserve reestimates on combined ratio Allstate brand 0.2 (1.1) (0.1) 2.1 0.8 Encompass brand (1.6) (2.4) (6.5) 6.7 4.3 Effect of catastrophe losses included in prior year reserve reestimates on combined ratio Allstate brand (0.1) 0.1 0.7 2.4 0.6 Encompass brand (1.6) 0.8 0.9 1.7 (0.8) THE ALLSTATE CORPORATION HOMEOWNERS PROFITABILITY MEASURES Three months ended

21 March 31, Dec. 31, Sept. 30, June 30, March 31, ($ in millions) 2015 2014 2014 2014 2014 Net premiums written Allstate brand $ 357 $ 376 $ 426 $ 416 $ 351 Esurance brand 2 1 2 1 1 Encompass brand 24 27 28 29 25 383 404 456 446 377 Net premiums earned Allstate brand $ 391 $ 390 $ 389 $ 387 $ 385 Esurance brand 2 1 2 1 1 Encompass brand 27 27 27 26 26 420 418 418 414 412 Incurred losses Allstate brand $ 244 $ 223 $ 229 $ 226 $ 279 Esurance brand 1 1 1 1 - Encompass brand 23 18 20 21 21 268 242 250 248 300 Expenses Allstate brand $ 105 $ 118 $ 103 $ 105 $ 108 Esurance brand 2 2 2 - 2 Encompass brand 8 9 8 7 8 115 129 113 112 118 Underwriting income Allstate brand $ 42 $ 49 $ 57 $ 56 $ (2) Esurance brand (1) (2) (1) - (1) Encompass brand (4) - (1) (2) (3) 37 47 55 54 (6) Loss ratio Allstate brand 62.4 57.2 58.9 58.4 72.5 Esurance brand 50.0 100.0 50.0 100.0 - Encompass brand 85.2 66.7 74.1 80.8 80.8 Allstate Protection 63.8 57.9 59.8 59.9 72.8 Expense ratio Allstate brand 26.9 30.2 26.4 27.1 28.0 Esurance brand 100.0 200.0 100.0 - 200.0 Encompass brand 29.6 33.3 29.6 26.9 30.7 Allstate Protection 27.4 30.9 27.0 27.1 28.7 Combined ratio Allstate brand 89.3 87.4 85.3 85.5 100.5 Esurance brand 150.0 300.0 150.0 100.0 200.0 Encompass brand 114.8 100.0 103.7 107.7 111.5 Allstate Protection 91.2 88.8 86.8 87.0 101.5 Effect of catastrophe losses on combined ratio Allstate brand 7.4 2.8 4.9 12.4 12.7 Esurance brand - - - - - Encompass brand 7.4 - 7.4 7.7 11.5 Effect of prior year reserve reestimates on combined ratio Allstate brand (0.5) 5.1 2.6 (3.4) 3.9 Esurance brand - - - - - Encompass brand 11.1 - 3.7 3.8 - Effect of catastrophe losses included in prior year reserve reestimates on combined ratio Allstate brand (0.3) - (0.2) (0.3) (0.5) Esurance brand - - - - - Encompass brand - - - - - THE ALLSTATE CORPORATION OTHER PERSONAL LINES PROFITABILITY MEASURES Three months ended

22 March 31, Dec. 31, Sept. 30, June 30, March 31, ($ in millions) 2015 2014 2014 2014 2014 Net premiums written $ 128 $ 126 $ 122 $ 130 $ 116 Net premiums earned $ 125 $ 125 $ 120 $ 121 $ 110 Incurred losses $ 98 $ 88 $ 72 $ 78 $ 81 Expenses $ 38 $ 41 $ 38 $ 35 $ 34 Underwriting (loss) income $ (11) $ (4) $ 10 $ 8 $ (5) Loss ratio 78.4 70.4 60.0 64.5 73.6 Expense ratio 30.4 32.8 31.7 28.9 30.9 Combined ratio 108.8 103.2 91.7 93.4 104.5 Effect of catastrophe losses on combined ratio 4.0 4.8 3.3 8.3 8.2 Effect of prior year reserve reestimates on combined ratio (2) 8.0 (0.8) (14.2) (0.8) (0.9) Effect of catastrophe losses included in prior year reserve reestimates on combined ratio 0.8 - 0.7 0.1 1.0 (1) Commercial lines all represent Allstate Brand products. (2) Unfavorable non-catastrophe reserve reestimates of $9 million in first quarter 2015 related to certain fire losses and a general liability claim settlement. THE ALLSTATE CORPORATION COMMERCIAL LINES PROFITABILITY MEASURES (1) Three months ended

23 March 31, Dec. 31, Sept. 30, June 30, March 31, ($ in millions) 2015 2014 2014 2014 2014 Net premiums written $ 184 $ 176 $ 185 $ 180 $ 176 Net premiums earned $ 141 $ 140 $ 138 $ 131 $ 133 Incurred losses $ 69 $ 65 $ 70 $ 64 $ 63 Expenses $ 69 $ 63 $ 63 $ 52 $ 62 Underwriting income $ 3 $ 12 $ 5 $ 15 $ 8 Loss ratio 49.0 46.4 50.7 48.8 47.4 Expense ratio 48.9 45.0 45.7 39.7 46.6 Combined ratio 97.9 91.4 96.4 88.5 94.0 Effect of catastrophe losses on combined ratio - - - - - Effect of prior year reserve reestimates on combined ratio - (0.7) - - - Effect of catastrophe losses included in prior year reserve reestimates on combined ratio - - - - - THE ALLSTATE CORPORATION OTHER BUSINESS LINES PROFITABILITY MEASURES Three months ended

24 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Auto Allstate brand underlying combined ratio 95.6 98.2 92.9 91.8 93.8 Effect of catastrophe losses on combined ratio 0.3 0.2 1.8 4.1 0.4 Effect of prior year non-catastrophe reserve reestimates on combined ratio 0.9 (1.4) (1.6) (0.5) (0.8) Allstate brand combined ratio 96.8 97.0 93.1 95.4 93.4 Esurance brand underlying combined ratio 117.0 113.2 112.2 107.7 124.0 Effect of catastrophe losses on combined ratio - 0.3 1.9 2.7 0.3 Effect of prior year non-catastrophe reserve reestimates on combined ratio (1.0) (1.3) (0.8) (1.4) (0.9) Effect of amortization of purchased intangible assets on combined ratio 2.3 3.1 3.2 3.3 3.5 Esurance brand combined ratio 118.3 115.3 116.5 112.3 126.9 Encompass brand underlying combined ratio 103.0 106.7 104.2 107.4 104.3 Effect of catastrophe losses on combined ratio - - 3.0 9.3 0.6 Effect of prior year non-catastrophe reserve reestimates on combined ratio (4.2) (0.6) 0.5 (3.1) (4.3) Encompass brand combined ratio 98.8 106.1 107.7 113.6 100.6 Homeowners Allstate brand underlying combined ratio 64.5 61.0 60.0 60.2 65.8 Effect of catastrophe losses on combined ratio 13.9 3.8 22.0 38.7 21.3 Effect of prior year non-catastrophe reserve reestimates on combined ratio 0.3 (1.2) (0.8) (0.3) 0.2 Allstate brand combined ratio 78.7 63.6 81.2 98.6 87.3 Encompass brand underlying combined ratio 73.2 73.0 84.6 77.5 72.7 Effect of catastrophe losses on combined ratio 14.2 4.8 36.6 46.7 25.6 Effect of prior year non-catastrophe reserve reestimates on combined ratio - (3.2) (7.4) 5.0 5.1 Encompass brand combined ratio 87.4 74.6 113.8 129.2 103.4 Other Personal Lines Allstate brand underlying combined ratio 82.1 79.5 77.6 76.2 83.4 Effect of catastrophe losses on combined ratio 7.4 2.8 4.9 12.4 12.7 Effect of prior year non-catastrophe reserve reestimates on combined ratio (0.2) 5.1 2.8 (3.1) 4.4 Allstate brand combined ratio 89.3 87.4 85.3 85.5 100.5 Encompass brand underlying combined ratio 96.3 100.0 92.6 96.2 100.0 Effect of catastrophe losses on combined ratio 7.4 - 7.4 7.7 11.5 Effect of prior year non-catastrophe reserve reestimates on combined ratio 11.1 - 3.7 3.8 - Encompass brand combined ratio 114.8 100.0 103.7 107.7 111.5 THE ALLSTATE CORPORATION AUTO, HOMEOWNERS AND OTHER PERSONAL LINES UNDERLYING COMBINED RATIOS Three months ended

25 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Auto Annualized average premium (1) $ 885 $ 879 $ 881 $ 877 $ 867 Underlying combined ratios 95.6 98.2 92.9 91.8 93.8 Average underlying loss (incurred pure premium) and expense * $ 846 $ 863 $ 818 $ 805 $ 813 Homeowners Annualized average premium (1) $ 1,067 $ 1,065 $ 1,063 $ 1,051 $ 1,042 Underlying combined ratios 64.5 61.0 60.0 60.2 65.8 Average underlying loss (incurred pure premium) and expense $ 688 $ 650 $ 638 $ 633 $ 686 (1) THE ALLSTATE CORPORATION Calculated by annualizing net earned premium reported in the quarter divided by policies in force at quarter end. Three months ended ALLSTATE BRAND AUTO AND HOMEOWNERS UNDERLYING LOSS AND EXPENSE

