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 Fourth 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 9,10 Historical Summary of Consolidated Operating and Financial Position Data 11 Property-Liability Operations Property-Liability Results 12 Historical Property-Liability Results 13 Underwriting Results by Area of Business 14 Historical Underwriting Results by Area of Business 15 Premiums Written by Brand 16 Impact of Net Rate Changes Approved on Premiums Written 17 Policies in Force and Other Statistics 18 Allstate Brand Profitability Measures 19 Allstate Brand Statistics 20 Allstate Brand Auto Frequency Analysis 21,22 Esurance Brand Profitability Measures and Statistics 23 Encompass Brand Profitability Measures and Statistics 24 Auto Profitability Measures 25 Homeowners Profitability Measures 26 Other Personal Lines Profitability Measures 27 Commercial Lines Profitability Measures 28 Other Business Lines Profitability Measures 29 Auto, Homeowners and Other Personal Lines Underlying Combined Ratios 30 Allstate Brand Auto and Homeowners Underlying Loss and Expense 31 Homeowners Supplemental Information 32 Catastrophe Losses by Brand 33 Effect of Catastrophe Losses on the Combined Ratio 34 Catastrophe by Size of Event 35 Prior Year Reserve Reestimates 36 Historical Prior Year Reserve Reestimates 37 Historical Property-Liability Loss Reserves 38 Asbestos and Environmental Reserves 39 Allstate Personal Lines - Auto, Homeowners, Other Personal Lines and Commercial Lines Profitability Measures 40 Emerging Businesses - Esurance, Encompass, Other Business Lines, and Answer Financial Profitability Measures 41 Allstate Financial Operations Allstate Financial Results 42 Historical Allstate Financial Results 43 Impact of LBL on Comparison of Allstate Financial Results 44 Return on Attributed Equity 45 Allstate Financial Premiums and Contract Charges 46 Allstate Financial Change in Contractholder Funds 47 Allstate Financial Analysis of Net Income 48 Allstate Financial Weighted Average Investment Spreads 49 Allstate Financial Supplemental Product Information 50 Allstate Financial Insurance Policies and Annuities in Force 51 Allstate Life, Allstate Annuities and Allstate Benefits Results and Product Information 52,53 Corporate and Other Results 54 Investments Investments 55 Fixed Income Securities by Scheduled Maturity Date 56 Limited Partnership Investments 57 Unrealized Net Capital Gains and Losses on Security Portfolio by Type 58 Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-tax) 59 Property-Liability Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-tax) 60 Allstate Financial Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-tax) 61 Investment Results 62 Investment Position by Strategy 63 Performance-Based Long-Term Investments 64 Definitions of Non-GAAP Measures 65 THE ALLSTATE CORPORATION Investor Supplement - Fourth Quarter 2015 Table of Contents

1 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Revenues Property-liability insurance premiums $ 7,684 $ 7,650 $ 7,549 $ 7,426 $ 7,354 $ 7,307 $ 7,204 $ 7,064 $ 30,309 $ 28,929 Life and annuity premiums and contract charges 547 538 536 537 520 512 518 607 2,158 2,157 Net investment income 710 807 789 850 779 823 898 959 3,156 3,459 Realized capital gains and losses: Total other-than-temporary impairment ("OTTI") losses (166) (186) (47) (53) (65) (53) (44) (80) (452) (242) OTTI losses reclassified to (from) other comprehensive income 16 12 4 4 (1) - (1) (1) 36 (3) Net OTTI losses recognized in earnings (150) (174) (43) (49) (66) (53) (45) (81) (416) (245) Sales and other realized capital gains and losses (100) 207 151 188 172 347 285 135 446 939 Total realized capital gains and losses (250) 33 108 139 106 294 240 54 30 694 Total revenues 8,691 9,028 8,982 8,952 8,759 8,936 8,860 8,684 35,653 35,239 Costs and expenses Property-liability insurance claims and claims expense 5,199 5,255 5,587 4,993 4,618 4,909 5,142 4,759 21,034 19,428 Life and annuity contract benefits 456 460 446 441 431 433 413 488 1,803 1,765 Interest credited to contractholder funds 183 194 185 199 202 198 212 307 761 919 Amortization of deferred policy acquisition costs 1,116 1,092 1,086 1,070 1,035 1,030 1,035 1,035 4,364 4,135 Operating costs and expenses 938 992 1,061 1,090 1,156 1,068 1,023 1,094 4,081 4,341 Restructuring and related charges 7 9 19 4 5 3 4 6 39 18 Loss on extinguishment of debt - - - - - - 1 - - 1 Interest expense 73 73 73 73 73 78 84 87 292 322 Total costs and expenses 7,972 8,075 8,457 7,870 7,520 7,719 7,914 7,776 32,374 30,929 Gain (loss) on disposition of operations 1 2 1 (1) 3 (27) 9 (59) 3 (74) Income from operations before income tax expense 720 955 526 1,081 1,242 1,190 955 849 3,282 4,236 Income tax expense 231 305 171 404 418 409 310 249 1,111 1,386 Net income $ 489 $ 650 $ 355 $ 677 $ 824 $ 781 $ 645 $ 600 $ 2,171 $ 2,850 Preferred stock dividends 29 29 29 29 29 31 31 13 116 104 Net income applicable to common shareholders $ 460 $ 621 $ 326 $ 648 $ 795 $ 750 $ 614 $ 587 $ 2,055 $ 2,746 Earnings per common share: (1) Net income applicable to common shareholders per common share - Basic $ 1.19 $ 1.56 $ 0.80 $ 1.56 $ 1.89 $ 1.77 $ 1.41 $ 1.31 $ 5.12 $ 6.37 Weighted average common shares - Basic 385.0 397.0 407.0 415.8 420.2 424.5 434.3 446.4 401.1 431.4 Net income applicable to common shareholders per common share - Diluted $ 1.18 $ 1.54 $ 0.79 $ 1.53 $ 1.86 $ 1.74 $ 1.39 $ 1.30 $ 5.05 $ 6.27 Weighted average common shares - Diluted 390.2 402.1 412.6 422.6 427.7 431.2 440.7 452.8 406.8 438.2 Cash dividends declared per common share $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.28 $ 0.28 $ 0.28 $ 0.28 $ 1.20 $ 1.12 (1) In accordance with GAAP, the quarter and year-to-date per share amounts are calculated discretely. Therefore, the sum of each quarter may not equal the year-to-date amount. THE ALLSTATE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data) Twelve months endedThree months ended

2 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Contribution to income Operating income before the impact of restructuring and related charges $ 629 $ 616 $ 274 $ 619 $ 740 $ 599 $ 448 $ 592 $ 2,138 $ 2,379 Restructuring and related charges, after-tax (4) (6) (12) (3) (4) (1) (3) (4) (25) (12) Operating income * 625 610 262 616 736 598 445 588 2,113 2,367 Realized capital gains and losses, after-tax (161) 21 69 90 70 192 154 35 19 451 Valuation changes on embedded derivatives that are not hedged, after-tax 2 (2) 4 (5) (3) 2 (3) (11) (1) (15) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax - (1) (2) - - (3) - - (3) (3) Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax 1 - - 1 2 - 3 2 2 7 Amortization of purchased intangible assets, after-tax (8) (8) (8) (8) (12) (11) (11) (11) (32) (45) Gain (loss) on disposition of operations, after-tax 1 1 1 (1) 2 (28) 26 (16) 2 (16) Change in accounting for investments in qualified affordable housing projects, after-tax - - - (45) - - - - (45) - Net income applicable to common shareholders $ 460 $ 621 $ 326 $ 648 $ 795 $ 750 $ 614 $ 587 $ 2,055 $ 2,746 Income per common share - Diluted Operating income before the impact of restructuring and related charges $ 1.61 $ 1.53 $ 0.66 $ 1.46 $ 1.73 $ 1.39 $ 1.02 $ 1.31 $ 5.26 $ 5.43 Restructuring and related charges, after-tax (0.01) (0.01) (0.03) - (0.01) - (0.01) (0.01) (0.07) (0.03) Operating income 1.60 1.52 0.63 1.46 1.72 1.39 1.01 1.30 5.19 5.40 Realized capital gains and losses, after-tax (0.41) 0.05 0.17 0.21 0.16 0.45 0.35 0.08 0.05 1.03 Valuation changes on embedded derivatives that are not hedged, after-tax 0.01 (0.01) 0.01 (0.01) (0.01) - (0.01) (0.02) - (0.03) 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) - - - (0.01) Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - - - - 0.01 - 0.01 - - 0.02 Amortization of purchased intangible assets, after-tax (0.02) (0.02) (0.02) (0.02) (0.03) (0.03) (0.03) (0.02) (0.08) (0.10) Gain (loss) on disposition of operations, after-tax - - - - 0.01 (0.06) 0.06 (0.04) - (0.04) Change in accounting for investments in qualified affordable housing projects, after-tax - - - (0.11) - - - - (0.11) - Net income applicable to common shareholders $ 1.18 $ 1.54 $ 0.79 $ 1.53 $ 1.86 $ 1.74 $ 1.39 $ 1.30 $ 5.05 $ 6.27 Weighted average common shares - Diluted 390.2 402.1 412.6 422.6 427.7 431.2 440.7 452.8 406.8 438.2 THE ALLSTATE CORPORATION CONTRIBUTION TO INCOME ($ in millions, except per share data) Twelve months endedThree months ended

3 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Property-Liability Property-Liability insurance premiums $ 7,684 $ 7,650 $ 7,549 $ 7,426 $ 7,354 $ 7,307 $ 7,204 $ 7,064 $ 30,309 $ 28,929 Net investment income 280 307 292 358 294 344 351 312 1,237 1,301 Realized capital gains and losses (153) (161) 49 28 (20) 266 250 53 (237) 549 Total Property-Liability revenues 7,811 7,796 7,890 7,812 7,628 7,917 7,805 7,429 31,309 30,779 Allstate Financial Life and annuity premiums and contract charges 547 538 536 537 520 512 518 607 2,158 2,157 Net investment income 420 491 489 484 480 473 538 640 1,884 2,131 Realized capital gains and losses (97) 194 59 111 125 28 (10) 1 267 144 Total Allstate Financial revenues 870 1,223 1,084 1,132 1,125 1,013 1,046 1,248 4,309 4,432 Corporate and Other Service fees (1) 1 - 1 1 1 1 1 2 3 5 Net investment income 10 9 8 8 5 6 9 7 35 27 Realized capital gains and losses - - - - 1 - - - - 1 Total Corporate and Other revenues before reclassification of services fees 11 9 9 9 7 7 10 9 38 33 Reclassification of service fees (1) (1) - (1) (1) (1) (1) (1) (2) (3) (5) Total Corporate and Other revenues 10 9 8 8 6 6 9 7 35 28 Consolidated revenues $ 8,691 $ 9,028 $ 8,982 $ 8,952 $ 8,759 $ 8,936 $ 8,860 $ 8,684 $ 35,653 $ 35,239 (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) Twelve months endedThree months ended

4 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, 2015 2015 2015 2015 2014 2015 2015 2015 2015 2014 Assets Liabilities Investments Reserve for property-liability insurance claims and claims expense $ 23,869 $ 23,757 $ 23,702 $ 23,103 $ 22,923 Fixed income securities, at fair value Reserve for life-contingent contract benefits 12,247 12,229 12,227 12,318 12,380 (amortized cost $57,201, $56,918, Contractholder funds 21,295 21,559 21,968 22,267 22,529 $57,971, $58,235 and $59,672) $ 57,948 $ 58,257 $ 59,930 $ 61,403 $ 62,440 Unearned premiums 12,202 12,343 11,858 11,489 11,655 Equity securities, at fair value Claim payments outstanding 842 804 820 796 784 (cost $4,806, $4,123, $3,649, Deferred income taxes 90 243 475 779 715 $3,752 and $3,692) 5,082 4,236 4,000 4,166 4,104 Other liabilities and accrued expenses 5,304 5,558 5,462 5,635 5,653 Mortgage loans 4,338 4,402 4,343 4,276 4,188 Long-Term Debt (2) 5,124 5,123 5,133 5,140 5,140 Limited partnership interests 4,874 4,823 4,536 4,699 4,527 Separate Accounts 3,658 3,677 4,121 4,304 4,396 Short-term, at fair value Total liabilities 84,631 85,293 85,766 85,831 86,175 (amortized cost $2,122, $3,036, $2,821, $2,497 and $2,540) 2,122 3,036 2,821 2,497 2,540 Other 3,394 3,588 3,511 3,396 3,314 Total investments 77,758 78,342 79,141 80,437 81,113 Equity Preferred stock and additional capital paid-in, 72.2 thousand shares outstanding 1,746 1,746 1,746 1,746 1,746 Common stock, 381 million, 390 million, 402 million, 409 million and 418 million shares outstanding 9 9 9 9 9 Additional capital paid-in 3,245 3,224 3,205 3,109 3,199 Retained income 39,413 39,068 38,567 38,363 37,842 Deferred ESOP expense (13) (23) (23) (23) (23) Treasury stock, at cost (519 million, 510 million, 498 million, 491 million and 482 million shares) (23,620) (23,058) (22,273) (21,799) (21,030) 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 56 57 62 71 72 Cash 495 905 805 916 657 Other unrealized net capital gains and losses 608 886 1,435 2,255 1,988 Premium installment receivables, net 5,544 5,711 5,599 5,502 5,465 Unrealized adjustment to DAC, DSI and insurance Deferred policy acquisition costs 3,861 3,811 3,708 3,527 3,525 reserves (44) (64) (78) (189) (134) Reinsurance recoverables, net (1) 8,518 8,468 8,520 8,408 8,490 Total unrealized net capital gains and losses 620 879 1,419 2,137 1,926 Accrued investment income 569 575 610 597 591 Unrealized foreign currency translation Property and equipment, net 1,024 1,050 1,038 1,026 1,031 adjustments (60) (52) (38) (29) (2) Goodwill 1,219 1,219 1,219 1,219 1,219 Unrecognized pension and other Other assets 2,010 2,039 2,303 2,074 1,992 postretirement benefit cost (1,315) (1,289) (1,314) (1,334) (1,363) Separate Accounts 3,658 3,677 4,121 4,304 4,396 Total accumulated other comprehensive (loss) income (755) (462) 67 774 561 Total shareholders' equity 20,025 20,504 21,298 22,179 22,304 Total assets $ 104,656 $ 105,797 $ 107,064 $ 108,010 $ 108,479 Total liabilities and shareholders' equity $ 104,656 $ 105,797 $ 107,064 $ 108,010 $ 108,479 (1) (2) As a result of the adoption of new accounting guidance related to the presentation of debt issuance costs, long-term debt is now reported net of debt issuance costs. Prior quarter balances have been restated. THE ALLSTATE CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ($ in millions) Reinsurance recoverables of unpaid losses related to Property-Liability were $5.89 billion, $5.85 billion, $5.85 billion, $5.72 billion and $5.69 billion as of December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015 and December 31, 2014, respectively. The increase in reinsurance recoverables as of December 31, 2015 primarily relates to reserve increases for Michigan unlimited personal injury protection covered by the Michigan Catastrophic Claim Association.

5 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2015 2014 2014 2014 2014 Book value per common share Numerator: Common shareholders' equity (1) $ 18,279 $ 18,758 $ 19,552 $ 20,433 $ 20,558 $ 20,583 $ 21,126 $ 20,600 Denominator: Common shares outstanding and dilutive potential common shares outstanding 386.1 394.6 407.7 415.4 426.2 426.3 440.4 441.1 Book value per common share $ 47.34 $ 47.54 $ 47.96 $ 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 $ 18,279 $ 18,758 $ 19,552 $ 20,433 $ 20,558 $ 20,583 $ 21,126 $ 20,600 Unrealized net capital gains and losses on fixed income securities 443 807 1,196 1,871 1,666 1,541 1,690 1,640 Adjusted common shareholders' equity $ 17,836 $ 17,951 $ 18,356 $ 18,562 $ 18,892 $ 19,042 $ 19,436 $ 18,960 Denominator: Common shares outstanding and dilutive potential common shares outstanding 386.1 394.6 407.7 415.4 426.2 426.3 440.4 441.1 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities $ 46.20 $ 45.49 $ 45.02 $ 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, $1,746 million, $1,746 million, $1,746 million and $1,505 million as of December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively. THE ALLSTATE CORPORATION BOOK VALUE PER COMMON SHARE ($ in millions, except per share data)

6 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2015 2014 2014 2014 2014 Return on Common Shareholders' Equity Numerator: Net income applicable to common shareholders (1) $ 2,055 $ 2,390 $ 2,519 $ 2,807 $ 2,746 $ 2,761 $ 2,321 $ 2,141 Denominator: Beginning common shareholders' equity $ 20,558 $ 20,583 $ 21,126 $ 20,600 $ 20,700 $ 20,130 $ 19,591 $ 20,619 Ending common shareholders' equity 18,279 18,758 19,552 20,433 20,558 20,583 21,126 20,600 Average common shareholders' equity (2) $ 19,419 $ 19,671 $ 20,339 $ 20,517 $ 20,629 $ 20,357 $ 20,359 $ 20,610 Return on common shareholders' equity 10.6 % 12.2 % 12.4 % 13.7 % 13.3 % 13.6 % 11.4 % 10.4 % Operating Income Return on Common Shareholders' Equity * Numerator: Operating income (1) $ 2,113 $ 2,224 $ 2,212 $ 2,395 $ 2,367 $ 2,412 $ 2,527 $ 2,611 Denominator: Beginning common shareholders' equity $ 20,558 $ 20,583 $ 21,126 $ 20,600 $ 20,700 $ 20,130 $ 19,591 $ 20,619 Unrealized net capital gains and losses 1,926 1,827 2,150 2,091 1,646 1,714 1,651 2,905 Adjusted beginning common shareholders' equity 18,632 18,756 18,976 18,509 19,054 18,416 17,940 17,714 Ending common shareholders' equity 18,279 18,758 19,552 20,433 20,558 20,583 21,126 20,600 Unrealized net capital gains and losses 620 879 1,419 2,137 1,926 1,827 2,150 2,091 Adjusted ending common shareholders' equity 17,659 17,879 18,133 18,296 18,632 18,756 18,976 18,509 Average adjusted common shareholders' equity (2) $ 18,146 $ 18,318 $ 18,555 $ 18,403 $ 18,843 $ 18,586 $ 18,458 $ 18,112 Operating income return on common shareholders' equity 11.6 % 12.1 % 11.9 % 13.0 % 12.6 % 13.0 % 13.7 % 14.4 % (1) Net income applicable 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 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2015 2014 2014 2014 2014 Debt Short-term debt $ - $ - $ - $ - $ - $ - $ - $ - Long-term debt 5,124 5,123 5,133 5,140 5,140 5,140 5,789 6,143 Total debt $ 5,124 $ 5,123 $ 5,133 $ 5,140 $ 5,140 $ 5,140 $ 5,789 $ 6,143 Capital resources Debt (1) $ 5,124 $ 5,123 $ 5,133 $ 5,140 $ 5,140 $ 5,140 $ 5,789 $ 6,143 Shareholders' equity Preferred stock and additional capital paid-in 1,746 1,746 1,746 1,746 1,746 1,746 1,746 1,505 Common stock 9 9 9 9 9 9 9 9 Additional capital paid-in 3,245 3,224 3,205 3,109 3,199 3,059 3,035 3,017 Retained income 39,413 39,068 38,567 38,363 37,842 37,164 36,532 36,041 Deferred ESOP expense (13) (23) (23) (23) (23) (31) (31) (31) Treasury stock (23,620) (23,058) (22,273) (21,799) (21,030) (20,856) (19,985) (19,922) Unrealized net capital gains and losses 620 879 1,419 2,137 1,926 1,827 2,150 2,091 Unrealized foreign currency translation adjustments (60) (52) (38) (29) (2) 18 35 22 Unrecognized pension and other postretirement benefit cost (1,315) (1,289) (1,314) (1,334) (1,363) (607) (619) (627) Total shareholders' equity 20,025 20,504 21,298 22,179 22,304 22,329 22,872 22,105 Total capital resources $ 25,149 $ 25,627 $ 26,431 $ 27,319 $ 27,444 $ 27,469 $ 28,661 $ 28,248 Ratio of debt to shareholders' equity 25.6 % 25.0 % 24.1 % 23.2 % 23.0 % 23.0 % 25.3 % 27.8 % Ratio of debt to capital resources 20.4 % 20.0 % 19.4 % 18.8 % 18.7 % 18.7 % 20.2 % 21.7 % (1) As a result of the adoption of new accounting guidance related to the presentation of debt issuance costs, long-term debt is now reported net of debt issuance costs. Prior quarter balances have been restated. THE ALLSTATE CORPORATION DEBT TO CAPITAL ($ in millions)

