8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 29, 2019

THE ALLSTATE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-11840	36-3871531
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 2775 Sanders Road, Northbrook, Illinois    60062

(Address of principal executive offices)    (Zip Code)

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

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

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

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

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

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

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

Title of each class	Trading Symbols	Name of each exchange on which registered
Common Stock, par value $0.01 per share	ALL	New York Stock Exchange Chicago Stock Exchange
5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053	ALL.PR.B	New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.625% Noncumulative Preferred Stock, Series A	ALL PR A	New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.625% Noncumulative Preferred Stock, Series G	ALL PR G	New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series H	ALL PR H	New York Stock Exchange

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

Emerging growth company ☐

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

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Section 2 – Financial Information

Item 2.02.                             Results of Operations and Financial Condition.

The Registrant’s press release dated October 29, 2019, announcing its financial results for the third quarter of 2019, and the Registrant’s third quarter 2019 investor supplement are furnished as Exhibits 99.1 and 99.2, respectively, to this report.  The information contained in the press release and the investor supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Section 9 – Financial Statements and Exhibits

Item 9.01.                             Financial Statements and Exhibits.

(d)  Exhibits

99.1                                                Registrant’s press release dated October 29, 2019

99.2                                                Third quarter 2019 Investor Supplement of The Allstate Corporation

101     Cover Page XBRL Instance Document

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SIGNATURES

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

THE ALLSTATE CORPORATION
(Registrant)
By:	/s/ John C. Pintozzi
Name: John C. Pintozzi
Title: Senior Vice President, Controller, and Chief Accounting Officer

Date: October 29, 2019

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contacts:

Greg Burns                John Griek                Mark Nogal

Media Relations          Investor Relations            Investor Relations

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

Allstate Delivers Growth and Attractive Returns

NORTHBROOK, Ill., October 29, 2019 – The Allstate Corporation (NYSE: ALL) today reported financial results for the third quarter of 2019.

The Allstate Corporation Consolidated Highlights
	Three months ended September 30,						Nine months ended September 30,
($ in millions, except per share data and ratios)	2019		2018		% / pts Change		2019			2018			% / pts Change
Consolidated revenues	$	11,069	$	10,465	5.8		$	33,203		$	30,334		9.5
Net income applicable to common shareholders	889		942		(5.6	)	2,971			2,597			14.4
per diluted common share	2.67		2.68		(0.4	)	8.85			7.31			21.1
Adjusted net income*	946		759		24.6		2,457			2,577			(4.7	)
per diluted common share*	2.84		2.16		31.5		7.32			7.25			1.0
Return on common shareholders’ equity (trailing twelve months)
Net income applicable to common shareholders							10.7		%	18.6		%	(7.9	)
Adjusted net income*							14.2		%	16.9		%	(2.7	)
Book value per common share							69.84			60.86			14.8
Property-Liability combined ratio
Recorded	91.6		93.9		(2.3	)	93.1			92.0			1.1
Underlying combined ratio* (excludes catastrophes, prior year reserve reestimates and amortization of purchased intangibles)	86.3		86.2		0.1		85.0			85.0			—
Property and casualty insurance premiums written	9,676		9,158		5.7		27,764			26,127			6.3
Catastrophe losses	510		625		(18.4	)	2,262			1,892			19.6
Total policies in force (in thousands)							136,077			96,682			40.7

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

“Excellent growth and profitability reflect a consistent strategy, innovation and strong operating capabilities,” said Tom Wilson, Chair, President and CEO of The Allstate Corporation. “The strategy to increase market share in personal property-liability and diversify protection offerings is resonating with customers. Revenues for the last three months increased to $11.1 billion, up 5.8% from the prior year. Strong operating capabilities enabled us to generate net income of $889 million and adjusted net income* of $946 million in the quarter, which was $2.84 per share. Return on equity was 14.2% over the last 12 months, on an adjusted net income* basis.”

“Results were also strong on the five Operating Priorities, which focus on near-term performance and long-term value creation. Customer Net Promoter Scores improved, and growth in personal property-liability policies in force was achieved for both the Allstate and Esurance brands. Expansion into protection plans using innovative technology and the Allstate brand is working, with policies in force increasing by 39.4 million over the prior year. Proactive investment management resulted in a total return for the latest 12 months of 7.8% as we lengthened duration ahead of interest rate declines and remained invested in equities. Long-term growth investments in telematics, protection plans and identity protection are being funded while returning substantial capital to shareholders,” concluded Wilson.

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Third Quarter 2019 Results

• Total revenue of $11.1 billion in the third quarter of 2019 increased 5.8% compared to the prior year quarter as Property-Liability insurance premiums earned increased 5.6%. Net investment income grew 4.3% and realized capital gains increased revenues by $197 million.

• Net income applicable to common shareholders was $889 million, or $2.67 per diluted share, in the third quarter of 2019, compared to net income of $942 million, or $2.68 per diluted share, in the third quarter of 2018. Adjusted net income* of $946 million for the third quarter was above the prior year quarter, primarily due to higher underwriting and net investment income.

Property-Liability Results
	Three months ended September 30,				Nine months ended September 30,
($ in millions, except ratios)	2019	2018	% / pts Change		2019	2018	% / pts Change
Premiums written	9,312	8,800	5.8	%	26,682	25,185	5.9	%
Underwriting income	737	507	45.4		1,804	1,967	(8.3	)
Recorded Combined Ratio	91.6	93.9	(2.3	)	93.1	92.0	1.1
Allstate Brand Auto	92.1	92.5	(0.4	)	91.8	91.0	0.8
Allstate Brand Homeowners	80.7	87.7	(7.0	)	92.3	88.7	3.6
Esurance Brand	101.1	102.1	(1.0	)	100.4	101.2	(0.8	)
Encompass Brand	105.8	95.7	10.1		101.3	97.1	4.2
Underlying Combined Ratio*	86.3	86.2	0.1		85.0	85.0	—
Allstate Brand Auto	92.5	92.0	0.5		91.3	91.3	—
Allstate Brand Homeowners	65.0	65.2	(0.2	)	63.6	63.7	(0.1	)
Esurance Brand	97.9	99.2	(1.3	)	97.2	97.8	(0.6	)
Encompass Brand	87.9	88.6	(0.7	)	88.7	87.0	1.7

• Property-Liability written premium of $9.3 billion increased by 5.8%, driven by policy growth and higher average premiums in the Allstate and Esurance brands and the expansion of a commercial ride sharing account to 15 states. Underwriting income of $737 million in the third quarter of 2019 was $230 million above the prior year quarter, primarily due to higher earned premiums, lower catastrophe losses and reduced operating expenses.

◦ Underwriting income was positively impacted by non-catastrophe prior year reserve releases of $41 million in the third quarter of 2019, which reduced the combined ratio by 0.5 points. This primarily reflects a reduction in auto bodily injury reserves, which was partially offset by increases in asbestos, environmental and other reserves in the Discontinued Lines and Coverages segment.

◦ The underlying combined ratio* of 86.3 for the third quarter of 2019 was 0.1 points above the prior year quarter reflecting a planned improvement in the expense ratio offsetting an increase in the non-catastrophe loss ratio.

◦ Allstate brand auto insurance net written premium grew 4.5% in the third quarter of 2019 compared to the prior year quarter, reflecting a 2.1% increase in policies in force and higher average premium. The recorded combined ratio of 92.1 in the third quarter of 2019 was 0.4 points lower than the prior year quarter. The underlying combined ratio* of 92.5 in the quarter was 0.5 points higher than the third quarter of 2018 as higher premiums earned and a lower expense ratio were more than offset by increased loss costs.

◦ Allstate brand homeowners insurance net written premium grew 6.7% in the third quarter of 2019 compared to the prior year quarter, reflecting a 1.5% increase in policies in force and higher average premium. The recorded combined ratio of 80.7 in the third quarter of 2019 was 7.0 points below the third quarter of 2018, primarily driven by lower catastrophe losses. The underlying combined ratio* of 65.0 was 0.2 points lower than the prior year quarter due to higher premiums earned and improved claim frequency, partially offset by increased claim severity.

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◦ Esurance brand policies in force increased 5.9% in the third quarter of 2019 compared to the prior year quarter, with net written premium growth of 8.3%. The recorded combined ratio of 101.1 in the third quarter of 2019 was 1.0 point lower than the prior year quarter. The underlying combined ratio* of 97.9 was 1.3 points lower than the third quarter of 2018, as higher premiums earned and reduced operating expenses were partially offset by increased loss costs.

◦ Encompass brand net written premium increased 2.6% in the third quarter of 2019 compared to the prior year quarter as higher average premiums offset a decline in policies in force. The recorded combined ratio of 105.8 in the third quarter of 2019 was 10.1 points higher than the prior year quarter primarily due to increased catastrophe losses. The underlying combined ratio* of 87.9 in the third quarter was 0.7 points lower than the third quarter of 2018 as higher earned premiums and reduced operating expenses were partially offset by increased claim severity.

Allstate Investment Results
	Three months ended September 30,								Nine months ended September 30,
($ in millions, except ratios)	2019			2018			% / pts Change		2019			2018			% / pts Change
Net investment income	$	880		$	844		4.3		$	2,470		$	2,454		0.7
Market-based investment income(1)	727			683			6.4		2,151			2,031			5.9
Performance-based investment income(1)	202			214			(5.6	)	469			571			(17.9	)
Realized capital gains and losses	197			176			11.9		1,183			17			NM
Change in unrealized net capital gains, pre-tax	518			(97		)	NM		2,957			(1,423		)	NM
Total return on investment portfolio	1.9		%	1.1		%	0.8		8.0		%	1.0		%	7.0
Total return on investment portfolio (trailing twelve months)									7.8		%	2.1		%	5.7

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

NM = not meaningful

• Allstate Investments $89 billion portfolio generated net investment income of $880 million in the third quarter of 2019, an increase of $36 million from the prior year quarter.

◦ Total return on the investment portfolio was 1.9% for the quarter and 7.8% for the latest 12 months, reflecting lower market yields, higher equity values and proactive risk and return management.

◦ Market-based investments contributed $727 million of investment income in the third quarter of 2019, an increase of $44 million, or 6.4%, compared to the prior year quarter. The market-based portfolio benefited from investments at higher yields, including the duration extension of the Property-Liability fixed income portfolio.

◦ Performance-based investments generated investment income of $202 million in the third quarter of 2019, a decrease of $12 million, or 5.6%, compared to the prior year quarter.

◦ Net realized capital gains were $197 million in the third quarter of 2019, compared to gains of $176 million in the prior year quarter.

◦ Unrealized net capital gains increased $518 million from the second quarter of 2019, and $2.96 billion from prior year end, as lower market yields resulted in higher fixed income valuations.

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Allstate Life, Benefits and Annuities Results
	Three months ended September 30,						Nine months ended September 30,
($ in millions)	2019		2018		% Change		2019		2018		% Change
Premiums and Contract Charges
Allstate Life	$	331	$	322	2.8	%	$	1,001	$	975	2.7	%
Allstate Benefits	291		285		2.1		863		854		1.1
Allstate Annuities	3		5		(40.0	)	10		11		(9.1	)
Adjusted Net Income
Allstate Life	$	44	$	75	(41.3	)%	$	185	$	226	(18.1	)%
Allstate Benefits	31		33		(6.1	)	99		98		1.0
Allstate Annuities	16		20		(20.0	)	43		99		(56.6	)

• Allstate Life adjusted net income was $44 million in the third quarter of 2019, a $31 million decrease from the prior year quarter, largely due to the accelerated amortization of deferred policy acquisition costs (“DAC”) driven by lower interest rates and model refinements in connection with the annual actuarial assumption review. This was partially offset by reduced operating expenses and higher premiums.

• Allstate Benefits premium growth was 2.1% in the third quarter, a decline from previous levels, reflecting increased competition. Adjusted net income of $31 million in the third quarter of 2019 was $2 million lower than the prior year quarter, as increased premiums were more than offset by higher DAC amortization related to lower projected investment returns in the annual actuarial assumption review.

• Allstate Annuities adjusted net income of $16 million in the third quarter of 2019 was $4 million lower than the prior year quarter, primarily due to higher contract benefits and reduced investment income. Adjusted net income of $43 million for the first nine months of 2019 was substantially below the prior year, reflecting lower performance-based investment income in the first quarter of 2019.

Service Businesses Results
	Three months ended September 30,									Nine months ended September 30,
($ in millions)	2019			2018			% / $ Change			2019			2018			% / $ Change
Total Revenues	$	418		$	329		27.1		%	$	1,215		$	962		26.3		%
Allstate Protection Plans (1)	177			128			38.3			511			372			37.4
Allstate Dealer Services	115			102			12.7			336			298			12.8
Allstate Roadside Services	68			77			(11.7		)	214			228			(6.1		)
Arity	35			22			59.1			84			64			31.3
Allstate Identity Protection (1)	23			—			NA			70			—			NA
Adjusted Net Income (Loss)	$	8		$	1		$	7		$	35		$	—		$	35
Allstate Protection Plans	15			7			8			48			14			34
Allstate Dealer Services	6			3			3			19			10			9
Allstate Roadside Services	(5		)	(5		)	—			(14		)	(14		)	—
Arity	(1		)	(4		)	3			(4		)	(10		)	6
Allstate Identity Protection	(7		)	—			NA			(14		)	—			NA

⁽¹⁾  Starting in the third quarter of 2019, we are reporting SquareTrade and InfoArmor using the names Allstate Protection Plans and Allstate Identity Protection, respectively.

NA = not applicable

• Service Businesses policies in force grew to 95.9 million, and revenues increased to $418 million, 27.1% higher than the third quarter of 2018. Adjusted net income was $8 million, an increase of $7 million compared to the prior year quarter.

◦ Allstate Protection Plans (formerly SquareTrade) revenue was $177 million in the third quarter of 2019, reflecting policy growth of 37.6 million compared to the third quarter of 2018. Adjusted net income of $15 million in the third quarter of 2019 was $8 million higher than the prior year quarter due to increased revenue and improved loss experience partially offset by investments in growth.

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◦ Allstate Dealer Services revenue grew 12.7% compared to the third quarter of 2018, and adjusted net income was $6 million, reflecting higher premiums and improved loss experience.

◦ Allstate Roadside Services revenue was $68 million in the third quarter of 2019. The adjusted net loss of $5 million in the third quarter was comparable to the prior year quarter.

◦ Arity revenue was $35 million in the third quarter of 2019, primarily from contracts with affiliates. The adjusted net loss of $1 million in the quarter includes product development costs.

◦ Allstate Identity Protection (formerly InfoArmor) had revenues of $23 million and an adjusted net loss of $7 million in the third quarter of 2019 related to growth and integration expenses.

Proactive Capital Management

“Allstate continued to aggressively manage the cost of capital by issuing $1.15 billion of preferred stock in the quarter, which was used to redeem a similar amount of higher dividend preferred stock earlier this month,” said Mario Rizzo, Chief Financial Officer. “ We also returned $775 million to shareholders during the third quarter through a combination of $166 million in common stock dividends and repurchasing $609 million of outstanding common shares. Allstate has repurchased 6.7% of common stock outstanding (23.0 million shares) over the past 12 months and has $962 million remaining on its current share repurchase authorization.”

Visit www.allstateinvestors.com to view additional information about Allstate’s results, including a webcast of its quarterly conference call and the call presentation. The conference call will be held at 9:30 a.m. ET on Wednesday, October 30.