26 Annual impact of Effect of rate changes Earned Incurred Catastrophe catastrophes Number of Number of on state specific Primary Exposure Groupings (1) premiums losses Loss ratios losses on loss ratio catastrophes locations premiums written Florida $ 29 $ 16 55.2% $ - 0.0% Other hurricane exposure states 933 575 61.6% 207 22.2% Total hurricane exposure states (2) 962 591 61.4% 207 21.5% 5 1.8% Other catastrophe exposure states (4) 799 378 47.3% 38 4.8% 8 3.9% Total $ 1,761 $ 969 55.0% $ 245 13.9% 11 13 3.4% (1) Basis of Presentation (2) (3) (4) Includes Canada. THE ALLSTATE CORPORATION HOMEOWNERS SUPPLEMENTAL INFORMATION ($ in millions) Represents the impact in the locations where rate changes were approved during the year as a percentage of total prior year-end premiums written in those locations. This homeowners supplemental information schedule displays financial results for the homeowners business (defined to include standard homeowners, scheduled personal property and other than primary residence lines). Each state in which the Company writes business has been categorized into one of two exposure groupings (Hurricane or Other). Hurricane exposure states are comprised of those states in which hurricanes are the primary catastrophe exposure. However, the catastrophe losses for these states include losses due to other kinds of catastrophes. A catastrophe is defined by Allstate as an event that produces pre-tax losses before reinsurance in excess of $1 million and involves multiple first party policyholders, or a winter weather event that produces a number of claims in excess of a preset, per- event threshold of average claims in a specific area, occurring within a certain amount of time following the event. Premium rate changes (3) Hurricane exposure states include the following coastal locations: Alabama, Connecticut, Delaware, Florida, Georgia, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia and Washington, D.C. Three months ended March 31, 2015

27 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Allstate brand Auto $ 13 $ 9 $ 80 $ 178 $ 16 Homeowners 227 62 355 617 336 Other personal lines 29 11 19 48 49 Commercial lines 5 6 4 10 9 Other business lines - - - - - Total 274 88 458 853 410 Esurance brand Auto - 1 7 10 1 Homeowners - - - - - Other personal lines - - - - - Total - 1 7 10 1 Encompass brand Auto - - 5 15 1 Homeowners 18 6 45 56 30 Other personal lines 2 - 2 2 3 Total 20 6 52 73 34 Allstate Protection $ 294 $ 95 $ 517 $ 936 $ 445 Allstate Protection Auto $ 13 $ 10 $ 92 $ 203 $ 18 Homeowners 245 68 400 673 366 Other personal lines 31 11 21 50 52 Commercial lines 5 6 4 10 9 Other business lines - - - - - $ 294 $ 95 $ 517 $ 936 $ 445 THE ALLSTATE CORPORATION CATASTROPHE LOSSES BY BRAND ($ in millions) Three months ended

28 Premiums Total Total Effect on the earned catastrophe catastrophe Property-Liability Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year year-to-date losses by year losses by year combined ratio 2006 1.6 3.7 2.5 4.1 3.0 $ 27,369 $ 810 $ 1,044 3.8 2007 2.4 6.3 5.0 7.0 5.2 27,233 1,409 1,336 4.9 2008 8.4 10.3 26.8 3.9 12.4 26,967 3,342 1,876 7.0 2009 7.8 12.5 6.2 5.0 7.9 26,194 2,069 2,159 8.2 2010 10.0 9.8 5.9 8.3 8.5 25,957 2,207 2,272 8.8 2011 5.2 36.2 16.7 1.0 14.7 25,942 3,815 3,298 12.7 2012 3.9 12.3 3.1 15.7 8.8 26,737 2,345 1,324 5.0 2013 5.3 9.4 1.8 1.7 4.5 27,618 1,251 1,352 4.9 2014 6.3 13.0 7.1 1.3 6.9 28,929 1,993 2,000 6.9 2015 4.0 7,426 294 299 4.0 Average 5.4 12.5 8.3 5.3 7.8 6.8 Effect of all catastrophe losses on the Property-Liability combined ratio catastrophe losses relating to Excludes the effect of THE ALLSTATE CORPORATION PROPERTY-LIABILITY EFFECT OF CATASTROPHE LOSSES ON THE COMBINED RATIO ($ in millions) earthquakes and hurricanes

29 Average Number Claims and Combined catastrophe Size of catastrophe of events claims expense ratio impact loss per event Greater than $250 million - - % $ - - % - $ - $101 million to $250 million 1 9.1 104 35.4 1.4 104 $50 million to $100 million 2 18.2 123 41.8 1.7 62 Less than $50 million 8 72.7 72 24.5 1.0 9 Total 11 100.0 % 299 101.7 4.1 27 Prior year reserve reestimates (5) (1.7) (0.1) Total catastrophe losses $ 294 100.0 % 4.0 THE ALLSTATE CORPORATION CATASTROPHE BY SIZE OF EVENT ($ in millions) Three months ended March 31, 2015

30 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Prior Year Reserve Reestimates (1) Auto $ 24 $ (75) $ (79) $ (36) $ (48) Homeowners 1 (21) (9) 41 18 Other personal lines 1 20 11 (12) 15 Commercial lines 10 (1) (17) (1) (1) Other business lines - (1) - - - Allstate Protection 36 (78) (94) (8) (16) Discontinued Lines and Coverages 1 2 105 2 3 Property-Liability $ 37 $ (76) $ 11 $ (6) $ (13) Allstate brand (2) $ 47 $ (69) $ (85) $ (6) $ (11) Esurance brand (4) (5) (3) (5) (3) Encompass brand (2) (7) (4) (6) 3 (2) Allstate Protection (2) $ 36 $ (78) $ (94) $ (8) $ (16) Effect of Prior Year Reserve Reestimates on Combined Ratio (1)(3) Auto 0.3 (1.0) (1.1) (0.5) (0.7) Homeowners - (0.3) (0.1) 0.6 0.3 Other personal lines - 0.3 0.2 (0.2) 0.2 Commercial lines 0.2 - (0.3) - - Other business lines - - - - - Allstate Protection 0.5 (1.0) (1.3) (0.1) (0.2) Discontinued Lines and Coverages - - 1.4 - - Property-Liability 0.5 (1.0) 0.1 (0.1) (0.2) Allstate brand (2) 0.6 (0.9) (1.2) (0.1) (0.2) Esurance brand - - - (0.1) - Encompass brand (2) (0.1) (0.1) (0.1) 0.1 - Allstate Protection (2) 0.5 (1.0) (1.3) (0.1) (0.2) (1) (2) (3) Calculated using Property-Liability premiums earned for the respective period. THE ALLSTATE CORPORATION PROPERTY-LIABILITY EFFECT OF PRIOR YEAR RESERVE REESTIMATES ON THE COMBINED RATIO ($ in millions) Favorable reserve reestimates are shown in parentheses. (Favorable) unfavorable reserve reestimates included in catastrophe losses for Allstate brand, Encompass brand and Allstate Protection totaled $(2) million, $(3) million and $(5) million and $3 million, $(1) million and $2 million, respectively, in the three months ended March 31, 2015 and 2014, respectively. Three months ended

31 2014 2013 2012 2011 2010 (net of reinsurance) Asbestos claims Beginning reserves $ 1,014 $ 1,017 $ 1,026 $ 1,078 $ 1,100 $ 1,180 Incurred claims and claims expense - 87 74 26 26 5 Claims and claims expense paid (21) (90) (83) (78) (48) (85) Ending reserves $ 993 $ 1,014 $ 1,017 $ 1,026 $ 1,078 $ 1,100 Claims and claims expense paid as a percent of ending reserves 2.1% 8.9% 8.2% 7.6% 4.5% 7.7% Environmental claims Beginning reserves $ 203 $ 208 $ 193 $ 185 $ 201 $ 198 Incurred claims and claims expense - 15 30 22 - 18 Claims and claims expense paid (4) (20) (15) (14) (16) (15) Ending reserves $ 199 $ 203 $ 208 $ 193 $ 185 $ 201 Claims and claims expense paid as a percent of ending reserves 2.0% 9.9% 7.2% 7.3% 8.6% 7.5% THE ALLSTATE CORPORATION ASBESTOS AND ENVIRONMENTAL RESERVES ($ in millions) Twelve months ended December 31, Three months ended March 31, 2015