8 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 489 $ 650 $ 355 $ 677 $ 824 $ 781 $ 645 $ 600 $ 2,171 $ 2,850 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and other non-cash items 96 96 92 87 89 88 91 98 371 366 Realized capital gains and losses 250 (33) (108) (139) (106) (294) (240) (54) (30) (694) Loss on extinguishment of debt - - - - - - 1 - - 1 (Gain) loss on disposition of operations (1) (2) (1) 1 (3) 27 (9) 59 (3) 74 Interest credited to contractholder funds 183 194 185 199 202 198 212 307 761 919 Changes in: Policy benefits and other insurance reserves (27) (26) 411 115 491 (53) 121 (18) 473 541 Unearned premiums (124) 518 361 (117) (56) 535 379 (92) 638 766 Deferred policy acquisition costs (20) (87) (97) (35) (31) (112) (80) 3 (239) (220) Premium installment receivables, net 156 (132) (92) (66) 129 (234) (106) (46) (134) (257) Reinsurance recoverables, net (45) 11 (120) (24) (958) (71) 6 (45) (178) (1,068) Income taxes (59) 223 (342) 59 30 370 (127) (68) (119) 205 Other operating assets and liabilities 32 (29) 93 (191) 60 129 (166) (270) (95) (247) Net cash provided by operating activities 930 1,383 737 566 671 1,364 727 474 3,616 3,236 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales Fixed income securities 5,897 6,784 6,559 9,453 6,961 13,443 7,722 6,483 28,693 34,609 Equity securities 1,066 614 922 1,152 1,492 2,519 1,416 1,328 3,754 6,755 Limited partnership interests 306 204 295 296 389 282 564 238 1,101 1,473 Mortgage loans - 6 - - - - - 10 6 10 Other investments 367 46 85 47 114 211 51 30 545 406 Investment collections Fixed income securities 1,184 1,005 1,030 1,213 949 1,057 881 849 4,432 3,736 Mortgage loans 233 (52) 243 114 238 142 402 324 538 1,106 Other investments 39 77 117 60 33 51 57 50 293 191 Investment purchases Fixed income securities (7,830) (6,446) (7,272) (9,210) (8,109) (14,848) (9,550) (6,252) (30,758) (38,759) Equity securities (1,722) (1,318) (748) (1,172) (1,235) (1,540) (1,338) (1,330) (4,960) (5,443) Limited partnership interests (413) (367) (198) (365) (506) (239) (376) (277) (1,343) (1,398) Mortgage loans (163) (15) (307) (202) (283) (109) (107) (2) (687) (501) Other investments (159) (225) (325) (193) (320) (257) (152) (243) (902) (972) Change in short-term investments, net 962 (186) (328) (63) 7 325 (249) 189 385 272 Change in other investments, net (36) - (18) 2 (12) 9 13 36 (52) 46 Purchases of property and equipment, net (84) (86) (74) (59) (81) (83) (69) (55) (303) (288) Disposition and acquisition of operations - - - - - - 380 (2) - 378 Net cash (used in) provided by investing activities (353) 41 (19) 1,073 (363) 963 (355) 1,376 742 1,621 CASH FLOWS FROM FINANCING ACTIVITIES Repayment of long-term debt - (11) (9) - - (651) (354) (1) (20) (1,006) Proceeds from issuance of preferred stock - - - - - - 240 725 - 965 Contractholder fund deposits 268 257 266 261 258 260 263 403 1,052 1,184 Contractholder fund withdrawals (534) (641) (580) (572) (615) (909) (838) (1,084) (2,327) (3,446) Dividends paid on common stock (118) (122) (125) (118) (117) (122) (125) (113) (483) (477) Dividends paid on preferred stock (29) (29) (29) (29) (31) (31) (13) (12) (116) (87) Treasury stock purchases (592) (792) (414) (1,010) (112) (932) (142) (1,115) (2,808) (2,301) Shares reissued under equity incentive plans, net 9 12 45 64 62 55 72 77 130 266 Excess tax benefits on share-based payment arrangements 1 1 17 26 19 4 5 13 45 41 Other 8 1 - (2) - (5) (3) (6) 7 (14) Net cash used in financing activities (987) (1,324) (829) (1,380) (536) (2,331) (895) (1,113) (4,520) (4,875) Cash classified as held for sale - - - - - - 242 (242) - - NET (DECREASE) INCREASE IN CASH (410) 100 (111) 259 (228) (4) (281) 495 (162) (18) CASH AT BEGINNING OF PERIOD 905 805 916 657 885 889 1,170 675 657 675 CASH AT END OF PERIOD $ 495 $ 905 $ 805 $ 916 $ 657 $ 885 $ 889 $ 1,170 $ 495 $ 657 THE ALLSTATE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in millions) Twelve months endedThree months ended

9 Amortization relating to realized capital gains and Amortization losses and (acceleration) Effect of Beginning Acquisition Amortization valuation changes on deceleration unrealized Ending balance costs before embedded derivatives for changes in capital gains balance Sept. 30, 2015 deferred adjustments (1) (2) that are not hedged (2) assumptions (2) and losses Dec. 31, 2015 Property-Liability $ 2,027 $ 1,054 $ (1,052) $ - $ - $ - $ 2,029 Allstate Financial: Traditional life and accident and health 777 50 (35) - - - 792 Interest-sensitive life 958 30 (28) 1 - 32 993 Fixed annuity 49 - (2) - - - 47 Subtotal 1,784 80 (65) 1 - 32 1,832 Consolidated $ 3,811 $ 1,134 $ (1,117) $ 1 $ - $ 32 $ 3,861 Amortization relating to realized capital gains and Amortization losses and (acceleration) Effect of Beginning Acquisition Amortization valuation changes on deceleration unrealized Ending balance costs before embedded derivatives for changes in capital gains balance Sept. 30, 2014 deferred adjustments (1) (2) that are not hedged (2) assumptions (2) and losses Dec. 31, 2014 Property-Liability $ 1,804 $ 989 $ (973) $ - $ - $ - $ 1,820 Allstate Financial: Traditional life and accident and health 738 46 (31) - - - 753 Interest-sensitive life 927 29 (28) (3) - (20) 905 Fixed annuity 47 - (1) 1 - - 47 Subtotal 1,712 75 (60) (2) - (20) 1,705 Consolidated $ 3,516 $ 1,064 $ (1,033) $ (2) $ - $ (20) $ 3,525 (1) (2) Included as a component of amortization of DAC on the Consolidated Statements of Operations. Change in Deferred Policy Acquisition Costs For the three months ended December 31, 2014 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) Change in Deferred Policy Acquisition Costs For the three months ended December 31, 2015

10 Amortization relating to realized capital gains and Amortization DAC before DAC after losses and (acceleration) Effect of impact of Impact of impact of Beginning Acquisition Amortization valuation changes on deceleration unrealized Ending unrealized unrealized unrealized balance costs before 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 Dec. 31, 2015 and losses and losses and losses Property-Liability $ 1,820 $ 4,311 $ (4,102) $ - $ - $ - $ 2,029 $ 2,029 $ - $ 2,029 Allstate Financial: Traditional life and accident and health 753 178 (139) - - - 792 792 - 792 Interest-sensitive life 905 107 (111) (6) (1) 99 993 1,059 (66) 993 Fixed annuity 47 - (6) 1 - 5 47 47 - 47 Subtotal 1,705 285 (256) (5) (1) 104 1,832 1,898 (66) 1,832 Consolidated $ 3,525 $ 4,596 $ (4,358) $ (5) $ (1) $ 104 $ 3,861 $ 3,927 $ (66) $ 3,861 Change in Deferred Policy Acquisition Costs Reconciliation of Deferred Policy For the twelve months ended December 31, 2014 Acquisition Costs as of December 31, 2014 Amortization relating to realized capital gains and Amortization DAC before DAC after DAC classified losses and (acceleration) Effect of impact of Impact of impact of Beginning as held for sale Total DAC including Acquisition Amortization valuation changes on deceleration unrealized DAC sold in Ending unrealized unrealized unrealized balance beginning those classified costs before embedded derivatives for changes in capital gains LBL balance capital gains capital gains capital gains Dec. 31, 2013 balance as held for sale deferred adjustments (1) (2) that are not hedged (2) assumptions (2) and losses disposition Dec. 31, 2014 and losses and losses and losses Property-Liability $ 1,625 $ - $ 1,625 $ 4,070 $ (3,875) $ - $ - $ - $ - $ 1,820 $ 1,820 $ - $ 1,820 Allstate Financial: Traditional life and accident and health 711 13 724 167 (125) - - - (13) 753 753 - 753 Interest-sensitive life 991 700 1,691 113 (130) (8) 10 (97) (674) 905 1,070 (165) 905 Fixed annuity 45 30 75 - (8) 3 (2) (1) (20) 47 52 (5) 47 Subtotal 1,747 743 2,490 280 (263) (5) 8 (98) (707) 1,705 1,875 (170) 1,705 Consolidated $ 3,372 $ 743 $ 4,115 $ 4,350 $ (4,138) $ (5) $ 8 $ (98) $ (707) $ 3,525 $ 3,695 $ (170) $ 3,525 (1) (2) Included as a component of amortization of DAC on the Consolidated Statements of Operations. THE ALLSTATE CORPORATION ANALYSIS OF DEFERRED POLICY ACQUISITION COSTS ($ in millions) 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. Change in Deferred Policy Acquisition Costs Reconciliation of Deferred Policy For the twelve months ended December 31, 2015 Acquisition Costs as of December 31, 2015

11 2015 2014 2013 2012 2011 Consolidated statement of operations data: Insurance premiums and contract charges $ 32,467 $ 31,086 $ 29,970 $ 28,978 $ 28,180 Net investment income 3,156 3,459 3,943 4,010 3,971 Realized capital gains and losses 30 694 594 327 503 Total revenues $ 35,653 $ 35,239 $ 34,507 $ 33,315 $ 32,654 Operating income $ 2,113 $ 2,367 $ 2,670 $ 2,148 $ 662 Realized capital gains and losses, after-tax 19 451 385 216 324 Valuation changes on embedded derivatives that are not hedged, after-tax (1) (15) (16) 82 (12) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (3) (3) (5) (42) (108) DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - 7 4 3 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax 2 7 (7) (33) (35) Business combination expenses and the amortization of purchased intangible assets, after-tax (32) (45) (55) (81) (42) Gain (loss) on disposition of operations, after-tax 2 (16) (515) 12 (5) Loss on extinguishment of debt, after-tax - - (319) - - Postretirement benefits curtailment gain, after-tax - - 118 - - Change in accounting for investments in qualified affordable housing projects, after-tax (45) - - - - Net income applicable to common shareholders $ 2,055 $ 2,746 $ 2,263 $ 2,306 $ 787 Income per common share - Diluted Operating income $ 5.19 $ 5.40 $ 5.68 $ 4.36 $ 1.27 Realized capital gains and losses, after-tax 0.05 1.03 0.82 0.44 0.62 Valuation changes on embedded derivatives that are not hedged, after-tax - (0.03) (0.03) 0.17 (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) (0.01) (0.09) (0.21) DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - 0.01 0.01 - Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - 0.02 (0.01) (0.07) (0.07) Business combination expenses and the amortization of purchased intangible assets, after-tax (0.08) (0.10) (0.12) (0.16) (0.08) Gain (loss) on disposition of operations, after-tax - (0.04) (1.10) 0.02 (0.01) Loss on extinguishment of debt, after-tax - - (0.68) - - Postretirement benefits curtailment gain, after-tax - - 0.25 - - Change in accounting for investments in qualified affordable housing projects, after-tax (0.11) - - - - Net income applicable to common shareholders $ 5.05 $ 6.27 $ 4.81 $ 4.68 $ 1.50 Net income applicable to common shareholders per share - Basic $ 5.12 $ 6.37 $ 4.87 $ 4.71 $ 1.51 Consolidated statement of financial position data: Investments $ 77,758 $ 81,113 $ 81,155 $ 97,278 $ 95,618 Total assets 104,656 108,479 123,460 126,893 125,513 Reserves for claims and claims expense, life-contingent contract benefits and contractholder funds 57,411 57,832 58,547 75,502 77,113 Debt (3) 5,124 5,140 6,141 6,003 5,858 Shareholders' equity 20,025 22,304 21,480 20,580 18,298 Book value per share 47.34 48.24 45.31 42.39 36.18 Operating ratio: Annual statutory premiums written to surplus ratio (U.S. property-liability operations) 1.9x 1.8x 1.6x 1.6x 1.6x Other operating data: Total employees (1) 41,600 40,200 39,400 38,500 37,300 Total Allstate agencies (1)(2) 12,300 11,900 11,600 11,200 11,900 (1) (2) (3) As a result of the adoption of new accounting guidance related to the presentation of debt issuance costs, long-term debt is now reported net of debt issuance costs. Prior quarter balances have been restated. Total Allstate agencies represents exclusive Allstate agencies and financial representatives in the United States and Canada. Rounded to the nearest hundred. THE ALLSTATE CORPORATION HISTORICAL CONSOLIDATED OPERATING AND FINANCIAL POSITION DATA ($ in millions except per share data) As of or for the Year Ended December 31,

12 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Premiums written $ 7,551 $ 8,137 $ 7,877 $ 7,306 $ 7,292 $ 7,806 $ 7,547 $ 6,969 $ 30,871 $ 29,614 (Increase) decrease in unearned premiums 140 (485) (370) 166 74 (512) (397) 112 (549) (723) Other (7) (2) 42 (46) (12) 13 54 (17) (13) 38 Premiums earned 7,684 7,650 7,549 7,426 7,354 7,307 7,204 7,064 30,309 28,929 Claims and claims expense (5,199) (5,255) (5,587) (4,993) (4,618) (4,909) (5,142) (4,759) (21,034) (19,428) Amortization of deferred policy acquisition costs (1,052) (1,029) (1,021) (1,000) (973) (972) (969) (961) (4,102) (3,875) Operating costs and expenses (812) (867) (934) (962) (1,021) (948) (901) (968) (3,575) (3,838) Restructuring and related charges (10) (8) (17) (4) (5) (4) (3) (4) (39) (16) Underwriting income (loss) * 611 491 (10) 467 737 474 189 372 1,559 1,772 Net investment income 280 307 292 358 294 344 351 312 1,237 1,301 Periodic settlements and accruals on non-hedge derivative instruments (1) (1) - (1) (2) (1) (3) (3) (3) (9) Amortization of purchased intangible assets 13 12 13 12 17 17 17 17 50 68 Income tax expense on operations (304) (259) (97) (281) (359) (281) (190) (230) (941) (1,060) Operating income 599 550 198 555 687 553 364 468 1,902 2,072 Realized capital gains and losses, after-tax (99) (104) 31 18 (11) 173 161 34 (154) 357 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax 1 - - 1 2 - 2 2 2 6 Amortization of purchased intangible assets, after-tax (8) (8) (8) (8) (12) (11) (11) (11) (32) (45) (Loss) gain on disposition of operations, after-tax - (1) 1 - - (1) 38 - - 37 Change in accounting for investments in qualified affordable housing projects, after-tax - - - (28) - - - - (28) - Net income applicable to common shareholders $ 493 $ 437 $ 222 $ 538 $ 666 $ 714 $ 554 $ 493 $ 1,690 $ 2,427 Catastrophe losses $ 358 $ 270 $ 797 $ 294 $ 95 $ 517 $ 936 $ 445 $ 1,719 $ 1,993 Operating ratios Claims and claims expense ("loss") ratio 67.6 68.7 74.0 67.2 62.8 67.2 71.4 67.4 69.4 67.2 Expense ratio (1) 24.4 24.9 26.1 26.5 27.2 26.3 26.0 27.3 25.5 26.7 Combined ratio 92.0 93.6 100.1 93.7 90.0 93.5 97.4 94.7 94.9 93.9 Combined ratio excluding the effect of catastrophes * 87.3 90.1 89.5 89.7 88.7 86.4 84.4 88.4 89.2 87.0 Effect of catastrophe losses on combined ratio 4.7 3.5 10.6 4.0 1.3 7.1 13.0 6.3 5.7 6.9 Combined ratio 92.0 93.6 100.1 93.7 90.0 93.5 97.4 94.7 94.9 93.9 Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization of purchased intangible assets ("underlying combined ratio") * 87.4 89.3 89.1 89.0 89.5 86.1 84.7 88.4 88.7 87.2 Effect of catastrophe losses on combined ratio 4.7 3.5 10.6 4.0 1.3 7.1 13.0 6.3 5.7 6.9 Effect of prior year reserve reestimates on combined ratio (0.4) 0.6 0.3 0.5 (1.0) 0.1 (0.1) (0.2) 0.3 (0.3) Effect of catastrophe losses included in prior year reserve reestimates on combined ratio 0.2 - (0.1) 0.1 - - (0.5) - - (0.1) Effect of amortization of purchased intangible assets on combined ratio 0.1 0.2 0.2 0.1 0.2 0.2 0.3 0.2 0.2 0.2 Combined ratio 92.0 93.6 100.1 93.7 90.0 93.5 97.4 94.7 94.9 93.9 Effect of restructuring and related charges on combined ratio 0.1 0.1 0.2 0.1 0.1 0.1 - 0.1 0.1 0.1 Effect of Discontinued Lines and Coverages on combined ratio - 0.7 - - 0.1 1.4 0.1 - 0.2 0.4 (1) The decrease in the expense ratio in fourth quarter 2015 primarily relates to spending reductions for advertising and professional services and lower employee related costs. THE ALLSTATE CORPORATION PROPERTY-LIABILITY RESULTS ($ in millions) Twelve months endedThree months ended

13 2015 2014 2013 2012 2011 Premiums written $ 30,871 $ 29,614 $ 28,164 $ 27,027 $ 25,980 Increase in unearned premium (549) (723) (572) (322) (33) Other (13) 38 26 32 (5) Premiums earned 30,309 28,929 27,618 26,737 25,942 Claims and claims expense (21,034) (19,428) (17,911) (18,484) (20,161) Amortization of deferred policy acquisition costs (4,102) (3,875) (3,674) (3,483) (3,477) Operating costs and expenses (3,575) (3,838) (3,752) (3,536) (3,143) Restructuring and related charges (39) (16) (63) (34) (43) Underwriting income (loss) 1,559 1,772 2,218 1,200 (882) Net investment income 1,237 1,301 1,375 1,326 1,201 Periodic settlement and accruals on non-hedge derivative instruments (3) (9) (7) (6) (15) Business combination expenses and the amortization of purchased intangible assets 50 68 85 124 49 Income tax (expense) benefit on operations (941) (1,060) (1,204) (819) 18 Operating income 1,902 2,072 2,467 1,825 371 Realized capital gains and losses, after-tax (154) 357 339 221 54 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax 2 6 4 3 10 Business combination expenses and the amortization of purchased intangible assets, after-tax (32) (45) (55) (81) (32) Gain (loss) on disposition of operations, after-tax - 37 (1) - - Change in accounting for investments in qualified affordable housing projects, after-tax (28) - - - - Net income $ 1,690 $ 2,427 $ 2,754 $ 1,968 $ 403 Catastrophe losses $ 1,719 $ 1,993 $ 1,251 $ 2,345 $ 3,815 Operating ratios Loss ratio 69.4 67.2 64.9 69.1 77.7 Expense ratio 25.5 26.7 27.1 26.4 25.7 Combined ratio 94.9 93.9 92.0 95.5 103.4 Combined ratio excluding the effect of catastrophes 89.2 87.0 87.5 86.7 88.7 Effect of catastrophe losses on combined ratio 5.7 6.9 4.5 8.8 14.7 Combined ratio 94.9 93.9 92.0 95.5 103.4 Underlying combined ratio 88.7 87.2 87.3 87.2 89.3 Effect of catastrophe losses on combined ratio 5.7 6.9 4.5 8.8 14.7 Effect of prior year reserve reestimates on combined ratio 0.3 (0.3) (0.4) (2.5) (1.3) Effect of catastrophe losses included in prior year reserve reestimate on combined ratio - (0.1) 0.3 1.5 0.5 Effect of business combination expenses and the amortization of purchased intangible assets on combined ratio 0.2 0.2 0.3 0.5 0.2 Combined ratio 94.9 93.9 92.0 95.5 103.4 Effect of restructuring and related charges on combined ratio 0.1 0.1 0.2 0.1 0.2 Effect of Discontinued Lines and Coverages on the combined ratio 0.2 0.4 0.5 0.2 0.1 THE ALLSTATE CORPORATION HISTORICAL PROPERTY-LIABILITY RESULTS ($ in millions) Twelve months ended December 31,

14 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Property-Liability Underwriting Summary Allstate Protection $ 613 $ 540 $ (8) $ 469 $ 741 $ 579 $ 192 $ 375 $ 1,614 $ 1,887 Discontinued Lines and Coverages (2) (49) (2) (2) (4) (105) (3) (3) (55) (115) Underwriting income (loss) $ 611 $ 491 $ (10) $ 467 $ 737 $ 474 $ 189 $ 372 $ 1,559 $ 1,772 Allstate Protection Underwriting Summary Premiums written $ 7,551 $ 8,137 $ 7,877 $ 7,306 $ 7,292 $ 7,805 $ 7,547 $ 6,969 $ 30,871 $ 29,613 Premiums earned $ 7,684 $ 7,650 $ 7,549 $ 7,426 $ 7,354 $ 7,306 $ 7,204 $ 7,064 $ 30,309 $ 28,928 Claims and claims expense (5,197) (5,207) (5,585) (4,992) (4,615) (4,804) (5,140) (4,756) (20,981) (19,315) Amortization of deferred policy acquisition costs (1,052) (1,029) (1,021) (1,000) (973) (972) (969) (961) (4,102) (3,875) Operating costs and expenses (812) (866) (934) (961) (1,020) (947) (900) (968) (3,573) (3,835) Restructuring and related charges (10) (8) (17) (4) (5) (4) (3) (4) (39) (16) Underwriting income (loss) $ 613 $ 540 $ (8) $ 469 $ 741 $ 579 $ 192 $ 375 $ 1,614 $ 1,887 Catastrophe losses $ 358 $ 270 $ 797 $ 294 $ 95 $ 517 $ 936 $ 445 $ 1,719 $ 1,993 Operating ratios Loss ratio 67.6 68.0 74.0 67.2 62.7 65.8 71.3 67.3 69.2 66.8 Expense ratio 24.4 24.9 26.1 26.5 27.2 26.3 26.0 27.4 25.5 26.7 Combined ratio 92.0 92.9 100.1 93.7 89.9 92.1 97.3 94.7 94.7 93.5 Effect of catastrophe losses on combined ratio 4.7 3.5 10.6 4.0 1.3 7.1 13.0 6.3 5.7 6.9 Effect of restructuring and related charges on combined ratio 0.1 0.1 0.2 0.1 0.1 0.1 - 0.1 0.1 0.1 Effect of amortization of purchased intangible assets on combined ratio 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 0.2 Discontinued Lines and Coverages Underwriting Summary Premiums written $ - $ - $ - $ - $ - $ 1 $ - $ - $ - $ 1 Premiums earned $ - $ - $ - $ - $ - $ 1 $ - $ - $ - $ 1 Claims and claims expense (2) (48) (2) (1) (3) (105) (2) (3) (53) (113) Operating costs and expenses - (1) - (1) (1) (1) (1) - (2) (3) Underwriting loss $ (2) $ (49) $ (2) $ (2) $ (4) $ (105) $ (3) $ (3) $ (55) $ (115) Effect of Discontinued Lines and Coverages on the Property-Liability combined ratio - 0.7 - - 0.1 1.4 0.1 - 0.2 0.4 Underwriting Income (Loss) by Brand Allstate brand $ 629 $ 571 $ 86 $ 526 $ 782 $ 676 $ 299 $ 478 $ 1,812 $ 2,235 Esurance brand (28) (26) (41) (69) (59) (62) (45) (93) (164) (259) Encompass brand 14 (4) (50) 14 22 (31) (59) (8) (26) (76) Answer Financial (2) (1) (3) (2) (4) (4) (3) (2) (8) (13) Underwriting income (loss) $ 613 $ 540 $ (8) $ 469 $ 741 $ 579 $ 192 $ 375 $ 1,614 $ 1,887 THE ALLSTATE CORPORATION PROPERTY-LIABILITY UNDERWRITING RESULTS BY AREA OF BUSINESS ($ in millions) Twelve months endedThree months ended