Forward-Looking Statements

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

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THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
($ in millions, except par value data)	September 30, 2019			December 31, 2018
Assets
Investments:
Fixed income securities, at fair value (amortized cost $56,263 and $57,134)	$	59,259		$	57,170
Equity securities, at fair value (cost $6,930 and $4,489)	8,206			5,036
Mortgage loans	4,694			4,670
Limited partnership interests	7,990			7,505
Short-term, at fair value (amortized cost $5,254 and $3,027)	5,254			3,027
Other	3,904			3,852
Total investments	89,307			81,260
Cash	587			499
Premium installment receivables, net	6,558			6,154
Deferred policy acquisition costs	4,683			4,784
Reinsurance and indemnification recoverables, net	9,363			9,565
Accrued investment income	613			600
Property and equipment, net	1,092			1,045
Goodwill	2,545			2,530
Other assets	3,383			3,007
Separate Accounts	2,942			2,805
Total assets	$	121,073		$	112,249
Liabilities
Reserve for property and casualty insurance claims and claims expense	$	28,076		$	27,423
Reserve for life-contingent contract benefits	12,378			12,208
Contractholder funds	17,804			18,371
Unearned premiums	15,343			14,510
Claim payments outstanding	952			1,007
Deferred income taxes	1,079			425
Other liabilities and accrued expenses	9,729			7,737
Long-term debt	6,630			6,451
Separate Accounts	2,942			2,805
Total liabilities	94,933			90,937
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 125.8 thousand and 79.8 thousand shares issued and outstanding, $3,145 and $1,995 aggregate liquidation preference	3,052			1,930
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 325 million and 332 million shares outstanding	9			9
Additional capital paid-in	3,511			3,310
Retained income	46,527			44,033
Deferred Employee Stock Ownership Plan expense	(3		)	(3		)
Treasury stock, at cost (575 million and 568 million shares)	(29,063		)	(28,085		)
Accumulated other comprehensive income:
Unrealized net capital gains and losses:
Unrealized net capital gains and losses on fixed income securities with OTTI	82			75
Other unrealized net capital gains and losses	2,276			(51		)
Unrealized adjustment to DAC, DSI and insurance reserves	(335		)	(26		)
Total unrealized net capital gains and losses	2,023			(2		)
Unrealized foreign currency translation adjustments	(50		)	(49		)
Unamortized pension and other postretirement prior service credit	134			169
Total accumulated other comprehensive income	2,107			118
Total shareholders’ equity	26,140			21,312
Total liabilities and shareholders’ equity	$	121,073		$	112,249

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THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
($ in millions, except per share data)	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Revenues
Property and casualty insurance premiums	$	9,094		$	8,595		$	26,882		$	25,341
Life premiums and contract charges	625			612			1,874			1,840
Other revenue	273			238			794			682
Net investment income	880			844			2,470			2,454
Realized capital gains and losses:
Total other-than-temporary impairment (“OTTI”) losses	(16		)	(4		)	(44		)	(8		)
OTTI losses reclassified to (from) other comprehensive income	2			(1		)	1			(2		)
Net OTTI losses recognized in earnings	(14		)	(5		)	(43		)	(10		)
Sales and valuation changes on equity investments and derivatives	211			181			1,226			27
Total realized capital gains and losses	197			176			1,183			17
Total revenues	11,069			10,465			33,203			30,334
Costs and expenses
Property and casualty insurance claims and claims expense	6,051			5,805			18,227			16,711
Life contract benefits	513			498			1,521			1,485
Interest credited to contractholder funds	169			163			487			489
Amortization of deferred policy acquisition costs	1,425			1,317			4,151			3,886
Operating costs and expenses	1,414			1,425			4,174			4,086
Pension and other postretirement remeasurement gains and losses	225			(39		)	365			(32		)
Restructuring and related charges	—			13			27			55
Amortization of purchased intangibles	32			24			96			69
Impairment of purchased intangibles	—			—			55			—
Interest expense	80			82			245			251
Total costs and expenses	9,909			9,288			29,348			27,000
Gain on disposition of operations	—			1			3			4
Income from operations before income tax expense	1,160			1,178			3,858			3,338
Income tax expense	229			199			784			636
Net income	931			979			3,074			2,702
Preferred stock dividends	42			37			103			105
Net income applicable to common shareholders	$	889		$	942		$	2,971		$	2,597
Earnings per common share:
Net income applicable to common shareholders per common share – Basic	$	2.71		$	2.72		$	8.98		$	7.43
Weighted average common shares – Basic	327.7			346.0			330.8			349.7
Net income applicable to common shareholders per common share – Diluted	$	2.67		$	2.68		$	8.85		$	7.31
Weighted average common shares – Diluted	333.0			351.7			335.7			355.4

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Definitions of Non-GAAP Measures

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

Adjusted net income is net incomeapplicable 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 adjusted net income,

• pension and other postretirement remeasurement gains and losses, after-tax,

• valuation changes on embedded derivatives 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 not hedged, after-tax,

• business combination expenses and the amortization or impairment of purchased intangibles, 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.

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

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

8

The following tables reconcile net income applicable to common shareholders and adjusted net income. Taxes on adjustments to reconcile net income applicable to common shareholders and adjusted net income generally use a 21% effective tax rate and are reported net of income taxes as the reconciling adjustment.

($ in millions, except per share data)	Three months ended September 30,
	Consolidated						Per diluted common share
	2019			2018			2019			2018
Net income applicable to common shareholders	$	889		$	942		$	2.67		$	2.68
Realized capital gains and losses, after-tax	(155		)	(141		)	(0.47		)	(0.40		)
Pension and other postretirement remeasurement gains and losses, after-tax	179			(30		)	0.54			(0.08		)
Valuation changes on embedded derivatives not hedged, after-tax	10			(1		)	0.03			—
DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax	(1		)	1			—			—
Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax	(1		)	—			—			—
Business combination expenses and the amortization of purchased intangibles, after-tax	25			20			0.07			0.05
Impairment of purchased intangibles, after-tax	—			—			—			—
Gain on disposition of operations, after-tax	—			(1		)	—			—
Tax Legislation benefit	—			(31		)	—			(0.09		)
Adjusted net income*	$	946		$	759		$	2.84		$	2.16
	Nine months ended September 30,
	Consolidated						Per diluted common share
	2019			2018			2019			2018
Net income applicable to common shareholders	$	2,971		$	2,597		$	8.85		$	7.31
Realized capital gains and losses, after-tax	(935		)	(16		)	(2.79		)	(0.05		)
Pension and other postretirement remeasurement gains and losses, after-tax	289			(25		)	0.86			(0.07		)
Valuation changes on embedded derivatives not hedged, after-tax	15			(5		)	0.05			(0.01		)
DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax	2			6			0.01			0.02
Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax	(2		)	(1		)	(0.01		)	—
Business combination expenses and the amortization of purchased intangibles, after-tax	76			55			0.23			0.15
Impairment of purchased intangibles, after-tax	43			—			0.13			—
Gain on disposition of operations, after-tax	(2		)	(3		)	(0.01		)	(0.01		)
Tax Legislation benefit	—			(31		)	—			(0.09		)
Adjusted net income*	$	2,457		$	2,577		$	7.32		$	7.25

9

Adjusted net income return on common shareholders’ equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month adjusted net income by the average of 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 adjusted net income as the numerator for the same reasons we use adjusted net 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 adjusted net 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 adjusted net income return on common shareholders’ equity in incentive compensation. Therefore, we believe it is useful for investors to have adjusted net 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 adjusted net income return on common shareholders’ equity results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management’s utilization of capital. Adjusted net income return on 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.

The following tables reconcile return on common shareholders’ equity and adjusted net income return on common shareholders’ equity.

($ in millions)	For the twelve months ended September 30,
	2019			2018
Return on commonshareholders’ equity
Numerator:
Net incomeapplicable to common shareholders	$	2,386		$	3,891
Denominator:
Beginning commonshareholders’ equity (1)	$	21,356		$	20,508
Ending commonshareholders’ equity (1)	23,088			21,356
Average commonshareholders’ equity	$	22,222		$	20,932
Return on common shareholders’ equity	10.7		%	18.6		%

($ in millions)	For the twelve months ended September 30,
	2019			2018
Adjusted net income return on common shareholders’ equity
Numerator:
Adjusted net income *	$	3,009		$	3,400
Denominator:
Beginning commonshareholders’ equity (1)	$	21,356		$	20,508
Less: Unrealized net capital gains and losses	(16		)	1,651
Adjusted beginning commonshareholders’ equity	21,372			18,857
Ending commonshareholders’ equity (1)	23,088			21,356
Less: Unrealized net capital gains and losses	2,023			(16		)
Adjusted ending commonshareholders’ equity	21,065			21,372
Average adjusted commonshareholders’ equity	$	21,219		$	20,115
Adjusted net income return on common shareholders’ equity *	14.2		%	16.9		%

_____________

⁽¹⁾ Excludes equity related to preferred stock of $3,052 million as of September 30, 2019, $2,303 million as of September 30, 2018 and $1,746 million as of September 30, 2017.

10

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

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

Property-Liability	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Combined ratio	91.6		93.9		93.1		92.0
Effect of catastrophe losses	(5.8	)	(7.5	)	(8.7	)	(7.7	)
Effect of prior year non-catastrophe reserve reestimates	0.5		(0.2	)	0.6		0.7
Underlying combined ratio*	86.3		86.2		85.0		85.0
Effect of prior year catastrophe reserve reestimates	—		—		0.2		0.2

Allstate brand - Total	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Combined ratio	89.3		92.3		91.9		90.8
Effect of catastrophe losses	(5.6	)	(7.8	)	(9.0	)	(7.8	)
Effect of prior year non-catastrophe reserve reestimates	1.7		0.8		1.1		1.1
Underlying combined ratio*	85.4		85.3		84.0		84.1
Effect of prior year catastrophe reserve reestimates	(0.1	)	—		0.2		0.1

Allstate brand - Auto Insurance	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Combined ratio	92.1		92.5		91.8		91.0
Effect of catastrophe losses	(2.4	)	(2.2	)	(2.3	)	(1.8	)
Effect of prior year non-catastrophe reserve reestimates	2.8		1.7		1.8		2.1
Underlying combined ratio*	92.5		92.0		91.3		91.3
Effect of prior year catastrophe reserve reestimates	—		(0.1	)	(0.1	)	(0.2	)

Allstate brand - Homeowners Insurance	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Combined ratio	80.7		87.7		92.3		88.7
Effect of catastrophe losses	(15.7	)	(23.6	)	(28.7	)	(25.7	)
Effect of prior year non-catastrophe reserve reestimates	—		1.1		—		0.7
Underlying combined ratio*	65.0		65.2		63.6		63.7
Effect of prior year catastrophe reserve reestimates	(0.1	)	0.1		0.8		1.3

11

Esurance brand - Total	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Combined ratio	101.1		102.1		100.4		101.2
Effect of catastrophe losses	(3.0	)	(2.9	)	(3.0	)	(3.4	)
Effect of prior year non-catastrophe reserve reestimates	(0.2	)	0.2		(0.2	)	0.1
Effect of amortization of purchased intangibles	—		(0.2	)	—		(0.1	)
Underlying combined ratio*	97.9		99.2		97.2		97.8
Effect of prior year catastrophe reserve reestimates	(0.2	)	0.2		—		0.1

Encompass brand - Total	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Combined ratio	105.8		95.7		101.3		97.1
Effect of catastrophe losses	(18.3	)	(9.1	)	(13.5	)	(12.0	)
Effect of prior year non-catastrophe reserve reestimates	0.4		2.0		0.9		1.9
Underlying combined ratio*	87.9		88.6		88.7		87.0
Effect of prior year catastrophe reserve reestimates	0.8		0.8		1.3		1.6

# # # # #

12

EX-99.2

The Allstate Corporation Investor Supplement Third Quarter 2019 The consolidated financial statements and financial exhibits includedherein 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. Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*). These measures are defined on the pages "Definitions of Non-GAAP Measures" and are reconciled to the most directly comparable generally accepted accounting principles ("GAAP") measure herein.

The Allstate Corporation Investor Supplement - Third Quarter 2019 Table of Contents Consolidated Operations Allstate Life Condensed Consolidated Statements of Operations 1 Segment Results and Other Statistics 27 Contribution to Income 2 Return on Equity 28 Segment Results 3,4 Condensed Consolidated Statements of Financial Position 5 Allstate Benefits Book Value per Common Share 6 Segment Results and Other Statistics 29 Return on Common Shareholders' Equity 7 Return on Equity 30 Debt to Capital 8 Policies in Force 9 Allstate Annuities Premiums Written for Allstate Protection and Service Businesses 10 Segment Results and Other Statistics 31 Catastrophe Losses 11 Return on Equity 32 Property-Liability Corporate and Other Results 12 Corporate and Other Segment Results 33 Prior Year Reserve Reestimates 13 Catastrophe Losses included in Prior Year Reserve Reestimates 14 Investments Allstate Protection Investment Position 34 Impact of Net Rate Changes Approved on Premiums Written 15 Net Investment Income, Yields and Realized Capital Gains (Losses) (Pre-tax) 35 Allstate Brand Profitability Measures 16 Net Investment Income, Yields and Realized Capital Gains (Losses) (Pre-tax) by Segment 36,37 Allstate Brand Statistics 17 Investment Position and Results by Strategy by Segment 38,39 Esurance Brand Profitability Measures and Statistics 18 Performance-Based Investments 40 Encompass Brand Profitability Measures and Statistics 19 Auto Profitability Measures by Brand 20 Definitions of Non-GAAP Measures 41,42 Homeowners Profitability Measures by Brand 21 Other Personal Lines Profitability Measures by Brand 22 Commercial Lines Profitability Measures 23 Discontinued Lines and Coverages Reserves 24 Service Businesses Segment Results 25 Allstate Protection Plans Results 26

The Allstate Corporation Condensed Consolidated Statements of Operations ($ in millions, except per share data) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 ;jh 2019 2018 Revenues Property and casualty insurance premiums (1) $ 9,094 $ 8,986 $ 8,802 $ 8,707 $ 8,595 $ 8,460 $ 8,286 $ 26,882 $ 25,341 Life premiums and contract charges (2) 625 621 628 625 612 612 616 1,874 1,840 Other revenue (3) 273 271 250 257 238 228 216 794 682 Net investment income 880 942 648 786 844 824 786 2,470 2,454 Realized capital gains and losses: Total other-than-temporary impairment ("OTTI") losses (16) (12) (16) (5) (4) (4) - (44) (8) OTTI losses reclassified to (from) other comprehensive income 2 (3) 2 1 (1) - (1) 1 (2) Net OTTI losses recognized in earnings (14) (15) (14) (4) (5) (4) (1) (43) (10) Sales and valuation changes on equity investments and derivatives 211 339 676 (890) 181 (21) (133) 1,226 27 Total realized capital gains and losses 197 324 662 (894) 176 (25) (134) 1,183 17 Total revenues 11,069 11,144 10,990 9,481 10,465 10,099 9,770 33,203 30,334 Costs and expenses Property and casualty insurance claims and claims expense 6,051 6,356 5,820 6,067 5,805 5,777 5,129 18,227 16,711 Life contract benefits 513 511 497 488 498 483 504 1,521 1,485 Interest credited to contractholder funds 169 156 162 165 163 165 161 487 489 Amortization of deferred policy acquisition costs 1,425 1,362 1,364 1,336 1,317 1,296 1,273 4,151 3,886 Operating costs and expenses 1,414 1,380 1,380 1,508 1,425 1,358 1,303 4,174 4,086 Pension and other postretirement remeasurement gains and losses 225 125 15 500 (39) (7) 14 365 (32) Restructuring and related charges - 9 18 12 13 23 19 27 55 Amortization of purchased intangibles 32 32 32 36 24 23 22 96 69 Impairment of purchased intangibles - 55 - - - - - 55 - Interest expense 80 82 83 81 82 86 83 245 251 Total costs and expenses 9,909 10,068 9,371 10,193 9,288 9,204 8,508 29,348 27,000 Gain on disposition of operations - 2 1 2 1 2 1 3 4 Income (Loss) from operations before income tax expense 1,160 1,078 1,620 (710) 1,178 897 1,263 3,858 3,338 Income tax expense (benefit) 229 227 328 (168) (5) 199 (5) 180 257 784 636 Net income (loss) 931 851 1,292 (542) 979 717 1,006 3,074 2,702 Preferred stock dividends 42 30 31 43 37 39 29 103 105 Net income (loss) applicable to common shareholders $ 889 $ 821 $ 1,261 $ (585) $ 942 $ 678 $ 977 $ 2,971 $ 2,597 Earnings per common share (4) Net income (loss) applicable to common shareholders per common share - Basic $ 2.71 $ 2.47 $ 3.79 $ (1.71) $ 2.72 $ 1.94 $ 2.76 $ 8.98 $ 7.43 Weighted average common shares - Basic 327.7 332.0 332.6 341.9 346.0 349.2 354.1 330.8 349.7 Net income (loss) applicable to common shareholders per common share - Diluted $ 2.67 $ 2.44 $ 3.74 $ (1.71) (6) $ 2.68 $ 1.91 $ 2.71 $ 8.85 $ 7.31 Weighted average common shares - Diluted 333.0 336.9 337.5 347.1 351.7 354.6 359.9 335.7 355.4 Cash dividends declared per common share $ 0.50 $ 0.50 $ 0.50 $ 0.46 $ 0.46 $ 0.46 $ 0.46 $ 1.50 $ 1.38 (1) Property and casualty insurance premiums are reported in the Property-Liability and Service Businesses results and include auto, homeowners and other personal lines insurance products, as well as consumer product protection plans, roadside assistance, and finance and insurance products. (2) Life premiums and contract charges are reported in the Allstate Life, Allstate Benefits and Allstate Annuities results and include life insurance, voluntary accident and health insurance, and annuity products. (3) Other revenue primarily represents fees collected from policyholders relating to premium installment payments, commissions on sales of non-proprietary products, fee-based services and other revenue transactions. (4) 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. (5) Includes a $2 million Tax Legislation expense for the quarter ended December 31, 2018 and a $31 million benefit for the quarter ended September 30, 2018. (6) Calculation uses weighted average shares of 341.9 million, which excludes weighted average diluted shares of 5.2 million due to a net loss reported for the three months ended December 31, 2018. The Allstate Corporation 3Q19 Supplement 1