32 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Net premiums written Auto $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 Homeowners 1,379 1,598 1,831 1,765 1,342 Landlord 128 140 147 137 126 Renter 67 64 79 72 59 Condominium 51 57 62 61 48 Other 111 115 138 146 118 Other personal lines 357 376 426 416 351 Total 6,271 6,321 6,747 6,556 5,985 Net premiums earned Auto $ 4,432 $ 4,376 $ 4,352 $ 4,297 $ 4,209 Homeowners 1,631 1,625 1,616 1,594 1,580 Other personal lines 391 390 389 387 385 Total 6,454 6,391 6,357 6,278 6,174 Incurred losses Auto $ 3,175 $ 3,103 $ 2,964 $ 3,011 $ 2,858 Homeowners 894 634 930 1,212 994 Other personal lines 244 223 229 226 279 Total 4,313 3,960 4,123 4,449 4,131 Expenses Auto $ 1,113 $ 1,140 $ 1,088 $ 1,089 $ 1,075 Homeowners 389 399 382 359 385 Other personal lines 105 118 103 105 108 Total 1,607 1,657 1,573 1,553 1,568 Underwriting income (loss) Auto $ 144 $ 133 $ 300 $ 197 $ 276 Homeowners 348 592 304 23 201 Other personal lines 42 49 57 56 (2) Total 534 774 661 276 475 Loss ratio 66.8 62.0 64.9 70.9 66.9 Expense ratio 24.9 25.9 24.7 24.7 25.4 Combined ratio 91.7 87.9 89.6 95.6 92.3 Effect of catastrophe losses on combined ratio 4.2 1.3 7.1 13.4 6.5 Effect of prior year reserve reestimates on combined ratio 0.6 (1.0) (1.1) (0.1) (0.2) Underlying combined ratio 86.9 87.6 83.6 82.8 86.0 Effect of catastrophe losses 4.2 1.3 7.1 13.4 6.5 Effect of prior year non-catastrophe reserve reestimates 0.6 (1.0) (1.1) (0.6) (0.2) Combined ratio 91.7 87.9 89.6 95.6 92.3 Policies in Force (in thousands) Auto 20,036 19,916 19,751 19,605 19,413 Homeowners 6,114 6,106 6,082 6,069 6,063 Other personal lines 4,135 4,107 4,084 4,052 4,032 Excess and surplus 27 27 26 25 23 Total 30,312 30,156 29,943 29,751 29,531 THE ALLSTATE CORPORATION ALLSTATE PERSONAL LINES-AUTO, HOMEOWNERS AND OTHER PERSONAL LINES PROFITABILITY MEASURES ($ in millions) Three months ended

33 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Net premiums written Esurance $ 441 $ 359 $ 408 $ 340 $ 406 Encompass 282 310 343 341 286 Commercial lines 128 126 122 130 116 Allstate Roadside Services 91 86 96 94 97 Allstate Dealer Services 93 90 89 86 79 Other business lines 184 176 185 180 176 Total 1,035 971 1,058 991 984 Net premiums earned Esurance $ 387 $ 381 $ 373 $ 366 $ 343 Encompass 319 317 318 308 304 Commercial lines 125 125 120 121 110 Other business lines 141 140 138 131 133 Total 972 963 949 926 890 Incurred losses Esurance $ 299 $ 302 $ 285 $ 276 $ 260 Encompass 213 200 254 273 221 Commercial lines 98 88 72 78 81 Other business lines 69 65 70 64 63 Total 679 655 681 691 625 Expenses Esurance $ 157 $ 138 $ 150 $ 135 $ 176 Encompass 92 95 95 94 91 Commercial lines 38 41 38 35 34 Other business lines 69 63 63 52 62 Answer Financial 2 4 4 3 2 Total 358 341 350 319 365 Underwriting income (loss) Esurance $ (69) $ (59) $ (62) $ (45) $ (93) Encompass 14 22 (31) (59) (8) Commercial lines (11) (4) 10 8 (5) Other business lines 3 12 5 15 8 Answer Financial (2) (4) (4) (3) (2) Total (65) (33) (82) (84) (100) Loss ratio 69.9 68.0 71.7 74.6 70.2 Expense ratio 36.8 35.4 36.9 34.5 41.0 Combined ratio 106.7 103.4 108.6 109.1 111.2 Effect of catastrophe losses on combined ratio 2.6 1.3 6.6 10.0 4.9 Effect of prior year reserve reestimates on combined ratio (0.1) (1.2) (2.7) (0.3) (0.7) Effect of amortization of purchased intangible assets 1.2 1.8 1.8 1.9 1.9 Underlying combined ratio 102.8 101.6 103.2 97.6 105.1 Effect of catastrophe losses 2.6 1.3 6.6 10.0 4.9 Effect of prior year non-catastrophe reserve reestimates 0.1 (1.3) (3.0) (0.4) (0.7) Effect of amortization of purchased intangible assets 1.2 1.8 1.8 1.9 1.9 Combined ratio 106.7 103.4 108.6 109.1 111.2 Policies in Force (in thousands) Esurance 1,527 1,470 1,449 1,431 1,402 Encompass 1,259 1,277 1,280 1,276 1,261 Commercial lines 326 325 320 313 305 Other business lines 941 948 958 972 991 Total 4,053 4,020 4,007 3,992 3,959 THE ALLSTATE CORPORATION EMERGING BUSINESSES - ESURANCE, ENCOMPASS, COMMERCIAL LINES, OTHER BUSINESS LINES AND ANSWER FINANCIAL PROFITABILITY MEASURES ($ in millions) Three months ended

34 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Premiums $ 328 $ 312 $ 308 $ 312 $ 327 Contract charges 209 208 204 206 280 Net investment income 484 480 473 538 640 Periodic settlements and accruals on non-hedge derivative instruments - - - (1) - Contract benefits (441) (431) (433) (413) (488) Interest credited to contractholder funds (192) (199) (200) (208) (291) Amortization of deferred policy acquisition costs (69) (60) (56) (65) (74) Operating costs and expenses (123) (121) (115) (112) (118) Restructuring and related charges - - 1 (1) (2) Income tax expense on operations (62) (61) (57) (91) (85) Operating income 134 128 125 165 189 Realized capital gains and losses, after-tax 72 81 19 (6) - Valuation changes on embedded derivatives that are not hedged, after-tax (5) (3) 2 (3) (11) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax - - (3) - - DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - - - 1 - (Loss) gain on disposition of operations, after-tax (1) 2 (27) (12) (16) Change in accounting for investments in qualified affordable housing projects, after-tax (17) - - - - Net income available to common shareholders $ 183 $ 208 $ 116 $ 145 $ 162 (1) Refer to pages 35 for further details related to the impact of LBL on comparison of Allstate Financial results. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL RESULTS (1) ($ in millions) Three months ended

35 March March Q1 2014 Change 2015 2014 Change LBL results excl.LBL Premiums and contract charges $ 537 $ 607 $ (70) $ 85 $ 15 Net investment income 484 640 (156) 126 (30) Contract benefits (441) (488) 47 (65) (18) Interest credited to contractholder funds (192) (291) 99 (80) 19 Amortization of deferred policy acquisition costs (69) (74) 5 (6) (1) Operating costs and expenses (123) (118) (5) (8) (13) Restructuring and related charges - (2) 2 - 2 Income tax expense on operations (62) (85) 23 (18) 5 Operating income 134 189 (55) 34 (21) Realized capital gains and losses, after-tax 72 - 72 - 72 Valuation changes on embedded derivatives that are not hedged, after-tax (5) (11) 6 (6) - DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax - - - - - DAC and DSI unlocking relating to realized capital gains and losses, after tax - - - - - (Loss) gain on disposition of operations, after-tax (1) (16) 15 - 15 Change in accounting for investments in qualified affordable housing projects, after-tax (17) - (17) - (17) Net income available to common shareholders $ 183 $ 162 $ 21 $ 28 $ 49 (1) As a result of LBL disposition on April 1, 2014, Allstate Financial results no longer include LBL beginning in the second quarter of 2014. To assist with comparison of Allstate Financial results between periods, results of LBL business for the first quarter of 2014 were excluded in this presentation. THE ALLSTATE CORPORATION IMPACT OF LBL ON COMPARISON OF ALLSTATE FINANCIAL RESULTS (1) ($ in millions) Three months ended

36 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Return on Attributed Equity Numerator: Net income available to common shareholders (1) $ 652 $ 631 $ 542 $ 66 $ 111 Denominator: Beginning attributed equity (2) $ 7,812 $ 7,273 $ 7,819 $ 8,224 $ 8,617 Ending attributed equity 7,920 7,672 7,356 7,262 7,812 Average attributed equity (3) $ 7,866 $ 7,473 $ 7,588 $ 7,743 $ 8,215 Return on attributed equity 8.3 % 8.4 % 7.1 % 0.9 % 1.4 % Operating Income Return on Attributed Equity Numerator: Operating income (1) $ 552 $ 607 $ 639 $ 641 $ 633 Denominator: Beginning attributed equity (2) $ 7,812 $ 7,273 $ 7,819 $ 8,224 $ 8,617 Unrealized net capital gains and losses 1,280 946 1,076 1,120 1,702 Adjusted beginning attributed equity 6,532 6,327 6,743 7,104 6,915 Ending attributed equity 7,920 7,672 7,356 7,262 7,812 Unrealized net capital gains and losses 1,499 1,420 1,305 1,285 1,280 Adjusted ending attributed equity 6,421 6,252 6,051 5,977 6,532 Average adjusted attributed equity (3) $ 6,477 $ 6,290 $ 6,397 $ 6,541 $ 6,724 Operating income return on attributed equity 8.5 % 9.7 % 10.0 % 9.8 % 9.4 % (1) (2) (3) THE ALLSTATE CORPORATION RETURN ON ATTRIBUTED EQUITY ALLSTATE FINANCIAL Average attributed equity and average adjusted attributed equity are determined using a two-point average, with the beginning and ending attributed equity and adjusted attributed equity, respectively, for the twelve-month period as data points. Allstate Financial attributed equity is the sum of equity for Allstate Life Insurance Company and the applicable equity for Allstate Financial Insurance Holdings Corporation. Net income available to common shareholders and operating income reflect a trailing twelve-month period. ($ in millions) Twelve months ended