15 2015 2014 2013 2012 2011 Property-Liability Underwriting Summary Allstate Protection $ 1,614 $ 1,887 $ 2,361 $ 1,253 $ (857) Discontinued Lines and Coverages (55) (115) (143) (53) (25) Underwriting income (loss) $ 1,559 $ 1,772 $ 2,218 $ 1,200 $ (882) Allstate Protection Underwriting Summary Premiums written $ 30,871 $ 29,613 $ 28,164 $ 27,026 $ 25,981 Premiums earned $ 30,309 $ 28,928 $ 27,618 $ 26,737 $ 25,942 Claims and claims expense (20,981) (19,315) (17,769) (18,433) (20,140) Amortization of deferred policy acquisition costs (4,102) (3,875) (3,674) (3,483) (3,477) Operating costs and expenses (3,573) (3,835) (3,751) (3,534) (3,139) Restructuring and related charges (39) (16) (63) (34) (43) Underwriting income (loss) $ 1,614 $ 1,887 $ 2,361 $ 1,253 $ (857) Catastrophe losses $ 1,719 $ 1,993 $ 1,251 $ 2,345 $ 3,815 Operating ratios Loss ratio 69.2 66.8 64.4 68.9 77.6 Expense ratio 25.5 26.7 27.1 26.4 25.7 Combined ratio 94.7 93.5 91.5 95.3 103.3 Effect of catastrophe losses on combined ratio 5.7 6.9 4.5 8.8 14.7 Effect of restructuring and related charges on combined ratio 0.1 0.1 0.2 0.1 0.2 Effect of business combination expenses and the amortization of purchased intangible assets on combined ratio 0.2 0.2 0.3 0.5 0.2 Discontinued Lines and Coverages Underwriting Summary Premiums written $ - $ 1 $ - $ 1 $ (1) Premiums earned $ - $ 1 $ - $ - $ - Claims and claims expense (53) (113) (142) (51) (21) Operating costs and expenses (2) (3) (1) (2) (4) Underwriting loss $ (55) $ (115) $ (143) $ (53) $ (25) Effect of Discontinued Lines and Coverages on the Property-Liability combined ratio 0.2 0.4 0.5 0.2 0.1 THE ALLSTATE CORPORATION HISTORICAL PROPERTY-LIABILITY UNDERWRITING RESULTS BY AREA OF BUSINESS ($ in millions) Twelve months ended December 31,

16 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Allstate brand (1) Auto (2) $ 4,576 $ 4,746 $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 18,445 $ 17,504 Homeowners (3) 1,634 1,879 1,819 1,379 1,598 1,831 1,765 1,342 6,711 6,536 Other personal lines 376 429 424 357 376 426 416 351 1,586 1,569 Commercial lines 126 124 138 128 126 122 130 116 516 494 Other business lines 168 205 199 184 176 185 180 176 756 717 6,880 7,383 7,168 6,583 6,623 7,054 6,866 6,277 28,014 26,820 Esurance brand Auto 368 411 363 434 354 403 338 404 1,576 1,499 Homeowners 9 9 7 5 4 3 1 1 30 9 Other personal lines 1 3 1 2 1 2 1 1 7 5 378 423 371 441 359 408 340 406 1,613 1,513 Encompass brand Auto 152 169 173 147 160 178 176 151 641 665 Homeowners 116 134 136 111 123 137 136 110 497 506 Other personal lines 25 28 29 24 27 28 29 25 106 109 293 331 338 282 310 343 341 286 1,244 1,280 Allstate Protection 7,551 8,137 7,877 7,306 7,292 7,805 7,547 6,969 30,871 29,613 Discontinued Lines and Coverages - - - - - 1 - - - 1 Property-Liability $ 7,551 $ 8,137 $ 7,877 $ 7,306 $ 7,292 $ 7,806 $ 7,547 $ 6,969 $ 30,871 $ 29,614 Allstate Protection Auto $ 5,096 $ 5,326 $ 5,124 $ 5,116 $ 4,861 $ 5,071 $ 4,889 $ 4,847 $ 20,662 $ 19,668 Homeowners 1,759 2,022 1,962 1,495 1,725 1,971 1,902 1,453 7,238 7,051 Other personal lines 402 460 454 383 404 456 446 377 1,699 1,683 Commercial lines 126 124 138 128 126 122 130 116 516 494 Other business lines 168 205 199 184 176 185 180 176 756 717 $ 7,551 $ 8,137 $ 7,877 $ 7,306 $ 7,292 $ 7,805 $ 7,547 $ 6,969 $ 30,871 $ 29,613 (1) Canada premiums included in Allstate brand Auto $ 183 $ 215 $ 235 $ 173 $ 200 $ 233 $ 250 $ 180 $ 806 $ 863 Homeowners 50 60 63 41 53 66 63 40 214 222 Other personal lines 12 15 15 11 13 16 15 11 53 55 $ 245 $ 290 $ 313 $ 225 $ 266 $ 315 $ 328 $ 231 $ 1,073 $ 1,140 (2) Fluctuation in the Canadian exchange rate has reduced the auto premiums written growth rate in 2015 by 0.7 points. (3) Fluctuation in the Canadian exchange rate has reduced the homeowner premiums written growth rate in 2015 by 0.5 points. THE ALLSTATE CORPORATION PROPERTY-LIABILITY PREMIUMS WRITTEN BY BRAND ($ in millions) Twelve months endedThree months ended

17 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) 34 (6) 1.9 5.5 23 (6) 1.6 5.1 34 (6) 1.5 3.6 Homeowners (3) 16 (7) 1.5 6.1 6 0.4 6.4 9 (7) 0.7 3.5 Esurance brand Auto 18 3.0 6.7 13 1.3 5.1 13 1.5 5.9 Encompass brand Auto 9 2.0 5.7 8 1.3 7.6 16 4.8 8.5 Homeowners 5 1.7 7.4 8 1.2 5.9 15 3.2 8.8 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) 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 (1) (2) (3) (4) (5) (6) Includes one, five, four, two, one and one Canadian provinces for auto for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014 and September 30, 2014, respectively. (7) 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. Allstate brand auto and homeowners operates in 50 states, the District of Columbia, and 5 Canadian provinces. Esurance brand auto operates in 43 states and 1 Canadian province. Esurance brand homeowners operates in 25 states. Encompass brand auto and homeowners operates in 40 states and the District of Columbia. Includes three, one, two and one Canadian provinces for homeowners for the three months ended December 31, 2015, June 30, 2015, March 31, 2015 and December 31, 2014, respectively. December 31, 2014 September 30, 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 and twelve month period ending December 31, 2015 are estimated to total $512 million and $1.34 billion, respectively. 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. Impacts of Allstate brand auto effective rate changes as a percentage of total brand prior year-end premiums written were 1.8%, 1.5%, 1.1%, 0.8%, 0.4% and 0.2% for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014 and September 30, 2014, respectively. Rate changes are included in the effective calculations in the period the rate change is effective for renewal contracts. Impacts of Allstate brand homeowners effective rate changes as a percentage of total brand prior year-end premiums written were 0.5%, 0.5%, 0.4%, 0.9%, 0.3% and 0.1% for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014 and September 30, 2014, respectively. June 30, 2015 March 31, 2015 Three months ended Three months ended Three months ended September 30, 2015December 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

18 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2015 2014 2014 2014 2014 Policies in Force (in thousands) (1) Allstate Brand Auto (2) 20,326 20,367 20,258 20,036 19,916 19,751 19,605 19,413 Homeowners (3) 6,174 6,163 6,141 6,114 6,106 6,082 6,069 6,063 Landlord 737 736 737 738 738 737 738 740 Renter 1,555 1,550 1,518 1,494 1,466 1,447 1,421 1,402 Condominium 668 665 662 658 655 652 648 646 Other 1,259 1,257 1,253 1,245 1,248 1,248 1,245 1,244 Other personal lines 4,219 4,208 4,170 4,135 4,107 4,084 4,052 4,032 Commercial lines 324 328 330 326 325 320 313 305 Other business lines 894 920 937 941 948 958 972 991 Excess and surplus 25 26 26 27 27 26 25 23 Total 31,962 32,012 31,862 31,579 31,429 31,221 31,036 30,827 Esurance Brand Auto 1,415 1,433 1,458 1,470 1,424 1,410 1,399 1,375 Homeowners 32 26 20 15 10 6 2 1 Other personal lines 44 44 44 42 36 33 30 26 Total 1,491 1,503 1,522 1,527 1,470 1,449 1,431 1,402 Encompass Brand Auto 723 746 767 778 790 792 788 778 Homeowners 338 347 355 361 365 365 364 359 Other personal lines 111 114 118 120 122 123 124 124 Total 1,172 1,207 1,240 1,259 1,277 1,280 1,276 1,261 Total Policies in Force 34,625 34,722 34,624 34,365 34,176 33,950 33,743 33,490 Non-Proprietary Premiums ($ in millions) Ivantage (4) $ 1,490 $ 1,481 $ 1,461 $ 1,446 $ 1,422 $ 1,407 $ 1,391 $ 1,376 Answer Financial (5) 138 149 145 149 129 134 125 139 Agency Data Total Allstate agencies (6)(7) 12,300 12,100 12,000 11,900 Licensed sales professionals (7)(8) 24,400 24,000 23,500 23,200 Allstate independent agencies (7)(9) 2,100 2,200 2,000 2,000 (1) (2) (3) (4) (5) (6) (7) (8) (9) Rounded to the nearest hundred. Employees of Allstate agencies who are licensed to sell Allstate products. Includes 880 and 720 engaged Allstate independent agencies (“AIAs”) as of December 31, 2015 and December 31, 2014, respectively. Engaged AIAs, as currently determined, include those that increase the number of policies in force from the prior year. 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. Fees for the three months ended December 31, 2015 were $19.3 million. Represents non-proprietary premiums written for the period. Commissions earned for the three months ended December 31, 2015 were $18.7 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. Total Allstate agencies represents exclusive Allstate agencies and financial representatives in the United States and Canada. Allstate brand auto PIF increased in 39 states, including 8 out of our largest 10 states, as of December 31, 2015 compared to December 31, 2014. Allstate brand homeowners PIF increased in 32 states, including 7 out of our largest 10 states, as of December 31, 2015 compared to December 31, 2014.

19 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 6,880 $ 7,383 $ 7,168 $ 6,583 $ 6,623 $ 7,054 $ 6,866 $ 6,277 $ 28,014 $ 26,820 Net premiums earned Auto $ 4,638 $ 4,597 $ 4,524 $ 4,432 $ 4,376 $ 4,352 $ 4,297 $ 4,209 $ 18,191 $ 17,234 Homeowners 1,674 1,663 1,645 1,631 1,625 1,616 1,594 1,580 6,613 6,415 Other personal lines 395 396 395 391 390 389 387 385 1,577 1,551 Commercial lines 129 128 128 125 125 120 121 110 510 476 Other business lines 135 148 137 141 140 138 131 133 561 542 Total 6,971 6,932 6,829 6,720 6,656 6,615 6,530 6,417 27,452 26,218 Incurred losses Auto $ 3,495 $ 3,455 $ 3,431 $ 3,175 $ 3,103 $ 2,964 $ 3,011 $ 2,858 $ 13,556 $ 11,936 Homeowners 816 820 1,147 894 634 930 1,212 994 3,677 3,770 Other personal lines 216 241 259 244 223 229 226 279 960 957 Commercial lines 100 97 105 98 88 72 78 81 400 319 Other business lines 57 71 66 69 65 70 64 63 263 262 Total 4,684 4,684 5,008 4,480 4,113 4,265 4,591 4,275 18,856 17,244 Expenses Auto $ 1,077 $ 1,086 $ 1,155 $ 1,113 $ 1,140 $ 1,088 $ 1,089 $ 1,075 $ 4,431 $ 4,392 Homeowners 372 385 372 389 399 382 359 385 1,518 1,525 Other personal lines 101 109 105 105 118 103 105 108 420 434 Commercial lines 36 36 40 38 41 38 35 34 150 148 Other business lines 72 61 63 69 63 63 52 62 265 240 Total 1,658 1,677 1,735 1,714 1,761 1,674 1,640 1,664 6,784 6,739 Underwriting income (loss) Auto $ 66 $ 56 $ (62) $ 144 $ 133 $ 300 $ 197 $ 276 $ 204 $ 906 Homeowners 486 458 126 348 592 304 23 201 1,418 1,120 Other personal lines 78 46 31 42 49 57 56 (2) 197 160 Commercial lines (7) (5) (17) (11) (4) 10 8 (5) (40) 9 Other business lines 6 16 8 3 12 5 15 8 33 40 Total 629 571 86 526 782 676 299 478 1,812 2,235 Loss ratio 67.2 67.6 73.3 66.7 61.8 64.5 70.3 66.6 68.7 65.8 Expense ratio 23.8 24.2 25.4 25.5 26.5 25.3 25.1 26.0 24.7 25.7 Combined ratio 91.0 91.8 98.7 92.2 88.3 89.8 95.4 92.6 93.4 91.5 Underlying loss ratio * 62.4 64.1 62.3 61.9 61.4 58.9 57.9 60.4 62.7 59.7 Expense ratio, excluding the effect of amortization of purchased intangible assets 23.8 24.2 25.4 25.5 26.5 25.3 25.1 26.0 24.7 (1) 25.7 Underlying combined ratio 86.2 88.3 87.7 87.4 87.9 84.2 83.0 86.4 87.4 85.4 Effect of catastrophe losses on combined ratio 4.9 3.6 10.7 4.1 1.3 6.9 13.1 6.4 5.8 6.9 Effect of prior year reserve reestimates on combined ratio (0.3) (0.2) 0.4 0.7 (1.0) (1.3) (0.1) (0.2) 0.1 (0.7) Underlying combined ratio 86.2 88.3 87.7 87.4 87.9 84.2 83.0 86.4 87.4 85.4 Effect of catastrophe losses 4.9 3.6 10.7 4.1 1.3 6.9 13.1 6.4 5.8 6.9 Effect of prior year non-catastrophe reserve reestimates (0.1) (0.1) 0.3 0.7 (0.9) (1.3) (0.7) (0.2) 0.2 (0.8) Effect of amortization of purchased intangible assets - - - - - - - - - - Combined ratio 91.0 91.8 98.7 92.2 88.3 89.8 95.4 92.6 93.4 91.5 (1) Allstate brand expense ratio decreased 1.0 point in 2015 compared to 2014 due to expense spending reductions in advertising and professional services costs, partially offset by an increase in the amortization of acquisition costs. Expense reductions were primarily related to actions that could be modified as margins return to targeted underwriting results. Twelve months ended THE ALLSTATE CORPORATION ALLSTATE BRAND PROFITABILITY MEASURES ($ in millions) Three months ended

20 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 New Issued Applications (in thousands) (2) Auto (8) 562 790 818 792 740 809 770 714 2,962 3,033 Homeowners 174 218 212 177 178 201 192 154 781 725 Average Premium - Gross Written ($) (3) Auto (9) 502 494 488 484 486 481 478 473 492 479 Homeowners (10) 1,163 1,158 1,150 1,148 1,144 1,144 1,135 1,137 1,155 1,140 Average Premium - Net Earned ($) (4) Auto 456 452 450 444 444 443 441 435 450 441 Homeowners 1,078 1,074 1,066 1,060 1,060 1,054 1,045 1,034 1,070 1,048 Renewal Ratio (%) (5) Auto 88.2 88.6 88.9 88.8 88.6 88.9 89.1 89.0 88.6 88.9 Homeowners 88.5 88.7 88.4 88.4 88.6 88.6 88.3 88.2 88.5 88.4 Bodily Injury Claim Frequency (6) (% change year-over-year) Auto 3.9 6.4 6.8 6.8 4.0 (1.3) (2.8) (0.3) 5.9 - Property Damage Claim Frequency (% change year-over-year) Auto 7.5 8.9 6.9 2.1 0.5 (1.0) (2.4) 5.1 6.3 0.5 Auto Paid Claim Severity (7) (% change year-over-year) Bodily injury (7.0) (2.9) 0.6 3.9 6.0 2.2 1.3 0.7 (1.6) 2.7 Property damage 4.0 5.4 3.7 4.8 3.9 5.5 4.4 2.7 4.4 4.1 Homeowners Excluding Catastrophe Losses (% change year-over-year) Claim frequency 0.9 (1.9) 0.4 (7.9) (4.1) (5.5) 2.3 6.1 (2.3) (0.3) Claim severity 2.6 4.5 3.6 6.6 8.1 9.2 5.5 8.3 4.3 7.7 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 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 number allowed on a policy which in 2014 and 2015 was either four or ten depending on the state. As of 2015 year-end, all states allow ten automobiles on a policy. THE ALLSTATE CORPORATION ALLSTATE BRAND STATISTICS (1) Twelve months ended Fluctuation in the Canadian exchange rate has reduced the auto average premium growth rate in 2015 by 0.7 points. Fluctuation in the Canadian exchange rate has reduced the homeowner average premium growth rate in 2015 by 0.5 points. Claim frequency is gross frequency. Gross frequency is calculated as the number of claim notices received in the period divided by the average earned policies in force with the respective insurance coverage in force. The rate of change in claim frequency is the year over year percent increase or decrease in claim frequency for the period. Paid claim severity is calculated by dividing the sum of paid losses and loss expenses by claims closed with a payment during the period. The rate of change in paid severity is the year over year percent increase or decrease in paid claim severity for the period. Auto new issued applications decreased 24.1% to 562 thousand in fourth quarter 2015 from 740 thousand in fourth quarter 2014 and decreased 2.3% to 2.962 thousand in the twelve months of 2015 from 3,033 thousand in the twelve months of 2014. As a result of a change that allows a greater number of autos on a single policy, new issued applications are approximately 4.3 points and 3.2 points lower in the fourth quarter and first twelve months of 2015, respectively, compared to the same periods of 2014. Without this change, new issued applications would have increased 0.9% in 2015 from 2014.

21 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Rates of change in auto frequency (1) (% change in frequency rate year over year) Allstate gross frequency (2) 5.1% 3.4% 6.9% 6.9% 2.1% -3.2% -4.4% -4.1% -2.9% 1.2% -1.8% -3.1% -2.4% -1.1% 0.8% -1.7% -0.3% -2.8% -1.3% 4.0% 6.8% 6.8% 6.4% 3.9% Allstate paid frequency (3) 6.1% 7.7% 8.3% 7.9% 4.5% 1.5% -0.9% -2.4% -0.2% 1.1% -1.0% 0.7% -2.3% -2.7% -2.1% -4.7% -4.7% -3.8% 0.2% 4.7% 2.3% 6.0% 3.5% 0.0% (1) (2) (3) Paid frequency rate is calculated as the number of claim notices closed with a payment amount in the period divided by the average coverage in force. 2010 2011 2012 2013 2014 2015 THE ALLSTATE CORPORATION ALLSTATE BRAND AUTO FREQUENCY STATISTICS BODILY INJURY GROSS AND PAID % CHANGE IN FREQUENCY RATE The % change in frequency rate year over year is calculated as the change in the specified frequency rate between the current period and the same period of the prior year divided by the prior year frequency rate. Gross frequency rate is calculated as the number of claim notices received in the period divided by the average earned policies in force with the respective insurance coverage in force (“average coverage in force”). -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 2014 2015 % c ha ng e ye ar -o ve r- ye ar Rates of change in auto bodily injury frequency Allstate gross frequency Allstate paid frequency

22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Rates of change in auto frequency (1) (% change in frequency rate year over year) Allstate gross frequency (2) -0.5% 1.5% 3.1% 1.7% 0.6% -4.4% -3.3% -3.1% -4.8% 0.7% -1.8% -4.3% -0.7% -0.3% 0.6% 1.4% 5.1% -2.4% -1.0% 0.5% 2.1% 6.9% 8.9% 7.5% Allstate paid frequency (3) -3.4% 0.6% 4.2% 1.7% 0.4% -2.9% -4.3% -2.4% -4.3% -0.3% -3.4% -4.1% -4.5% 0.5% 3.7% 0.8% 2.9% -0.4% 0.4% 2.5% 2.5% 4.2% 4.7% 3.7% (1) (2) (3) Paid frequency rate is calculated as the number of claim notices closed with a payment amount in the period divided by the average coverage in force. 2010 2011 2012 2013 2014 2015 THE ALLSTATE CORPORATION ALLSTATE BRAND AUTO FREQUENCY STATISTICS PROPERTY DAMAGE GROSS AND PAID % CHANGE IN FREQUENCY RATE The % change in frequency rate year over year is calculated as the change in the specified frequency rate between the current period and the same period of the prior year divided by the prior year frequency rate. Gross frequency rate is calculated as the number of claim notices received in the period divided by the average earned policies in force with the respective insurance coverage in force (“average coverage in force”). -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 2014 2015 % c ha ng e ye ar -o ve r- ye ar Rates of change in auto property damage frequency Allstate gross frequency Allstate paid frequency

23 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 378 $ 423 $ 371 $ 441 $ 359 $ 408 $ 340 $ 406 $ 1,613 $ 1,513 Net premiums earned Auto $ 391 $ 392 $ 397 $ 382 $ 378 $ 370 $ 365 $ 342 $ 1,562 $ 1,455 Homeowners 7 5 4 3 2 1 - - 19 3 Other personal lines 2 2 1 2 1 2 1 1 7 5 400 399 402 387 381 373 366 343 1,588 1,463 Incurred losses Auto $ 294 $ 285 $ 300 $ 297 $ 300 $ 283 $ 275 $ 260 $ 1,176 $ 1,118 Homeowners 4 4 3 1 1 1 - - 12 2 Other personal lines 1 1 1 1 1 1 1 - 4 3 299 290 304 299 302 285 276 260 1,192 1,123 Expenses Auto $ 119 $ 125 $ 132 $ 155 $ 136 $ 148 $ 135 $ 174 $ 531 $ 593 Homeowners 9 10 7 - - - - - 26 - Other personal lines 1 - - 2 2 2 - 2 3 6 129 135 139 157 138 150 135 176 560 599 Underwriting income (loss) Auto $ (22) $ (18) $ (35) $ (70) $ (58) $ (61) $ (45) $ (92) $ (145) $ (256) Homeowners (6) (9) (6) 2 1 - - - (19) 1 Other personal lines - 1 - (1) (2) (1) - (1) - (4) (28) (26) (41) (69) (59) (62) (45) (93) (164) (259) Loss ratio 74.8 72.7 75.6 77.2 79.3 76.4 75.4 75.8 75.1 76.8 Expense ratio 32.2 33.8 34.6 40.6 36.2 40.2 36.9 51.3 35.2 40.9 Combined ratio 107.0 106.5 110.2 117.8 115.5 116.6 112.3 127.1 110.3 117.7 Underlying loss ratio 75.3 73.5 74.3 78.2 80.3 75.3 74.1 76.4 75.4 76.6 Expense ratio, excluding the effect of amortization of purchased intangible assets 30.0 31.8 32.4 38.3 33.1 37.0 33.6 47.8 33.0 (1) 37.6 Underlying combined ratio 105.3 105.3 106.7 116.5 113.4 112.3 107.7 124.2 108.4 114.2 Effect of catastrophe losses on combined ratio 0.8 0.8 2.0 - 0.3 1.9 2.7 0.3 0.9 1.3 Effect of prior year reserve reestimates on combined ratio (1.3) (1.3) (0.7) (1.0) (1.3) (0.8) (1.4) (0.9) (1.1) (1.1) Effect of amortization of purchased intangible assets on combined ratio 2.2 2.0 2.2 2.3 3.1 3.2 3.3 3.5 2.2 3.3 Underlying combined ratio 105.3 105.3 106.7 116.5 113.4 112.3 107.7 124.2 108.4 114.2 Effect of catastrophe losses 0.8 0.8 2.0 - 0.3 1.9 2.7 0.3 0.9 1.3 Effect of prior year non-catastrophe reserve reestimates (1.3) (1.6) (0.7) (1.0) (1.3) (0.8) (1.4) (0.9) (1.2) (1.1) Effect of amortization of purchased intangible assets 2.2 2.0 2.2 2.3 3.1 3.2 3.3 3.5 2.2 3.3 Combined ratio 107.0 106.5 110.2 117.8 115.5 116.6 112.3 127.1 110.3 117.7 Policies in Force (in thousands) Auto 1,415 1,433 1,458 1,470 1,424 1,410 1,399 1,375 1,415 1,424 Homeowners 32 26 20 15 10 6 2 1 32 10 Other personal lines 44 44 44 42 36 33 30 26 44 36 1,491 1,503 1,522 1,527 1,470 1,449 1,431 1,402 1,491 1,470 New Issued Applications (in thousands) Auto 139 145 148 195 168 181 177 221 627 747 Homeowners 7 8 7 6 4 5 1 1 28 11 Other personal lines 7 9 10 12 10 9 10 10 38 39 153 162 165 213 182 195 188 232 693 797 Average Premium - Gross Written ($) Auto 526 513 506 520 500 499 497 504 516 499 Homeowners 821 838 814 849 781 829 822 691 833 811 Renewal Ratio (%) (2) Auto 78.8 78.7 80.4 79.9 79.4 78.4 80.1 80.4 79.5 79.5 (1) (2) Esurance’s homeowner renewal ratio in 2015 was 72.7%. The retention ratios will appear lower due to its underwriting process. Customers can enter into a policy without a physical inspection. During the underwriting review period, a number of polices may be canceled if upon inspection the condition is unsatisfactory. Esurance’s homeowner retention ratio was 91.9% on policies that passed the underwriting review period. The expenses related to expansion initiatives contributed approximately 4.0 points in 2015 compared to 5.2 points to the total expense ratio in 2014. THE ALLSTATE CORPORATION ESURANCE PROFITABILITY MEASURES AND STATISTICS Twelve months ended ($ in millions) Three months ended