The Allstate Corporation Contribution to Income ($ in millions, except per share data) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Contribution to income Net income (loss) applicable to common shareholders $ 889 $ 821 $ 1,261 $ (585) $ 942 $ 678 $ 977 $ 2,971 $ 2,597 Realized capital gains and losses, after-tax (155) (256) (524) 704 (141) 19 106 (935) (16) Pension and other postretirement remeasurement gains and losses, after-tax 179 99 11 395 (30) (6) 11 289 (25) Valuation changes on embedded derivatives not hedged, after-tax 10 2 3 2 (1) - (4) 15 (5) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax (1) 1 2 1 1 3 2 2 6 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax (1) - (1) (1) - (1) - (2) (1) Business combination expenses and the amortization of purchased intangibles, after-tax 25 26 25 35 20 18 17 76 55 Impairment of purchased intangibles, after-tax - 43 - - - - - 43 - Gain on disposition of operations, after-tax - (1) (1) (1) (1) (1) (1) (2) (3) Tax Legislation expense (benefit) - - - 2 (31) - - - (31) Adjusted net income * $ 946 $ 735 $ 776 $ 552 $ 759 $ 710 $ 1,108 $ 2,457 $ 2,577 Income per common share - Diluted (1) Net income (loss) applicable to common shareholders $ 2.67 $ 2.44 $ 3.74 $ (1.71) $ 2.68 $ 1.91 $ 2.71 $ 8.85 $ 7.31 Realized capital gains and losses, after-tax (0.47) (0.76) (1.55) 2.03 (0.40) 0.05 0.29 (2.79) (0.05) Pension and other postretirement remeasurement gains and losses, after-tax 0.54 0.29 0.03 1.15 (0.08) (0.01) 0.03 0.86 (0.07) Valuation changes on embedded derivatives not hedged, after-tax 0.03 - 0.01 0.01 - - (0.01) 0.05 (0.01) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax - - - - - - 0.01 0.01 0.02 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - - - - - - - (0.01) - Business combination expenses and the amortization of purchased intangibles, after-tax 0.07 0.08 0.07 0.10 0.05 0.05 0.05 0.23 0.15 Impairment of purchased intangibles, after-tax - 0.13 - - - - - 0.13 - Gain on disposition of operations, after-tax - - - - - - - (0.01) (0.01) Tax Legislation expense (benefit) - - - 0.01 (0.09) - - - (0.09) Adjusted net income * $ 2.84 $ 2.18 $ 2.30 $ 1.59 $ 2.16 $ 2.00 $ 3.08 $ 7.32 $ 7.25 Weighted average common shares - Diluted 333.0 336.9 337.5 347.1 351.7 354.6 359.9 335.7 355.4 (1) Calculation uses weighted average shares of 341.9 million, which excludes weighted average diluted shares of 5.2 million due to a net loss reported for the three months ended December 31, 2018. The Allstate Corporation 3Q19 Supplement 2

The Allstate Corporation Consolidating Segment Results Allstate Discontinued Property- Service Allstate Allstate Allstate Corporate Intersegment ($ in millions) Protection Lines Liability Businesses Life Benefits Annuities and Other Eliminations Consolidated Three months ended September 30, 2019 Premiums and contract charges $ 8,782 $ - $ 8,782 $ 312 $ 331 $ 291 $ 3 $ - $ - $ 9,719 Intersegment insurance premiums and service fees - - - 44 - - - - (44) - Other revenue 195 - 195 47 31 - - - - 273 Claims and claims expense (5,862) (98) (5,960) (93) - - - - 2 (6,051) Contract benefits and interest credited to contractholder funds - - - - (287) (170) (225) - - (682) Amortization of deferred policy acquisition costs (1,167) - (1,167) (139) (84) (33) (2) - - (1,425) Operating costs and expenses (1,112) (1) (1,113) (171) (77) (69) (7) (19) 42 (1,414) Pension and other postretirement remeasurement gains and losses - - - - - - - (225) - (225) Restructuring and related charges 1 - 1 (1) - - - - - - Amortization of purchased intangibles (1) - (1) (31) - - - - - (32) Impairment of purchased intangibles - - - - - - - - - - Interest expense - - - - - - - (80) - (80) Underwriting income (loss) $ 836 $ (99) 737 Net investment income 448 11 128 21 251 21 - 880 Realized capital gains and losses 163 4 5 2 20 3 197 Gain on disposition of operations - - - - - - - - Income tax (expense) benefit (272) 4 (7) (9) (9) 64 - (229) Preferred stock dividends - - - - (42) - (42) Net income (loss) applicable to common shareholders $ 1,076 $ (13) $ 40 $ 33 $ 31 $ (278) $ - $ (889) Realized capital gains and losses, after-tax (127) (4) (4) (2) (16) (2) - (155) Pension and other postretirement remeasurement gains and losses, after-tax - - - - - 179 - 179 Valuation changes on embedded derivatives not hedged, after-tax - - 9 - 1 - - 10 DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax - - (1) - - - - (1) Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax (1) - - - - - - (1) Business combination expenses and the amortization of purchased intangibles, after-tax - 25 - - - - - 25 Impairment of purchased intangibles, after-tax - - - - - - - - Gain on disposition of operations, after-tax - - - - - - - - Adjusted net income (loss) * $ 948 $ 8 (1) $ 44 (1) $ 31 (1) $ 16 (1) $ (101) (1) $ - $ 946 Three months ended September 30, 2018 Premiums and contract charges $ 8,320 $ - $ 8,320 $ 275 $ 322 $ 285 $ 5 $ - $ - $ 9,207 Intersegment insurance premiums and service fees - - - 31 - - - - (31) - Other revenue 192 - 192 16 30 - - - - 238 Claims and claims expense (5,637) (80) (5,717) (90) - - - - 2 (5,805) Contract benefits and interest credited to contractholder funds - - - - (265) (167) (229) - - (661) Amortization of deferred policy acquisition costs (1,133) - (1,133) (118) (38) (26) (2) - - (1,317) Operating costs and expenses (1,139) - (1,139) (124) (88) (68) (7) (28) 29 (1,425) Pension and other postretirement remeasurement gains and losses - - - - - - - 39 - 39 Restructuring and related charges (12) - (12) - (1) - - - - (13) Amortization of purchased intangibles (4) - (4) (20) - - - - - (24) Interest expense - - - - - - - (82) - (82) Underwriting income (loss) $ 587 $ (80) 507 Net investment income 410 7 128 19 260 20 - 844 Realized capital gains and losses 126 - (3) 2 51 - - 176 Gain on disposition of operations - - - - 1 - - 1 Income tax (expense) benefit (211) 3 (30) (10) 52 (3) - (199) Preferred stock dividends - - - - - (37) - (37) Net income (loss) applicable to common shareholders $ 832 $ (20) $ 55 $ 35 $ 131 $ (91) $ - $ 942 Realized capital gains and losses, after-tax (103) 1 3 (2) (40) - - (141) Pension and other postretirement remeasurement gains and losses, after-tax - - - - - (30) - (30) Valuation changes on embedded derivatives not hedged, after-tax - - - - (1) - - (1) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax - - 1 - - - - 1 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - - - - - - - - Business combination expenses and the amortization of purchased intangibles, after-tax 4 16 - - - - - 20 Gain on disposition of operations, after-tax - - - - (1) - - (1) Tax Legislation expense (benefit) 3 4 16 - (69) 15 - (31) Adjusted net income (loss) * $ 736 $ 1 (1) $ 75 (1) $ 33 (1) $ 20 (1) $ (106) (1) $ - $ 759 (1) Adjusted net income is the segment measure used for each business. The Allstate Corporation 3Q19 Supplement 3

The Allstate Corporation Consolidating Segment Results Allstate Discontinued Property- Service Allstate Allstate Allstate Corporate Intersegment ($ in millions) Protection Lines Liability Businesses Life Benefits Annuities and Other Eliminations Consolidated Nine months ended September 30, 2019 Premiums and contract charges $ 25,970 $ - $ 25,970 $ 912 $ 1,001 $ 863 $ 10 $ - $ - $ 28,756 Intersegment insurance premiums and service fees - - - 110 - - - - (110) - Other revenue 561 - 561 142 91 - - - - 794 Claims and claims expense (17,859) (103) (17,962) (271) - - - - 6 (18,227) Contract benefits and interest credited to contractholder funds - - - - (859) (475) (674) - - (2,008) Amortization of deferred policy acquisition costs (3,494) - (3,494) (400) (141) (111) (5) - - (4,151) Operating costs and expenses (3,240) (2) (3,242) (480) (259) (211) (22) (64) 104 (4,174) Pension and other postretirement remeasurement gains and losses - - - - - - - (365) - (365) Restructuring and related charges (26) - (26) - (1) - - - - (27) Amortization of purchased intangibles (3) - (3) (93) - - - - - (96) Impairment of purchased intangibles - - - (55) - - - - - (55) Interest expense - - - - - - - (245) - (245) Underwriting income (loss) $ 1,909 $ (105) 1,804 Net investment income 1,210 30 380 61 737 52 - 2,470 Realized capital gains and losses 916 21 1 8 224 13 - 1,183 Gain on disposition of operations - - - - 3 - - 3 Income tax (expense) benefit (809) 19 (39) (29) (57) 131 - (784) Preferred stock dividends - - - - - (103) - (103) Net income (loss) applicable to common shareholders $ 3,121 $ (65) $ 174 $ 106 $ 216 $ (581) $ - $ 2,971 Realized capital gains and losses, after-tax (724) (17) - (7) (177) (10) - (935) Pension and other postretirement remeasurement gains and losses, after-tax - - - - - 289 - 289 Valuation changes on embedded derivatives not hedged, after-tax - - 9 - 6 - - 15 DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax - - 2 - - - - 2 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax (2) - - - - - - (2) Business combination expenses and the amortization of purchased intangibles, after-tax 2 74 - - - - - 76 Impairment of purchased intangibles, after-tax - 43 - - - - - 43 Gain on disposition of operations, after-tax - - - - (2) - - (2) Adjusted net income (loss) * $ 2,397 $ 35 (1) $ 185 (1) $ 99 (1) $ 43 (1) $ (302) (1) $ - $ 2,457 Nine months ended September 30, 2018 Premiums and contract charges $ 24,528 $ - $ 24,528 $ 813 $ 975 $ 854 $ 11 $ - $ - $ 27,181 Intersegment insurance premiums and service fees - - - 89 - - - - (89) - Other revenue 550 - 550 48 84 - - - - 682 Claims and claims expense (16,359) (85) (16,444) (272) - - - - 5 (16,711) Contract benefits and interest credited to contractholder funds - - - - (806) (476) (692) - - (1,974) Amortization of deferred policy acquisition costs (3,331) - (3,331) (341) (106) (103) (5) - - (3,886) Operating costs and expenses (3,276) (1) (3,277) (357) (257) (207) (25) (47) 84 (4,086) Pension and other postretirement remeasurement gains and losses - - - - - - - 32 - 32 Restructuring and related charges (51) - (51) (1) (3) - - - - (55) Amortization of purchased intangibles (8) - (8) (61) - - - - - (69) Interest expense - - - - - - - (251) - (251) Underwriting income (loss) $ 2,053 $ (86) 1,967 Net investment income 1,100 18 380 57 843 56 - 2,454 Realized capital gains and losses 16 (6) (9) - 28 (12) - 17 Gain on disposition of operations - - - - 4 - - 4 Income tax (expense) benefit (631) 13 (61) (27) 34 36 - (636) Preferred stock dividends - - - - - (105) - (105) Net income (loss) applicable to common shareholders $ 2,452 $ (57) $ 197 $ 98 $ 198 $ (291) $ - $ 2,597 Realized capital gains and losses, after-tax (16) 5 7 - (22) 10 - (16) Pension and other postretirement remeasurement gains and losses, after-tax - - - - - (25) - (25) Valuation changes on embedded derivatives not hedged, after-tax - - - - (5) - - (5) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax - - 6 - - - - 6 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax (1) - - - - - - (1) Business combination expenses and the amortization of purchased intangibles, after-tax 7 48 - - - - - 55 Gain on disposition of operations, after-tax - - - - (3) - - (3) Tax Legislation expense (benefit) 3 4 16 - (69) 15 - (31) Adjusted net income (loss) * $ 2,445 $ - (1) $ 226 (1) $ 98 (1) $ 99 (1) $ (291) (1) $ - $ 2,577 (1) Adjusted net income is the segment measure used for each business. The Allstate Corporation 3Q19 Supplement 4