37 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 PREMIUMS AND CONTRACT CHARGES - BY PRODUCT Underwritten Products Traditional life insurance premiums $ 132 $ 133 $ 126 $ 125 $ 127 Accident and health insurance premiums 196 180 182 187 195 Interest-sensitive life insurance contract charges 206 203 200 202 274 534 516 508 514 596 Annuities Immediate annuities with life contingencies premiums - (1) - - 5 Other fixed annuity contract charges 3 5 4 4 6 3 4 4 4 11 Total $ 537 $ 520 $ 512 $ 518 $ 607 PREMIUMS AND CONTRACT CHARGES - BY DISTRIBUTION CHANNEL Allstate agencies (1) $ 297 $ 294 $ 288 $ 285 $ 291 Workplace enrolling agents 210 198 198 203 204 Other (2) 30 28 26 30 112 Total $ 537 $ 520 $ 512 $ 518 $ 607 PREMIUMS AND CONTRACT CHARGES - BY PRODUCT INCLUDED IN LINCOLN BENEFIT LIFE COMPANY SALE (3) Underwritten Products Traditional life insurance premiums $ - $ - $ - $ - $ 6 Accident and health insurance premiums - - - - 6 Interest-sensitive life insurance contract charges - - - - 71 - - - - 83 Annuities Immediate annuities with life contingencies premiums - - - - - Other fixed annuity contract charges - - - - 2 - - - - 2 Total $ - $ - $ - $ - $ 85 PROPRIETARY LIFE INSURANCE POLICIES SOLD BY ALLSTATE AGENCIES(4) 30,091 38,576 31,974 30,267 27,697 ALLSTATE BENEFITS NEW BUSINESS WRITTEN PREMIUMS (5) $ 65 $ 183 $ 63 $ 58 $ 52 (1) Includes products directly sold through call centers and internet. (2) Primarily represents independent master brokerage agencies, and to a lesser extent, specialized brokers. (3) Amounts are included in section above. On April 1, 2014, the sale of LBL was completed. (4) Policies sold reduced by lapses within twelve months of sale. (5) THE ALLSTATE CORPORATION New business written premiums reflect annualized premiums at initial customer enrollment (including new accounts and new employees or policies of existing accounts), reduced by an estimate for certain policies that are expected to lapse. A significant portion of Allstate Benefits business is seasonally written in the fourth quarter during many clients’ annual employee benefits enrollment. ALLSTATE FINANCIAL PREMIUMS AND CONTRACT CHARGES ($ in millions) Three months ended

38 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Contractholders funds, beginning balance $ 22,529 $ 22,848 $ 23,472 $ 23,989 $ 24,304 Contractholders funds classified as held for sale, beginning balance - - - 10,661 10,945 Total contractholders funds, including those classified as held for sale 22,529 22,848 23,472 34,650 35,249 Deposits Interest-sensitive life insurance 249 248 247 246 318 Fixed annuities 51 43 48 56 127 Total deposits 300 291 295 302 445 Interest credited 199 202 197 212 308 Benefits, withdrawals, maturities and other adjustments Benefits (273) (242) (286) (289) (380) Surrenders and partial withdrawals (305) (377) (630) (554) (712) Maturities of and interest payments on institutional products - (1) (1) - - Contract charges (203) (204) (197) (199) (281) Net transfers from separate accounts 1 1 2 1 3 Other adjustments 19 11 (4) 11 18 Total benefits, withdrawals, maturities and other adjustments (761) (812) (1,116) (1,030) (1,352) Contractholder funds sold in LBL disposition - - - (10,662) - Contractholder funds classified as held for sale, ending balance - - - - (10,661) Contractholder funds, ending balance $ 22,267 $ 22,529 $ 22,848 $ 23,472 $ 23,989 THE ALLSTATE CORPORATION CHANGE IN CONTRACTHOLDER FUNDS ($ in millions) Three months ended

39 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Benefit spread Premiums $ 328 $ 312 $ 308 $ 312 $ 327 Cost of insurance contract charges (1) 138 136 135 135 187 Contract benefits excluding the implied interest on immediate annuities with life contingencies (2) (312) (301) (302) (283) (358) Total benefit spread 154 147 141 164 156 Investment spread Net investment income 484 480 473 538 640 Implied interest on immediate annuities with life contingencies (2) (129) (130) (131) (130) (130) Interest credited to contractholder funds (199) (202) (198) (212) (307) Total investment spread 156 148 144 196 203 Surrender charges and contract maintenance expense fees (1) 71 72 69 71 93 Realized capital gains and losses 111 125 28 (10) 1 Amortization of deferred policy acquisition costs (70) (62) (58) (66) (74) Operating costs and expenses (123) (121) (115) (112) (118) Restructuring and related charges - - 1 (1) (2) Gain on disposition of operations (2) 3 (26) (8) (59) Income tax expense (114) (104) (68) (89) (38) Net income available to common shareholders $ 183 $ 208 $ 116 $ 145 $ 162 Benefit spread by product group Life insurance $ 68 $ 72 $ 72 $ 86 $ 74 Accident and health insurance 107 91 99 97 102 Annuities (21) (16) (30) (19) (20) Total benefit spread $ 154 $ 147 $ 141 $ 164 $ 156 Investment spread by product group Annuities and institutional products $ 69 $ 58 $ 54 $ 98 $ 110 Life insurance 33 24 23 26 30 Accident and health insurance 4 4 4 4 7 Net investment income on investments supporting capital 57 65 61 72 73 Investment spread before valuation changes on embedded derivatives that are not hedged 163 151 142 200 220 Valuation changes on derivatives embedded in equity- indexed annuity contracts that are not hedged (7) (3) 2 (4) (17) Total investment spread $ 156 $ 148 $ 144 $ 196 $ 203 (1) Reconciliation of contract charges Cost of insurance contract charges $ 138 $ 136 $ 135 $ 135 $ 187 Surrender charges and contract maintenance expense fees 71 72 69 71 93 Total contract charges $ 209 $ 208 $ 204 $ 206 $ 280 (2) Reconciliation of contract benefits Contract benefits excluding the implied interest on immediate annuities with life contingencies $ (312) $ (301) $ (302) $ (283) $ (358) Implied interest on immediate annuities with life contingencies (129) (130) (131) (130) (130) Total contract benefits $ (441) $ (431) $ (433) $ (413) $ (488) THE ALLSTATE CORPORATION ALLSTATE FINANCIAL ANALYSIS OF NET INCOME ($ in millions) Three months ended

40 Weighted average Weighted average Weighted average Weighted average Weighted average Weighted average investment yield interest crediting rate investment spreads investment yield interest crediting rate investment spreads Interest-sensitive life insurance 5.1 % 3.9 % 1.2 % 5.1 % 3.8 % 1.3 % Deferred fixed annuities and institutional products 4.3 2.8 1.5 4.5 2.9 1.6 Immediate fixed annuities with and without life contingencies 7.3 5.9 1.4 7.5 5.9 1.6 Investments supporting capital, traditional life and other products 4.2 n/a n/a 4.0 n/a n/a (1) For purposes of these calculations, investments, reserves and contractholder funds classified as held for sale were included for periods prior to April 1, 2014. Three months ended March 31, 2015 Three months ended March 31, 2014 (1) THE ALLSTATE CORPORATION ALLSTATE FINANCIAL WEIGHTED AVERAGE INVESTMENT SPREADS

41 Twelve months ended March 31, 2015 Attributed equity Reserves and excluding unrealized March Dec. Sept. June March Contractholder funds capital gains/losses (3)(4) Operating income (5) 2015 2014 2014 2014 2014 Underwritten products Life insurance $ 10,534 $ 2,336 $ 251 9.8 % 11.0 % 11.7 % 8.9 % 9.0 % Accident and health insurance 834 645 104 15.9 16.0 15.0 14.5 14.7 Subtotal 11,368 2,981 355 11.1 12.1 12.4 9.9 10.1 Immediate Annuities: Sub-standard structured settlements and group pension terminations (1) 5,061 1,531 8 0.6 1.1 1.4 2.0 0.7 Standard structured settlements and SPIA (2) 7,196 1,106 69 8.4 10.5 12.2 16.8 13.2 Subtotal 12,257 2,637 77 3.7 4.5 5.3 7.1 5.0 Deferred Annuities 10,876 802 119 10.3 11.1 10.7 12.0 12.3 Institutional products 85 1 1 Subtotal 23,218 3,440 197 6.0 7.3 7.7 9.6 8.7 Total Allstate Financial $ 34,586 $ 6,421 $ 552 8.5 9.7 10.0 9.8 9.4 Life Accident and Annuities and Allstate insurance health insurance institutional products Financial Operating income $ 61 $ 25 $ 48 $ 134 Realized capital gains and losses, after-tax 2 - 70 72 Valuation changes on embedded derivatives that are not hedged, after-tax - - (5) (5) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (1) - 1 - DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - - - - Loss on disposition of operations, after-tax (1) - - (1) Change in accounting for investments in qualified affordable housing projects, after-tax (6) - (11) (17) Net income available to common shareholders $ 55 $ 25 $ 103 $ 183 (1) (2) (3) (4) (5) Attributed equity is allocated to each product line based on statutory capital adjusted for GAAP reporting differences and the amount of capital held in Allstate Financial may vary from economic capital. The calculation of statutory capital by product incorporates internal factors for invested asset risk, insurance risk (mortality and morbidity), interest rate risk and business risk. Due to the unavailability of final statutory financial statements at the time we release our GAAP financial results, the allocation is derived from average statutory capital over the prior four quarters. Statutory capital is adjusted for appropriate GAAP accounting differences. Changes in internal capital factors, investment portfolio mix and risk as well as changes in GAAP and statutory reporting differences will result in changes to the allocation of attributed equity to products. Product line operating income includes allocation of income on investments supporting capital. Operating income reflects a trailing twelve-month period. Life-contingent structured settlement annuities for annuitants with standard life expectancy, period certain structured settlements and single premium immediate annuities with and without life contingencies. Total Allstate Financial attributed equity is the sum of equity for Allstate Life Insurance Company and the applicable equity for Allstate Financial Insurance Holdings Corporation, excluding unrealized capital gains and losses. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL SUPPLEMENTAL PRODUCT INFORMATION ($ in millions) As of March 31, 2015 Three months ended March 31, 2015 Annuities and institutional products: Twelve months ended Operating income return on attributed equity (%) Structured settlement annuities for annuitants with severe injuries or other health impairments which significantly reduced their life expectancy at the time the annuity was issued and group annuity contracts issued to sponsors of terminated pension plans.