24 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 293 $ 331 $ 338 $ 282 $ 310 $ 343 $ 341 $ 286 $ 1,244 $ 1,280 Net premiums earned Auto $ 162 $ 165 $ 165 $ 165 $ 164 $ 168 $ 162 $ 161 $ 657 $ 655 Homeowners 124 127 126 127 126 123 120 117 504 486 Other personal lines 27 27 27 27 27 27 26 26 108 106 Total 313 319 318 319 317 318 308 304 1,269 1,247 Incurred losses Auto $ 126 $ 135 $ 129 $ 116 $ 126 $ 131 $ 134 $ 114 $ 506 $ 505 Homeowners 61 75 117 74 56 103 118 86 327 363 Other personal lines 27 23 27 23 18 20 21 21 100 80 Total 214 233 273 213 200 254 273 221 933 948 Expenses Auto $ 44 $ 46 $ 50 $ 47 $ 48 $ 50 $ 50 $ 48 $ 187 $ 196 Homeowners 34 36 38 37 38 37 37 35 145 147 Other personal lines 7 8 7 8 9 8 7 8 30 32 Total 85 90 95 92 95 95 94 91 362 375 Underwriting income (loss) Auto $ (8) $ (16) $ (14) $ 2 $ (10) $ (13) $ (22) $ (1) $ (36) $ (46) Homeowners 29 16 (29) 16 32 (17) (35) (4) 32 (24) Other personal lines (7) (4) (7) (4) - (1) (2) (3) (22) (6) Total 14 (4) (50) 14 22 (31) (59) (8) (26) (76) Loss ratio 68.4 73.1 85.8 66.8 63.1 79.8 88.7 72.7 73.5 76.0 Expense ratio 27.1 28.2 29.9 28.8 30.0 29.9 30.5 29.9 28.5 30.1 Combined ratio 95.5 101.3 115.7 95.6 93.1 109.7 119.2 102.6 102.0 106.1 Underlying loss ratio 65.2 62.7 66.6 61.8 62.7 65.8 64.3 61.9 64.1 63.6 Expense ratio, excluding the effect of amortization of purchased intangible assets 27.1 28.2 29.9 28.8 30.0 29.9 30.5 29.9 28.5 30.1 Underlying combined ratio 92.3 90.9 96.5 90.6 92.7 95.6 94.8 91.8 92.6 93.7 Effect of catastrophe losses on combined ratio 4.8 5.3 18.6 6.3 1.9 16.4 23.7 11.2 8.7 13.2 Effect of prior year reserve reestimates on combined ratio (1.9) 5.4 0.9 (2.2) (1.2) (1.9) 1.0 (0.7) 0.6 (0.7) Underlying combined ratio 92.3 90.9 96.5 90.6 92.7 95.6 94.8 91.8 92.6 93.7 Effect of catastrophe losses 4.8 5.3 18.6 6.3 1.9 16.4 23.7 11.2 8.7 13.2 Effect of prior year non-catastrophe reserve reestimates (1.6) 5.1 0.6 (1.3) (1.5) (2.3) 0.7 (0.4) 0.7 (0.8) Combined ratio 95.5 101.3 115.7 95.6 93.1 109.7 119.2 102.6 102.0 106.1 Policies in Force (in thousands) Auto 723 746 767 778 790 792 788 778 723 790 Homeowners 338 347 355 361 365 365 364 359 338 365 Other personal lines 111 114 118 120 122 123 124 124 111 122 1,172 1,207 1,240 1,259 1,277 1,280 1,276 1,261 1,172 1,277 New Issued Applications (in thousands) Auto 16 20 23 23 28 34 40 33 82 135 Homeowners 10 12 14 12 15 18 20 17 48 70 Average Premium - Gross Written ($) Auto 981 963 925 913 901 898 888 893 945 895 Homeowners 1,587 1,583 1,532 1,519 1,482 1,471 1,437 1,440 1,555 1,457 Renewal Ratio (%) Auto 76.1 76.7 78.0 78.5 80.0 79.4 80.3 79.2 77.3 79.7 Homeowners 81.3 82.5 83.2 83.2 84.9 84.8 86.2 86.6 82.5 85.6 THE ALLSTATE CORPORATION ENCOMPASS BRAND PROFITABILITY MEASURES AND STATISTICS ($ in millions) Twelve months endedThree months ended

25 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, ($ in millions) 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 4,576 $ 4,746 $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 18,445 $ 17,504 Esurance brand 368 411 363 434 354 403 338 404 1,576 1,499 Encompass brand 152 169 173 147 160 178 176 151 641 665 5,096 5,326 5,124 5,116 4,861 5,071 4,889 4,847 20,662 19,668 Net premiums earned Allstate brand $ 4,638 $ 4,597 $ 4,524 $ 4,432 $ 4,376 $ 4,352 $ 4,297 $ 4,209 $ 18,191 $ 17,234 Esurance brand 391 392 397 382 378 370 365 342 1,562 1,455 Encompass brand 162 165 165 165 164 168 162 161 657 655 5,191 5,154 5,086 4,979 4,918 4,890 4,824 4,712 20,410 19,344 Incurred losses Allstate brand $ 3,495 $ 3,455 $ 3,431 $ 3,175 $ 3,103 $ 2,964 $ 3,011 $ 2,858 $ 13,556 $ 11,936 Esurance brand 294 285 300 297 300 283 275 260 1,176 1,118 Encompass brand 126 135 129 116 126 131 134 114 506 505 3,915 3,875 3,860 3,588 3,529 3,378 3,420 3,232 15,238 13,559 Expenses Allstate brand $ 1,077 $ 1,086 $ 1,155 $ 1,113 $ 1,140 $ 1,088 $ 1,089 $ 1,075 $ 4,431 $ 4,392 Esurance brand 119 125 132 155 136 148 135 174 531 593 Encompass brand 44 46 50 47 48 50 50 48 187 196 1,240 1,257 1,337 1,315 1,324 1,286 1,274 1,297 5,149 5,181 Underwriting income (loss) Allstate brand $ 66 $ 56 $ (62) $ 144 $ 133 $ 300 $ 197 $ 276 $ 204 $ 906 Esurance brand (22) (18) (35) (70) (58) (61) (45) (92) (145) (256) Encompass brand (8) (16) (14) 2 (10) (13) (22) (1) (36) (46) 36 22 (111) 76 65 226 130 183 23 604 Loss ratio Allstate brand 75.4 75.2 75.9 71.7 70.9 68.1 70.1 67.9 74.5 69.2 Esurance brand 75.2 72.7 75.6 77.7 79.3 76.5 75.3 76.0 75.3 76.8 Encompass brand 77.8 81.8 78.2 70.3 76.8 78.0 82.7 70.8 77.0 77.1 Allstate Protection 75.4 75.2 75.9 72.1 71.8 69.1 70.9 68.6 74.7 70.1 Expense ratio Allstate brand 23.2 23.6 25.5 25.1 26.1 25.0 25.3 25.5 24.4 25.5 Esurance brand 30.4 31.9 33.2 40.6 36.0 40.0 37.0 50.9 34.0 40.8 Encompass brand 27.1 27.9 30.3 28.5 29.3 29.7 30.9 29.8 28.5 29.9 Allstate Protection 23.9 24.4 26.3 26.4 26.9 26.3 26.4 27.5 25.2 26.8 Combined ratio Allstate brand 98.6 98.8 101.4 96.8 97.0 93.1 95.4 93.4 98.9 94.7 Esurance brand 105.6 104.6 108.8 118.3 115.3 116.5 112.3 126.9 109.3 117.6 Encompass brand 104.9 109.7 108.5 98.8 106.1 107.7 113.6 100.6 105.5 107.0 Allstate Protection 99.3 99.6 102.2 98.5 98.7 95.4 97.3 96.1 99.9 96.9 Effect of catastrophe losses on combined ratio Allstate brand 1.1 0.5 3.2 0.3 0.2 1.8 4.1 0.4 1.3 1.6 Esurance brand 0.5 0.5 1.8 - 0.3 1.9 2.7 0.3 0.7 1.3 Encompass brand 0.6 0.6 3.0 - - 3.0 9.3 0.6 1.1 3.2 Allstate Protection 1.0 0.5 3.1 0.3 0.2 1.9 4.2 0.4 1.2 1.7 Effect of prior year reserve reestimates on combined ratio Allstate brand (0.3) 0.1 0.4 0.8 (1.5) (1.8) (0.6) (0.9) 0.2 (1.2) Esurance brand (1.3) (1.3) (0.8) (1.0) (1.3) (0.8) (1.4) (0.9) (1.1) (1.1) Encompass brand (0.6) 7.9 (1.2) (4.8) (0.6) 0.5 (3.7) (4.3) 0.3 (2.0) Allstate Protection (0.4) 0.3 0.2 0.5 (1.5) (1.6) (0.7) (1.0) 0.1 (1.2) Effect of catastrophe losses included in prior year reserve reestimates on combined ratio Allstate brand (0.2) (0.1) - (0.1) (0.1) (0.2) (0.1) (0.1) (0.1) (0.1) Esurance brand - 0.2 - - - - - - - - Encompass brand - - - (0.6) - - (0.6) - (0.1) (0.2) Allstate Protection (0.2) - (0.1) - (0.1) (0.1) - (0.1) (0.1) (0.1) Effect of amortization of purchased intangible assets on combined ratio Esurance brand 2.3 2.0 2.3 2.3 3.1 3.2 3.3 3.5 2.2 3.3 Allstate Protection 0.2 0.2 0.1 0.2 0.2 0.3 0.3 0.2 0.2 - THE ALLSTATE CORPORATION AUTO PROFITABILITY MEASURES Twelve months endedThree months ended

26 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, ($ in millions) 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 1,634 $ 1,879 $ 1,819 $ 1,379 $ 1,598 $ 1,831 $ 1,765 $ 1,342 $ 6,711 $ 6,536 Esurance brand 9 9 7 5 4 3 1 1 30 9 Encompass brand 116 134 136 111 123 137 136 110 497 506 1,759 2,022 1,962 1,495 1,725 1,971 1,902 1,453 7,238 7,051 Net premiums earned Allstate brand $ 1,674 $ 1,663 $ 1,645 $ 1,631 $ 1,625 $ 1,616 $ 1,594 $ 1,580 $ 6,613 $ 6,415 Esurance brand 7 5 4 3 2 1 - - 19 3 Encompass brand 124 127 126 127 126 123 120 117 504 486 1,805 1,795 1,775 1,761 1,753 1,740 1,714 1,697 7,136 6,904 Incurred losses Allstate brand $ 816 $ 820 $ 1,147 $ 894 $ 634 $ 930 $ 1,212 $ 994 $ 3,677 $ 3,770 Esurance brand 4 4 3 1 1 1 - - 12 2 Encompass brand 61 75 117 74 56 103 118 86 327 363 881 899 1,267 969 691 1,034 1,330 1,080 4,016 4,135 Expenses Allstate brand $ 372 $ 385 $ 372 $ 389 $ 399 $ 382 $ 359 $ 385 $ 1,518 $ 1,525 Esurance brand 9 10 7 - - - - - 26 - Encompass brand 34 36 38 37 38 37 37 35 145 147 415 431 417 426 437 419 396 420 1,689 1,672 Underwriting income (loss) Allstate brand $ 486 $ 458 $ 126 $ 348 $ 592 $ 304 $ 23 $ 201 $ 1,418 $ 1,120 Esurance brand (6) (9) (6) 2 1 - - - (19) 1 Encompass brand 29 16 (29) 16 32 (17) (35) (4) 32 (24) 509 465 91 366 625 287 (12) 197 1,431 1,097 Loss ratio Allstate brand 48.8 49.3 69.7 54.8 39.0 57.6 76.1 62.9 55.6 58.7 Esurance brand 57.1 80.0 75.0 33.3 50.0 100.0 - - 63.2 66.7 Encompass brand 49.2 59.1 92.8 58.3 44.4 83.7 98.3 73.5 64.9 74.7 Allstate Protection 48.8 50.1 71.4 55.0 39.4 59.4 77.6 63.6 56.3 59.9 Expense ratio Allstate brand 22.2 23.2 22.6 23.9 24.6 23.6 22.5 24.4 23.0 23.8 Esurance brand 128.6 200.0 175.0 - - - - - 136.8 - Encompass brand 27.4 28.3 30.2 29.1 30.2 30.1 30.9 29.9 28.8 30.2 Allstate Protection 23.0 24.0 23.5 24.2 24.9 24.1 23.1 24.8 23.6 24.2 Combined ratio Allstate brand 71.0 72.5 92.3 78.7 63.6 81.2 98.6 87.3 78.6 82.5 Esurance brand 185.7 280.0 250.0 33.3 50.0 100.0 - - 200.0 66.7 Encompass brand 76.6 87.4 123.0 87.4 74.6 113.8 129.2 103.4 93.7 104.9 Allstate Protection 71.8 74.1 94.9 79.2 64.3 83.5 100.7 88.4 79.9 84.1 Effect of catastrophe losses on combined ratio Allstate brand 15.0 12.4 32.1 13.9 3.8 22.0 38.7 21.3 18.3 21.4 Esurance brand 14.3 20.0 25.0 - - - - - 15.8 - Encompass brand 9.7 11.8 41.3 14.2 4.8 36.6 46.7 25.6 19.3 28.2 Allstate Protection 14.6 12.4 32.7 13.9 3.9 23.0 39.3 21.6 18.4 21.8 Effect of prior year reserve reestimates on combined ratio Allstate brand (0.5) (0.9) - 0.2 (1.1) (0.1) 2.1 0.8 (0.3) 0.4 Esurance brand - - - - - - - - - - Encompass brand (4.9) - 2.3 (1.6) (2.4) (6.5) 6.7 4.3 (1.0) 0.4 Allstate Protection (0.8) (0.8) 0.2 0.1 (1.2) (0.5) 2.4 1.1 (0.4) 0.4 Effect of catastrophe losses included in prior year reserve reestimates on combined ratio Allstate brand (0.5) (0.1) 0.5 (0.1) 0.1 0.7 2.4 0.6 (0.1) 1.0 Esurance brand - - - - - - - - - - Encompass brand (0.8) 1.6 - (1.6) 0.8 0.9 1.7 (0.8) (0.2) 0.7 Allstate Protection (0.5) 0.1 0.4 (0.1) 0.2 0.7 2.4 0.6 - 0.9 THE ALLSTATE CORPORATION HOMEOWNERS PROFITABILITY MEASURES Twelve months endedThree months ended

27 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, ($ in millions) 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 376 $ 429 $ 424 $ 357 $ 376 $ 426 $ 416 $ 351 $ 1,586 $ 1,569 Esurance brand 1 3 1 2 1 2 1 1 7 5 Encompass brand 25 28 29 24 27 28 29 25 106 109 402 460 454 383 404 456 446 377 1,699 1,683 Net premiums earned Allstate brand $ 395 $ 396 $ 395 $ 391 $ 390 $ 389 $ 387 $ 385 $ 1,577 $ 1,551 Esurance brand 2 2 1 2 1 2 1 1 7 5 Encompass brand 27 27 27 27 27 27 26 26 108 106 424 425 423 420 418 418 414 412 1,692 1,662 Incurred losses Allstate brand $ 216 $ 241 $ 259 $ 244 $ 223 $ 229 $ 226 $ 279 $ 960 $ 957 Esurance brand 1 1 1 1 1 1 1 - 4 3 Encompass brand 27 23 27 23 18 20 21 21 100 80 244 265 287 268 242 250 248 300 1,064 1,040 Expenses Allstate brand $ 101 $ 109 $ 105 $ 105 $ 118 $ 103 $ 105 $ 108 $ 420 $ 434 Esurance brand 1 - - 2 2 2 - 2 3 6 Encompass brand 7 8 7 8 9 8 7 8 30 32 109 117 112 115 129 113 112 118 453 472 Underwriting income (loss) Allstate brand $ 78 $ 46 $ 31 $ 42 $ 49 $ 57 $ 56 $ (2) $ 197 $ 160 Esurance brand - 1 - (1) (2) (1) - (1) - (4) Encompass brand (7) (4) (7) (4) - (1) (2) (3) (22) (6) 71 43 24 37 47 55 54 (6) 175 150 Loss ratio Allstate brand 54.7 60.9 65.6 62.4 57.2 58.9 58.4 72.5 60.9 61.7 Esurance brand 50.0 50.0 100.0 50.0 100.0 50.0 100.0 - 57.1 60.0 Encompass brand 100.0 85.2 100.0 85.2 66.7 74.1 80.8 80.8 92.6 75.5 Allstate Protection 57.6 62.4 67.8 63.8 57.9 59.8 59.9 72.8 62.9 62.6 Expense ratio Allstate brand 25.6 27.5 26.6 26.9 30.2 26.4 27.1 28.0 26.6 28.0 Esurance brand 50.0 - - 100.0 200.0 100.0 - 200.0 42.9 120.0 Encompass brand 25.9 29.6 25.9 29.6 33.3 29.6 26.9 30.7 27.8 30.2 Allstate Protection 25.7 27.5 26.5 27.4 30.9 27.0 27.1 28.7 26.8 28.4 Combined ratio Allstate brand 80.3 88.4 92.2 89.3 87.4 85.3 85.5 100.5 87.5 89.7 Esurance brand 100.0 50.0 100.0 150.0 300.0 150.0 100.0 200.0 100.0 180.0 Encompass brand 125.9 114.8 125.9 114.8 100.0 103.7 107.7 111.5 120.4 105.7 Allstate Protection 83.3 89.9 94.3 91.2 88.8 86.8 87.0 101.5 89.7 91.0 Effect of catastrophe losses on combined ratio Allstate brand 8.4 4.5 11.9 7.4 2.8 4.9 12.4 12.7 8.1 8.2 Esurance brand - - - - - - - - - - Encompass brand 7.4 3.7 7.4 7.4 - 7.4 7.7 11.5 6.5 6.6 Allstate Protection 8.3 4.5 11.6 7.4 2.7 5.0 12.1 12.6 7.9 8.1 Effect of prior year reserve reestimates on combined ratio Allstate brand (0.3) 1.8 1.1 (0.5) 5.1 2.6 (3.4) 3.9 0.5 2.1 Esurance brand - - - - - - - - - - Encompass brand 3.7 14.8 7.4 11.1 - 3.7 3.8 - 9.3 1.9 Allstate Protection - 2.6 1.4 0.2 4.8 2.6 (2.9) 3.6 1.1 2.0 Effect of catastrophe losses included in prior year reserve reestimates on combined ratio Allstate brand (0.3) - - (0.3) - (0.2) (0.3) (0.5) (0.1) (0.2) Esurance brand - - - - - - - - - - Encompass brand - (3.7) 3.7 - - - - - - - Allstate Protection (0.2) (0.2) 0.3 (0.3) - (0.3) (0.3) (0.6) (0.1) (0.3) (1) Other personal lines include renter, condominium, landlord and other personal lines products. Twelve months ended THE ALLSTATE CORPORATION OTHER PERSONAL LINES PROFITABILITY MEASURES (1) Three months ended

28 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, ($ in millions) 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 126 $ 124 $ 138 $ 128 $ 126 $ 122 $ 130 $ 116 $ 516 $ 494 Net premiums earned $ 129 $ 128 $ 128 $ 125 $ 125 $ 120 $ 121 $ 110 $ 510 $ 476 Incurred losses $ 100 $ 97 $ 105 $ 98 $ 88 $ 72 $ 78 $ 81 $ 400 $ 319 Expenses $ 36 $ 36 $ 40 $ 38 $ 41 $ 38 $ 35 $ 34 $ 150 $ 148 Underwriting (loss) income $ (7) $ (5) $ (17) $ (11) $ (4) $ 10 $ 8 $ (5) $ (40) $ 9 Loss ratio 77.5 75.8 82.0 78.4 70.4 60.0 64.5 73.6 78.4 67.0 Expense ratio 27.9 28.1 31.3 30.4 32.8 31.7 28.9 30.9 29.4 31.1 Combined ratio 105.4 103.9 113.3 108.8 103.2 91.7 93.4 104.5 107.8 98.1 Effect of catastrophe losses on combined ratio 4.6 2.3 9.4 4.0 4.8 3.3 8.3 8.2 5.1 6.1 Effect of prior year reserve reestimates on combined ratio - (9.3) 3.1 8.0 (0.8) (14.2) (0.8) (0.9) 0.4 (4.2) Effect of catastrophe losses included in prior year reserve reestimates on combined ratio 0.8 - 2.3 0.8 - 0.7 0.1 1.0 1.0 0.4 (1) Commercial lines all represent Allstate Brand products. THE ALLSTATE CORPORATION COMMERCIAL LINES PROFITABILITY MEASURES (1) Twelve months endedThree months ended