The Allstate Corporation Condensed Consolidated Statements of Financial Position ($ in millions) Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2018 Sept. 30, 2018 Assets Investments Fixed income securities, at fair value (1) $ 59,259 $ 58,484 $ 58,202 $ 57,170 $ 57,663 Equity securities, at fair value (2) 8,206 7,906 5,802 5,036 6,965 Mortgage loans 4,694 4,687 4,681 4,670 4,592 Limited partnership interests 7,990 7,818 7,493 7,505 7,602 Short-term, at fair value 5,254 3,740 4,157 3,027 3,071 Other 3,904 3,856 3,786 3,852 4,075 Total investments 89,307 86,491 84,121 81,260 83,968 Cash 587 599 551 499 460 Premium installment receivables, net 6,558 6,380 6,201 6,154 6,196 Deferred policy acquisition costs 4,683 4,667 4,670 4,784 4,667 Reinsurance and indemnification recoverables, net 9,363 9,292 9,374 9,565 8,994 Accrued investment income 613 633 614 600 616 Property and equipment, net 1,092 1,058 1,047 1,045 1,032 Goodwill 2,545 2,547 2,547 2,530 2,189 Other assets 3,383 3,649 3,659 3,007 3,060 Separate Accounts 2,942 3,058 3,050 2,805 3,307 Total assets $ 121,073 $ 118,374 $ 115,834 $ 112,249 $ 114,489 Liabilities Reserve for property and casualty insurance claims and claims expense $ 28,076 $ 28,105 $ 27,544 $ 27,423 $ 26,939 Reserve for life-contingent contract benefits 12,378 12,337 12,200 12,208 12,214 Contractholder funds 17,804 17,964 18,161 18,371 18,650 Unearned premiums 15,343 14,752 14,323 14,510 14,408 Claim payments outstanding 952 915 891 1,007 904 Deferred income taxes 1,079 997 817 425 667 Other liabilities and accrued expenses 9,729 9,142 8,977 7,737 7,291 Long-term debt (3) 6,630 6,628 6,453 6,451 6,450 Separate Accounts 2,942 3,058 3,050 2,805 3,307 Total liabilities 94,933 93,898 92,416 90,937 90,830 Equity Preferred stock and additional capital paid-in (4)(5) 3,052 1,930 1,930 1,930 2,303 Common stock (6) 9 9 9 9 9 Additional capital paid-in 3,511 3,477 3,291 3,310 3,441 Retained income 46,527 45,803 45,148 44,033 44,776 Deferred ESOP expense (3) (3) (3) (3) (3) Treasury stock, at cost (7) (29,063) (28,500) (28,042) (28,085) (27,011) Accumulated other comprehensive income: Unrealized net capital gains and losses 2,023 1,654 972 (2) (16) Unrealized foreign currency translation adjustments (50) (40) (44) (49) (23) Unamortized pension and other postretirement prior service credit 134 146 157 169 183 Total accumulated other comprehensive income 2,107 1,760 1,085 118 144 Total shareholders' equity 26,140 24,476 23,418 21,312 23,659 Total liabilities and shareholders' equity $ 121,073 $ 118,374 $ 115,834 $ 112,249 $ 114,489 (1) Amortized cost was $56,263, $56,008, $56,831, $57,134, and $57,618 as of September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively. (2) Cost was $6,930, $6,673, $4,767, $4,489 and $5,741 as of September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively. (3) On May 16, 2019 we repaid $317 million of 7.450% Senior Notes, Series B, at maturity. On June 10, 2019, we issued $500 million of 3.850% Senior Notes due 2049. (4) Preferred shares outstanding were 125.8 thousand at September 30, 2019, 79.8 thousand at June 30, 2019, March 31, 2019 and December 31, 2018 and 95.2 thousand at September 30, 2018. (5) On August 8, 2019, we issued 46,000 shares of 5.100% Fixed Rate Noncumulative Perpetual Preferred Stock, Series H. (6) Common shares outstanding were 324,988,765; 329,903,875; 333,056,875; 331,908,805 and 344,950,779 as of September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively. (7) Treasury shares outstanding were 575 million, 570 million, 567 million, 568 million and 555 million as of September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively. The Allstate Corporation 3Q19 Supplement 5

The Allstate Corporation Book Value per Common Share ($ in millions, except per share data) Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2019 2019 2019 2018 2018 2018 2018 Book value per common share Numerator: Common shareholders' equity (1) $ 23,088 $ 22,546 $ 21,488 $ 19,382 $ 21,356 $ 20,819 $ 20,970 Denominator: Common shares outstanding and dilutive potential common shares outstanding 330.6 335.1 337.9 336.7 350.9 351.9 357.7 Book value per common share $ 69.84 $ 67.28 $ 63.59 $ 57.56 $ 60.86 $ 59.16 $ 58.62 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities Numerator: Common shareholders' equity $ 23,088 $ 22,546 $ 21,488 $ 19,382 $ 21,356 $ 20,819 $ 20,970 Less: Unrealized net capital gains and losses on fixed income securities 2,028 1,658 975 - (15) 55 187 Adjusted common shareholders' equity $ 21,060 $ 20,888 $ 20,513 $ 19,382 $ 21,371 $ 20,764 $ 20,783 Denominator: Common shares outstanding and dilutive potential common shares outstanding 330.6 335.1 337.9 336.7 350.9 351.9 357.7 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities * $ 63.70 $ 62.33 $ 60.71 $ 57.56 $ 60.90 $ 59.01 $ 58.10 (1) Excludes equity related to preferred stock of $3,052 million at September 30, 2019, $1,930 million at June 30, 2019, March 31, 2019 and December 31, 2018 and $2,303 million for all other periods presented. The Allstate Corporation 3Q19 Supplement 6

The Allstate Corporation Return on Common Shareholders' Equity ($ in millions) Twelve months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2019 2019 2019 2018 2018 2018 2018 Return on Common Shareholders' Equity Numerator: Net income applicable to common shareholders (1)(2) $ 2,386 $ 2,439 $ 2,296 $ 2,012 $ 3,891 $ 3,759 $ 3,630 Denominator: Beginning common shareholders' equity $ 21,356 $ 20,819 $ 20,970 $ 20,805 $ 20,508 $ 19,806 $ 19,495 Ending common shareholders' equity (3) 23,088 22,546 21,488 19,382 21,356 20,819 20,970 Average common shareholders' equity (4) $ 22,222 $ 21,683 $ 21,229 $ 20,094 $ 20,932 $ 20,313 $ 20,233 Return on common shareholders' equity 10.7 % 11.2 % 10.8 % 10.0 % 18.6 % 18.5 % 17.9 % Adjusted Net Income Return on Common Shareholders' Equity Numerator: Adjusted net income * (1) $ 3,009 $ 2,822 $ 2,797 $ 3,129 $ 3,400 $ 3,322 $ 3,157 Denominator: Beginning common shareholders' equity $ 21,356 $ 20,819 $ 20,970 $ 20,805 $ 20,508 $ 19,806 $ 19,495 Less: Unrealized net capital gains and losses (16) 54 187 1,662 1,651 1,526 1,256 Adjusted beginning common shareholders' equity 21,372 20,765 20,783 19,143 18,857 18,280 18,239 Ending common shareholders' equity 23,088 22,546 21,488 19,382 21,356 20,819 20,970 Less: Unrealized net capital gains and losses 2,023 1,654 972 (2) (16) 54 187 Adjusted ending common shareholders' equity 21,065 20,892 20,516 19,384 21,372 20,765 20,783 Average adjusted common shareholders' equity (4) $ 21,219 $ 20,829 $ 20,650 $ 19,264 $ 20,115 $ 19,523 $ 19,511 Adjusted net income return on common shareholders' equity * 14.2 % 13.5 % 13.5 % 16.2 % 16.9 % 17.0 % 16.2 % (1) Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. (2) Includes a $2 million Tax Legislation benefit for the period ended September 30, 2019, a $29 million benefit for the periods ended June 30, 2019, March 31, 2019 and December 31, 2018, a $540 million benefit for the period ended September 30, 2018, and a $509 million benefit for all other periods presented. (3) Excludes equity related to preferred stock of $3,052 million at September 30, 2019, $1,930 million at June 30, 2019, March 31, 2019 and December 31, 2018 and $2,303 million for all other periods presented. (4) 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. The Allstate Corporation 3Q19 Supplement 7

The Allstate Corporation Debt to Capital Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, ($ in millions) 2019 2019 2019 2018 2018 2018 2018 Debt Short-term debt $ - $ - $ - $ - $ - $ - $ - Long-term debt 6,630 6,628 6,453 6,451 6,450 6,448 6,847 Total debt $ 6,630 $ 6,628 $ 6,453 $ 6,451 $ 6,450 $ 6,448 $ 6,847 Capital resources Debt $ 6,630 $ 6,628 $ 6,453 $ 6,451 $ 6,450 $ 6,448 $ 6,847 Shareholders' equity Preferred stock and additional capital paid-in 3,052 1,930 1,930 1,930 2,303 2,303 2,303 Common stock 9 9 9 9 9 9 9 Additional capital paid-in 3,511 3,477 3,291 3,310 3,441 3,391 3,367 Retained income 46,527 45,803 45,148 44,033 44,776 43,997 43,479 Deferred ESOP expense (3) (3) (3) (3) (3) (3) (3) Treasury stock (29,063) (28,500) (28,042) (28,085) (27,011) (26,818) (26,280) Unrealized net capital gains and losses 2,023 1,654 972 (2) (16) 54 187 Unrealized foreign currency translation adjustments (50) (40) (44) (49) (23) (9) (3) Unamortized pension and other postretirement prior service credit 134 146 157 169 183 198 214 Total shareholders' equity 26,140 24,476 23,418 21,312 23,659 23,122 23,273 Total capital resources $ 32,770 $ 31,104 $ 29,871 $ 27,763 $ 30,109 $ 29,570 $ 30,120 Ratio of debt to shareholders' equity 25.4 % 27.1 % 27.6 % 30.3 % 27.3 % 27.9 % 29.4 % Ratio of debt to capital resources 20.2 % 21.3 % 21.6 % 23.2 % 21.4 % 21.8 % 22.7 % The Allstate Corporation 3Q19 Supplement 8

The Allstate Corporation Policies in Force and Other Statistics Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2019 2019 2019 2018 2018 2018 2018 Policies in Force statistics (in thousands) (1) Allstate Protection Allstate brand Auto 20,339 20,301 20,145 20,104 19,912 19,810 19,617 Homeowners 6,237 6,221 6,198 6,186 6,145 6,121 6,093 Landlord 663 670 676 681 683 688 692 Renter 1,679 1,668 1,655 1,642 1,626 1,612 1,599 Condominium 673 670 668 668 665 664 663 Other 1,326 1,319 1,307 1,304 1,297 1,287 1,276 Other personal lines 4,341 4,327 4,306 4,295 4,271 4,251 4,230 Commercial lines 228 229 230 231 231 234 238 Total 31,145 31,078 30,879 30,816 30,559 30,416 30,178 Esurance brand Auto 1,543 1,548 1,548 1,488 1,463 1,432 1,399 Homeowners 104 101 98 95 92 88 84 Other personal lines 48 48 48 46 46 46 45 Total 1,695 1,697 1,694 1,629 1,601 1,566 1,528 Encompass brand Auto 496 497 499 502 504 507 517 Homeowners 235 236 237 239 240 243 248 Other personal lines 77 77 78 78 80 81 83 Total 808 810 814 819 824 831 848 Allstate Protection Policies in Force 33,648 33,585 33,387 33,264 32,984 32,813 32,554 Service Businesses Allstate Protection Plans 89,783 83,968 77,866 68,588 52,151 44,459 41,806 Allstate Dealer Services 4,224 4,253 4,294 4,338 4,402 3,959 4,026 Allstate Identity Protection 1,318 1,260 1,211 1,040 - - - Allstate Roadside Services 617 635 649 663 671 681 692 Total 95,942 90,116 84,020 74,629 57,224 49,099 46,524 Allstate Life 2,003 2,009 2,012 2,022 2,018 2,019 2,018 Allstate Benefits 4,287 4,296 4,322 4,208 4,241 4,283 4,260 Allstate Annuities 197 201 206 211 215 220 225 Total Policies in Force 136,077 130,207 123,947 114,334 96,682 88,434 85,581 Agency Data (2) Total Allstate agencies (3) 12,800 12,700 12,700 12,700 12,400 12,300 12,300 Licensed sales professionals (4) 26,800 26,700 26,800 26,900 25,600 25,200 24,700 Allstate independent agencies (5) 3,300 3,200 3,000 (6) 2,700 2,600 2,600 2,500 (1) Policy counts are based on items rather than customers. • A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy. • Commercial lines PIF for shared economy agreements typically reflect contracts that cover multiple drivers as opposed to individual drivers. • Non-proprietary products offered by Ivantage (insurance agency) and Answer Financial (independent insurance agency) are not included. • Allstate Roadside Services reflects memberships in force and do not include their wholesale partners as the customer relationship is managed by the wholesale partner. • Allstate Dealer Services reflects service contracts and other products sold in conjunction with auto lending and vehicle sales transactions and do not include their third party administrators ("TPAs") as the customer relationship is managed by the TPAs. • Allstate Protection Plans (formerly known as SquareTrade) represents active consumer product protection plans. • Allstate Identity Protection (formerly known as InfoArmor) reflects individual customer counts for identity protection products. • Allstate Life insurance policies and Allstate 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. • Allstate Benefits reflects certificate counts as opposed to group counts. (2) Rounded to the nearest hundred. (3) Total Allstate agencies represents exclusive Allstate agencies and financial representatives in the United States and employee producers in Canada. (4) Represents employees of Allstate agencies who are licensed to sell Allstate products. (5) Includes 886 and 919 engaged Allstate independent agencies (“AIAs”) as of September 30, 2019 and December 31, 2018, respectively. Engaged AIAs, as currently determined, include those that achieve a minimum number of new policies written. (6) Beginning March 31, 2019, includes separate agency counts for agencies operating out of multiple locations, which increased the total agencies by approximately 200. The Allstate Corporation 3Q19 Supplement 9

The Allstate Corporation Premiums Written for Allstate Protection and Service Businesses . ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Allstate Protection Allstate brand (1) Auto $ 5,599 $ 5,472 $ 5,395 $ 5,272 $ 5,357 $ 5,211 $ 5,151 $ 16,466 $ 15,719 Homeowners 2,143 2,076 1,565 1,777 2,008 1,949 1,465 5,784 5,422 Landlord 141 134 124 133 139 131 121 399 391 Renter 87 78 69 70 86 77 69 234 232 Condominium 78 75 62 68 73 72 59 215 204 Other 186 191 144 149 174 195 126 521 495 Other personal lines 492 478 399 420 472 475 375 1,369 1,322 Commercial lines 238 236 185 177 173 172 137 659 482 Total 8,472 8,262 7,544 7,646 8,010 7,807 7,128 24,278 22,945 Esurance brand Auto 525 469 532 452 487 430 470 1,526 1,387 Homeowners 35 32 25 23 30 27 21 92 78 Other personal lines 2 2 2 2 2 2 2 6 6 Total 562 503 559 477 519 459 493 1,624 1,471 Encompass brand Auto 147 146 120 130 143 146 118 413 407 Homeowners 110 111 86 98 106 108 86 307 300 Other personal lines 21 21 18 19 22 21 19 60 62 Total 278 278 224 247 271 275 223 780 769 Total Allstate Protection Auto 6,271 6,087 6,047 5,854 5,987 5,787 5,739 18,405 17,513 Homeowners 2,288 2,219 1,676 1,898 2,144 2,084 1,572 6,183 5,800 Other personal lines 515 501 419 441 496 498 396 1,435 1,390 Commercial lines 238 236 185 177 173 172 137 659 482 Total 9,312 9,043 8,327 8,370 8,800 8,541 7,844 26,682 25,185 Discontinued Lines and Coverages - - - - - - - - - Total Property-Liability $ 9,312 $ 9,043 $ 8,327 $ 8,370 $ 8,800 $ 8,541 $ 7,844 $ 26,682 $ 25,185 Service Businesses (2) Allstate Protection Plans $ 181 $ 167 $ 206 $ 323 $ 194 $ 126 $ 130 $ 554 $ 450 Allstate Dealer Services 126 120 99 105 99 103 92 345 294 Allstate Roadside Services 57 63 63 61 65 68 65 183 198 Total 364 350 368 489 358 297 287 1,082 942 Total premiums written $ 9,676 $ 9,393 $ 8,695 $ 8,859 $ 9,158 $ 8,838 $ 8,131 $ 27,764 $ 26,127 Non-Proprietary Premiums Ivantage (3) $ 1,871 $ 1,840 $ 1,806 $ 1,780 $ 1,758 $ 1,719 $ 1,679 $ 1,871 $ 1,758 Answer Financial (4) 153 150 145 140 156 156 148 448 460 (1) Canada premiums included in Allstate brand Auto $ 291 $ 287 $ 205 $ 220 $ 244 $ 245 $ 186 $ 783 $ 675 Homeowners 93 87 58 68 77 77 50 238 204 Other personal lines 32 28 20 23 25 29 14 80 68 Total $ 416 $ 402 $ 283 $ 311 $ 346 $ 351 $ 250 $ 1,101 $ 947 (2) There are no premiums written for Arity or Allstate Identity Protection, which are part of the Service Businesses segment. Revenues for Arity and Allstate Identity Protection are primarily reported as intersegment service fees and other revenue. (3) 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 September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018 were $45 million, $45 million, $37 million, $39 million, $45 million, $44 million and $37 million, respectively. (4) Represents non-proprietary premiums written for the period. Commissions earned for the three and nine months ended September 30, 2019 were $17 million and $55 million, respectively. The Allstate Corporation 3Q19 Supplement 10