42 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 ALLSTATE FINANCIAL INSURANCE POLICIES AND ANNUITIES IN FORCE BY PRODUCT Underwritten products Life insurance 2,448 2,434 2,432 2,436 2,588 Accident and health insurance 2,777 2,555 2,530 2,577 2,593 5,225 4,989 4,962 5,013 5,181 Annuities Deferred annuities 186 191 197 205 337 Immediate annuities 106 108 108 110 111 292 299 305 315 448 Total 5,517 5,288 5,267 5,328 5,629 ALLSTATE FINANCIAL INSURANCE POLICIES AND ANNUITIES IN FORCE BY SOURCE OF BUSINESS Allstate Agencies (2) 1,904 1,902 1,898 1,895 1,938 Allstate Benefits 3,218 2,983 2,957 3,010 3,040 Other (3) 395 403 412 423 651 Total 5,517 5,288 5,267 5,328 5,629 INSURANCE POLICIES AND ANNUITIES IN FORCE INCLUDED IN LINCOLN BENEFIT LIFE COMPANY SALE Life insurance - - - - 142 Deferred annuities - - - - 124 Total - - - - 266 (1) (2) (3) Primarily business sold by independent master brokerage agencies, banks/broker-dealers and specialized structured settlement brokers. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL INSURANCE POLICIES AND ANNUITIES IN FORCE (1) (in thousands) Allstate Financial insurance policies and annuities in force reflect the number of contracts in force excluding sold blocks of business that remain on the balance sheet due to the dispositions of the business being effected through reinsurance arrangements. Policy counts associated with our voluntary employee benefits group business reflect certificate counts as opposed to group counts. Excludes Allstate Benefits products sold through Allstate Agencies, which are included in the Allstate Benefits line.

43 Allstate Allstate Allstate Allstate Allstate Financial Allstate Allstate Allstate Financial Life Annuities Benefits Segment Life Annuities Benefits Segment $ 125 $ - $ 203 $ 328 $ 126 $ 5 $ 196 $ 327 180 3 26 209 250 6 24 280 121 345 18 484 159 463 18 640 (184) (153) (104) (441) (228) (157) (103) (488) (69) (113) (10) (192) (98) (184) (9) (291) Amortization of deferred policy acquisition costs (32) (1) (36) (69) (38) (3) (33) (74) (58) (10) (55) (123) (60) (6) (52) (118) - - - - (2) - - (2) (24) (23) (15) (62) (31) (40) (14) (85) 59 48 27 134 78 84 27 189 2 70 - 72 - - - - - (5) - (5) - (11) - (11) (1) 1 - - - - - - - - - - - - - - Loss on disposition of operations, after-tax (1) - - (1) (7) (9) - (16) Change in accounting for investments in qualified affordable housing projects, after-tax (6) (11) - (17) - - - - $ 53 $ 103 $ 27 $ 183 $ 71 $ 64 $ 27 $ 162 Premiums and Contract Charges - by Product Underwritten Products $ 124 $ - $ 8 $ 132 $ 120 $ - $ 7 $ 127 1 - 195 196 6 - 189 195 180 - 26 206 250 - 24 274 305 - 229 534 376 - 220 596 - - - - - 5 - 5 - 3 - 3 - 6 - 6 - 3 - 3 - 11 - 11 $ 305 $ 3 $ 229 $ 537 $ 376 $ 11 $ 220 $ 607 Life Insurance $ 63 $ - $ 5 $ 68 $ 71 $ - $ 3 $ 74 Accident and health insurance (1) - 108 107 (1) - 103 102 Annuities - (21) - (21) - (20) - (20) $ 62 $ (21) $ 113 $ 154 $ 70 $ (20) $ 106 $ 156 Annuities and institutional products $ - $ 69 $ - $ 69 $ - $ 110 $ - $ 110 Life insurance 31 - 2 33 28 - 2 30 Accident and health insurance 2 - 2 4 4 - 3 7 Net investment income on investments supporting capital 20 33 4 57 29 40 4 73 derivatives that are not hedged 53 102 8 163 61 150 9 220 Valuation changes on derivatives embedded in equity- indexed annuity contracts that are not hedged - (7) - (7) - (17) - (17) Total investment spread $ 53 $ 95 $ 8 $ 156 $ 61 $ 133 $ 9 $ 203 Investment Spread by Product Group Investment spread before valuation changes on embedded Immediate annuities with life contingencies premiums Other fixed annuity contract charges Total life and annuity premiums and contract charges Benefit Spread by Product Group Total benefit spread For the three months ended March 31, 2015 Annuities gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax Net income Traditional life insurance premiums Accident and health insurance premiums Interest-sensitive life insurance contract charges DAC and DSI unlocking relating to realized capital gains and losses, after tax DAC and DSI amortization relating to realized capital Contract benefits Interest credited to contractholder funds THE ALLSTATE CORPORATION ALLSTATE LIFE AND ANNUITIES AND ALLSTATE BENEFITS RESULTS AND PRODUCT INFORMATION ($ in millions) Valuation changes on embedded derivatives that are not hedged, after-tax For the three months ended March 31, 2014 Premiums Operating costs and expenses Restructuring and related charges Income tax expense on operations Operating income Realized capital gains and losses, after-tax Net investment income Contract charges

44 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Net investment income $ 8 $ 5 $ 6 $ 9 $ 7 Operating costs and expenses (5) (14) (6) (10) (8) Interest expense (73) (73) (77) (84) (87) Income tax benefit on operations 26 32 28 32 32 Preferred stock dividends (29) (29) (31) (31) (13) Operating loss (73) (79) (80) (84) (69) Realized capital gains and losses, after-tax - - - (1) 1 Net loss available to common shareholders $ (73) $ (79) $ (80) $ (85) $ (68) THE ALLSTATE CORPORATION CORPORATE AND OTHER RESULTS ($ in millions) Three months ended