29 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, ($ in millions) 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 168 $ 205 $ 199 $ 184 $ 176 $ 185 $ 180 $ 176 $ 756 $ 717 Net premiums earned $ 135 $ 148 $ 137 $ 141 $ 140 $ 138 $ 131 $ 133 $ 561 $ 542 Incurred losses $ 57 $ 71 $ 66 $ 69 $ 65 $ 70 $ 64 $ 63 $ 263 $ 262 Expenses $ 72 $ 61 $ 63 $ 69 $ 63 $ 63 $ 52 $ 62 $ 265 $ 240 Underwriting income $ 6 $ 16 $ 8 $ 3 $ 12 $ 5 $ 15 $ 8 $ 33 $ 40 Loss ratio 42.2 48.0 48.2 49.0 46.4 50.7 48.8 47.4 46.9 48.3 Expense ratio 53.4 41.2 46.0 48.9 45.0 45.7 39.7 46.6 47.2 44.3 Combined ratio 95.6 89.2 94.2 97.9 91.4 96.4 88.5 94.0 94.1 92.6 Effect of catastrophe losses on combined ratio - - - - - - - - - - Effect of prior year reserve reestimates on combined ratio - 0.7 0.7 - (0.7) - - - 0.4 (0.2) Effect of catastrophe losses included in prior year reserve reestimates on combined ratio - - - - - - - - - - Effect of amortization of purchased intangible assets 0.8 0.7 0.8 0.7 0.7 0.7 0.7 0.8 0.7 0.7 (1) Other business lines include Allstate Roadside Services, Allstate Dealer Services and other business lines, which all represent Allstate Brand products. THE ALLSTATE CORPORATION OTHER BUSINESS LINES PROFITABILITY MEASURES (1) Twelve months endedThree months ended

30 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Auto Allstate brand underlying combined ratio 97.6 98.1 97.8 95.6 98.2 92.9 91.8 93.8 97.3 94.2 Effect of catastrophe losses on combined ratio 1.1 0.5 3.2 0.3 0.2 1.8 4.1 0.4 1.3 1.6 Effect of prior year non-catastrophe reserve reestimates on combined ratio (0.1) 0.2 0.4 0.9 (1.4) (1.6) (0.5) (0.8) 0.3 (1.1) Allstate brand combined ratio 98.6 98.8 101.4 96.8 97.0 93.1 95.4 93.4 98.9 94.7 Esurance brand underlying combined ratio 104.1 103.6 105.5 117.0 113.2 112.2 107.7 124.0 107.5 114.1 Effect of catastrophe losses on combined ratio 0.5 0.5 1.8 - 0.3 1.9 2.7 0.3 0.7 1.3 Effect of prior year non-catastrophe reserve reestimates on combined ratio (1.3) (1.5) (0.8) (1.0) (1.3) (0.8) (1.4) (0.9) (1.1) (1.1) Effect of amortization of purchased intangible assets on combined ratio 2.3 2.0 2.3 2.3 3.1 3.2 3.3 3.5 2.2 3.3 Esurance brand combined ratio 105.6 104.6 108.8 118.3 115.3 116.5 112.3 126.9 109.3 117.6 Encompass brand underlying combined ratio 104.9 101.2 106.7 103.0 106.7 104.2 107.4 104.3 104.0 105.6 Effect of catastrophe losses on combined ratio 0.6 0.6 3.0 - - 3.0 9.3 0.6 1.1 3.2 Effect of prior year non-catastrophe reserve reestimates on combined ratio (0.6) 7.9 (1.2) (4.2) (0.6) 0.5 (3.1) (4.3) 0.4 (1.8) Encompass brand combined ratio 104.9 109.7 108.5 98.8 106.1 107.7 113.6 100.6 105.5 107.0 Homeowners Allstate brand underlying combined ratio 56.0 60.9 60.7 64.5 61.0 60.0 60.2 65.8 60.5 61.7 Effect of catastrophe losses on combined ratio 15.0 12.4 32.1 13.9 3.8 22.0 38.7 21.3 18.3 21.4 Effect of prior year non-catastrophe reserve reestimates on combined ratio - (0.8) (0.5) 0.3 (1.2) (0.8) (0.3) 0.2 (0.2) (0.6) Allstate brand combined ratio 71.0 72.5 92.3 78.7 63.6 81.2 98.6 87.3 78.6 82.5 Encompass brand underlying combined ratio 71.0 77.2 79.4 73.2 73.0 84.6 77.5 72.7 75.2 77.0 Effect of catastrophe losses on combined ratio 9.7 11.8 41.3 14.2 4.8 36.6 46.7 25.6 19.3 28.2 Effect of prior year non-catastrophe reserve reestimates on combined ratio (4.1) (1.6) 2.3 - (3.2) (7.4) 5.0 5.1 (0.8) (0.3) Encompass brand combined ratio 76.6 87.4 123.0 87.4 74.6 113.8 129.2 103.4 93.7 104.9 Other Personal Lines Allstate brand underlying combined ratio 71.9 82.1 79.2 82.1 79.5 77.6 76.2 83.4 78.8 79.2 Effect of catastrophe losses on combined ratio 8.4 4.5 11.9 7.4 2.8 4.9 12.4 12.7 8.1 8.2 Effect of prior year non-catastrophe reserve reestimates on combined ratio - 1.8 1.1 (0.2) 5.1 2.8 (3.1) 4.4 0.6 2.3 Allstate brand combined ratio 80.3 88.4 92.2 89.3 87.4 85.3 85.5 100.5 87.5 89.7 Encompass brand underlying combined ratio 114.8 92.6 114.8 96.3 100.0 92.6 96.2 100.0 104.6 97.2 Effect of catastrophe losses on combined ratio 7.4 3.7 7.4 7.4 - 7.4 7.7 11.5 6.5 6.6 Effect of prior year non-catastrophe reserve reestimates on combined ratio 3.7 18.5 3.7 11.1 - 3.7 3.8 - 9.3 1.9 Encompass brand combined ratio 125.9 114.8 125.9 114.8 100.0 103.7 107.7 111.5 120.4 105.7 THE ALLSTATE CORPORATION AUTO, HOMEOWNERS AND OTHER PERSONAL LINES UNDERLYING COMBINED RATIOS Twelve months endedThree months ended

31 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2015 2014 2014 2014 2014 Auto Annualized average premium (1) $ 913 $ 903 $ 893 $ 885 $ 879 $ 881 $ 877 $ 867 Underlying combined ratios 97.6 98.1 97.8 95.6 98.2 92.9 91.8 93.8 Average underlying loss (incurred pure premium) and expense * $ 891 $ 886 $ 874 $ 846 $ 863 $ 818 $ 805 $ 813 Homeowners Annualized average premium (1) $ 1,085 $ 1,079 $ 1,071 $ 1,067 $ 1,065 $ 1,063 $ 1,051 $ 1,042 Underlying combined ratios 56.0 60.9 60.7 64.5 61.0 60.0 60.2 65.8 Average underlying loss (incurred pure premium) and expense $ 607 $ 657 $ 650 $ 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. ALLSTATE BRAND AUTO AND HOMEOWNERS UNDERLYING LOSS AND EXPENSE Three months ended

32 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 $ 110 $ 69 62.7% $ - 0.0% Other hurricane exposure states 3,792 2,160 57.0% 812 21.4% Total hurricane exposure states (2) 3,902 2,229 57.1% 812 20.8% 17 4.6% Other catastrophe exposure states (4) 3,234 1,787 55.3% 501 15.5% 26 7.1% Total $ 7,136 $ 4,016 56.3% $ 1,313 18.4% 85 43 5.4% (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. Twelve months ended December 31, 2015

33 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Allstate brand Auto $ 50 $ 22 $ 143 $ 13 $ 9 $ 80 $ 178 $ 16 $ 228 $ 283 Homeowners 251 207 528 227 62 355 617 336 1,213 1,370 Other personal lines 33 18 47 29 11 19 48 49 127 127 Commercial lines 6 3 12 5 6 4 10 9 26 29 Other business lines - - - - - - - - - - Total 340 250 730 274 88 458 853 410 1,594 1,809 Esurance brand Auto 2 2 7 - 1 7 10 1 11 19 Homeowners 1 1 1 - - - - - 3 - Other personal lines - - - - - - - - - - Total 3 3 8 - 1 7 10 1 14 19 Encompass brand Auto 1 1 5 - - 5 15 1 7 21 Homeowners 12 15 52 18 6 45 56 30 97 137 Other personal lines 2 1 2 2 - 2 2 3 7 7 Total 15 17 59 20 6 52 73 34 111 165 Allstate Protection $ 358 $ 270 $ 797 $ 294 $ 95 $ 517 $ 936 $ 445 $ 1,719 $ 1,993 Allstate Protection Auto $ 53 $ 25 $ 155 $ 13 $ 10 $ 92 $ 203 $ 18 $ 246 $ 323 Homeowners 264 223 581 245 68 400 673 366 1,313 1,507 Other personal lines 35 19 49 31 11 21 50 52 134 134 Commercial lines 6 3 12 5 6 4 10 9 26 29 Other business lines - - - - - - - - - - $ 358 $ 270 $ 797 $ 294 $ 95 $ 517 $ 936 $ 445 $ 1,719 $ 1,993 THE ALLSTATE CORPORATION CATASTROPHE LOSSES BY BRAND ($ in millions) Twelve months endedThree months ended

34 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 10.6 3.5 4.7 5.7 30,309 1,719 1,749 5.8 Average 5.4 12.3 7.8 5.2 7.7 6.7 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

35 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 5.3 120 33.6 1.6 120 $50 million to $100 million - - - - - - Less than $50 million 18 94.7 216 60.3 2.8 12 Total 19 100.0 % 336 93.9 4.4 18 Prior year reserve reestimates (16) (4.5) (0.2) Prior quarter reserve reestimates 38 10.6 0.5 Total catastrophe losses $ 358 100.0 % 4.7 % 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 3 3.5 376 21.9 1.2 125 $50 million to $100 million 8 9.4 488 28.4 1.6 61 Less than $50 million 74 87.1 870 50.6 2.9 12 Total 85 100.0 % 1,734 100.9 5.7 20 Prior year reserve reestimates (15) (0.9) - Total catastrophe losses $ 1,719 100.0 % 5.7 % 2006 through December 2015 Principle Average State with Number Claim and Combined catastrophe Size of Catastrophe Loss of Events Claim Expense ratio impact loss per event Greater than $250 million Hurricane Sandy - 2012 NY, NJ $ 1,050 5.0 % 0.4 % Hurricane Ike - 2008 TX 837 4.0 0.3 May 2011 Tornados TX, OH, MO 459 2.2 0.2 Hurricane Irene - 2011 NY, NJ, MD 399 1.9 0.2 April 27, 2011 Tornados AL 299 1.4 0.1 May 20, 2014 Hail PA, IL, CO 294 1.4 0.1 Arizona Hail - 2010 AZ 283 1.4 0.1 Hurricane Gustav - 2008 LA 268 1.3 0.1 Jan 2, 2014 Freeze GA, NY, PA 252 1.2 0.1 Greater than $250 million 9 1.0 % 4,141 19.8 1.6 460 $101 million to $250 million 27 3.1 3,911 18.6 1.4 145 $50 million to $100 million 71 8.1 4,960 23.7 1.8 70 Less than $50 million 774 87.8 7,948 37.9 2.9 10 Total 881 100.0 % $ 20,960 100.0 % 7.7 % 24 Twelve months ended December 31, 2015 THE ALLSTATE CORPORATION CATASTROPHE BY SIZE OF EVENT ($ in millions) Three months ended December 31, 2015

36 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Prior Year Reserve Reestimates (1) Auto $ (19) $ 14 $ 11 $ 24 $ (75) $ (79) $ (36) $ (48) $ 30 $ (238) Homeowners (14) (15) 4 1 (21) (9) 41 18 (24) 29 Other personal lines - 11 6 1 20 11 (12) 15 18 34 Commercial lines - (12) 4 10 (1) (17) (1) (1) 2 (20) Other business lines - 1 1 - (1) - - - 2 (1) Allstate Protection (33) (1) 26 36 (78) (94) (8) (16) 28 (196) Discontinued Lines and Coverages 2 48 2 1 2 105 2 3 53 112 Property-Liability $ (31) $ 47 $ 28 $ 37 $ (76) $ 11 $ (6) $ (13) $ 81 $ (84) Allstate brand (2) $ (22) $ (13) $ 26 $ 47 $ (69) $ (85) $ (6) $ (11) $ 38 $ (171) Esurance brand (5) (5) (3) (4) (5) (3) (5) (3) (17) (16) Encompass brand (2) (6) 17 3 (7) (4) (6) 3 (2) 7 (9) Allstate Protection (2) $ (33) $ (1) $ 26 $ 36 $ (78) $ (94) $ (8) $ (16) $ 28 $ (196) Effect of Prior Year Reserve Reestimates on Combined Ratio (1)(3) Auto (0.2) 0.2 0.2 0.3 (1.0) (1.1) (0.5) (0.7) 0.1 (0.8) Homeowners (0.2) (0.2) - - (0.3) (0.1) 0.6 0.3 (0.1) 0.1 Other personal lines - 0.1 0.1 - 0.3 0.2 (0.2) 0.2 0.1 0.1 Commercial lines - (0.1) - 0.2 - (0.3) - - - (0.1) Other business lines - - - - - - - - - - Allstate Protection (0.4) - 0.3 0.5 (1.0) (1.3) (0.1) (0.2) 0.1 (0.7) Discontinued Lines and Coverages - 0.6 - - - 1.4 - - 0.2 0.4 Property-Liability (0.4) 0.6 0.3 0.5 (1.0) 0.1 (0.1) (0.2) 0.3 (0.3) Allstate brand (2) (0.3) (0.2) 0.3 0.6 (0.9) (1.2) (0.1) (0.2) 0.1 (0.6) Esurance brand - - - - (0.1) - (0.1) - - (0.1) Encompass brand (2) (0.1) 0.2 - (0.1) - (0.1) 0.1 - - - Allstate Protection (2) (0.4) - 0.3 0.5 (1.0) (1.3) (0.1) (0.2) 0.1 (0.7) (1) (2) (3) Calculated using Property-Liability premiums earned for the respective period. THE ALLSTATE CORPORATION PROPERTY-LIABILITY PRIOR YEAR RESERVE REESTIMATES ($ in millions) Favorable reserve reestimates are shown in parentheses. (Favorable) unfavorable reserve reestimates included in catastrophe losses for Allstate brand, Esurance brand, Encompass brand and Allstate Protection totaled $(15) million, $0 million, $(1) million, $(16) million and $(2) million, $0 million, $1 million and $(1) million, respectively, in the three months ended December 31, 2015 and 2014, respectively. (Favorable) unfavorable reserve reestimates included in catastrophe losses for Allstate brand, Esurance brand, Encompass brand and Allstate Protection totaled $(14) million, $1 million, $(2) million, $(15) million and $41 million, $0 million, $2 million and $43 million, respectively, in the twelve months ended December 31, 2015 and 2014, respectively. Twelve months endedThree months ended

37 2015 2014 2013 2012 2011 Allstate brand $ 38 $ (171) $ (220) $ (671) $ (371) Esurance brand (17) (16) - - - Encompass brand 7 (9) (43) (45) 15 Allstate Protection 28 (196) (263) (716) (356) Discontinued Lines and Coverages 53 112 142 51 21 Property-Liability $ 81 $ (84) $ (121) $ (665) $ (335) Effect of Property-Liability prior year reserve reestimates on the combined ratio 0.3 (0.3) (0.4) (2.5) (1.3) (1) Favorable reserve reestimates are shown in parentheses. Twelve months ended December 31, THE ALLSTATE CORPORATION PROPERTY-LIABILITY HISTORICAL PRIOR YEAR RESERVE REESTIMATES (1) ($ in millions)

38 2015 2014 2013 2012 2011 (net of reinsurance) Net reserve for claims and claims expense, beginning of year $ 17,229 $ 17,193 $ 17,278 $ 17,787 $ 17,396 Acquisitions - - - (13) 425 Claims and claims expense Provision attributable to the current year 20,953 19,512 18,032 19,149 20,496 Change in provision attributable to prior years (1) 81 (84) (121) (665) (335) Total claims and claims expense 21,034 19,428 17,911 18,484 20,161 Payments Claims and claims expense attributable to current year (13,660) (12,924) (11,658) (12,545) (13,893) Claims and claims expense attributable to prior years (6,626) (6,468) (6,338) (6,435) (6,302) Total payments (20,286) (19,392) (17,996) (18,980) (20,195) Net reserve for claims and claims expense, end of year (2) $ 17,977 $ 17,229 $ 17,193 $ 17,278 $ 17,787 Percent change in loss reserves 4.3 % 0.2 % (0.5) % (2.9) % 2.2 % (1) Reserve reestimates due to: Asbestos and environmental claims $ 40 $ 102 $ 104 $ 48 $ 26 All other property-liability claims 41 (186) (225) (713) (361) Change in pre-tax reserve $ 81 $ (84) $ (121) $ (665) $ (335) (2) THE ALLSTATE CORPORATION HISTORICAL PROPERTY-LIABILITY LOSS RESERVES ($ in millions) Twelve months ended December 31, Net reserves for claims and claims expense are net of expected reinsurance recoveries of $5.89 billion, $5.69 billion, $4.66 billion, $4.01 billion and $2.59 billion at December 31, 2015, 2014, 2013, 2012 and 2011, respectively.

39 Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2015 2015 2014 2013 2012 2011 (net of reinsurance) Asbestos claims Beginning reserves $ 995 $ 977 $ 993 $ 1,014 $ 1,014 $ 1,017 $ 1,026 $ 1,078 $ 1,100 Incurred claims and claims expense - 39 - - 39 87 74 26 26 Claims and claims expense paid (35) (21) (16) (21) (93) (90) (83) (78) (48) Ending reserves $ 960 $ 995 $ 977 $ 993 $ 960 $ 1,014 $ 1,017 $ 1,026 $ 1,078 Claims and claims expense paid as a percent of ending reserves 3.6% 2.1% 1.6% 2.1% 9.7% 8.9% 8.2% 7.6% 4.5% Environmental claims Beginning reserves $ 188 $ 190 $ 199 $ 203 $ 203 $ 208 $ 193 $ 185 $ 201 Incurred claims and claims expense - 1 - - 1 15 30 22 - Claims and claims expense paid (9) (3) (9) (4) (25) (20) (15) (14) (16) Ending reserves $ 179 $ 188 $ 190 $ 199 $ 179 $ 203 $ 208 $ 193 $ 185 Claims and claims expense paid as a percent of ending reserves 5.0% 1.6% 4.7% 2.0% 14.0% 9.9% 7.2% 7.3% 8.6% THE ALLSTATE CORPORATION ASBESTOS AND ENVIRONMENTAL RESERVES ($ in millions) Three months ended Twelve months ended December 31,

40 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Auto $ 4,576 $ 4,746 $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 18,445 $ 17,504 Homeowners 1,634 1,879 1,819 1,379 1,598 1,831 1,765 1,342 6,711 6,536 Landlord 137 143 138 128 140 147 137 126 546 550 Renter 65 84 73 67 64 79 72 59 289 274 Condominium 58 64 63 51 57 62 61 48 236 228 Other 116 138 150 111 115 138 146 118 515 517 Other personal lines 376 429 424 357 376 426 416 351 1,586 1,569 Commercial lines 126 124 138 128 126 122 130 116 516 494 Total 6,712 7,178 6,969 6,399 6,447 6,869 6,686 6,101 27,258 26,103 Net premiums earned Auto $ 4,638 $ 4,597 $ 4,524 $ 4,432 $ 4,376 $ 4,352 $ 4,297 $ 4,209 $ 18,191 $ 17,234 Homeowners 1,674 1,663 1,645 1,631 1,625 1,616 1,594 1,580 6,613 6,415 Other personal lines 395 396 395 391 390 389 387 385 1,577 1,551 Commercial lines 129 128 128 125 125 120 121 110 510 476 Total 6,836 6,784 6,692 6,579 6,516 6,477 6,399 6,284 26,891 25,676 Incurred losses Auto $ 3,495 $ 3,455 $ 3,431 $ 3,175 $ 3,103 $ 2,964 $ 3,011 $ 2,858 $ 13,556 $ 11,936 Homeowners 816 820 1,147 894 634 930 1,212 994 3,677 3,770 Other personal lines 216 241 259 244 223 229 226 279 960 957 Commercial lines 100 97 105 98 88 72 78 81 400 319 Total 4,627 4,613 4,942 4,411 4,048 4,195 4,527 4,212 18,593 16,982 Expenses Auto $ 1,077 $ 1,086 $ 1,155 $ 1,113 $ 1,140 $ 1,088 $ 1,089 $ 1,075 $ 4,431 $ 4,392 Homeowners 372 385 372 389 399 382 359 385 1,518 1,525 Other personal lines 101 109 105 105 118 103 105 108 420 434 Commercial lines 36 36 40 38 41 38 35 34 150 148 Total 1,586 1,616 1,672 1,645 1,698 1,611 1,588 1,602 6,519 6,499 Underwriting income (loss) Auto $ 66 $ 56 $ (62) $ 144 $ 133 $ 300 $ 197 $ 276 $ 204 $ 906 Homeowners 486 458 126 348 592 304 23 201 1,418 1,120 Other personal lines 78 46 31 42 49 57 56 (2) 197 160 Commercial lines (7) (5) (17) (11) (4) 10 8 (5) (40) 9 Total 623 555 78 523 770 671 284 470 1,779 2,195 Loss ratio 67.7 68.0 73.8 67.1 62.1 64.7 70.8 67.0 69.2 66.2 Expense ratio 23.2 23.8 25.0 25.0 26.1 24.9 24.8 25.5 24.2 25.3 Combined ratio 90.9 91.8 98.8 92.1 88.2 89.6 95.6 92.5 93.4 91.5 Effect of catastrophe losses on combined ratio 5.0 3.7 10.9 4.2 1.4 7.0 13.3 6.5 5.9 7.1 Effect of prior year reserve reestimates on combined ratio (0.3) (0.2) 0.3 0.7 (1.0) (1.3) (0.1) (0.2) 0.1 (0.7) Underlying combined ratio 86.0 88.3 87.7 87.1 87.8 84.0 82.9 86.2 87.3 85.2 Effect of catastrophe losses 5.0 3.7 10.9 4.2 1.4 7.0 13.3 6.5 5.9 7.1 Effect of prior year non-catastrophe reserve reestimates (0.1) (0.2) 0.2 0.8 (1.0) (1.4) (0.6) (0.2) 0.2 (0.8) Combined ratio 90.9 91.8 98.8 92.1 88.2 89.6 95.6 92.5 93.4 91.5 Policies in Force (in thousands) Auto 20,326 20,367 20,258 20,036 19,916 19,751 19,605 19,413 20,326 19,916 Homeowners 6,174 6,163 6,141 6,114 6,106 6,082 6,069 6,063 6,174 6,106 Other personal lines 4,219 4,208 4,170 4,135 4,107 4,084 4,052 4,032 4,219 4,107 Commercial lines 324 328 330 326 325 320 313 305 324 325 Excess and surplus 25 26 26 27 27 26 25 23 25 27 Total 31,068 31,092 30,925 30,638 30,481 30,263 30,064 29,836 31,068 30,481 (1) Allstate Personal Lines comprise Allstate brand auto, homeowners, other personal lines and commercial lines. Allstate Protection segment comprises Allstate Personal Lines and Emerging Businesses. THE ALLSTATE CORPORATION ALLSTATE PERSONAL LINES - AUTO, HOMEOWNERS, OTHER PERSONAL LINES AND COMMERCIAL LINES PROFITABILITY MEASURES (1) ($ in millions) Twelve months endedThree months ended