The Allstate Corporation Catastrophe Losses ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Allstate Protection Allstate brand Auto $ 130 $ 179 $ 68 $ 53 $ 113 $ 160 $ (1) $ 377 $ 272 Homeowners 292 (2) 781 (2) 511 (2) 798 (2) 418 627 300 1,584 1,345 Other personal lines 23 57 64 87 51 46 27 144 124 Commercial lines 2 4 1 9 6 4 3 7 13 Total 447 1,021 644 947 588 837 329 2,112 1,754 Esurance brand Auto 9 10 3 2 8 15 2 22 25 Homeowners 7 15 3 4 6 14 1 25 21 Total 16 25 6 6 14 29 3 47 46 Encompass brand Auto 4 3 3 (1) 2 4 1 10 7 Homeowners 41 22 25 9 20 34 26 88 80 Other personal lines 2 1 2 2 1 2 2 5 5 Total 47 26 30 10 23 40 29 103 92 Allstate Protection Auto 143 192 74 54 123 179 2 409 304 Homeowners 340 818 539 811 444 675 327 1,697 1,446 Other personal lines 25 58 66 89 52 48 29 149 129 Commercial lines 2 4 1 9 6 4 3 7 13 Total 510 1,072 680 963 625 906 361 2,262 1,892 Discontinued Lines and Coverages - - - - - - - - - Total Property-Liability $ 510 $ 1,072 $ 680 $ 963 $ 625 $ 906 $ 361 $ 2,262 $ 1,892 Effect of Catastrophe Losses on Combined Ratio (1) Allstate Protection Auto 1.6 2.2 0.9 0.6 1.5 2.2 - 1.6 1.2 Homeowners 3.9 9.4 6.3 9.6 5.3 8.2 4.1 6.5 5.9 Other personal lines 0.3 0.7 0.8 1.1 0.6 0.6 0.4 0.6 0.5 Commercial lines - - - 0.1 0.1 0.1 - - 0.1 Total 5.8 12.3 8.0 11.4 7.5 11.1 4.5 8.7 7.7 10-year average effect of catastrophe 6.9 14.0 6.8 6.1 6.9 14.0 6.8 8.5 8.4 (1) Calculated using the total premiums earned for Allstate Protection for the respective period. Discontinued Lines and Coverages does not have premiums earned. (2) Includes $7 million of reduction of reinsurance premiums for the three months ended September 30, 2019 and $5 million, $15 million and $60 million of reinstatement reinsurance premiums for the three months ended June 30, 2019, March 31, 2019 and December 31, 2018, respectively, related to the 2018 Camp Fire. The Allstate Corporation 3Q19 Supplement 11

The Allstate Corporation Property-Liability Results ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Premiums written $ 9,312 $ 9,043 $ 8,327 $ 8,370 $ 8,800 $ 8,541 $ 7,844 $ 26,682 $ 25,185 (Increase) decrease in unearned premiums (538) (384) 179 99 (505) (347) 209 (743) (643) Other 8 22 1 (47) 25 (5) (34) 31 (14) Premiums earned 8,782 8,681 8,507 8,422 8,320 8,189 8,019 25,970 24,528 Other revenue 195 190 176 188 192 184 174 561 550 Claims and claims expense (5,960) (6,272) (5,730) (5,991) (5,717) (5,689) (5,038) (17,962) (16,444) Amortization of deferred policy acquisition costs (1,167) (1,163) (1,164) (1,144) (1,133) (1,110) (1,088) (3,494) (3,331) Operating costs and expenses (1,114) (1,060) (1,071) (1,180) (1,143) (1,098) (1,044) (3,245) (3,285) Restructuring and related charges 1 (9) (18) (9) (12) (21) (18) (26) (51) Underwriting income (1) 737 367 700 286 507 455 1,005 1,804 1,967 Net investment income 448 471 291 364 410 353 337 1,210 1,100 Income tax expense on operations (236) (179) (202) (119) (185) (166) (277) (617) (628) Realized capital gains and losses, after-tax 127 204 393 (516) 103 (12) (75) 724 16 Tax Legislation expense - - - (2) (3) - - - (3) Net income applicable to common shareholders $ 1,076 $ 863 $ 1,182 $ 13 $ 832 $ 630 $ 990 $ 3,121 $ 2,452 Catastrophe losses $ 510 $ 1,072 $ 680 $ 963 $ 625 $ 906 $ 361 $ 2,262 $ 1,892 Amortization of purchased intangibles $ 1 $ 1 $ 1 $ 3 $ 4 $ 3 $ 1 $ 3 $ 8 Operating ratios Loss ratio 67.9 72.3 67.4 71.1 68.7 69.4 62.9 69.2 67.1 Expense ratio (2) 23.7 23.5 24.4 25.5 25.2 25.0 24.6 23.9 24.9 Combined ratio 91.6 95.8 91.8 96.6 93.9 94.4 87.5 93.1 92.0 Loss ratio 67.9 72.3 67.4 71.1 68.7 69.4 62.9 69.2 67.1 Less: effect of catastrophe losses 5.8 12.3 8.0 11.4 7.5 11.1 4.5 8.7 7.7 effect of prior year non-catastrophe reserve reestimates (0.5) (0.9) (0.4) (1.1) 0.2 (1.7) (0.6) (0.6) (0.7) Underlying loss ratio * 62.6 60.9 59.8 60.8 61.0 60.0 59.0 61.1 60.1 Reconciliation of combined ratio to underlying combined ratio Combined ratio 91.6 95.8 91.8 96.6 93.9 94.4 87.5 93.1 92.0 Effect of catastrophe losses (5.8) (12.3) (8.0) (11.4) (7.5) (11.1) (4.5) (8.7) (7.7) Effect of prior year non-catastrophe reserve reestimates 0.5 0.9 0.4 1.1 (0.2) 1.7 0.6 0.6 0.7 Underlying combined ratio * 86.3 84.4 84.2 86.3 86.2 85.0 83.6 85.0 85.0 Effect of restructuring and related charges on combined ratio - 0.1 0.2 0.1 0.1 0.3 0.2 0.1 0.2 Effect of Discontinued Lines and Coverages on combined ratio 1.1 0.1 0.1 - 1.0 - 0.1 0.5 0.4 (1) Underwriting Income (Loss) Allstate brand $ 858 $ 367 $ 702 $ 306 $ 587 $ 463 $ 1,001 $ 1,927 $ 2,051 Esurance brand (6) (3) 3 (9) (10) (9) 3 (6) (16) Encompass brand (15) 7 (2) (4) 11 5 6 (10) 22 Answer Financial (1) (1) - (3) (1) (1) (2) (2) (4) Total underwriting income for Allstate Protection 836 370 703 290 587 458 1,008 1,909 2,053 Discontinued Lines and Coverages (99) (3) (3) (4) (80) (3) (3) (105) (86) Total underwriting income for Property-Liability $ 737 $ 367 $ 700 $ 286 $ 507 $ 455 $ 1,005 $ 1,804 $ 1,967 (2) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q19 Supplement 12

The Allstate Corporation Property-Liability Prior Year Reserve Reestimates ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Prior Year Reserve Reestimates (1) Allstate Protection Allstate brand Auto $ (152) $ (94) $ (58) $ (94) $ (97) $ (155) $ (101) $ (304) $ (353) Homeowners (1) (1) 46 (35) (17) 24 27 44 34 Other personal lines 10 (1) 10 12 8 (6) (6) 19 (4) Commercial lines - 13 4 1 42 45 20 17 107 Total (143) (83) 2 (116) (64) (92) (60) (224) (216) Esurance brand Auto - (1) 4 2 - (1) 1 3 - Homeowners - 1 (1) 1 1 1 (1) - 1 Other personal lines - - - - (1) - - - (1) Total - - 3 3 - - - 3 - Encompass brand Auto (1) (9) - (7) (2) (1) - (10) (3) Homeowners 3 4 8 2 3 2 6 15 11 Other personal lines (1) 2 (3) (4) (4) (6) - (2) (10) Total 1 (3) 5 (9) (3) (5) 6 3 (2) Discontinued Lines and Coverages 98 3 2 2 80 2 3 103 85 Total Property-Liability $ (44) $ (83) $ 12 $ (120) $ 13 $ (95) $ (51) $ (115) $ (133) Effect of Prior Year Reserve Reestimates on Combined Ratio (1)(2) Allstate Protection Auto (1.7) (1.2) (0.6) (1.1) (1.2) (1.9) (1.2) (1.2) (1.4) Homeowners - - 0.6 (0.4) (0.1) 0.3 0.4 0.2 0.2 Other personal lines 0.1 - 0.1 0.1 - (0.1) (0.1) 0.1 - Commercial lines - 0.2 - - 0.5 0.5 0.2 - 0.4 Total (1.6) (1.0) 0.1 (1.4) (0.8) (1.2) (0.7) (0.9) (0.8) Discontinued Lines and Coverages 1.1 0.1 0.1 - 1.0 - 0.1 0.5 0.3 Total Property-Liability (0.5) (0.9) 0.2 (1.4) 0.2 (1.2) (0.6) (0.4) (0.5) Allstate Protection by brand Allstate brand (1.6) (1.0) - (1.3) (0.8) (1.1) (0.8) (0.9) (0.8) Esurance brand - - - - - - - - - Encompass brand - - 0.1 (0.1) - (0.1) 0.1 - - Total (1.6) (1.0) 0.1 (1.4) (0.8) (1.2) (0.7) (0.9) (0.8) (1) Favorable reserve reestimates are shown in parentheses. (2) Calculated using the total premiums earned for Property-Liability for the respective period. Discontinued Lines and Coverages does not have premiums earned. The Allstate Corporation 3Q19 Supplement 13

The Allstate Corporation Property-Liability Catastrophe Losses included in Prior Year Reserve Reestimates ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Allstate Protection (1) Allstate brand Auto $ (1) $ (7) $ (1) $ (2) $ (4) $ (5) $ (27) $ (9) $ (36) Homeowners (1) (3) 6 (3) 42 (3) (19) 2 41 (4) 27 47 70 Other personal lines (1) (3) 9 1 - - (3) 5 (3) Commercial lines (1) 1 (1) - - 1 (1) (1) - Total (4) (3) 49 (20) (2) 37 (4) 42 31 Esurance brand Auto (1) 1 - - - - - - - Homeowners - 1 - - 1 1 - 1 2 Total (1) 2 - - 1 1 - 1 2 Encompass brand Auto - - - - (1) - - - (1) Homeowners 3 4 4 - 3 2 7 11 12 Other personal lines (1) - - - - - 1 (1) 1 Total 2 4 4 - 2 2 8 10 12 Total Allstate Protection Auto (2) (6) (1) (2) (5) (5) (27) (9) (37) Homeowners 2 11 46 (19) 6 44 34 59 84 Other personal lines (2) (3) 9 1 - - (2) 4 (2) Commercial lines (1) 1 (1) - - 1 (1) (1) - Total (3) 3 53 (20) 1 40 4 53 45 Discontinued Lines and Coverages - - - - - - - - - Total Property-Liability $ (3) $ 3 $ 53 $ (20) $ 1 $ 40 $ 4 $ 53 $ 45 Effect of Catastrophe Losses included in Prior Year Reserve Reestimates on Combined Ratio (1)(2) Allstate Protection Auto - (0.1) - - (0.1) (0.1) (0.4) - (0.2) Homeowners - 0.1 0.5 (0.3) 0.1 0.6 0.4 0.2 0.4 Other personal lines - - 0.1 - - - - - - Commercial lines - - - - - - - - - Total - - 0.6 (0.3) - 0.5 - 0.2 0.2 Allstate Protection by brand Allstate brand - - 0.6 (0.3) - 0.5 (0.1) 0.2 0.1 Esurance brand - - - - - - - - - Encompass brand - - - - - - 0.1 - 0.1 Total - - 0.6 (0.3) - 0.5 - 0.2 0.2 (1) Favorable reserve reestimates are shown in parentheses. (2) Calculated using the total premiums earned for Property-Liability for the respective period. Discontinued Lines and Coverages does not have premiums earned or catastrophe losses. (3) Includes $7 million of reduction of reinsurance premiums for the three months ended September 30, 2019 and $5 million and $15 million of reinstatement reinsurance premiums incurred for the three months ended June 30, 2019 and March 31, 2019, respectively, related to the 2018 Camp Fire. (4) Includes $37 million for Texas Windstorm Insurance Association assessments related to Hurricane Harvey which occurred in third quarter 2017. The Allstate Corporation 3Q19 Supplement 14

The Allstate Corporation Allstate Protection Impact of Net Rate Changes Approved on Premiums Written Three months ended Three months ended Three months ended September 30, 2019 (1) June 30, 2019 March 31, 2019 Number of Location Number of Location Number of Location locations (5) Total brand (%) (6) specific (%) (7) locations Total brand (%) specific (%) locations Total brand (%) specific (%) Allstate brand Auto (2)(3) 24 0.5 3.1 20 0.8 3.4 19 0.6 3.4 Homeowners (4) 12 0.3 3.5 4 0.1 5.1 20 2.1 5.5 Esurance brand Auto 15 1.1 2.8 6 2.4 5.3 9 0.6 4.1 Homeowners 1 - (3.0) 2 2.7 19.9 2 2.0 18.2 Encompass brand Auto 6 0.3 2.4 1 - 3.6 3 0.5 4.5 Homeowners 11 3.5 9.4 8 1.4 6.5 4 1.4 10.8 Three months ended Three months ended Three months ended December 31, 2018 September 30, 2018 June 30, 2018 Number of Location Number of Location Number of Location locations Total brand (%) specific (%) locations Total brand (%) specific (%) locations Total brand (%) specific (%) Allstate brand Auto 25 0.3 3.2 20 - 1.0 21 0.5 2.5 Homeowners 18 1.1 4.6 10 0.4 3.6 5 0.1 1.8 Esurance brand Auto 8 0.3 1.3 14 0.9 3.4 8 0.5 2.9 Homeowners 1 0.4 9.9 - - - - - - Encompass brand Auto 4 0.5 2.6 7 0.6 4.6 5 1.0 7.9 Homeowners 3 1.2 8.2 11 2.7 7.8 7 0.7 6.1 (1) 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 50 states, the District of Columbia and Canadian provinces, rate changes approved for Allstate brand, Esurance brand and Encompass brand for the three month period ending September 30, 2019 are estimated to total $167 million. Rate changes do not include rating plan enhancements, including the introduction of discounts and surcharges that result in no change in the overall rate level in a location. (2) Impacts of Allstate brand auto effective rate changes as a percentage of total brand prior year-end premiums written were 0.4%, 0.9%, 0.6%, 0.2%, 0.4% and 0.1% for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, respectively. Rate changes are included in the effective calculations in the period the rate change is effective for renewal contracts. (3) Allstate brand auto rate changes were 2.2%, 1.7%, 1.4%, 1.1%, 2.0% and 2.4% for the trailing twelve months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, respectively. (4) Impacts of Allstate brand homeowners effective rate changes as a percentage of total brand prior year-end premiums written were 0.2%, 0.8%, 2.3%, 0.2%, 0.4% and 0.3% for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, respectively. (5) Allstate brand operates in 50 states, the District of Columbia, and 5 Canadian provinces. Esurance brand operates in 43 states. Encompass operates in 40 states and the District of Columbia. (6) Represents the impact in the states, the District of Columbia and Canadian provinces where rate changes were approved during the period as a percentage of total brand prior year-end premiums written. (7) Represents the impact in the states, the District of Columbia 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. The Allstate Corporation 3Q19 Supplement 15