45 March 31, Dec. 31, Sept. 30, June 30, March 31, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 2015 2014 2014 2014 2014 Fixed income securities, at fair value: Tax-exempt $ 4,362 $ 4,138 $ 4,288 $ 4,353 $ 4,618 $ 28 $ 75 $ 39 $ 2 $ 2 Taxable 25,674 26,696 27,078 26,091 24,223 28,798 29,007 28,984 29,898 30,057 Equity securities, at fair value 3,074 3,076 3,053 4,072 4,341 1,089 1,028 1,282 1,322 956 Mortgage loans 333 370 372 373 403 3,943 3,818 3,771 3,801 4,069 Limited partnership interests 2,571 2,498 2,411 2,438 2,900 2,124 2,024 1,933 1,866 2,121 Short-term, at fair value 932 822 1,328 812 894 948 1,026 880 1,038 870 Other 1,536 1,483 1,401 1,531 1,528 1,860 1,831 1,718 1,607 1,635 Total $ 38,482 $ 39,083 $ 39,931 $ 39,670 $ 38,907 $ 38,790 $ 38,809 $ 38,607 $ 39,534 $ 39,710 Fixed income securities, amortized cost: Tax-exempt $ 4,276 $ 4,054 $ 4,181 $ 4,238 $ 4,521 $ 28 $ 74 $ 39 $ 2 $ 2 Taxable 25,181 26,376 26,715 25,484 23,696 26,245 26,668 26,785 27,464 28,130 Ratio of fair value to amortized cost 102.0% 101.3% 101.5% 102.4% 102.2% 109.7% 108.8% 108.2% 108.9% 106.8% Equity securities, cost $ 2,706 $ 2,723 $ 2,745 $ 3,492 $ 3,737 $ 1,043 $ 969 $ 1,132 $ 1,166 $ 838 Short-term, amortized cost 932 822 1,328 812 894 948 1,026 880 1,038 870 March 31, Dec. 31, Sept. 30, June 30, March 31, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 2015 2014 2014 2014 2014 Fixed income securities, at fair value: Tax-exempt $ 568 $ 564 $ 561 $ 565 $ 558 $ 4,958 $ 4,777 $ 4,888 $ 4,920 $ 5,178 Taxable 1,973 1,960 1,363 1,725 1,703 56,445 57,663 57,425 57,714 55,983 Equity securities, at fair value 3 - - - - 4,166 4,104 4,335 5,394 5,297 Mortgage loans - - - - - 4,276 4,188 4,143 4,174 4,472 Limited partnership interests 4 5 4 5 3 4,699 4,527 4,348 4,309 5,024 Short-term, at fair value 617 692 255 1,064 809 2,497 2,540 2,463 2,914 2,573 Other - - - - - 3,396 3,314 3,119 3,138 3,163 Total $ 3,165 $ 3,221 $ 2,183 $ 3,359 $ 3,073 $ 80,437 $ 81,113 $ 80,721 $ 82,563 $ 81,690 Fixed income securities, amortized cost: Tax-exempt $ 547 $ 543 $ 536 $ 541 $ 538 $ 4,851 $ 4,671 $ 4,756 $ 4,781 $ 5,061 Taxable 1,958 1,957 1,360 1,718 1,700 53,384 55,001 54,860 54,666 53,526 Ratio of fair value to amortized cost 101.4% 101.0% 101.5% 101.4% 101.0% 105.4% 104.6% 104.5% 105.4% 104.4% Equity securities, cost $ 3 $ - $ - $ - $ - $ 3,752 $ 3,692 $ 3,877 $ 4,658 $ 4,575 Short-term, amortized cost 617 692 255 1,064 809 2,497 2,540 2,463 2,914 2,573 (1) Excludes investments classified as held for sale that totaled $11.5 billion as of March 31, 2014. INVESTMENTS THE ALLSTATE CORPORATION ALLSTATE FINANCIAL (1)PROPERTY-LIABILITY CORPORATE AND OTHER CONSOLIDATED ($ in millions)

46 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Investment position Accounting basis Cost method $ 1,137 $ 1,122 $ 1,144 $ 1,157 $ 1,346 Equity method ("EMA") (1) 3,562 3,405 3,204 3,152 3,678 Total $ 4,699 $ 4,527 $ 4,348 $ 4,309 $ 5,024 Cost method-fair value (2) $ 1,494 $ 1,488 $ 1,555 $ 1,577 $ 1,764 Underlying investment Private equity / debt funds $ 2,969 $ 2,756 $ 2,759 $ 2,631 $ 2,674 Real estate funds 1,366 1,413 1,425 1,517 1,577 Other (3) 364 358 164 161 773 Total $ 4,699 $ 4,527 $ 4,348 $ 4,309 $ 5,024 Segment Property-Liability $ 2,571 $ 2,498 $ 2,411 $ 2,438 $ 2,900 Allstate Financial 2,124 2,024 1,933 1,866 2,121 Corporate and Other 4 5 4 5 3 Total $ 4,699 $ 4,527 $ 4,348 $ 4,309 $ 5,024 Total Income Accounting basis Cost method $ 42 $ 60 $ 25 $ 66 $ 50 Equity method (4) 156 55 137 129 92 Total $ 198 $ 115 $ 162 $ 195 $ 142 Underlying investment Private equity / debt funds $ 80 $ 96 $ 66 $ 123 $ 106 Real estate funds 123 25 93 55 38 Other (5) (6) 3 17 (2) Total $ 198 $ 115 $ 162 $ 195 $ 142 Segment Property-Liability $ 126 $ 57 $ 112 $ 102 $ 75 Allstate Financial 72 58 51 91 67 Corporate and Other - - (1) 2 - Total $ 198 $ 115 $ 162 $ 195 $ 142 (1) (2) (3) In periods prior to June 30, 2014, other included tax credit funds. (4) The increase in first quarter 2015 compared to first quarter 2014 was primarily due to higher equity method limited partnership income resulting primarily from favorable real estate valuations. Economic conditions that have contributed to favorable market performance continue to be reflected in strong limited partnership results, but we continue to expect this income to vary significantly between periods. The fair value of cost method limited partnerships is determined using reported net asset values of the underlying funds. THE ALLSTATE CORPORATION LIMITED PARTNERSHIP INVESTMENTS ($ in millions) As of or for the three months ended As of March 31, 2015, valuations of EMA limited partnerships include approximately $549 million of cumulative pre-tax appreciation that has been recognized in earnings but has not been distributed to investors.

47 Unrealized net Fair value Unrealized net Fair value Unrealized net Fair value capital gains Fair as a percent of capital gains Fair as a percent of capital gains Fair as a percent of and losses value amortized cost (1) and losses value amortized cost (1) and losses value amortized cost (1) Fixed income securities U.S. government and agencies $ 134 $ 4,106 103.4 $ 136 $ 4,328 103.2 $ 128 $ 4,309 103.1 Municipal 670 8,713 108.3 620 8,497 107.9 557 8,535 107.0 Corporate 2,120 42,375 105.3 1,758 42,144 104.4 1,742 41,071 104.4 Foreign government 85 1,375 106.6 102 1,645 106.6 96 1,693 106.0 Asset-backed securities ("ABS") 8 3,055 100.3 7 3,978 100.2 18 4,709 100.4 Residential mortgage-backed securities ("RMBS") 105 1,154 110.0 99 1,207 108.9 104 1,289 108.8 Commercial mortgage-backed securities ("CMBS") 42 600 107.5 42 615 107.3 48 681 107.6 Redeemable preferred stock 4 25 119.0 4 26 118.2 4 26 118.2 Total fixed income securities 3,168 61,403 105.4 2,768 62,440 104.6 2,697 62,313 104.5 Equity securities 414 4,166 111.0 412 4,104 111.2 458 4,335 111.8 Short-term investments - 2,497 100.0 - 2,540 100.0 - 2,463 100.0 Derivatives 3 79 n/a (2) 92 n/a (8) 73 n/a EMA limited partnership interests (2) (4) n/a n/a (5) n/a n/a (5) n/a n/a Investments classified as held for sale - n/a n/a - n/a n/a - n/a n/a Unrealized net capital gains and losses, pre-tax 3,581 3,173 3,142 Amounts recognized for: Insurance reserves (3) (79) (28) (169) DAC and DSI (4) (212) (179) (158) Amounts recognized (291) (207) (327) Deferred income taxes (1,153) (1,040) (988) Unrealized net capital gains and losses, after-tax $ 2,137 $ 1,926 $ 1,827 Unrealized net Fair value Unrealized net Fair value Unrealized net Fair value capital gains Fair as a percent of capital gains Fair as a percent of capital gains Fair as a percent of and losses value amortized cost (1) and losses value amortized cost (1) and losses value amortized cost (1) Fixed income securities U.S. government and agencies $ 146 $ 4,853 103.1 $ 132 $ 3,806 103.6 $ 122 $ 2,913 104.4 Municipal 552 8,561 106.9 421 8,716 105.1 277 8,723 103.3 Corporate 2,185 41,467 105.6 1,743 41,159 104.4 1,272 40,603 103.2 Foreign government 107 1,676 106.8 96 1,737 105.9 88 1,824 105.1 ABS 40 3,943 101.0 38 3,497 101.1 27 4,518 100.6 RMBS 99 1,362 107.8 93 1,438 106.9 71 1,474 105.1 CMBS 54 746 107.8 47 783 106.4 41 829 105.2 Redeemable preferred stock 4 26 118.2 4 25 119.0 4 26 118.2 Total fixed income securities 3,187 62,634 105.4 2,574 61,161 104.4 1,902 60,910 103.2 Equity securities 736 5,394 115.8 722 5,297 115.8 624 5,097 114.0 Short-term investments - 2,914 100.0 - 2,573 100.0 - 2,393 100.0 Derivatives (19) 103 n/a (19) 169 n/a (18) 269 n/a EMA limited partnership interests (2) (5) n/a n/a (4) n/a n/a (3) n/a n/a Investments classified as held for sale - n/a n/a 327 n/a n/a 190 n/a n/a Unrealized net capital gains and losses, pre-tax 3,899 3,600 2,695 Amounts recognized for: Insurance reserves (3) (399) (134) - DAC and DSI (4) (189) (245) (158) Amounts recognized (588) (379) (158) Deferred income taxes (1,161) (1,130) (891) Unrealized net capital gains and losses, after-tax $ 2,150 $ 2,091 $ 1,646 (1) (2) (3) (4) The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized. The comparison of percentages from period to period may be distorted by investment transactions such as sales, purchases and impairment write-downs. Unrealized net capital gains and losses for limited partnership interest represent the Company's share of EMA limited partnerships' other comprehensive income. Fair value and amortized cost are not applicable. The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at current lower interest rates, resulting in a premium deficiency. Although we evaluate premium deficiencies on the combined performance of our life insurance and immediate annuities with life contingencies, the adjustment primarily relates to structured settlement annuities with life contingencies, in addition to annuity buy-outs and certain payout annuities with life contingencies. June 30, 2014 March 31, 2014 December 31, 2013 THE ALLSTATE CORPORATION UNREALIZED NET CAPITAL GAINS AND LOSSES ON SECURITY PORTFOLIO BY TYPE ($ in millions) March 31, 2015 December 31, 2014 September 30, 2014