41 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Esurance $ 378 $ 423 $ 371 $ 441 $ 359 $ 408 $ 340 $ 406 $ 1,613 $ 1,513 Encompass 293 331 338 282 310 343 341 286 1,244 1,280 Allstate Roadside Services 70 87 88 91 86 96 94 97 336 373 Allstate Dealer Services 98 118 111 93 90 89 86 79 420 344 Other business lines 168 205 199 184 176 185 180 176 756 717 Total 839 959 908 907 845 936 861 868 3,613 3,510 Net premiums earned Esurance $ 400 $ 399 $ 402 $ 387 $ 381 $ 373 $ 366 $ 343 $ 1,588 $ 1,463 Encompass 313 319 318 319 317 318 308 304 1,269 1,247 Other business lines 135 148 137 141 140 138 131 133 561 542 Total 848 866 857 847 838 829 805 780 3,418 3,252 Incurred losses Esurance $ 299 $ 290 $ 304 $ 299 $ 302 $ 285 $ 276 $ 260 $ 1,192 $ 1,123 Encompass 214 233 273 213 200 254 273 221 933 948 Other business lines 57 71 66 69 65 70 64 63 263 262 Total 570 594 643 581 - 567 609 613 544 2,388 2,333 Expenses Esurance $ 129 $ 135 $ 139 $ 157 $ 138 $ 150 $ 135 $ 176 $ 560 $ 599 Encompass 85 90 95 92 95 95 94 91 362 375 Other business lines 72 61 63 69 63 63 52 62 265 240 Answer Financial 2 1 3 2 4 4 3 2 8 13 Total 288 287 300 320 300 312 284 331 1,195 1,227 Underwriting income (loss) Esurance $ (28) $ (26) $ (41) $ (69) $ (59) $ (62) $ (45) $ (93) $ (164) $ (259) Encompass 14 (4) (50) 14 22 (31) (59) (8) (26) (76) Other business lines 6 16 8 3 12 5 15 8 33 40 Answer Financial (2) (1) (3) (2) (4) (4) (3) (2) (8) (13) Total (10) (15) (86) (54) (29) (92) (92) (95) (165) (308) Loss ratio 67.2 68.6 75.0 68.6 67.7 73.5 76.1 69.8 69.9 71.8 Expense ratio 34.0 33.1 35.0 37.8 35.8 37.6 35.3 42.4 34.9 37.7 Combined ratio 101.2 101.7 110.0 106.4 103.5 111.1 111.4 112.2 104.8 109.5 Effect of catastrophe losses on combined ratio 2.1 2.3 7.8 2.4 0.8 7.1 10.3 4.5 3.7 5.7 Effect of prior year reserve reestimates on combined ratio (1.3) 1.5 0.1 (1.3) (1.2) (1.1) (0.2) (0.6) (0.2) (0.8) Effect of amortization of purchased intangible assets 1.6 1.4 1.5 1.4 2.1 2.1 2.1 2.2 1.4 2.1 Underlying combined ratio 98.7 96.8 100.7 103.5 101.9 103.1 99.4 106.0 99.9 102.6 Effect of catastrophe losses 2.1 2.3 7.8 2.4 0.8 7.1 10.3 4.5 3.7 5.7 Effect of prior year non-catastrophe reserve reestimates (1.2) 1.2 - (0.9) (1.3) (1.2) (0.4) (0.5) (0.2) (0.9) Effect of amortization of purchased intangible assets 1.6 1.4 1.5 1.4 2.1 2.1 2.1 2.2 1.4 2.1 Combined ratio 101.2 101.7 110.0 106.4 103.5 111.1 111.4 112.2 104.8 109.5 Policies in Force (in thousands) Esurance 1,491 1,503 1,522 1,527 1,470 1,449 1,431 1,402 1,491 1,470 Encompass 1,172 1,207 1,240 1,259 1,277 1,280 1,276 1,261 1,172 1,277 Other business lines 894 920 937 941 948 958 972 991 894 948 Total 3,557 3,630 3,699 3,727 3,695 3,687 3,679 3,654 3,557 3,695 (1) Emerging businesses include Esurance, Encompass, Allstate Roadside Services, Allstate Dealer Services, Ivantage and Answer Financial. THE ALLSTATE CORPORATION EMERGING BUSINESSES - ESURANCE, ENCOMPASS, OTHER BUSINESS LINES AND ANSWER FINANCIAL PROFITABILITY MEASURES (1) ($ in millions) Twelve months endedThree months ended

42 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Premiums $ 339 $ 329 $ 326 $ 328 $ 312 $ 308 $ 312 $ 327 $ 1,322 $ 1,259 Contract charges 208 209 210 209 208 204 206 280 836 898 Net investment income 420 491 489 484 480 473 538 640 1,884 2,131 Periodic settlements and accruals on non-hedge derivative instruments - - - - - - (1) - - (1) Contract benefits (456) (460) (446) (441) (431) (433) (413) (488) (1,803) (1,765) Interest credited to contractholder funds (186) (191) (191) (192) (199) (200) (208) (291) (760) (898) Amortization of deferred policy acquisition costs (65) (61) (62) (69) (60) (56) (65) (74) (257) (255) Operating costs and expenses (119) (112) (118) (123) (121) (115) (112) (118) (472) (466) Restructuring and related charges 3 (1) (2) - - 1 (1) (2) - (2) Income tax expense on operations (46) (66) (67) (62) (61) (57) (91) (85) (241) (294) Operating income 98 138 139 134 128 125 165 189 509 607 Realized capital gains and losses, after-tax (62) 125 38 72 81 19 (6) - 173 94 Valuation changes on embedded derivatives that are not hedged, after-tax 2 (2) 4 (5) (3) 2 (3) (11) (1) (15) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax - (1) (2) - - (3) - - (3) (3) Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - - - - - - 1 - - 1 Gain (loss) on disposition of operations, after-tax 1 2 - (1) 2 (27) (12) (16) 2 (53) Change in accounting for investments in qualified affordable housing projects, after-tax - - - (17) - - - - (17) - Net income applicable to common shareholders $ 39 $ 262 $ 179 $ 183 $ 208 $ 116 $ 145 $ 162 $ 663 $ 631 (1) Refer to page 44 for further details related to the impact of LBL on comparison of Allstate Financial results. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL RESULTS (1) ($ in millions) Twelve months endedThree months ended

43 2015 2014 2013 2012 2011 Premiums $ 1,322 $ 1,259 $ 1,248 $ 1,168 $ 1,190 Contract charges 836 898 1,104 1,073 1,048 Net investment income 1,884 2,131 2,538 2,647 2,716 Periodic settlements and accruals on non-hedge derivative instruments - (1) 17 55 70 Contract benefits (1,803) (1,765) (1,917) (1,818) (1,761) Interest credited to contractholder funds (760) (898) (1,254) (1,434) (1,617) Amortization of deferred policy acquisition costs (257) (255) (330) (350) (343) Operating costs and expenses (472) (466) (565) (576) (555) Restructuring and related charges - (2) (7) - (1) Income tax expense on operations (241) (294) (246) (236) (240) Operating income 509 607 588 529 507 Realized capital gains and losses, after-tax 173 94 46 (8) 250 Valuation changes on embedded derivatives that are not hedged, after-tax (1) (15) (16) 82 (12) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (3) (3) (5) (42) (108) DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - 7 4 3 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - 1 (11) (36) (45) Gain (loss) on disposition of operations, after-tax 2 (53) (514) 12 (5) Change in accounting for investments in qualified affordable housing projects, after-tax (17) - - - - Net income $ 663 $ 631 $ 95 $ 541 $ 590 Life insurance in force, net of reinsurance $ 349,697 (1) $ 328,027 (2) $ 346,202 $ 326,169 $ 306,397 (1) (2) The decline in 2014 is related to the sale of LBL. THE ALLSTATE CORPORATION HISTORICAL ALLSTATE FINANCIAL RESULTS ($ in millions) As of or for the Year Ended December 31, Estimated using the most available information.

44 Dec. 31, Dec. 31, Q1 2014 Change 2015 2014 Change LBL results excl.LBL Premiums and contract charges $ 2,158 $ 2,157 $ 1 $ 85 $ 86 Net investment income 1,884 2,131 (247) 126 (121) Periodic settlements and accruals on non-hedge derivative instruments - (1) 1 - 1 Contract benefits (1,803) (1,765) (38) (65) (103) Interest credited to contractholder funds (760) (898) 138 (80) 58 Amortization of deferred policy acquisition costs (257) (255) (2) (6) (8) Operating costs and expenses (472) (466) (6) (8) (14) Restructuring and related charges - (2) 2 - 2 Income tax expense on operations (241) (294) 53 (18) 35 Operating income 509 607 (98) 34 (64) Realized capital gains and losses, after-tax 173 94 79 - 79 Valuation changes on embedded derivatives that are not hedged, after-tax (1) (15) 14 (6) 8 DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (3) (3) - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - 1 (1) - (1) Gain (loss) on disposition of operations, after-tax 2 (53) 55 - 55 Change in accounting for investments in qualified affordable housing projects, after-tax (17) - (17) - (17) Net income applicable to common shareholders $ 663 $ 631 $ 32 $ 28 $ 60 (1) Twelve months ended THE ALLSTATE CORPORATION IMPACT OF LBL ON COMPARISON OF ALLSTATE FINANCIAL RESULTS (1) ($ in millions) As a result of our 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's business for the first quarter of 2014 were excluded in this presentation.

45 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2015 2014 2014 2014 2014 Return on Attributed Equity Numerator: Net income applicable to common shareholders (1) $ 663 $ 832 $ 686 $ 652 $ 631 $ 542 $ 66 $ 111 Denominator: Beginning attributed equity (2) $ 7,672 $ 7,356 $ 7,262 $ 7,812 $ 7,273 $ 7,819 $ 8,224 $ 8,617 Ending attributed equity 7,350 7,475 7,621 7,920 7,672 7,356 7,262 7,812 Average attributed equity (3) $ 7,511 $ 7,416 $ 7,442 $ 7,866 $ 7,473 $ 7,588 $ 7,743 $ 8,215 Return on attributed equity 8.8 % 11.2 % 9.2 % 8.3 % 8.4 % 7.1 % 0.9 % 1.4 % Operating Income Return on Attributed Equity Numerator: Operating income (1) $ 509 $ 539 $ 526 $ 552 $ 607 $ 639 $ 641 $ 633 Denominator: Beginning attributed equity (2) $ 7,672 $ 7,356 $ 7,262 $ 7,812 $ 7,273 $ 7,819 $ 8,224 $ 8,617 Unrealized net capital gains and losses 1,420 1,305 1,285 1,280 946 1,076 1,120 1,702 Adjusted beginning attributed equity 6,252 6,051 5,977 6,532 6,327 6,743 7,104 6,915 Ending attributed equity 7,350 7,475 7,621 7,920 7,672 7,356 7,262 7,812 Unrealized net capital gains and losses 556 722 1,030 1,499 1,420 1,305 1,285 1,280 Adjusted ending attributed equity 6,794 6,753 6,591 6,421 6,252 6,051 5,977 6,532 Average adjusted attributed equity (3) $ 6,523 $ 6,402 $ 6,284 $ 6,477 $ 6,290 $ 6,397 $ 6,541 $ 6,724 Operating income return on attributed equity 7.8 % 8.4 % 8.4 % 8.5 % 9.7 % 10.0 % 9.8 % 9.4 % (1) (2) (3) Allstate Financial attributed equity is the sum of equity for Allstate Life Insurance Company and the applicable equity for Allstate Financial Insurance Holdings Corporation. 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. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL RETURN ON ATTRIBUTED EQUITY ($ in millions) Net income applicable to common shareholders and operating income reflect a trailing twelve-month period. Twelve months ended

46 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 PREMIUMS AND CONTRACT CHARGES - BY PRODUCT Underwritten Products Traditional life insurance premiums $ 144 $ 135 $ 131 $ 132 $ 133 $ 126 $ 125 $ 127 $ 542 $ 511 Accident and health insurance premiums 195 194 195 196 180 182 187 195 780 744 Interest-sensitive life insurance contract charges 204 205 207 206 203 200 202 274 822 879 543 534 533 534 516 508 514 596 2,144 2,134 Annuities Immediate annuities with life contingencies premiums - - - - (1) - - 5 - 4 Other fixed annuity contract charges 4 4 3 3 5 4 4 6 14 19 4 4 3 3 4 4 4 11 14 23 Total $ 547 $ 538 $ 536 $ 537 $ 520 $ 512 $ 518 $ 607 $ 2,158 $ 2,157 PREMIUMS AND CONTRACT CHARGES - BY DISTRIBUTION CHANNEL Allstate agencies $ 304 $ 300 $ 297 $ 297 $ 294 $ 288 $ 285 $ 291 $ 1,198 $ 1,158 Workplace enrolling agents 215 212 209 210 198 198 203 204 846 803 Other (1) 28 26 30 30 28 26 30 112 114 196 Total $ 547 $ 538 $ 536 $ 537 $ 520 $ 512 $ 518 $ 607 $ 2,158 $ 2,157 PREMIUMS AND CONTRACT CHARGES - BY PRODUCT INCLUDED IN LINCOLN BENEFIT LIFE COMPANY SALE (2) Underwritten Products Traditional life insurance premiums $ - $ - $ - $ - $ - $ - $ - $ 6 $ - $ 6 Accident and health insurance premiums - - - - - - - 6 - 6 Interest-sensitive life insurance contract charges - - - - - - - 71 - 71 - - - - - - - 83 - 83 Annuities Immediate annuities with life contingencies premiums - - - - - - - - - - Other fixed annuity contract charges - - - - - - - 2 - 2 - - - - - - - 2 - 2 Total $ - $ - $ - $ - $ - $ - $ - $ 85 $ - $ 85 PROPRIETARY LIFE INSURANCE POLICIES SOLD BY ALLSTATE AGENCIES(3) (5) 39,701 16,402 34,494 30,091 38,576 31,974 30,267 27,697 120,688 128,514 ALLSTATE BENEFITS NEW BUSINESS WRITTEN PREMIUMS (4) $ 179 $ 69 $ 64 $ 65 $ 183 $ 63 $ 58 $ 52 $ 377 $ 356 (1) Primarily represents independent master brokerage agencies and specialized brokers. (2) Amounts are included in section above. On April 1, 2014, the sale of LBL was completed. (3) Policies sold reduced by lapses within twelve months of sale. (4) (5) THE ALLSTATE CORPORATION Beginning on August 1, 2015, sales are measured at policy issuance rather than application submission. This change led to a lag in the recognition of policies sold which impacted the third quarter 2015 results. 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) Twelve months endedThree months ended

47 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Contractholders funds, beginning balance $ 21,559 $ 21,968 $ 22,267 $ 22,529 $ 22,848 $ 23,472 $ 23,989 $ 24,304 $ 22,529 $ 24,304 Contractholders funds classified as held for sale, beginning balance - - - - - - 10,661 10,945 - 10,945 Total contractholders funds, including those classified as held for sale 21,559 21,968 22,267 22,529 22,848 23,472 34,650 35,249 22,529 35,249 Deposits Interest-sensitive life insurance 251 251 253 249 248 247 246 318 1,004 1,059 Fixed annuities 39 56 53 51 43 48 56 127 199 274 Total deposits 290 307 306 300 291 295 302 445 1,203 1,333 Interest credited 183 193 185 199 202 197 212 308 760 919 Benefits, withdrawals, maturities and other adjustments Benefits (247) (272) (285) (273) (242) (286) (289) (380) (1,077) (1,197) Surrenders and partial withdrawals (295) (375) (303) (305) (377) (630) (554) (712) (1,278) (2,273) Maturities of and interest payments on institutional products - - (1) - (1) (1) - - (1) (2) Contract charges (207) (205) (203) (203) (204) (197) (199) (281) (818) (881) Net transfers from separate accounts 2 2 2 1 1 2 1 3 7 7 Other adjustments 10 (59) - 19 11 (4) 11 18 (30) 36 Total benefits, withdrawals, maturities and other adjustments (737) (909) (790) (761) (812) (1,116) (1,030) (1,352) (3,197) (4,310) Contractholder funds sold in LBL disposition - - - - - - (10,662) - - (10,662) Contractholder funds classified as held for sale, ending balance - - - - - - - (10,661) - - Contractholder funds, ending balance $ 21,295 $ 21,559 $ 21,968 $ 22,267 $ 22,529 $ 22,848 $ 23,472 $ 23,989 $ 21,295 $ 22,529 THE ALLSTATE CORPORATION ALLSTATE FINANCIAL CHANGE IN CONTRACTHOLDER FUNDS ($ in millions) Twelve months endedThree months ended

48 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Benefit spread Premiums $ 339 $ 329 $ 326 $ 328 $ 312 $ 308 $ 312 $ 327 $ 1,322 $ 1,259 Cost of insurance contract charges (1) 137 137 138 138 136 135 135 187 550 593 Contract benefits excluding the implied interest on immediate annuities with life contingencies (2) (328) (333) (319) (312) (301) (302) (283) (358) (1,292) (1,244) Total benefit spread 148 133 145 154 147 141 164 156 580 608 Investment spread Net investment income 420 491 489 484 480 473 538 640 1,884 2,131 Implied interest on immediate annuities with life contingencies (2) (128) (127) (127) (129) (130) (131) (130) (130) (511) (521) Interest credited to contractholder funds (183) (194) (185) (199) (202) (198) (212) (307) (761) (919) Total investment spread 109 170 177 156 148 144 196 203 612 691 Surrender charges and contract maintenance expense fees (1) 71 72 72 71 72 69 71 93 286 305 Realized capital gains and losses (97) 194 59 111 125 28 (10) 1 267 144 Amortization of deferred policy acquisition costs (64) (63) (65) (70) (62) (58) (66) (74) (262) (260) Operating costs and expenses (119) (112) (118) (123) (121) (115) (112) (118) (472) (466) Restructuring and related charges 3 (1) (2) - - 1 (1) (2) - (2) Gain (loss) on disposition of operations 1 3 1 (2) 3 (26) (8) (59) 3 (90) Income tax expense (13) (134) (90) (114) (104) (68) (89) (38) (351) (299) Net income applicable to common shareholders $ 39 $ 262 $ 179 $ 183 $ 208 $ 116 $ 145 $ 162 $ 663 $ 631 Benefit spread by product group Life insurance $ 75 $ 66 $ 65 $ 68 $ 72 $ 72 $ 86 $ 74 $ 274 $ 304 Accident and health insurance 92 90 97 107 91 99 97 102 386 389 Annuities (19) (23) (17) (21) (16) (30) (19) (20) (80) (85) Total benefit spread $ 148 $ 133 $ 145 $ 154 $ 147 $ 141 $ 164 $ 156 $ 580 $ 608 Investment spread by product group Annuities and institutional products $ 10 $ 82 $ 77 $ 69 $ 58 $ 54 $ 98 $ 110 $ 238 $ 320 Life insurance 41 33 33 33 24 23 26 30 140 103 Accident and health insurance 4 4 4 4 4 4 4 7 16 19 Net investment income on investments supporting capital 52 54 57 57 65 61 72 73 220 271 Investment spread before valuation changes on embedded derivatives that are not hedged 107 173 171 163 151 142 200 220 614 713 Valuation changes on derivatives embedded in equity- indexed annuity contracts that are not hedged 2 (3) 6 (7) (3) 2 (4) (17) (2) (22) Total investment spread $ 109 $ 170 $ 177 $ 156 $ 148 $ 144 $ 196 $ 203 $ 612 $ 691 (1) Reconciliation of contract charges Cost of insurance contract charges $ 137 $ 137 $ 138 $ 138 $ 136 $ 135 $ 135 $ 187 $ 550 $ 593 Surrender charges and contract maintenance expense fees 71 72 72 71 72 69 71 93 286 305 Total contract charges $ 208 $ 209 $ 210 $ 209 $ 208 $ 204 $ 206 $ 280 $ 836 $ 898 (2) Reconciliation of contract benefits Contract benefits excluding the implied interest on immediate annuities with life contingencies $ (328) $ (333) $ (319) $ (312) $ (301) $ (302) $ (283) $ (358) $ (1,292) $ (1,244) Implied interest on immediate annuities with life contingencies (128) (127) (127) (129) (130) (131) (130) (130) (511) (521) Total contract benefits $ (456) $ (460) $ (446) $ (441) $ (431) $ (433) $ (413) $ (488) $ (1,803) $ (1,765) THE ALLSTATE CORPORATION ALLSTATE FINANCIAL ANALYSIS OF NET INCOME ($ in millions) Twelve months endedThree months ended

49 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 5.4 % 3.9 % 1.5 % 5.1 % 4.0 % 1.1 % Deferred fixed annuities and institutional products 4.4 2.8 1.6 4.5 2.9 1.6 Immediate fixed annuities with and without life contingencies 5.3 5.9 (0.6) 7.0 6.0 1.0 Investments supporting capital, traditional life and other products 3.8 n/a n/a 4.3 n/a n/a 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 5.2 % 3.9 % 1.3 % 5.3 % 3.9 % 1.4 % 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 7.0 5.9 1.1 7.3 6.0 1.3 Investments supporting capital, traditional life and other products 4.0 n/a n/a 4.4 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. Investment spreads may vary significantly between periods due to the variability in investment income, particularly for immediate fixed annuities where the investment portfolio includes limited partnerships. Twelve months ended December 31, 2015 Twelve months ended December 31, 2014 (1) THE ALLSTATE CORPORATION ALLSTATE FINANCIAL WEIGHTED AVERAGE INVESTMENT SPREADS Three months ended December 31, 2015 Three months ended December 31, 2014

50 Twelve months ended Dec. 31, 2015 Attributed equity Reserves and excluding unrealized Dec. Sept. June March Dec. Sept. June March Contractholder funds capital gains/losses (3)(4) Operating income (5) 2015 2015 2015 2015 2014 2014 2014 2014 Underwritten products Life insurance $ 10,678 $ 2,588 $ 258 10.6 % 10.0 % 9.3 % 9.8 % 11.0 % 11.7 % 8.9 % 9.0 % Accident and health insurance 844 650 85 12.7 13.7 14.9 15.9 16.0 15.0 14.5 14.7 Subtotal 11,522 3,238 343 11.1 10.8 10.5 11.1 12.1 12.4 9.9 10.1 Immediate Annuities: Sub-standard structured settlements and group pension terminations (1) 5,031 1,656 8 0.5 1.6 0.5 0.6 1.1 1.4 2.0 0.7 Standard structured settlements and SPIA (2) 6,909 1,230 70 6.8 9.4 8.8 8.4 10.5 12.2 16.8 13.2 Subtotal 11,940 2,886 78 3.1 4.7 3.8 3.7 4.5 5.3 7.1 5.0 Deferred Annuities 9,995 669 87 10.1 10.1 10.6 10.3 11.1 10.7 12.0 12.3 Institutional products 85 1 1 Subtotal 22,020 3,556 166 4.8 6.2 6.1 6.0 7.3 7.7 9.6 8.7 Total Allstate Financial $ 33,542 $ 6,794 $ 509 7.8 8.4 8.4 8.5 9.7 10.0 9.8 9.4 Life Accident and Annuities and Allstate insurance health insurance institutional products Financial Operating income $ 258 $ 85 $ 166 $ 509 Realized capital gains and losses, after-tax 1 - 172 173 Valuation changes on embedded derivatives that are not hedged, after-tax - - (1) (1) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (4) - 1 (3) Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - - - - (Loss) gain on disposition of operations, after-tax (1) - 3 2 Change in accounting for investments in qualified affordable housing projects, after-tax (6) - (11) (17) Net income applicable to common shareholders $ 248 $ 85 $ 330 $ 663 (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 Dec. 31, 2015 Twelve months ended Dec. 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.