The Allstate Corporation Allstate Brand Profitability Measures ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Net premiums written $ 8,472 $ 8,262 $ 7,544 $ 7,646 $ 8,010 $ 7,807 $ 7,128 $ 24,278 $ 22,945 Net premiums earned Auto $ 5,446 $ 5,404 $ 5,321 $ 5,275 $ 5,210 $ 5,131 $ 5,046 $ 16,171 $ 15,387 Homeowners 1,868 1,832 1,811 1,787 1,769 1,742 1,727 5,511 5,238 Other personal lines 447 440 437 432 432 432 420 1,324 1,284 Commercial lines 236 226 183 178 176 165 136 645 477 Total $ 7,997 $ 7,902 $ 7,752 $ 7,672 $ 7,587 $ 7,470 $ 7,329 $ 23,651 $ 22,386 Other revenue Auto $ 57 $ 57 $ 57 $ 65 $ 56 $ 56 $ 54 $ 171 $ 166 Homeowners 12 11 11 12 11 11 11 34 33 Other personal lines 37 35 28 34 36 34 28 100 98 Commercial lines 1 2 1 1 2 1 2 4 5 Other business lines (1) 46 46 38 39 47 41 41 130 129 Total $ 153 $ 151 $ 135 $ 151 $ 152 $ 143 $ 136 $ 439 $ 431 Incurred losses Auto $ 3,689 $ 3,698 $ 3,485 $ 3,520 $ 3,495 $ 3,424 $ 3,189 $ 10,872 $ 10,108 Homeowners 1,082 1,508 1,254 1,445 1,125 1,308 995 3,844 3,428 Other personal lines 277 281 292 316 305 260 257 850 822 Commercial lines 197 196 139 141 184 166 107 532 457 Total $ 5,245 $ 5,683 $ 5,170 $ 5,422 $ 5,109 $ 5,158 $ 4,548 $ 16,098 $ 14,815 Expenses Auto $ 1,385 $ 1,376 $ 1,381 $ 1,419 $ 1,380 $ 1,378 $ 1,300 $ 4,142 $ 4,058 Homeowners 437 414 426 449 438 408 406 1,277 1,252 Other personal lines 156 146 143 161 157 145 140 445 442 Commercial lines 39 39 38 37 36 36 37 116 109 Other business lines (1) 30 28 27 29 32 25 33 85 90 Total $ 2,047 $ 2,003 $ 2,015 $ 2,095 $ 2,043 $ 1,992 $ 1,916 $ 6,065 $ 5,951 Underwriting income (loss) Auto $ 429 $ 387 $ 512 $ 401 $ 391 $ 385 $ 611 $ 1,328 $ 1,387 Homeowners 361 (79) 142 (95) 217 37 337 424 591 Other personal lines 51 48 30 (11) 6 61 51 129 118 Commercial lines 1 (7) 7 1 (42) (36) (6) 1 (84) Other business lines 16 18 11 10 15 16 8 45 39 Total $ 858 $ 367 $ 702 $ 306 $ 587 $ 463 $ 1,001 $ 1,927 $ 2,051 Loss ratio 65.6 71.9 66.7 70.7 67.4 69.0 62.0 68.1 66.2 Expense ratio (2) 23.7 23.5 24.2 25.3 24.9 24.8 24.3 23.8 24.6 Combined ratio 89.3 95.4 90.9 96.0 92.3 93.8 86.3 91.9 90.8 Loss ratio 65.6 71.9 66.7 70.7 67.4 69.0 62.0 68.1 66.2 Less: effect of catastrophe losses 5.6 13.0 8.3 12.3 7.8 11.2 4.5 9.0 7.8 effect of prior year non-catastrophe reserve reestimates (1.7) (1.0) (0.6) (1.2) (0.8) (1.7) (0.8) (1.1) (1.1) Underlying loss ratio * 61.7 59.9 59.0 59.6 60.4 59.5 58.3 60.2 59.5 Reconciliation of combined ratio to underlying combined ratio Combined ratio 89.3 95.4 90.9 96.0 92.3 93.8 86.3 91.9 90.8 Effect of catastrophe losses (5.6) (13.0) (8.3) (12.3) (7.8) (11.2) (4.5) (9.0) (7.8) Effect of prior year non-catastrophe reserve reestimates 1.7 1.0 0.6 1.2 0.8 1.7 0.8 1.1 1.1 Underlying combined ratio * 85.4 83.4 83.2 84.9 85.3 84.3 82.6 84.0 84.1 Effect of prior year reserve reestimates on combined ratio (1.8) (1.0) - (1.5) (0.8) (1.2) (0.8) (0.9) (1.0) Effect of advertising expenses on combined ratio 2.1 1.9 1.9 2.5 2.5 2.0 1.6 2.0 2.1 (1) Other business lines represent commissions earned and other costs and expenses for Ivantage. (2) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q19 Supplement 16

The Allstate Corporation Allstate Brand Statistics (1) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 New Issued Applications (in thousands) (2) Auto 753 755 740 710 755 754 714 2,248 2,223 Homeowners 226 229 197 197 219 223 187 652 629 Average Premium - Gross Written ($) (3) Auto 589 581 578 578 572 566 564 583 567 Homeowners 1,308 1,295 1,267 1,243 1,238 1,226 1,212 1,292 1,227 Average Premium - Net Earned ($) (4) Auto 537 535 530 528 525 522 516 534 521 Homeowners 1,191 1,174 1,166 1,156 1,148 1,135 1,131 1,177 1,138 Annualized Average Premium ($) (5) Auto 1,071 1,065 1,057 1,050 1,047 1,036 1,029 1,060 1,030 Homeowners 1,198 1,178 1,169 1,156 1,152 1,138 1,134 1,178 1,137 Average Underlying Loss (Incurred Pure Premium) and Expense * ($) (6) Auto 991 970 953 978 963 956 920 968 940 Homeowners 779 732 745 712 751 716 716 749 724 Renewal Ratio (%) (7) Auto 88.6 88.8 88.8 88.5 88.7 88.5 88.3 88.7 88.5 Homeowners 88.4 88.2 88.4 88.5 88.3 87.7 87.5 88.3 87.9 Auto Property Damage (% change year-over-year) Gross claim frequency (8) 2.0 (0.8) (1.6) (2.5) (2.7) (2.9) (2.5) (0.1) (2.7) Paid claim frequency (8) 0.2 (1.5) (3.6) (0.6) 0.2 (3.0) (3.0) (1.6) (2.0) Paid claim severity (9) 5.1 8.8 6.1 7.4 7.7 3.7 4.7 6.6 5.4 Bodily Injury (% change year-over-year) Gross claim frequency (8) (0.5) (2.1) (1.2) (2.5) (0.7) (2.7) (2.0) (1.2) (1.8) Homeowners Excluding Catastrophe Losses (% change year-over-year) Gross claim frequency (8) (8.8) (2.8) (0.2) 8.7 7.0 7.1 (1.1) (4.1) 4.5 Paid claim frequency (8) (6.4) (6.7) 1.1 9.0 8.5 5.9 (4.0) (4.3) 3.7 Paid claim severity (9) 13.2 11.7 0.5 (0.1) 3.4 5.0 14.4 8.6 7.2 (1) Statistics presented for Allstate brand exclude excess and surplus lines. (2) 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 (currently 10) on a policy. (3) 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. (4) 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. (5) Annualized Average Premium is calculated by annualizing net earned premium reported in the quarter and year-to-date divided by policies in force at quarter end. (6) Average underlying loss (incurred pure premium) and expense is calculated as the underlying combined ratio multiplied by the annualized average premium. (7) 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. (8) Paid claim frequency is calculated as annualized notice counts closed with payment in the period divided by the average of policies in force with the applicable coverage during the period. Gross claim frequency is calculated as annualized notice counts received in the period divided by the average of policies in force with the applicable coverage during the period. Gross claim frequency includes all actual notice counts, regardless of their current status (open or closed) or their ultimate disposition (closed with a payment or closed without payment). Frequency statistics exclude counts associated with catastrophe events. The percent change in paid or gross claim frequency is calculated as the amount of increase or decrease in the paid or gross claim frequency in the current period compared to the same period in the prior year; divided by the prior year paid or gross claim frequency. (9) 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 percent change in paid claim severity is calculated as the amount of increase or decrease in paid claim severity in the current period compared to the same period in the prior year; divided by the prior year paid claims severity. The Allstate Corporation 3Q19 Supplement 17

The Allstate Corporation Esurance Brand Profitability Measures and Statistics ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Net premiums written $ 562 $ 503 $ 559 $ 477 $ 519 $ 459 $ 493 $ 1,624 $ 1,471 Net premiums earned Auto $ 498 $ 496 $ 475 $ 466 $ 455 $ 439 $ 411 $ 1,469 $ 1,305 Homeowners 28 27 25 26 22 22 20 80 64 Other personal lines 2 2 2 2 2 2 2 6 6 Total $ 528 $ 525 $ 502 $ 494 $ 479 $ 463 $ 433 $ 1,555 $ 1,375 Other revenue Auto $ 23 $ 20 $ 20 $ 19 $ 21 $ 20 $ 20 $ 63 $ 61 Total $ 23 $ 20 $ 20 $ 19 $ 21 $ 20 $ 20 $ 63 $ 61 Incurred losses Auto $ 404 $ 387 $ 367 $ 374 $ 346 $ 334 $ 309 $ 1,158 $ 989 Homeowners 20 31 15 16 20 28 11 66 59 Other personal lines - 1 2 2 - 2 1 3 3 Total $ 424 $ 419 $ 384 $ 392 $ 366 $ 364 $ 321 $ 1,227 $ 1,051 Expenses Auto $ 126 $ 121 $ 129 $ 123 $ 135 $ 120 $ 121 $ 376 $ 376 Homeowners 7 7 6 6 8 8 7 20 23 Other personal lines - 1 - 1 1 - 1 1 2 Total $ 133 $ 129 $ 135 $ 130 $ 144 $ 128 $ 129 $ 397 $ 401 Underwriting income (loss) Auto $ (9) $ 8 $ (1) $ (12) $ (5) $ 5 $ 1 $ (2) $ 1 Homeowners 1 (11) 4 4 (6) (14) 2 (6) (18) Other personal lines 2 - - (1) 1 - - 2 1 Total $ (6) $ (3) $ 3 $ (9) $ (10) $ (9) $ 3 $ (6) $ (16) Loss ratio 80.3 79.8 76.5 79.3 76.4 78.6 74.1 78.9 76.5 Expense ratio (1) 20.8 20.8 22.9 22.5 25.7 23.3 25.2 21.5 24.7 Combined ratio 101.1 100.6 99.4 101.8 102.1 101.9 99.3 100.4 101.2 Loss ratio 80.3 79.8 76.5 79.3 76.4 78.6 74.1 78.9 76.5 Less: effect of catastrophe losses 3.0 4.8 1.2 1.2 2.9 6.2 0.7 3.0 3.4 effect of prior year non-catastrophe reserve reestimates 0.2 (0.4) 0.6 0.6 (0.2) (0.2) - 0.2 (0.1) Underlying loss ratio * 77.1 75.4 74.7 77.5 73.7 72.6 73.4 75.7 73.2 Reconciliation of combined ratio to underlying combined ratio Combined ratio 101.1 100.6 99.4 101.8 102.1 101.9 99.3 100.4 101.2 Effect of catastrophe losses (3.0) (4.8) (1.2) (1.2) (2.9) (6.2) (0.7) (3.0) (3.4) Effect of prior year non-catastrophe reserve reestimates (0.2) 0.4 (0.6) (0.6) 0.2 0.2 - (0.2) 0.1 Effect of amortization of purchased intangibles - - (0.2) (0.2) (0.2) - (0.2) - (0.1) Underlying combined ratio * 97.9 96.2 97.4 99.8 99.2 95.9 98.4 97.2 97.8 Effect of prior year reserve reestimates on combined ratio - - 0.6 0.6 - - - 0.2 - Effect of advertising expenses on combined ratio 8.0 7.4 8.2 7.5 10.6 8.6 8.1 7.8 9.2 Policies in Force (in thousands) Auto 1,543 1,548 1,548 1,488 1,463 1,432 1,399 1,543 1,463 Homeowners 104 101 98 95 92 88 84 104 92 Other personal lines 48 48 48 46 46 46 45 48 46 1,695 1,697 1,694 1,629 1,601 1,566 1,528 1,695 1,601 New Issued Applications (in thousands) Auto 149 145 180 153 166 156 158 474 480 Homeowners 9 7 7 6 9 9 8 23 26 Average Premium - Gross Written ($) Auto (6-month policy) 626 611 625 608 603 602 605 621 603 Homeowners (12-month policy) 1,082 1,063 1,016 974 984 977 970 1,057 982 Renewal Ratio (%) Auto 81.9 84.0 83.9 82.8 82.9 84.3 83.5 83.2 83.5 Homeowners 84.1 85.5 84.8 84.4 85.9 86.2 84.4 84.8 85.6 (1) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q19 Supplement 18

The Allstate Corporation Encompass Brand Profitability Measures and Statistics ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Net premiums written $ 278 $ 278 $ 224 $ 247 $ 271 $ 275 $ 223 $ 780 $ 769 Net premiums earned Auto $ 136 $ 135 $ 134 $ 135 $ 133 $ 135 $ 134 $ 405 $ 402 Homeowners 101 99 99 101 100 100 101 299 301 Other personal lines 20 20 20 20 21 21 22 60 64 Total $ 257 $ 254 $ 253 $ 256 $ 254 $ 256 $ 257 $ 764 $ 767 Other revenue Auto $ 2 $ - $ 1 $ 1 $ - $ 1 $ 1 $ 3 $ 2 Homeowners - 1 - - 1 1 - 1 2 Total $ 2 $ 1 $ 1 $ 1 $ 1 $ 2 $ 1 $ 4 $ 4 Incurred losses Auto $ 94 $ 87 $ 91 $ 99 $ 83 $ 82 $ 85 $ 272 $ 250 Homeowners 82 66 72 58 70 75 65 220 210 Other personal lines 17 14 11 18 9 8 16 42 33 Total $ 193 $ 167 $ 174 $ 175 $ 162 $ 165 $ 166 $ 534 $ 493 Expenses Auto $ 43 $ 42 $ 45 $ 45 $ 42 $ 45 $ 45 $ 130 $ 132 Homeowners 32 32 31 33 34 34 34 95 102 Other personal lines 6 7 6 8 6 9 7 19 22 Total $ 81 $ 81 $ 82 $ 86 $ 82 $ 88 $ 86 $ 244 $ 256 Underwriting income (loss) Auto $ 1 $ 6 $ (1) $ (8) $ 8 $ 9 $ 5 $ 6 $ 22 Homeowners (13) 2 (4) 10 (3) (8) 2 (15) (9) Other personal lines (3) (1) 3 (6) 6 4 (1) (1) 9 Total $ (15) $ 7 $ (2) $ (4) $ 11 $ 5 $ 6 $ (10) $ 22 Loss ratio 75.1 65.7 68.8 68.4 63.8 64.4 64.6 69.9 64.3 Expense ratio (1) 30.7 31.5 32.0 33.2 31.9 33.6 33.1 31.4 32.8 Combined ratio 105.8 97.2 100.8 101.6 95.7 98.0 97.7 101.3 97.1 Loss ratio 75.1 65.7 68.8 68.4 63.8 64.4 64.6 69.9 64.3 Less: effect of catastrophe losses 18.3 10.2 11.9 3.9 9.1 15.6 11.3 13.5 12.0 effect of prior year non-catastrophe reserve reestimates (0.4) (2.8) 0.4 (3.5) (2.0) (2.8) (0.8) (0.9) (1.9) Underlying loss ratio * 57.2 58.3 56.5 68.0 56.7 51.6 54.1 57.3 54.2 Reconciliation of combined ratio to underlying combined ratio Combined ratio 105.8 97.2 100.8 101.6 95.7 98.0 97.7 101.3 97.1 Effect of catastrophe losses (18.3) (10.2) (11.9) (3.9) (9.1) (15.6) (11.3) (13.5) (12.0) Effect of prior year non-catastrophe reserve reestimates 0.4 2.8 (0.4) 3.5 2.0 2.8 0.8 0.9 1.9 Underlying combined ratio * 87.9 89.8 88.5 101.2 88.6 85.2 87.2 88.7 87.0 Effect of prior year reserve reestimates on combined ratio 0.4 (1.2) 2.0 (3.5) (1.2) (2.0) 2.3 0.4 (0.3) Policies in Force (in thousands) Auto 496 497 499 502 504 507 517 496 504 Homeowners 235 236 237 239 240 243 248 235 240 Other personal lines 77 77 78 78 80 81 83 77 80 808 810 814 819 824 831 848 808 824 New Issued Applications (in thousands) Auto 21 22 20 19 21 19 17 63 57 Homeowners 12 12 9 9 10 10 8 33 28 Average Premium - Gross Written ($) Auto (12-month policy) 1,137 1,130 1,134 1,136 1,115 1,104 1,116 1,134 1,112 Homeowners (12-month policy) 1,807 1,782 1,768 1,766 1,730 1,701 1,698 1,787 1,710 Renewal Ratio (%) Auto 78.9 78.1 77.7 77.5 76.4 73.3 72.5 78.3 74.1 Homeowners 83.0 82.5 82.1 81.8 80.9 78.9 78.3 82.6 79.5 (1) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q19 Supplement 19