48 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 NET INVESTMENT INCOME Fixed income securities $ 568 $ 577 $ 581 $ 584 $ 705 Equity securities 23 26 28 35 28 Mortgage loans 55 59 54 71 81 Limited partnership interests 198 115 162 195 142 Short-term 1 2 1 3 1 Other 45 43 41 44 42 Subtotal 890 822 867 932 999 Less: Investment expense (40) (43) (44) (34) (40) Net investment income $ 850 $ 779 $ 823 $ 898 $ 959 PRE-TAX YIELDS (1) Fixed income securities 3.9 % 3.9 % 3.9 % 4.0 % 4.1 % Equity securities 2.5 2.7 2.6 3.1 2.5 Mortgage loans 5.2 5.7 5.2 6.6 5.4 Limited partnership interests 17.2 10.4 15.0 16.7 11.4 Total portfolio 4.6 4.2 4.4 4.7 4.5 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY TRANSACTION TYPE Impairment write-downs $ (19) $ (20) $ 10 $ (6) $ (16) Change in intent write-downs (30) (46) (63) (39) (65) Net other-than-temporary impairment losses recognized in earnings (49) (66) (53) (45) (81) Sales 216 183 355 290 147 Valuation and settlements of derivative instruments (28) (11) (8) (5) (12) Total $ 139 $ 106 $ 294 $ 240 $ 54 TOTAL RETURN ON INVESTMENT PORTFOLIO (2) 1.7 % 1.1 % 0.4 % 2.2 % 2.1 % AVERAGE INVESTMENT BALANCES (in billions) (3) $ 77.4 $ 77.7 $ 78.1 $ 78.5 $ 78.5 . (1) (2) (3) Pre-tax yields are calculated as annualized investment income before investment expense (including dividend income in the case of equity securities) divided by the average of investment balances at the end of each quarter during the year. Investment balances, for purposes of the pre-tax yield calculation, exclude unrealized capital gains and losses. Amounts related to investments classified as held for sale were excluded from the pre-tax yield calculation in 2014. Total return on investment portfolio is calculated from GAAP results including the total of net investment income, realized capital gains and losses, the change in unrealized net capital gains and losses, and the change in the difference between fair value and carrying value of mortgage loans and cost method limited partnerships, divided by the average fair value balances. Amounts related to investments classified as held for sale were excluded from the total return calculation in 2014. Average investment balances for the quarter are calculated as the average of the current and prior quarter investment balances. Year-to-date average investment balances are calculated as the average of investment balances at the beginning of the year and the end of each quarter during the year. For purposes of the average investment balances calculation, unrealized capital gains and losses are excluded. Amounts related to investments classified as held for sale were excluded from average investment balances calculation in 2014. THE ALLSTATE CORPORATION NET INVESTMENT INCOME, YIELDS AND REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) ($ in millions) Three months ended

49 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 NET INVESTMENT INCOME Fixed income securities: Tax-exempt $ 25 $ 26 $ 27 $ 29 $ 31 Taxable 190 191 189 183 184 Equity securities 18 22 21 29 23 Mortgage loans 4 4 4 4 5 Limited partnership interests (1) 126 57 112 102 75 Short-term 1 1 - 2 1 Other 17 17 15 19 14 Subtotal 381 318 368 368 333 Less: Investment expense (23) (24) (24) (17) (21) Net investment income $ 358 $ 294 $ 344 $ 351 $ 312 Net investment income, after-tax $ 242 $ 201 $ 234 $ 240 $ 215 PRE-TAX YIELDS (2) Fixed income securities: Tax-exempt 2.4 % 2.5 % 2.6 % 2.7 % 2.7 % Equivalent yield for tax-exempt 3.5 3.6 3.8 3.9 3.9 Taxable 2.9 2.9 2.9 3.0 3.1 Equity securities 2.6 3.2 2.7 3.2 2.5 Mortgage loans 4.5 4.1 4.1 4.9 4.3 Limited partnership interests 19.9 9.3 18.4 15.3 10.3 Total portfolio 4.0 3.3 3.8 3.9 3.5 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY ASSET TYPE Fixed income securities: Tax-exempt $ 2 $ 2 $ 2 $ 8 $ 4 Taxable 10 9 22 49 36 Equity securities 46 (15) 218 225 20 Limited partnership interests 2 2 31 (23) 7 Derivatives and other (32) (18) (7) (9) (14) Total $ 28 $ (20) $ 266 $ 250 $ 53 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY TRANSACTION TYPE Impairment write-downs $ (12) $ (11) $ 8 $ (6) $ (12) Change in intent write-downs (27) (42) (42) (25) (60) Net other-than-temporary impairment losses recognized in earnings (39) (53) (34) (31) (72) Sales 99 49 312 289 139 Valuation and settlements of derivative instruments (32) (16) (12) (8) (14) Total $ 28 $ (20) $ 266 $ 250 $ 53 AVERAGE INVESTMENT BALANCES (in billions) (3) $ 37.9 $ 38.7 $ 38.8 $ 38.0 $ 38.1 (1) (2) (3) Pre-tax yields are calculated as annualized investment income before investment expense (including dividend income in the case of equity securities) divided by the average of investment balances at the end of each quarter during the year. Investment balances, for purposes of the pre-tax yield calculation, exclude unrealized capital gains and losses. Average investment balances for the quarter are calculated as the average of the current and prior quarter investment balances. Year-to-date average investment balances are calculated as the average of investment balances at the beginning of the year and the end of each quarter during the year. For purposes of the average investment balances calculation, unrealized capital gains and losses are excluded. Three months ended THE ALLSTATE CORPORATION PROPERTY-LIABILITY NET INVESTMENT INCOME, YIELDS AND REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) ($ in millions) As of March 31, 2015, Property-Liability has commitments to invest in additional limited partnership interests totaling $1.18 billion.

50 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 NET INVESTMENT INCOME Fixed income securities $ 344 $ 353 $ 359 $ 365 $ 484 Equity securities 5 4 7 6 5 Mortgage loans 51 55 50 67 76 Limited partnership interests (1) 72 58 51 91 67 Short-term - 1 - 1 - Other 27 25 25 24 26 Subtotal 499 496 492 554 658 Less: Investment expense (15) (16) (19) (16) (18) Net investment income $ 484 $ 480 $ 473 $ 538 $ 640 Net investment income, after-tax $ 315 $ 313 $ 307 $ 350 $ 416 PRE-TAX YIELDS (2) Fixed income securities 5.2 % 5.3 % 5.3 % 5.3 % 5.4 % Equity securities 2.1 1.6 2.3 2.7 2.4 Mortgage loans 5.2 5.8 5.3 6.8 5.5 Limited partnership interests 13.8 11.8 10.9 18.2 12.8 Total portfolio 5.5 5.5 5.4 5.9 5.7 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY ASSET TYPE Fixed income securities $ 68 $ (3) $ (1) $ 5 $ (4) Equity securities 32 123 (5) 14 2 Mortgage loans - (1) 2 (2) 3 Limited partnership interests 4 1 28 (28) (5) Derivatives and other 7 5 4 1 5 Total $ 111 $ 125 $ 28 $ (10) $ 1 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY TRANSACTION TYPE Impairment write-downs $ (7) $ (9) $ 2 $ - $ (4) Change in intent write-downs (3) (4) (21) (14) (5) Net other-than-temporary impairment losses recognized in earnings (10) (13) (19) (14) (9) Sales 117 133 43 1 8 Valuation and settlements of derivative instruments 4 5 4 3 2 Total $ 111 $ 125 $ 28 $ (10) $ 1 AVERAGE INVESTMENT BALANCES (in billions) (3) $ 36.3 $ 36.3 $ 36.6 $ 37.3 $ 37.7 (1) (2) (3) As of March 31, 2015, Allstate Financial has commitments to invest in additional limited partnership interests totaling $1.18 billion. Pre-tax yields are calculated as annualized investment income before investment expense (including dividend income in the case of equity securities) divided by the average of investment balances at the end of each quarter during the year. Investment balances, for purposes of the pre-tax yield calculation, exclude unrealized capital gains and losses. Amounts related to investments classified as held for sale were excluded from the pre-tax yield calculation in 2014. Average investment balances for the quarter are calculated as the average of the current and prior quarter investment balances. Year-to-date average investment balances are calculated as the average of investment balances at the beginning of the year and the end of each quarter during the year. For purposes of the average investment balances calculation, unrealized capital gains and losses are excluded. Amounts related to investments classified as held for sale were excluded from average investment balances calculation in 2014. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL NET INVESTMENT INCOME, YIELDS AND REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) ($ in millions) Three months ended