51 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2015 2014 2014 2014 2014 ALLSTATE FINANCIAL INSURANCE POLICIES AND ANNUITIES IN FORCE BY PRODUCT Underwritten products Life insurance 2,463 2,459 2,456 2,448 2,434 2,432 2,436 2,588 Accident and health insurance 2,873 2,848 2,843 2,777 2,555 2,530 2,577 2,593 5,336 5,307 5,299 5,225 4,989 4,962 5,013 5,181 Annuities Deferred annuities 172 176 181 186 191 197 205 337 Immediate annuities 102 104 105 106 108 108 110 111 274 280 286 292 299 305 315 448 Total 5,610 5,587 5,585 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) 1,924 1,917 1,911 1,904 1,902 1,898 1,895 1,938 Allstate Benefits 3,315 3,292 3,287 3,218 2,983 2,957 3,010 3,040 Other (3) 371 378 387 395 403 412 423 651 Total 5,610 5,587 5,585 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.

52 Allstate Allstate Allstate Allstate Allstate Financial Allstate Allstate Allstate Financial Life Annuities Benefits Segment Life Annuities Benefits Segment $ 133 $ - $ 206 $ 339 $ 124 $ (1) $ 189 $ 312 178 4 26 208 178 5 25 208 128 274 18 420 116 346 18 480 - - - - 1 (1) - - (189) (149) (118) (456) (179) (149) (103) (431) (70) (107) (9) (186) (71) (119) (9) (199) Amortization of deferred policy acquisition costs (32) (2) (31) (65) (31) (1) (28) (60) (53) (9) (57) (119) (59) (7) (55) (121) 2 1 - 3 - - - - (30) (4) (12) (46) (23) (25) (13) (61) 67 8 23 98 56 48 24 128 (12) (47) (3) (62) 1 80 - 81 - 2 - 2 - (3) - (3) - - - - - - - - - - - - - - - - Gain on disposition of operations, after-tax - 1 - 1 - 2 - 2 $ 55 $ (36) $ 20 $ 39 $ 57 $ 127 $ 24 $ 208 Premiums and Contract Charges - by Product Underwritten Products $ 133 $ - $ 11 $ 144 $ 123 $ - $ 10 $ 133 - - 195 195 1 - 179 180 178 - 26 204 178 - 25 203 311 - 232 543 302 - 214 516 - - - - - (1) - (1) - 4 - 4 - 5 - 5 - 4 - 4 - 4 - 4 $ 311 $ 4 $ 232 $ 547 $ 302 $ 4 $ 214 $ 520 Life Insurance $ 69 $ - $ 6 $ 75 $ 67 $ - $ 5 $ 72 Accident and health insurance (4) - 96 92 (3) - 94 91 Annuities - (19) - (19) - (16) - (16) $ 65 $ (19) $ 102 $ 148 $ 64 $ (16) $ 99 $ 147 Annuities and institutional products $ - $ 10 $ - $ 10 $ - $ 58 $ - $ 58 Life insurance 37 - 4 41 22 - 2 24 Accident and health insurance 1 - 3 4 1 - 3 4 Net investment income on investments supporting capital 19 31 2 52 23 38 4 65 derivatives that are not hedged 57 41 9 107 46 96 9 151 Valuation changes on derivatives embedded in equity- indexed annuity contracts that are not hedged - 2 - 2 - (3) - (3) Total investment spread $ 57 $ 43 $ 9 $ 109 $ 46 $ 93 $ 9 $ 148 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 Annuities that are not hedged, after-tax DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax Net income Traditional life insurance premiums Accident and health insurance Interest-sensitive life insurance contract charges Valuation changes on embedded derivatives Contract charges Net investment income Periodic settlements and accruals on non-hedge derivative instruments Contract benefits Interest credited to contractholder funds Operating costs and expenses Restructuring and related charges Income tax expense on operations Operating income Realized capital gains and losses, after-tax Premiums THE ALLSTATE CORPORATION ALLSTATE LIFE, ALLSTATE ANNUITIES AND ALLSTATE BENEFITS RESULTS AND PRODUCT INFORMATION ($ in millions) For the three months ended Dec. 31, 2015 For the three months ended Dec. 31, 2014

53 Allstate Allstate Allstate Allstate Allstate Financial Allstate Allstate Allstate Financial Life Annuities Benefits Segment Life Annuities Benefits Segment $ 507 $ - $ 815 $ 1,322 $ 484 $ 4 $ 771 $ 1,259 716 14 106 836 781 19 98 898 490 1,323 71 1,884 519 1,540 72 2,131 - - - - 1 (2) - (1) (749) (602) (452) (1,803) (734) (620) (411) (1,765) (282) (442) (36) (760) (311) (551) (36) (898) Amortization of deferred policy acquisition costs (127) (6) (124) (257) (133) (10) (112) (255) (212) (38) (222) (472) (232) (28) (206) (466) (1) 1 - - (2) - - (2) (103) (84) (54) (241) (114) (118) (62) (294) 239 166 104 509 259 234 114 607 1 172 - 173 4 89 1 94 - (1) - (1) - (15) - (15) (4) 1 - (3) (4) 1 - (3) - - - - 1 - - 1 (Loss) gain on disposition of operations, after-tax (1) 3 - 2 (28) (25) - (53) Change in accounting for investments in qualified affordable housing projects, after-tax (6) (11) - (17) - - - - $ 229 $ 330 $ 104 $ 663 $ 232 $ 284 $ 115 $ 631 Premiums and Contract Charges - by Product Underwritten Products $ 505 $ - $ 37 $ 542 $ 476 $ - $ 35 $ 511 2 - 778 780 8 - 736 744 716 - 106 822 781 - 98 879 1,223 - 921 2,144 1,265 - 869 2,134 - - - - - 4 - 4 - 14 - 14 - 19 - 19 - 14 - 14 - 23 - 23 $ 1,223 $ 14 $ 921 $ 2,158 $ 1,265 $ 23 $ 869 $ 2,157 Life Insurance $ 250 $ - $ 24 $ 274 $ 287 $ - $ 17 $ 304 Accident and health insurance (10) - 396 386 (8) - 397 389 Annuities - (80) - (80) - (85) - (85) $ 240 $ (80) $ 420 $ 580 $ 279 $ (85) $ 414 $ 608 Annuities and institutional products $ - $ 238 $ - $ 238 $ - $ 320 $ - $ 320 Life insurance 130 - 10 140 93 - 10 103 Accident and health insurance 5 - 11 16 8 - 11 19 Net investment income on investments supporting capital 76 130 14 220 110 146 15 271 derivatives that are not hedged 211 368 35 614 211 466 36 713 Valuation changes on derivatives embedded in equity- indexed annuity contracts that are not hedged - (2) - (2) - (22) - (22) Total investment spread $ 211 $ 366 $ 35 $ 612 $ 211 $ 444 $ 36 $ 691 THE ALLSTATE CORPORATION ALLSTATE LIFE, ALLSTATE ANNUITIES AND ALLSTATE BENEFITS RESULTS AND PRODUCT INFORMATION ($ in millions) For the twelve months ended Dec. 31, 2015 For the twelve months ended Dec. 31, 2014 Realized capital gains and losses, after-tax Premiums Contract charges Net investment income Periodic settlements and accruals on non-hedge derivative instruments Contract benefits Interest credited to contractholder funds Operating costs and expenses Restructuring and related charges Income tax expense on operations Operating income Accident and health insurance Valuation changes on embedded derivatives that are not hedged, after-tax DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax Net income Traditional life insurance premiums Investment spread before valuation changes on embedded Interest-sensitive life insurance contract charges Annuities 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 Investment Spread by Product Group

54 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Net investment income $ 10 $ 9 $ 8 $ 8 $ 5 $ 6 $ 9 $ 7 $ 35 $ 27 Operating costs and expenses (7) (13) (9) (5) (14) (6) (10) (8) (34) (38) Interest expense (73) (73) (73) (73) (73) (77) (84) (87) (292) (321) Income tax benefit on operations 27 28 28 26 32 28 32 32 109 124 Preferred stock dividends (29) (29) (29) (29) (29) (31) (31) (13) (116) (104) Operating loss (72) (78) (75) (73) (79) (80) (84) (69) (298) (312) Realized capital gains and losses, after-tax - - - - - - (1) 1 - - Net loss applicable to common shareholders $ (72) $ (78) $ (75) $ (73) $ (79) $ (80) $ (85) $ (68) $ (298) $ (312) THE ALLSTATE CORPORATION CORPORATE AND OTHER RESULTS ($ in millions) Twelve months endedThree months ended

55 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, 2015 2015 2015 2015 2014 2015 2015 2015 2015 2014 Fixed income securities, at fair value: Tax-exempt $ 4,285 $ 4,289 $ 4,418 $ 4,362 $ 4,138 $ 4 $ 17 $ 23 $ 28 $ 75 Taxable 25,447 24,868 25,192 25,674 26,696 26,034 26,583 27,768 28,798 29,007 Equity securities, at fair value 3,480 2,808 3,018 3,074 3,076 1,599 1,425 979 1,089 1,028 Mortgage loans 296 339 343 333 370 4,042 4,063 4,000 3,943 3,818 Limited partnership interests 2,575 2,558 2,466 2,571 2,498 2,295 2,261 2,066 2,124 2,024 Short-term, at fair value 959 1,692 1,108 932 822 861 991 1,053 948 1,026 Other 1,437 1,659 1,602 1,536 1,483 1,957 1,929 1,909 1,860 1,831 Total $ 38,479 $ 38,213 $ 38,147 $ 38,482 $ 39,083 $ 36,792 $ 37,269 $ 37,798 $ 38,790 $ 38,809 Fixed income securities, amortized cost: Tax-exempt $ 4,218 $ 4,214 $ 4,362 $ 4,276 $ 4,054 $ 4 $ 17 $ 24 $ 28 $ 74 Taxable 25,672 24,883 24,990 25,181 26,376 25,145 25,335 26,091 26,245 26,668 Ratio of fair value to amortized cost 99.5% 100.2% 100.9% 102.0% 101.3% 103.5% 104.9% 106.4% 109.7% 108.8% Equity securities, cost $ 3,236 $ 2,656 $ 2,699 $ 2,706 $ 2,723 $ 1,567 $ 1,464 $ 947 $ 1,043 $ 969 Short-term, amortized cost 959 1,692 1,108 932 822 861 991 1,053 948 1,026 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, 2015 2015 2015 2015 2014 2015 2015 2015 2015 2014 Fixed income securities, at fair value: Tax-exempt $ 585 $ 589 $ 569 $ 568 $ 564 $ 4,874 $ 4,895 $ 5,010 $ 4,958 $ 4,777 Taxable 1,593 1,911 1,960 1,973 1,960 53,074 53,362 54,920 56,445 57,663 Equity securities, at fair value 3 3 3 3 - 5,082 4,236 4,000 4,166 4,104 Mortgage loans - - - - - 4,338 4,402 4,343 4,276 4,188 Limited partnership interests 4 4 4 4 5 4,874 4,823 4,536 4,699 4,527 Short-term, at fair value 302 353 660 617 692 2,122 3,036 2,821 2,497 2,540 Other - - - - - 3,394 3,588 3,511 3,396 3,314 Total $ 2,487 $ 2,860 $ 3,196 $ 3,165 $ 3,221 $ 77,758 $ 78,342 $ 79,141 $ 80,437 $ 81,113 Fixed income securities, amortized cost: Tax-exempt $ 566 $ 569 $ 551 $ 547 $ 543 $ 4,788 $ 4,800 $ 4,937 $ 4,851 $ 4,671 Taxable 1,596 1,900 1,953 1,958 1,957 52,413 52,118 53,034 53,384 55,001 Ratio of fair value to amortized cost 100.7% 101.3% 101.0% 101.4% 101.0% 101.3% 102.4% 103.4% 105.4% 104.6% Equity securities, cost $ 3 $ 3 $ 3 $ 3 $ - $ 4,806 $ 4,123 $ 3,649 $ 3,752 $ 3,692 Short-term, amortized cost 302 353 660 617 692 2,122 3,036 2,821 2,497 2,540 CONSOLIDATEDCORPORATE AND OTHER THE ALLSTATE CORPORATION INVESTMENTS ($ in millions) PROPERTY-LIABILITY ALLSTATE FINANCIAL

56 PROPERTY- LIABILITY ALLSTATE FINANCIAL CORPORATE AND OTHER CONSOLIDATED PROPERTY- LIABILITY ALLSTATE FINANCIAL CORPORATE AND OTHER CONSOLIDATED PROPERTY- LIABILITY ALLSTATE FINANCIAL CORPORATE AND OTHER CONSOLIDATED Due in three years or less $ 11,618 4,667 1,219 17,504 $ 10,360 4,063 1,739 16,162 $ 8,857 4,017 1,123 13,997 Due after three years through five years 8,762 4,436 685 13,883 10,534 3,173 589 14,296 10,316 2,860 307 13,483 Due after five years through seven years 3,638 5,074 177 8,889 3,435 5,422 112 8,969 3,609 4,175 121 7,905 Due after seven years through ten years 3,637 4,158 94 7,889 1,840 5,634 84 7,558 1,669 7,599 120 9,388 Due after ten years 680 5,360 3 6,043 853 8,802 - 9,655 913 8,390 13 9,316 Subtotal 28,335 23,695 2,178 54,208 27,022 27,094 2,524 56,640 25,364 27,041 1,684 54,089 1,397 2,343 - 3,740 3,812 1,988 - 5,800 4,214 2,607 - 6,821 Total Fixed Income securities, at fair value $ 29,732 26,038 2,178 57,948 $ 30,834 29,082 2,524 62,440 $ 29,578 29,648 1,684 60,910 (1) Actual maturities may differ from those scheduled as a result of calls and make-whole payments by the issuers. (2) ABS, RMBS and CMBS are shown separately because of the potential for prepayment of principal prior to contractual maturity dates. Maturity Class (1) ABS, RMBS and CMBS (2) THE ALLSTATE CORPORATION FIXED INCOME SECURITIES BY SCHEDULED MATURITY DATE ($ in millions) 2014 20132015 As of December 31,

57 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2015 2015 2014 2014 2014 2014 Investment position Accounting basis Cost method $ 1,154 $ 1,148 $ 1,130 $ 1,137 $ 1,122 $ 1,144 $ 1,157 $ 1,346 Equity method ("EMA") (1) 3,720 3,675 3,406 3,562 3,405 3,204 3,152 3,678 Total $ 4,874 $ 4,823 $ 4,536 $ 4,699 $ 4,527 $ 4,348 $ 4,309 $ 5,024 Cost method-fair value (2) $ 1,450 $ 1,506 $ 1,482 $ 1,494 $ 1,488 $ 1,555 $ 1,577 $ 1,764 Underlying investment Private equity $ 3,344 $ 3,282 $ 3,012 $ 2,969 $ 2,756 $ 2,759 $ 2,631 $ 2,674 Real estate 1,166 1,160 1,164 1,366 1,413 1,425 1,517 1,577 Other (3) 364 381 360 364 358 164 161 773 Total $ 4,874 $ 4,823 $ 4,536 $ 4,699 $ 4,527 $ 4,348 $ 4,309 $ 5,024 Segment Property-Liability $ 2,575 $ 2,558 $ 2,466 $ 2,571 $ 2,498 $ 2,411 $ 2,438 $ 2,900 Allstate Financial 2,295 2,261 2,066 2,124 2,024 1,933 1,866 2,121 Corporate and Other 4 4 4 4 5 4 5 3 Total $ 4,874 $ 4,823 $ 4,536 $ 4,699 $ 4,527 $ 4,348 $ 4,309 $ 5,024 Total Income Accounting basis Cost method $ 42 $ 63 $ 75 $ 42 $ 60 $ 25 $ 66 $ 50 Equity method 24 104 43 156 55 137 129 92 Total $ 66 $ 167 $ 118 $ 198 $ 115 $ 162 $ 195 $ 142 Underlying investment Private equity $ 46 $ 162 $ 113 $ 80 $ 96 $ 66 $ 123 $ 106 Real estate 20 5 10 123 25 93 55 38 Other - - (5) (5) (6) 3 17 (2) Total $ 66 $ 167 $ 118 $ 198 $ 115 $ 162 $ 195 $ 142 Segment Property-Liability $ 29 $ 62 $ 45 $ 126 $ 57 $ 112 $ 102 $ 75 Allstate Financial 37 105 73 72 58 51 91 67 Corporate and Other - - - - - (1) 2 - Total $ 66 $ 167 $ 118 $ 198 $ 115 $ 162 $ 195 $ 142 (1) (2) (3) For the period ended March 31, 2014, other included tax credit funds. The fair value of cost method limited partnerships is determined using reported net asset values. THE ALLSTATE CORPORATION LIMITED PARTNERSHIP INVESTMENTS ($ in millions) As of December 31, 2015, valuations of EMA limited partnerships include approximately $371 million of cumulative pre-tax appreciation that has been recognized in earnings but has not been distributed to investors. As of or for the three months ended

58 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 $ 86 $ 3,922 102.2 $ 118 $ 3,760 103.2 $ 109 $ 3,936 102.8 Municipal 369 7,401 105.2 412 7,494 105.8 483 8,594 106.0 Corporate 153 41,827 100.4 632 41,629 101.5 1,164 42,317 102.8 Foreign government 50 1,033 105.1 59 1,085 105.8 66 1,324 105.2 Asset-backed securities ("ABS") (32) 2,327 98.6 (16) 2,711 99.4 (5) 2,076 99.8 Residential mortgage-backed securities ("RMBS") 90 947 110.5 98 1,011 110.7 101 1,083 110.3 Commercial mortgage-backed securities ("CMBS") 28 466 106.4 32 542 106.3 37 575 106.9 Redeemable preferred stock 3 25 113.6 4 25 119.0 4 25 119.0 Total fixed income securities 747 57,948 101.3 1,339 58,257 102.4 1,959 59,930 103.4 Equity securities 276 5,082 105.7 113 4,236 102.7 351 4,000 109.6 Short-term investments - 2,122 100.0 - 3,036 100.0 - 2,821 100.0 Derivatives 6 n/a 7 29 n/a 3 60 n/a EMA limited partnership interests (2) (4) n/a (5) n/a n/a (5) n/a n/a Unrealized net capital gains and losses, pre-tax 1,025 1,454 2,308 Amounts recognized for: Insurance reserves (3) - - - DAC and DSI (4) (67) (98) (121) Amounts recognized (67) (98) (121) Deferred income taxes (338) (477) (768) Unrealized net capital gains and losses, after-tax $ 620 $ 879 $ 1,419 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 ABS 8 3,055 100.3 7 3,978 100.2 18 4,709 100.4 RMBS 105 1,154 110.0 99 1,207 108.9 104 1,289 108.8 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 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 (1) (2) (3) (4) THE ALLSTATE CORPORATION UNREALIZED NET CAPITAL GAINS AND LOSSES ON SECURITY PORTFOLIO BY TYPE ($ in millions) December 31, 2015 September 30, 2015 June 30, 2015 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. 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. March 31, 2015 December 31, 2014 September 30, 2014

59 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities $ 537 $ 546 $ 567 $ 568 $ 577 $ 581 $ 584 $ 705 $ 2,218 $ 2,447 Equity securities 33 23 31 23 26 28 35 28 110 117 Mortgage loans 63 53 57 55 59 54 71 81 228 265 Limited partnership interests 66 167 118 198 115 162 195 142 549 614 Short-term 1 4 3 1 2 1 3 1 9 7 Other 49 49 49 45 43 41 44 42 192 170 Subtotal 749 842 825 890 822 867 932 999 3,306 3,620 Less: Investment expense (39) (35) (36) (40) (43) (44) (34) (40) (150) (161) Net investment income $ 710 $ 807 $ 789 $ 850 $ 779 $ 823 $ 898 $ 959 $ 3,156 $ 3,459 PRE-TAX YIELDS (1) Fixed income securities 3.8 % 3.8 % 3.9 % 3.9 % 3.9 % 3.9 % 4.0 % 4.1 % 3.8 % 3.9 % Equity securities 2.9 2.4 3.4 2.5 2.7 2.6 3.1 2.5 2.7 2.7 Mortgage loans 5.8 4.8 5.3 5.2 5.7 5.2 6.6 5.4 5.3 5.7 Limited partnership interests 5.4 14.4 10.1 17.2 10.4 15.0 16.7 11.4 11.7 13.3 Total portfolio 3.9 4.4 4.3 4.6 4.2 4.4 4.7 4.5 4.3 4.5 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY TRANSACTION TYPE Impairment write-downs $ (118) $ (47) $ (11) $ (19) $ (20) $ 10 $ (6) $ (16) $ (195) $ (32) Change in intent write-downs (4) (32) (127) (32) (30) (46) (63) (39) (65) (221) (213) Net other-than-temporary impairment losses recognized in earnings (150) (174) (43) (49) (66) (53) (45) (81) (416) (245) Sales and other (75) 183 146 216 183 355 290 147 470 975 Valuation and settlements of derivative instruments (25) 24 5 (28) (11) (8) (5) (12) (24) (36) Total $ (250) $ 33 $ 108 $ 139 $ 106 $ 294 $ 240 $ 54 $ 30 $ 694 TOTAL RETURN ON INVESTMENT PORTFOLIO (2) (0.2) % - % (0.6) % 1.7 % 1.1 % 0.4 % 2.2 % 2.1 % 1.0 % 5.8 % AVERAGE INVESTMENT BALANCES (in billions) (3) $ 76.8 $ 76.9 $ 76.8 $ 77.4 $ 77.7 $ 78.1 $ 78.5 $ 78.5 $ 77.0 $ 78.2 . (1) (2) (3) (4) The change in intent write-downs in 2015 reflect market volatility and our preference to maintain flexibility to reposition the portfolio, as well as a higher allocation to our market-based active strategy. Change in intent losses are primarily related to equity securities that we may not hold for a period of time sufficient to recover unrealized losses. As of December 31, 2015, these holdings totaled $1.7 billion and we recognized change in intent write-downs of $215 million in 2015. We periodically reassess our equity strategies, which may result in changes in our intent to hold securities with unrealized losses to recovery. Pre-tax yields are calculated as investment income, generally 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. For the purposes of the pre-tax yield calculation, income for directly held real estate, timber and other consolidated investments is net of asset level operating expenses (direct expenses of the assets reported in investment expense). For investments carried at fair value, investment balances 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, cost method limited partnerships, bank loans and agent loans 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) Twelve months endedThree months ended