The Allstate Corporation Auto Profitability Measures by Brand ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Allstate brand auto Net premiums written $ 5,599 $ 5,472 $ 5,395 $ 5,272 $ 5,357 $ 5,211 $ 5,151 $ 16,466 $ 15,719 Net premiums earned $ 5,446 $ 5,404 $ 5,321 $ 5,275 $ 5,210 $ 5,131 $ 5,046 $ 16,171 $ 15,387 Other revenue 57 57 57 65 56 56 54 171 166 Incurred losses (3,689) (3,698) (3,485) (3,520) (3,495) (3,424) (3,189) (10,872) (10,108) Expenses (1,385) (1,376) (1,381) (1,419) (1,380) (1,378) (1,300) (4,142) (4,058) Underwriting income $ 429 $ 387 $ 512 $ 401 $ 391 $ 385 $ 611 $ 1,328 $ 1,387 Loss ratio 67.7 68.4 65.5 66.7 67.1 66.7 63.2 67.2 65.7 Less: effect of catastrophe losses 2.4 3.3 1.3 1.0 2.2 3.1 - 2.3 1.8 effect of prior year non-catastrophe reserve reestimates (2.8) (1.6) (1.1) (1.7) (1.8) (2.9) (1.5) (1.8) (2.1) Underlying loss ratio * 68.1 66.7 65.3 67.4 66.7 66.5 64.7 66.7 66.0 Expense ratio (1) 24.4 24.4 24.9 25.7 25.4 25.8 24.7 24.6 25.3 Combined ratio 92.1 92.8 90.4 92.4 92.5 92.5 87.9 91.8 91.0 Effect of catastrophe losses (2.4) (3.3) (1.3) (1.0) (2.2) (3.1) - (2.3) (1.8) Effect of prior year non-catastrophe reserve reestimates 2.8 1.6 1.1 1.7 1.7 2.9 1.5 1.8 2.1 Underlying combined ratio * 92.5 91.1 90.2 93.1 92.0 92.3 89.4 91.3 91.3 Esurance brand auto Net premiums written $ 525 $ 469 $ 532 $ 452 $ 487 $ 430 $ 470 $ 1,526 $ 1,387 Net premiums earned $ 498 $ 496 $ 475 $ 466 $ 455 $ 439 $ 411 $ 1,469 $ 1,305 Other revenue 23 20 20 19 21 20 20 63 61 Incurred losses (404) (387) (367) (374) (346) (334) (309) (1,158) (989) Expenses (126) (121) (129) (123) (135) (120) (121) (376) (376) Underwriting (loss) income $ (9) $ 8 $ (1) $ (12) $ (5) $ 5 $ 1 $ (2) $ 1 Loss ratio 81.1 78.0 77.3 80.3 76.0 76.1 75.2 78.8 75.8 Less: effect of catastrophe losses 1.8 2.0 0.6 0.4 1.8 3.4 0.5 1.5 1.9 effect of prior year non-catastrophe reserve reestimates 0.2 (0.4) 0.9 0.4 - (0.2) 0.3 0.2 - Underlying loss ratio * 79.1 76.4 75.8 79.5 74.2 72.9 74.4 77.1 73.9 Expense ratio (1) 20.7 20.4 22.9 22.3 25.1 22.8 24.6 21.3 24.1 Combined ratio 101.8 98.4 100.2 102.6 101.1 98.9 99.8 100.1 99.9 Effect of catastrophe losses (1.8) (2.0) (0.6) (0.4) (1.8) (3.4) (0.5) (1.5) (1.9) Effect of prior year non-catastrophe reserve reestimates (0.2) 0.4 (0.9) (0.4) - 0.2 (0.3) (0.2) - Effect of amortization of purchased intangibles - - (0.2) (0.3) (0.2) - (0.2) - (0.1) Underlying combined ratio * 99.8 96.8 98.5 101.5 99.1 95.7 98.8 98.4 97.9 Encompass brand auto Net premiums written $ 147 $ 146 $ 120 $ 130 $ 143 $ 146 $ 118 $ 413 $ 407 Net premiums earned $ 136 $ 135 $ 134 $ 135 $ 133 $ 135 $ 134 $ 405 $ 402 Other revenue 2 - 1 1 - 1 1 3 2 Incurred losses (94) (87) (91) (99) (83) (82) (85) (272) (250) Expenses (43) (42) (45) (45) (42) (45) (45) (130) (132) Underwriting income (loss) $ 1 $ 6 $ (1) $ (8) $ 8 $ 9 $ 5 $ 6 $ 22 Loss ratio 69.1 64.5 67.9 73.3 62.4 60.7 63.4 67.2 62.2 Less: effect of catastrophe losses 2.9 2.2 2.2 (0.7) 1.5 3.0 0.8 2.5 1.7 effect of prior year non-catastrophe reserve reestimates (0.7) (6.6) - (5.3) (0.7) (0.8) - (2.5) (0.5) Underlying loss ratio * 66.9 68.9 65.7 79.3 61.6 58.5 62.6 67.2 61.0 Expense ratio (1) 30.2 31.1 32.8 32.6 31.6 32.6 32.9 31.3 32.3 Combined ratio 99.3 95.6 100.7 105.9 94.0 93.3 96.3 98.5 94.5 Effect of catastrophe losses (2.9) (2.2) (2.2) 0.7 (1.5) (3.0) (0.8) (2.5) (1.7) Effect of prior year non-catastrophe reserve reestimates 0.7 6.6 - 5.3 0.7 0.8 - 2.5 0.5 Underlying combined ratio * 97.1 100.0 98.5 111.9 93.2 91.1 95.5 98.5 93.3 (1) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q19 Supplement 20

The Allstate Corporation Homeowners Profitability Measures by Brand ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Allstate brand homeowners Net premiums written $ 2,143 $ 2,076 $ 1,565 $ 1,777 $ 2,008 $ 1,949 $ 1,465 $ 5,784 $ 5,422 Net premiums earned $ 1,868 $ 1,832 $ 1,811 $ 1,787 $ 1,769 $ 1,742 $ 1,727 $ 5,511 $ 5,238 Other revenue 12 11 11 12 11 11 11 34 33 Incurred losses (1,082) (1,508) (1,254) (1,445) (1,125) (1,308) (995) (3,844) (3,428) Expenses (437) (414) (426) (449) (438) (408) (406) (1,277) (1,252) Underwriting income (loss) $ 361 $ (79) $ 142 $ (95) $ 217 $ 37 $ 337 $ 424 $ 591 Loss ratio 57.9 82.3 69.3 80.9 63.6 75.1 57.6 69.8 65.4 Less: effect of catastrophe losses 15.7 42.6 28.2 44.6 23.6 36.0 17.4 28.7 25.7 effect of prior year non-catastrophe reserve reestimates - (0.4) 0.3 (0.9) (1.1) (1) - - (0.7) Underlying loss ratio * 42.2 40.1 40.8 37.2 41.1 40.1 40.2 41.1 40.4 Expense ratio (1) 22.8 22.0 22.9 24.4 24.1 22.8 22.9 22.5 23.3 Combined ratio 80.7 104.3 92.2 105.3 87.7 97.9 80.5 92.3 88.7 Effect of catastrophe losses (15.7) (42.6) (28.2) (44.6) (23.6) (36.0) (17.4) (28.7) (25.7) Effect of prior year non-catastrophe reserve reestimates - 0.4 (0.3) 0.9 1.1 1 - - 0.7 Underlying combined ratio * 65.0 62.1 63.7 61.6 65.2 62.9 63.1 63.6 63.7 Esurance brand homeowners Net premiums written $ 35 $ 32 $ 25 $ 23 $ 30 $ 27 $ 21 $ 92 $ 78 Net premiums earned $ 28 $ 27 $ 25 $ 26 $ 22 $ 22 $ 20 $ 80 $ 64 Incurred losses (20) (31) (15) (16) (20) (28) (11) (66) (59) Expenses (7) (7) (6) (6) (8) (8) (7) (20) (23) Underwriting income (loss) $ 1 $ (11) $ 4 $ 4 $ (6) $ (14) $ 2 $ (6) $ (18) Loss ratio 71.4 114.8 60.0 61.5 90.9 127.3 55.0 82.5 92.2 Less: effect of catastrophe losses 25.0 55.5 12.0 15.4 27.3 63.6 5.0 31.3 32.8 effect of prior year non-catastrophe reserve reestimates - - (4.0) 3.8 - - (5.0) (1.3) (1.6) Underlying loss ratio * 46.4 59.3 52.0 42.3 63.6 63.7 55.0 52.5 61.0 Expense ratio (1) 25.0 25.9 24.0 23.1 36.4 36.3 35.0 25.0 35.9 Combined ratio 96.4 140.7 84.0 84.6 127.3 163.6 90.0 107.5 128.1 Effect of catastrophe losses (25.0) (55.5) (12.0) (15.4) (27.3) (63.6) (5.0) (31.3) (32.8) Effect of prior year non-catastrophe reserve reestimates - - 4.0 (3.8) - - 5.0 1.3 1.6 Underlying combined ratio * 71.4 85.2 76.0 65.4 100.0 100.0 90.0 77.5 96.9 Encompass brand homeowners Net premiums written $ 110 $ 111 $ 86 $ 98 $ 106 $ 108 $ 86 $ 307 $ 300 Net premiums earned $ 101 $ 99 $ 99 $ 101 $ 100 $ 100 $ 101 $ 299 $ 301 Other revenue - 1 - - 1 1 - 1 2 Incurred losses (82) (66) (72) (58) (70) (75) (65) (220) (210) Expenses (32) (32) (31) (33) (34) (34) (34) (95) (102) Underwriting (loss) income $ (13) $ 2 $ (4) $ 10 $ (3) $ (8) $ 2 $ (15) $ (9) Loss ratio 81.2 66.7 72.7 57.4 70.0 75.0 64.3 73.6 69.8 Less: effect of catastrophe losses 40.6 22.2 25.3 8.9 20.0 34.0 25.7 29.4 26.6 effect of prior year non-catastrophe reserve reestimates - - 4.0 2.0 - - (1.0) 1.4 (0.3) Underlying loss ratio * 40.6 44.5 43.4 46.5 50.0 41.0 39.6 42.8 43.5 Expense ratio (1) 31.7 31.3 31.3 32.7 33.0 33.0 33.7 31.4 33.2 Combined ratio 112.9 98.0 104.0 90.1 103.0 108.0 98.0 105.0 103.0 Effect of catastrophe losses (40.6) (22.2) (25.3) (8.9) (20.0) (34.0) (25.7) (29.4) (26.6) Effect of prior year non-catastrophe reserve reestimates - - (4.0) (2.0) - - 1.0 (1.4) 0.3 Underlying combined ratio * 72.3 75.8 74.7 79.2 83.0 74.0 73.3 74.2 76.7 (1) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q19 Supplement 21

The Allstate Corporation Other Personal Lines Profitability Measures by Brand (1) ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Allstate brand other personal lines Net premiums written $ 492 $ 478 $ 399 $ 420 $ 472 $ 475 $ 375 $ 1,369 $ 1,322 Net premiums earned $ 447 $ 440 $ 437 $ 432 $ 432 $ 432 $ 420 $ 1,324 $ 1,284 Other revenue 37 35 28 34 36 34 28 100 98 Incurred losses (277) (281) (292) (316) (305) (260) (257) (850) (822) Expenses (156) (146) (143) (161) (157) (145) (140) (445) (442) Underwriting income (loss) $ 51 $ 48 $ 30 $ (11) $ 6 $ 61 $ 51 $ 129 $ 118 Loss ratio 62.0 63.9 66.8 73.1 70.6 60.2 61.2 64.2 64.0 Less: effect of catastrophe losses 5.1 13.0 14.6 20.1 11.8 10.7 6.5 10.9 9.7 effect of prior year non-catastrophe reserve reestimates 2.5 0.4 0.2 2.5 1.8 (1.4) (0.7) 1.1 (0.1) Underlying loss ratio * 54.4 50.5 52.0 50.5 57.0 50.9 55.4 52.2 54.4 Expense ratio (2) 26.6 25.2 26.3 29.4 28.0 25.7 26.7 26.1 26.8 Combined ratio 88.6 89.1 93.1 102.5 98.6 85.9 87.9 90.3 90.8 Effect of catastrophe losses (5.1) (13.0) (14.6) (20.1) (11.8) (10.7) (6.5) (10.9) (9.7) Effect of prior year non-catastrophe reserve reestimates (2.5) (0.4) (0.2) (2.5) (1.8) 1.4 0.7 (1.1) 0.1 Underlying combined ratio * 81.0 75.7 78.3 79.9 85.0 76.6 82.1 78.3 81.2 Esurance brand other personal lines Net premiums written $ 2 $ 2 $ 2 $ 2 $ 2 $ 2 $ 2 $ 6 $ 6 Net premiums earned $ 2 $ 2 $ 2 $ 2 $ 2 $ 2 $ 2 $ 6 $ 6 Incurred losses - (1) (2) (2) - (2) (1) (3) (3) Expenses - (1) - (1) (1) - (1) (1) (2) Underwriting income (loss) $ 2 $ - $ - $ (1) $ 1 $ - $ - $ 2 $ 1 Encompass brand other personal lines Net premiums written $ 21 $ 21 $ 18 $ 19 $ 22 $ 21 $ 19 $ 60 $ 62 Net premiums earned $ 20 $ 20 $ 20 $ 20 $ 21 $ 21 $ 22 $ 60 $ 64 Incurred losses (17) (14) (11) (18) (9) (8) (16) (42) (33) Expenses (6) (7) (6) (8) (6) (9) (7) (19) (22) Underwriting (loss) income $ (3) $ (1) $ 3 $ (6) $ 6 $ 4 $ (1) $ (1) $ 9 Loss ratio 85.0 70.0 55.0 90.0 42.8 38.1 72.7 70.0 51.5 Less: effect of catastrophe losses 10.0 5.0 10.0 10.0 4.8 9.5 9.1 8.3 7.8 effect of prior year non-catastrophe reserve reestimates - 10.0 (15.0) (20.0) (19.1) (28.5) (4.6) (1.6) (17.2) Underlying loss ratio * 75.0 55.0 60.0 100.0 57.1 57.1 68.2 63.3 60.9 Expense ratio (2) 30.0 35.0 30.0 40.0 28.6 42.9 31.8 31.7 34.4 Combined ratio 115.0 105.0 85.0 130.0 71.4 81.0 104.5 101.7 85.9 Effect of catastrophe losses (10.0) (5.0) (10.0) (10.0) (4.8) (9.5) (9.1) (8.3) (7.8) Effect of prior year non-catastrophe reserve reestimates - (10.0) 15.0 20.0 19.1 28.5 4.6 1.6 17.2 Underlying combined ratio * 105.0 90.0 90.0 140.0 85.7 100.0 100.0 95.0 95.3 (1) Other personal lines include renters, condominium, landlord and other personal lines products in Allstate Protection. (2) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q19 Supplement 22