51 March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2014 2014 2014 2014 Consolidated investment portfolio Interest-bearing (1) $ 71,287 $ 72,201 $ 71,755 $ 72,580 $ 71,084 Equity/owned (2) 9,150 8,912 8,966 9,983 10,606 Total $ 80,437 $ 81,113 $ 80,721 $ 82,563 $ 81,690 Consolidated portfolio total return (3) Interest-bearing 1.4 % 0.9 % 0.2 % 1.8 % 1.7 % Equity/owned 0.4 0.2 0.2 0.4 0.4 Investment expenses (0.1) - - - - Total 1.7 1.1 0.4 2.2 2.1 Consolidated portfolio total return (3) Income 1.0 % 1.0 % 1.0 % 1.1 % 1.1 % Valuation 0.7 0.1 (0.6) 1.1 1.0 Total 1.7 1.1 0.4 2.2 2.1 Consolidated net investment income Interest-bearing $ 664 $ 675 $ 672 $ 695 $ 824 Equity/owned 226 147 195 237 175 Investment expenses (40) (43) (44) (34) (40) Total $ 850 $ 779 $ 823 $ 898 $ 959 Consolidated Interest-bearing pre-tax yield (4) 3.9 % 3.9 % 3.9 % 4.0 % 4.1 % Property-Liability net investment income Interest-bearing excluding prepayment premiums and litigation proceeds $ 226 $ 225 $ 223 $ 219 $ 219 Prepayment premiums and litigation proceeds 7 9 8 12 13 Total Interest-bearing 233 234 231 231 232 Equity/owned 148 84 137 137 101 Less: Investment expenses (23) (24) (24) (17) (21) Total 358 294 344 351 312 Less: prepayment premiums and litigation proceeds (7) (9) (8) (12) (13) Total excluding prepayment premiums and litigation proceeds $ 351 $ 285 $ 336 $ 339 $ 299 Property-Liability interest-bearing pre-tax yield 2.9 % 2.8 % 2.8 % 2.9 % 3.0 % Property-Liability interest-bearing pre-tax yield excluding prepayment premiums and litigation proceeds 2.8 % 2.7 % 2.7 % 2.8 % 2.8 % Allstate Financial net investment income Interest-bearing excluding prepayment premiums and litigation proceeds $ 413 $ 420 $ 426 $ 432 $ 556 Prepayment premiums and litigation proceeds 8 13 7 24 28 Total interest-bearing 421 433 433 456 584 Equity/owned 78 63 59 98 74 Less: Investment expenses (15) (16) (19) (16) (18) Total 484 480 473 538 640 Less: prepayment premiums and litigation proceeds (8) (13) (7) (24) (28) Total excluding prepayment premiums and litigation proceeds $ 476 $ 467 $ 466 $ 514 $ 612 Allstate Financial interest-bearing pre-tax yield 5.1 % 5.2 % 5.2 % 5.3 % 5.3 % Allstate Financial interest-bearing pre-tax yield excluding prepayment premiums and litigation proceeds 5.0 % 5.0 % 5.1 % 5.0 % 5.0 % (1) Includes fixed income securities, mortgage loans, short-term and other investments. (2) Includes limited partnership interests, equity securities and real estate. (3) (4) THE ALLSTATE CORPORATION INVESTMENT RESULTS ($ in millions) Total return on investment portfolio is calculated from GAAP results including the total of net investment income, realized capital gains and losses, the change in unrealized net capital gains and losses, and the change in the difference between fair value and carrying value of mortgage loans and cost method limited partnerships, divided by the average fair value balances. Amounts related to investments classified as held for sale were excluded from the total return calculation in 2014. Pre-tax interest-bearing yield is calculated as annualized interest-bearing investment income before investment expense divided by the average of interest-bearing investment balances at the end of each quarter during the year. Interest-bearing investment balances, for purposes of the pre-tax interest-bearing yield calculation, exclude unrealized capital gains and losses. Amounts related to investments classified as held for sale were excluded from the pre-tax interest-bearing yield calculation in 2014. Three months ended

52 Definitions of Non-GAAP Measures Operating income is net income available to common shareholders, excluding: - realized capital gains and losses, after-tax, except for periodic settlements and accruals on non-hedge derivative instruments, which are reported with realized capital gains and losses but included in operating income, - valuation changes on embedded derivatives that are not hedged, after-tax, - amortization of deferred policy acquisition costs ("DAC") and deferred sales inducements (“DSI”), to the extent they resulted from the recognition of certain realized capital gains and losses or valuation changes on embedded derivatives that are not hedged, after-tax, - amortization of purchased intangible assets, after-tax, - gain (loss) on disposition of operations, after-tax, and - 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. Operating income return on common shareholders' equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month operating income by the average of 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 common shareholders' equity is the most directly comparable GAAP measure. We use operating income as the numerator for the same reasons we use operating income, as discussed above. We use average common shareholders' equity excluding the effect of unrealized net capital gains and losses for the denominator as a representation of common shareholders’ equity primarily attributable to the Company’s earned and realized business operations because it eliminates the effect of items that are unrealized and vary significantly between periods due to external economic developments such as capital market conditions like changes in equity prices and interest rates, the amount and timing of which are unrelated to the insurance underwriting process. We use it to supplement our evaluation of net income available to common shareholders and return on 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 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 operating income return on common shareholders' equity from return on 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 operating income return on common shareholders' equity in incentive compensation. Therefore, we believe it is useful for investors to have operating income return on common shareholders' equity and return on common shareholders' equity when evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize operating 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. Operating income return on common shareholders' equity should not be considered a substitute for return on common shareholders' equity and does not reflect the overall profitability of our business. A reconciliation of return on common shareholders' equity and operating income return on common shareholders' equity can be found in the schedule, "Return on 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 common shareholders’ equity after excluding the impact of unrealized net capital gains and losses on fixed income securities and related DAC, DSI and life insurance reserves 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 attributable 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". 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. Net income available to common shareholders is the GAAP measure that is most directly comparable to operating income. We use operating 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 realized capital gains and losses, valuation changes on embedded derivatives that are not hedged, amortization of purchased intangible assets, gain (loss) on disposition of operations and adjustments for other significant non-recurring, infrequent or unusual items. Realized capital gains and losses, valuation changes on embedded derivatives that are not hedged and gain (loss) on disposition of operations 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. Consistent with our intent to protect results or earn additional income, operating income includes periodic settlements and accruals on certain derivative instruments that are reported in realized capital gains and losses because they do not qualify for hedge accounting or are not designated as hedges for accounting purposes. These instruments are used for economic hedges and to replicate fixed income securities, and by including them in operating income, we are appropriately reflecting their trends in our performance and in a manner consistent with the economically hedged investments, product attributes (e.g. net investment income and interest credited to contractholder funds) or replicated investments. Amortization of purchased intangible assets is excluded because it relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends. Accordingly, operating 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 operating 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. Operating income is used by management along with the other components of net income available to common shareholders to assess our performance. We use adjusted measures of operating income in incentive compensation. Therefore, we believe it is useful for investors to evaluate net income available to common shareholders, operating 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 operating 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 operating income as the denominator. Operating income should not be considered a substitute for net income available to common shareholders and does not reflect the overall profitability of our business. A reconciliation of operating income to net income available to common shareholders is provided in the schedule, "Contribution to Income". Underwriting income is calculated as premiums earned, less claims and claims expense (“losses”), amortization of DAC, operating costs and expenses and restructuring and related charges as determined using GAAP. Management uses this measure in its evaluation of the results of operations to analyze the profitability of our Property-Liability insurance operations separately from investment results. It is also an integral component of incentive compensation. It is useful for investors to evaluate the components of income separately and in the aggregate when reviewing performance. Net income available to common shareholders is the most directly comparable GAAP measure. Underwriting income should not be considered a substitute for net income available to common shareholders and does not reflect the overall profitability of our business. A reconciliation of Property-Liability underwriting income to net income available to common shareholders is provided in the schedule, "Property-Liability Results". Combined ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between two GAAP operating ratios: the combined ratio and the effect of catastrophes on the combined ratio. The most directly comparable GAAP measure is 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. 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. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The combined ratio excluding the effect of catastrophes 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 combined ratio excluding the effect of catastrophes to combined ratio is provided in the schedule, "Property- Liability Results". Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization of purchased intangible assets ("underlying combined ratio") is a non-GAAP ratio, which is computed as the difference between four GAAP operating ratios: the combined ratio, the effect of catastrophes on the combined ratio, the effect of prior year non-catastrophe reserve reestimates on the combined ratio and the effect of amortization of purchased intangible assets 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 of purchased intangible assets. 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. Amortization of purchased intangible assets 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. We also provide it to facilitate a comparison to our outlook on the underlying combined ratio. 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 schedules "Allstate Brand Profitability Measures", "Encompass Brand Profitability Measures" , "Esurance Brand Profitability Measures", "Auto, Homeowners and Other Personal Lines Underlying Combined Ratios", "Allstate Personal Lines Profitability Measures" and "Emerging Businesses Profitability Measures". Average underlying loss (incurred pure premium) and expense is calculated as the underlying combined ratio (a non-GAAP measure) multiplied by the GAAP quarterly earned premium, which is annualized (multiplied by 4) (“average premium”). We believe that this measure is useful to investors and it is used by management for the same reasons noted above for the underlying combined ratio. A reconciliation of average underlying loss and expense is provided in the schedule, "Allstate Brand Auto and Homeowners Underlying Loss and Expense". Esurance brand underlying loss ratio is a non-GAAP ratio, which is computed as the difference between three GAAP operating ratios: the loss ratio, the effect of catastrophes on the combined ratio and the effect of prior year non-catastrophe reserve reestimates on the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in the Esurance business 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 Esurance brand underlying loss ratio is provided in the schedule, "Esurance Brand Profitability Measures and Statistics".