60 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities: Tax-exempt $ 27 $ 24 $ 26 $ 25 $ 26 $ 27 $ 29 $ 31 $ 102 $ 113 Taxable 201 197 195 190 191 189 183 184 783 747 Equity securities 24 16 23 18 22 21 29 23 81 95 Mortgage loans 4 4 3 4 4 4 4 5 15 17 Limited partnership interests (1) 29 62 45 126 57 112 102 75 262 346 Short-term - 3 1 1 1 - 2 1 5 4 Other 18 20 20 17 17 15 19 14 75 65 Subtotal 303 326 313 381 318 368 368 333 1,323 1,387 Less: Investment expense (23) (19) (21) (23) (24) (24) (17) (21) (86) (86) Net investment income $ 280 $ 307 $ 292 $ 358 $ 294 $ 344 $ 351 $ 312 $ 1,237 $ 1,301 Net investment income, after-tax $ 192 $ 209 $ 199 $ 242 $ 201 $ 234 $ 240 $ 215 $ 842 $ 890 PRE-TAX YIELDS (2) Fixed income securities: Tax-exempt 2.6 % 2.3 % 2.3 % 2.4 % 2.5 % 2.6 % 2.7 % 2.7 % 2.4 % 2.6 % Equivalent yield for tax-exempt 3.8 3.4 3.4 3.5 3.6 3.8 3.9 3.9 3.5 3.8 Taxable 3.2 3.2 3.1 2.9 2.9 2.9 3.0 3.1 3.1 2.9 Equity securities 3.1 2.5 3.4 2.6 3.2 2.7 3.2 2.5 2.9 2.9 Mortgage loans 5.4 4.0 4.1 4.5 4.1 4.1 4.9 4.3 4.5 4.3 Limited partnership interests 4.5 10.1 7.0 19.9 9.3 18.4 15.3 10.3 10.4 13.1 Total portfolio 3.1 3.5 3.3 4.0 3.3 3.8 3.9 3.5 3.4 3.6 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY ASSET TYPE Fixed income securities: Tax-exempt $ (10) $ 2 $ 1 $ 2 $ 2 $ 2 $ 8 $ 4 $ (5) $ 16 Taxable (75) (42) 13 10 9 22 49 36 (94) 116 Equity securities (13) (92) 32 46 (15) 218 225 20 (27) 448 Limited partnership interests (27) (35) (1) 2 2 31 (23) 7 (61) 17 Derivatives and other (28) 6 4 (32) (18) (7) (9) (14) (50) (48) Total $ (153) $ (161) $ 49 $ 28 $ (20) $ 266 $ 250 $ 53 $ (237) $ 549 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY TRANSACTION TYPE Impairment write-downs $ (84) $ (30) $ (6) $ (12) $ (11) $ 8 $ (6) $ (12) $ (132) $ (21) Change in intent write-downs (24) (77) (28) (27) (42) (42) (25) (60) (156) (169) Net other-than-temporary impairment losses recognized in earnings (108) (107) (34) (39) (53) (34) (31) (72) (288) (190) Sales and other (4) (28) (63) 77 99 49 312 289 139 85 789 Valuation and settlements of derivative instruments (17) 9 6 (32) (16) (12) (8) (14) (34) (50) Total $ (153) $ (161) $ 49 $ 28 $ (20) $ 266 $ 250 $ 53 $ (237) $ 549 AVERAGE INVESTMENT BALANCES (in billions) (3) $ 38.2 $ 37.8 $ 37.6 $ 37.9 $ 38.7 $ 38.8 $ 38.0 $ 38.1 $ 38.0 $ 38.4 (1) (2) (3) (4) Sales and other primarily included sales of equity securities in connection with ongoing portfolio management, as well as losses from valuation changes in public securities held in certain limited partnerships. As of December 31, 2015, Property-Liability has commitments to invest in additional limited partnership interests totaling $1.28 billion. Pre-tax yields are calculated as investment income, generally before investment expense (including dividend income in the case of equity securities) divided by the average of investment balances at the end of each quarter during the year. For the purposes of the pre-tax yield calculation, income for directly held real estate, timber and other consolidated investments is net of asset level operating expenses (direct expenses of the assets reported in investment expense). For investments carried at fair value, investment balances exclude unrealized capital gains and losses. Average investment balances for the quarter are calculated as the average of the current and prior quarter investment balances. Year-to-date average investment balances are calculated as the average of investment balances at the beginning of the year and the end of each quarter during the year. For purposes of the average investment balances calculation, unrealized capital gains and losses are excluded. THE ALLSTATE CORPORATION PROPERTY-LIABILITY NET INVESTMENT INCOME, YIELDS AND REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) ($ in millions) Twelve months endedThree months ended

61 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities $ 300 $ 314 $ 338 $ 344 $ 353 $ 359 $ 365 $ 484 $ 1,296 $ 1,561 Equity securities 9 7 8 5 4 7 6 5 29 22 Mortgage loans 59 49 54 51 55 50 67 76 213 248 Limited partnership interests (1) 37 105 73 72 58 51 91 67 287 267 Short-term 1 1 1 - 1 - 1 - 3 2 Other 30 29 28 27 25 25 24 26 114 100 Subtotal 436 505 502 499 496 492 554 658 1,942 2,200 Less: Investment expense (16) (14) (13) (15) (16) (19) (16) (18) (58) (69) Net investment income $ 420 $ 491 $ 489 $ 484 $ 480 $ 473 $ 538 $ 640 $ 1,884 $ 2,131 Net investment income, after-tax $ 273 $ 319 $ 318 $ 315 $ 313 $ 307 $ 350 $ 416 $ 1,225 $ 1,386 PRE-TAX YIELDS (2) Fixed income securities 4.8 % 4.9 % 5.1 % 5.2 % 5.3 % 5.3 % 5.3 % 5.4 % 5.0 % 5.3 % Equity securities 2.4 2.1 3.4 2.1 1.6 2.3 2.7 2.4 2.4 2.3 Mortgage loans 5.8 4.9 5.5 5.2 5.8 5.3 6.8 5.5 5.4 5.8 Limited partnership interests 6.5 19.4 14.0 13.8 11.8 10.9 18.2 12.8 13.3 13.4 Total portfolio 4.8 5.6 5.6 5.5 5.5 5.4 5.9 5.7 5.4 5.6 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY ASSET TYPE Fixed income securities $ (64) $ 261 $ 46 $ 68 $ (3) $ (1) $ 5 $ (4) $ 311 $ (3) Equity securities (13) (58) 16 32 123 (5) 14 2 (23) 134 Mortgage loans 4 1 1 - (1) 2 (2) 3 6 2 Limited partnership interests (14) (20) (2) 4 1 28 (28) (5) (32) (4) Derivatives and other (10) 10 (2) 7 5 4 1 5 5 15 Total $ (97) $ 194 $ 59 $ 111 $ 125 $ 28 $ (10) $ 1 $ 267 $ 144 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY TRANSACTION TYPE Impairment write-downs $ (34) $ (17) $ (5) $ (7) $ (9) $ 2 $ - $ (4) $ (63) $ (11) Change in intent write-downs (8) (50) (4) (3) (4) (21) (14) (5) (65) (44) Net other-than-temporary impairment losses recognized in earnings (42) (67) (9) (10) (13) (19) (14) (9) (128) (55) Sales and other (4) (47) 246 69 117 133 43 1 8 385 185 Valuation and settlements of derivative instruments (8) 15 (1) 4 5 4 3 2 10 14 Total $ (97) $ 194 $ 59 $ 111 $ 125 $ 28 $ (10) $ 1 $ 267 $ 144 AVERAGE INVESTMENT BALANCES (in billions) (3) $ 36.0 $ 36.1 $ 36.1 $ 36.3 $ 36.3 $ 36.6 $ 37.3 $ 37.7 $ 36.1 $ 37.0 (1) (2) (3) (4) Sales and other primarily included sales of fixed income securities with longer maturity dates to reduce the risk of rising interest rates and equity securities in connection with ongoing portfolio management, as well as losses from valuation changes in public securities held in certain limited partnerships. As of December 31, 2015, Allstate Financial has commitments to invest in additional limited partnership interests totaling $1.27 billion. Pre-tax yields are calculated as investment income, generally before investment expense (including dividend income in the case of equity securities) divided by the average of investment balances at the end of each quarter during the year. For the purposes of the pre-tax yield calculation, income for directly held real estate, timber and other consolidated investments is net of asset level operating expenses (direct expenses of the assets reported in investment expense). For investments carried at fair value, investment balances exclude unrealized capital gains and losses. Amounts related to investments classified as held for sale were excluded from the pre-tax yield calculation in 2014. Average investment balances for the quarter are calculated as the average of the current and prior quarter investment balances. Year-to-date average investment balances are calculated as the average of investment balances at the beginning of the year and the end of each quarter during the year. For purposes of the average investment balances calculation, unrealized capital gains and losses are excluded. Amounts related to investments classified as held for sale were excluded from average investment balances calculation in 2014. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL NET INVESTMENT INCOME, YIELDS AND REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) ($ in millions) Twelve months endedThree months ended

62 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Consolidated investment portfolio Interest-bearing (1) $ 67,390 $ 68,913 $ 70,243 $ 71,287 $ 72,201 $ 71,755 $ 72,580 $ 71,084 $ 67,390 $ 72,201 Equity/owned (2) 10,368 9,429 8,898 9,150 8,912 8,966 9,983 10,606 10,368 8,912 Total $ 77,758 $ 78,342 $ 79,141 $ 80,437 $ 81,113 $ 80,721 $ 82,563 $ 81,690 $ 77,758 $ 81,113 Consolidated portfolio total return (3) Interest-bearing (0.3) % 0.4 % (0.8) % 1.4 % 0.9 % 0.2 % 1.8 % 1.7 % 0.8 % 4.6 % Equity/owned 0.2 (0.3) 0.2 0.4 0.2 0.2 0.4 0.4 0.4 1.4 Investment expenses (0.1) (0.1) - (0.1) - - - - (0.2) (0.2) Total (0.2) - (0.6) 1.7 1.1 0.4 2.2 2.1 1.0 5.8 Consolidated portfolio total return (3) Income 0.9 % 1.0 % 1.0 % 1.0 % 1.0 % 1.0 % 1.1 % 1.1 % 3.9 % 4.1 % Valuation (1.1) (1.0) (1.6) 0.7 0.1 (0.6) 1.1 1.0 (2.9) 1.7 Total (0.2) - (0.6) 1.7 1.1 0.4 2.2 2.1 1.0 5.8 Consolidated net investment income Interest-bearing $ 643 $ 646 $ 670 $ 664 $ 675 $ 672 $ 695 $ 824 $ 2,623 $ 2,866 Equity/owned 106 196 155 226 147 195 237 175 683 754 Investment expenses (39) (35) (36) (40) (43) (44) (34) (40) (150) (161) Total $ 710 $ 807 $ 789 $ 850 $ 779 $ 823 $ 898 $ 959 $ 3,156 $ 3,459 Consolidated Interest-bearing pre-tax yield (4) 3.8 % 3.8 % 3.9 % 3.9 % 3.9 % 3.9 % 4.0 % 4.1 % 3.9 % 4.0 % Property-Liability net investment income Interest-bearing excluding prepayment premiums and litigation proceeds $ 240 $ 240 $ 233 $ 226 $ 225 $ 223 $ 219 $ 219 $ 939 $ 886 Prepayment premiums and litigation proceeds 5 4 7 7 9 8 12 13 23 42 Total Interest-bearing 245 244 240 233 234 231 231 232 962 928 Equity/owned 58 82 73 148 84 137 137 101 361 459 Less: Investment expenses (23) (19) (21) (23) (24) (24) (17) (21) (86) (86) Total 280 307 292 358 294 344 351 312 1,237 1,301 Less: prepayment premiums and litigation proceeds (5) (4) (7) (7) (9) (8) (12) (13) (23) (42) Total excluding prepayment premiums and litigation proceeds $ 275 $ 303 $ 285 $ 351 $ 285 $ 336 $ 339 $ 299 $ 1,214 $ 1,259 Property-Liability interest-bearing pre-tax yield 3.0 % 3.0 % 3.0 % 2.9 % 2.8 % 2.8 % 2.9 % 3.0 % 3.0 % 2.9 % Property-Liability interest-bearing pre-tax yield excluding prepayment premiums and litigation proceeds 3.0 % 2.9 % 2.9 % 2.8 % 2.7 % 2.7 % 2.8 % 2.8 % 2.9 % 2.7 % Allstate Financial net investment income Interest-bearing excluding prepayment premiums and litigation proceeds $ 371 $ 386 $ 408 $ 413 $ 420 $ 426 $ 432 $ 556 $ 1,578 $ 1,834 Prepayment premiums and litigation proceeds 17 5 12 8 13 7 24 28 42 72 Total interest-bearing 388 391 420 421 433 433 456 584 1,620 1,906 Equity/owned 48 114 82 78 63 59 98 74 322 294 Less: Investment expenses (16) (14) (13) (15) (16) (19) (16) (18) (58) (69) Total 420 491 489 484 480 473 538 640 1,884 2,131 Less: prepayment premiums and litigation proceeds (17) (5) (12) (8) (13) (7) (24) (28) (42) (72) Total excluding prepayment premiums and litigation proceeds $ 403 $ 486 $ 477 $ 476 $ 467 $ 466 $ 514 $ 612 $ 1,842 $ 2,059 Allstate Financial interest-bearing pre-tax yield 4.8 % 4.8 % 5.1 % 5.1 % 5.2 % 5.2 % 5.3 % 5.3 % 5.0 % 5.2 % Allstate Financial interest-bearing pre-tax yield excluding prepayment premiums and litigation proceeds 4.6 % 4.7 % 4.9 % 5.0 % 5.0 % 5.1 % 5.0 % 5.0 % 4.8 % 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) 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. THE ALLSTATE CORPORATION INVESTMENT RESULTS ($ in millions) Twelve months endedThree months ended

63 Market- Market- Performance- Performance- Based Based Based Based December 31, 2015 Total Core (1) Active (2) Long-Term (3) Opportunistic (4) Fixed income securities $ 57,948 $ 51,175 $ 6,691 $ 47 $ 35 Equity securities 5,082 4,210 764 77 31 Mortgage loans 4,338 4,338 - - - Limited partnership interests 4,874 364 - 4,510 - Short-term investments 2,122 1,631 491 - - Other 3,394 2,783 183 415 13 Total $ 77,758 $ 64,501 $ 8,129 $ 5,049 $ 79 % of total 83% 10% 7% - Property-Liability $ 38,479 $ 28,525 $ 7,137 $ 2,764 $ 53 % of Property-Liability 74% 19% 7% - Allstate Financial $ 36,792 $ 33,490 $ 992 $ 2,284 $ 26 % of Allstate Financial 91% 3% 6% - Corporate & Other $ 2,487 $ 2,486 $ - $ 1 $ - % of Corporate & Other 100% - - - Market- Market- Performance- Performance- Based Based Based Based December 31, 2014 Total Core (1) Active (2) Long-Term (3) Opportunistic (4) Fixed income securities $ 62,440 $ 57,268 $ 5,084 $ 50 $ 38 Equity securities 4,104 3,080 870 57 97 Mortgage loans 4,188 4,188 - - - Limited partnership interests 4,527 358 - 4,169 - Short-term investments 2,540 2,488 52 - - Other 3,314 2,811 221 282 - Total $ 81,113 $ 70,193 $ 6,227 $ 4,558 $ 135 % of total 86% 8% 6% - Property-Liability $ 39,083 $ 30,458 $ 5,943 $ 2,592 $ 90 % of Property-Liability 78% 15% 7% - Allstate Financial $ 38,809 $ 36,515 $ 283 $ 1,966 $ 45 % of Allstate Financial 94% 1% 5% - Corporate & Other $ 3,221 $ 3,220 $ 1 $ - $ - % of Corporate & Other 100% - - - (1) Market-based core is comprised primarily of highly diversified fixed income securities, mortgage loans and equity securities to align with business segment priorities. (2) Market-based active is comprised primarily of fixed income and equity securities to generate additional returns by taking advantage of market opportunities. (3) Performance-based long-term is comprised primarily of private equity and real estate investments to generate returns over an extended horizon. (4) Performance-based opportunistic primarily generates returns by taking advantage of asset dislocations and by selectively providing liquidity to distressed sellers. THE ALLSTATE CORPORATION INVESTMENT POSITION BY STRATEGY ($ in millions)

64 Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, 2015 2015 2015 2015 2014 2014 2014 2014 2015 2014 Investment position Limited partnerships Private equity (1) $ 3,181 $ 3,131 $ 3,012 $ 2,969 $ 2,756 $ 2,759 $ 2,631 $ 2,674 $ 3,181 $ 2,756 Real estate (2) 1,166 1,160 1,164 1,366 1,413 1,425 1,517 1,577 1,166 1,413 Timber & agriculture-related (3) 163 151 - - - - - - 163 - PBLT - limited partnerships 4,510 4,442 4,176 4,335 4,169 4,184 4,148 4,251 4,510 4,169 Other (4) Private equity 71 93 70 67 53 39 - - 71 53 Real estate 301 288 242 201 168 115 111 117 301 168 Timber & agriculture-related 167 167 167 168 168 168 169 169 167 168 PBLT - other 539 548 479 436 389 322 280 286 539 389 Total Private equity 3,252 3,224 3,082 3,036 2,809 2,798 2,631 2,674 3,252 2,809 Real estate 1,467 1,448 1,406 1,567 1,581 1,540 1,628 1,694 1,467 1,581 Timber & agriculture-related 330 318 167 168 168 168 169 169 330 168 Total PBLT $ 5,049 $ 4,990 $ 4,655 $ 4,771 $ 4,558 $ 4,506 $ 4,428 $ 4,537 $ 5,049 $ 4,558 Investment income, before expense Limited partnerships Private equity $ 47 $ 162 $ 113 $ 80 $ 96 $ 66 $ 123 $ 106 $ 402 $ 391 Real estate 20 5 10 123 25 93 55 38 158 211 Timber & agriculture-related (1) - - - - - - - (1) - PBLT - limited partnerships 66 167 123 203 121 159 $ 178 144 559 602 Other Private equity - 1 - - - - - - 1 - Real estate 6 7 5 4 3 4 3 4 22 14 Timber & agriculture-related 2 1 2 2 2 2 4 1 7 9 PBLT - other 8 9 7 6 5 6 $ 7 5 30 23 Total Private equity 47 163 113 80 96 66 123 106 403 391 Real estate 26 12 15 127 28 97 58 42 180 225 Timber & agriculture-related 1 1 2 2 2 2 4 1 6 9 Total PBLT $ 74 $ 176 $ 130 $ 209 $ 126 $ 165 $ 185 $ 149 $ 589 $ 625 Asset level operating expense (5) Total $ (4) $ (4) $ (5) $ (6) $ (3) $ (4) $ (3) $ (4) $ (19) $ (14) Realized Capital Gains and Losses (Pre-Tax) By Asset Type Limited Partnerships Private equity $ (49) $ (3) $ (3) $ 9 $ (4) $ 8 $ (34) $ (10) $ (46) $ (40) Real estate - (2) - (2) 7 50 (14) 10 (4) 53 Timber & agriculture-related - - - - - - - - - - PBLT - limited partnerships (49) (5) (3) 7 3 58 (48) - (50) 13 Other Private equity 1 6 (1) - - - - - 6 - Real estate (1) (1) (1) - - 7 - - (3) 7 Timber & agriculture-related - - - 1 - - - - 1 - PBLT - other - 5 (2) 1 - 7 - - 4 7 Total Private equity (48) 3 (4) 9 (4) 8 (34) (10) (40) (40) Real estate (1) (3) (1) (2) 7 57 (14) 10 (7) 60 Timber & agriculture-related - - - 1 - - - - 1 - Total PBLT $ (49) $ - $ (5) $ 8 $ 3 $ 65 $ (48) $ - $ (46) $ 20 (1) Includes Private equity on page 57, excluding Timber and agriculture-related. (2) Includes Real estate on page 57. (3) Includes Timber and agriculture-related reflected in Private equity on page 57. (4) Includes PBLT - fixed income securities, equity securities and other investments on page 63. (5) Asset level operating expenses are netted against the income for directly held real estate, timber and other consolidated investments for the purposes of the pre-tax yield calculation. As of or for the three months ended As of or for the twelve months ended THE ALLSTATE CORPORATION PERFORMANCE-BASED LONG-TERM INVESTMENTS ("PBLT") ($ in millions)

65 Definitions of Non-GAAP Measures Operating income is net income applicable 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. 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 applicable 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 applicable 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 applicable 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 applicable to common shareholders and does not reflect the overall profitability of our business. A reconciliation of operating income to net income applicable 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 applicable to common shareholders is the most directly comparable GAAP measure. Underwriting income should not be considered a substitute for net income applicable to common shareholders and does not reflect the overall profitability of our business. A reconciliation of Property- Liability underwriting income to net income applicable 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". 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". Underlying loss ratio is a non-GAAP ratio, which is computed as the difference between three GAAP operating ratios: the loss ratio, the effect of catastrophes on the combined ratio and the effect of prior year non-catastrophe reserve reestimates on the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends that may be obscured by catastrophe losses and prior year reserve reestimates. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the loss ratio. The underlying loss ratio should not be considered a substitute for the loss ratio and does not reflect the overall loss ratio of our business. A reconciliation of underlying loss ratio is provided in the schedules "Allstate Brand Profitability Measures", "Esurance Brand Profitability Measures and Statistics" and "Encompass Brand Profitability Measures and Statistics". 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", "Esurance Brand Profitability Measures and Statistics", "Encompass Brand Profitability Measures and Statistics", "Auto, Homeowners and Other Personal Lines Underlying Combined Ratios", "Allstate Personal Lines - Auto, Homeowners, Other Personal Lines and Commercial Lines Profitability Measures" and "Emerging Businesses - Esurance, Encompass, Other Business Lines, and Answer Financial Profitability Measures". 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 applicable 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".