The Allstate Corporation Commercial Lines Profitability Measures (1)(2) ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Net premiums written $ 238 $ 236 $ 185 $ 177 $ 173 $ 172 $ 137 $ 659 $ 482 Net premiums earned $ 236 $ 226 $ 183 $ 178 $ 176 $ 165 $ 136 $ 645 $ 477 Other revenue 1 2 1 1 2 1 2 4 5 Incurred losses (3) (197) (196) (139) (141) (184) (166) (107) (532) (457) Expenses (39) (39) (38) (37) (36) (36) (37) (116) (109) Underwriting income (loss) $ 1 $ (7) $ 7 $ 1 $ (42) $ (36) $ (6) $ 1 $ (84) Loss ratio 83.5 86.7 76.0 79.2 104.6 100.6 78.7 82.5 95.8 Expense ratio (4) 16.1 16.4 20.2 20.2 19.3 21.2 25.7 17.3 21.8 Combined ratio 99.6 103.1 96.2 99.4 123.9 121.8 104.4 99.8 117.6 Reconciliation of combined ratio to underlying combined ratio Combined ratio 99.6 103.1 96.2 99.4 123.9 121.8 104.4 99.8 117.6 Effect of catastrophe losses (0.9) (1.8) (0.5) (5.1) (3.4) (2.4) (2.2) (1.0) (2.7) Effect of prior year non-catastrophe reserve reestimates (0.4) (5.3) (2.8) (0.5) (23.9) (26.7) (15.4) (2.8) (22.4) Underlying combined ratio * 98.3 96.0 92.9 93.8 96.6 92.7 86.8 96.0 92.5 Effect of prior year reserve reestimates on combined ratio - 5.7 2.2 0.5 23.9 27.3 14.7 2.6 22.4 Effect of catastrophe losses included in prior year reserve reestimates on combined ratio (0.4) 0.4 (0.6) - - 0.6 (0.7) (0.2) - (1) Commercial lines are all Allstate brand products. (2) Includes an agreement with a transportation network company to provide commercial auto insurance coverage in select states that became effective March 1, 2018. Effective March 1, 2019, this coverage was expanded to 15 states from 4 states in 2018. (3) Recorded losses related to the shared economy agreements are primarily based on original pricing expectations given limited loss experience. (4) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q19 Supplement 23

The Allstate Corporation Discontinued Lines and Coverages Reserves ($ in millions) Three months ended Twelve months ended December 31, Sept. 30, June 30, March 31, (net of reinsurance) 2019 2019 2019 2018 2017 2016 2015 2014 Asbestos Beginning reserves $ 826 $ 847 $ 866 $ 884 $ 912 $ 960 $ 1,014 $ 1,017 Incurred claims and claims expense 28 - - 44 61 67 39 87 Claims and claims expense paid (14) (21) (19) (62) (89) (115) (93) (90) Ending reserves $ 840 $ 826 $ 847 $ 866 $ 884 $ 912 $ 960 $ 1,014 Claims and claims expense paid as a percent of ending reserves 1.7 % 2.5 % 2.2 % 7.2 % 10.1 % 12.6 % 9.7 % 8.9 % Environmental Beginning reserves $ 155 $ 167 $ 170 $ 166 $ 179 $ 179 $ 203 $ 208 Incurred claims and claims expense 36 - - 20 10 23 1 15 Claims and claims expense paid (3) (12) (3) (16) (23) (23) (25) (20) Ending reserves $ 188 $ 155 $ 167 $ 170 $ 166 $ 179 $ 179 $ 203 Claims and claims expense paid as a percent of ending reserves 1.6 % 7.7 % 1.8 % 9.4 % 13.9 % 12.8 % 14.0 % 9.9 % Other (1) Beginning reserves $ 350 $ 350 $ 355 $ 357 $ 354 $ 377 $ 395 $ 421 Incurred claims and claims expense 34 3 2 23 25 15 13 11 Claims and claims expense paid (6) (3) (7) (25) (22) (38) (31) (37) Ending reserves $ 378 $ 350 $ 350 $ 355 $ 357 $ 354 $ 377 $ 395 Claims and claims expense paid as a percent of ending reserves 1.6 % 0.9 % 2.0 % 7.0 % 6.2 % 10.7 % 8.2 % 9.4 % Total (2) Beginning reserves $ 1,331 $ 1,364 $ 1,391 $ 1,407 $ 1,445 $ 1,516 $ 1,612 $ 1,646 Incurred claims and claims expense 98 3 2 87 96 105 53 113 Claims and claims expense paid (23) (36) (29) (103) (134) (176) (149) (147) Ending reserves $ 1,406 $ 1,331 $ 1,364 $ 1,391 $ 1,407 $ 1,445 $ 1,516 $ 1,612 Claims and claims expense paid as a percent of ending reserves 1.6 % 2.7 % 2.1 % 7.4 % 9.5 % 12.2 % 9.8 % 9.1 % (1) Other includes other mass torts, workers' compensation, commercial and other. (2) The 3-year survival ratio for the combined asbestos, environmental and other claims was 11.9, 10.1, 9.2, 9.2, 10.6 and 12.0 for the annualized nine months of 2019 and twelve months ended 2018, 2017, 2016, 2015 and 2014, respectively, and is calculated by taking the ending reserves divided by net payments made during the year. The Allstate Corporation 3Q19 Supplement 24

The Allstate Corporation Service Businesses Segment Results (1) ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Service Businesses Net premiums written $ 364 $ 350 $ 368 $ 489 $ 358 $ 297 $ 287 $ 1,082 $ 942 Net premiums earned $ 312 $ 305 $ 295 $ 285 $ 275 $ 271 $ 267 $ 912 $ 813 Other revenue 47 48 47 34 16 16 16 142 48 Intersegment insurance premiums and service fees 44 33 33 33 31 29 29 110 89 Net investment income 11 10 9 9 7 6 5 30 18 Realized capital gains and losses 4 9 8 (5) - (2) (4) 21 (6) Claims and claims expense (93) (86) (92) (78) (90) (89) (93) (271) (272) Amortization of deferred policy acquisition costs (139) (134) (127) (122) (118) (113) (110) (400) (341) Operating costs and expenses (171) (158) (151) (148) (124) (116) (117) (480) (357) Restructuring and related charges (1) 1 - (3) - - (1) - (1) Amortization of purchased intangibles (31) (31) (31) (33) (20) (20) (21) (93) (61) Impairment of purchased intangibles - (55) - - - - - (55) - Income tax benefit 4 12 3 6 3 3 7 19 13 Net loss applicable to common shareholders $ (13) $ (46) $ (6) $ (22) $ (20) $ (15) $ (22) $ (65) $ (57) Realized capital gains and losses, after-tax (4) (6) (7) 4 1 1 3 (17) 5 Amortization of purchased intangibles, after-tax 25 25 24 26 16 16 16 74 48 Impairment of purchased intangibles, after-tax - 43 - - - - - 43 - Tax Legislation expense - - - - 4 - - - 4 Adjusted net income (loss) $ 8 $ 16 $ 11 $ 8 $ 1 $ 2 $ (3) $ 35 $ - Allstate Dealer Services Net premiums written $ 126 $ 120 $ 99 $ 105 $ 99 $ 103 $ 92 $ 345 $ 294 Total revenue (2) $ 115 $ 114 $ 107 $ 105 $ 102 $ 100 $ 96 $ 336 $ 298 Claims and claims expense (12) (12) (11) (10) (15) (14) (17) (35) (46) Other costs and expenses (3) (93) (90) (88) (89) (85) (81) (78) (271) (244) Income tax (expense) benefit (2) (3) (1) (1) - (2) 1 (6) (1) Net income applicable to common shareholders $ 8 $ 9 $ 7 $ 5 $ 2 $ 3 $ 2 $ 24 $ 7 Realized capital gains and losses, after-tax (2) (2) (1) - 1 1 1 (5) 3 Adjusted net income $ 6 $ 7 $ 6 $ 5 $ 3 $ 4 $ 3 $ 19 $ 10 Arity Other revenue $ 1 $ 1 $ - $ - $ - $ - $ - $ 2 $ - Intersegment service fees 34 24 24 24 22 21 21 82 64 Other costs and expenses (3) (36) (26) (27) (26) (26) (25) (25) (89) (76) Income tax benefit - - 1 1 - 1 1 1 2 Net loss applicable to common shareholders $ (1) $ (1) $ (2) $ (1) $ (4) $ (3) $ (3) $ (4) $ (10) Adjusted net loss $ (1) $ (1) $ (2) $ (1) $ (4) $ (3) $ (3) $ (4) $ (10) Allstate Identity Protection Other revenue $ 22 $ 23 $ 24 $ 16 $ - $ - $ - $ 69 $ - Intersegment service fees $ 1 - - - - - - $ 1 - Other costs and expenses (3)(4) (47) (44) (38) (27) - - - (129) - Income tax benefit 6 5 3 2 - - - 14 - Net loss applicable to common shareholders $ (18) $ (16) $ (11) $ (9) $ - $ - $ - $ (45) $ - Amortization of purchased intangibles, after-tax 11 10 10 10 - - - 31 - Adjusted net (loss) income $ (7) $ (6) $ (1) $ 1 $ - $ - $ - $ (14) $ - Allstate Roadside Services Net premiums written $ 57 $ 63 $ 63 $ 61 $ 65 $ 68 $ 65 $ 183 $ 198 Total revenue (2) $ 68 $ 73 $ 73 $ 74 $ 77 $ 77 $ 74 $ 214 $ 228 Claims and claims expense (35) (37) (38) (36) (38) (36) (35) (110) (109) Other costs and expenses (3) (39) (40) (43) (47) (46) (46) (45) (122) (137) Income tax benefit 1 1 2 2 2 1 1 4 4 Net loss applicable to common shareholders $ (5) $ (3) $ (6) $ (7) $ (5) $ (4) $ (5) $ (14) $ (14) Realized capital gains and losses, after-tax - - - 1 - - - - - Adjusted net loss $ (5) $ (3) $ (6) $ (6) $ (5) $ (4) $ (5) $ (14) $ (14) (1) Service Businesses results also include Allstate Protection Plans (formerly known as SquareTrade); results are on page 26. (2) Total revenue may include net premiums earned, intersegment insurance premiums and service fees, other revenue, net investment income and realized capital gains and losses. (3) Other costs and expenses may include amortization of deferred policy acquisition costs, operating costs and expenses, and restructuring and related charges. (4) Includes investments in growing the business and integration into Allstate. The Allstate Corporation 3Q19 Supplement 25

The Allstate Corporation Allstate Protection Plans Results As of or for the ($ in millions) As of or for the three months ended nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Net premiums written $ 181 $ 167 $ 206 $ 323 $ 194 $ 126 $ 130 $ 554 $ 450 Net premiums earned $ 163 $ 153 $ 145 $ 134 $ 125 $ 121 $ 123 $ 461 $ 369 Other revenue (1) 7 7 8 3 - - - 22 - Net investment income 5 4 4 4 2 2 1 13 5 Realized capital gains and losses 2 6 7 (4) 1 (1) (2) 15 (2) Claims and claims expense (46) (37) (43) (32) (37) (39) (41) (126) (117) Amortization of deferred policy acquisition costs (60) (56) (53) (50) (47) (45) (45) (169) (137) Other costs and expenses (49) (48) (42) (47) (38) (32) (35) (139) (105) Amortization of purchased intangibles (18) (18) (18) (20) (20) (20) (21) (54) (61) Impairment of purchased intangibles - (55) - - - - - (55) - Income tax (expense) benefit (1) 9 (2) 2 1 3 4 6 8 Net income (loss) applicable to common shareholders $ 3 $ (35) $ 6 $ (10) $ (13) $ (11) $ (16) $ (26) $ (40) Realized capital gains and losses, after-tax (2) (4) (6) 3 - - 2 (12) 2 Amortization of purchased intangibles, after-tax 14 15 14 16 16 16 16 43 48 Impairment of purchased intangibles, after-tax - 43 - - - - - 43 - Tax Legislation expense - - - - 4 - - - 4 Adjusted net income $ 15 $ 19 $ 14 $ 9 $ 7 $ 5 $ 2 $ 48 $ 14 Fair value adjustments, after-tax (2) - 2 1 2 2 2 2 3 6 Adjusted net income, excluding purchase accounting adjustments * $ 15 $ 21 $ 15 $ 11 $ 9 $ 7 $ 4 $ 51 $ 20 Protection Plans in Force (in thousands) (3) 89,783 83,968 77,866 68,588 52,151 44,459 41,806 89,783 52,151 New Issued Protection Plans (in thousands) 10,086 9,754 13,500 22,110 11,120 5,319 5,564 33,340 22,003 (1) Other revenue relates to the acquisition of PlumChoice and iCracked Inc. (2) Purchase accounting adjustments made to record the acquired assets and liabilities at their fair value for unearned premiums, contractual liability insurance policy premium expenses, and commissions paid to retailers recorded as of the acquisition date are recognized over the life of the in force contracts or approximately three years. (3) Protection plan terms generally range between one and five years with an average term of three years. The Allstate Corporation 3Q19 Supplement 26

The Allstate Corporation Allstate Life Segment Results and Other Statistics As of or for the ($ in millions) As of or for the three months ended nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Premiums $ 155 $ 157 $ 154 $ 158 $ 149 $ 149 $ 146 $ 466 $ 444 Contract charges 176 176 183 182 173 177 181 535 531 Other revenue (1) 31 33 27 35 30 28 26 91 84 Net investment income 128 125 127 125 128 130 122 380 380 Contract benefits (202) (216) (214) (216) (193) (195) (205) (632) (593) Interest credited to contractholder funds (73) (70) (72) (72) (72) (71) (70) (215) (213) Amortization of deferred policy acquisition costs (85) (27) (26) (24) (36) (31) (31) (138) (98) Operating costs and expenses (77) (91) (91) (104) (88) (86) (83) (259) (257) Restructuring and related charges - (1) - - (1) (2) - (1) (3) Income tax expense on operations (9) (18) (15) (15) (15) (19) (15) (42) (49) Adjusted net income 44 68 73 69 75 80 71 185 226 Realized capital gains and losses, after-tax 4 - (4) (4) (3) (2) (2) - (7) Valuation changes on embedded derivatives not hedged, after-tax (9) - - - - - - (9) - DAC and DSI amortization relating to realized capital gains and losses, and valuation changes on embedded derivatives that are not hedged, after-tax 1 (1) (2) (2) (1) (3) (2) (2) (6) Tax Legislation expense - - - - (16) - - - (16) Net income applicable to common shareholders $ 40 $ 67 $ 67 $ 63 $ 55 $ 75 $ 67 $ 174 $ 197 Premiums and Contract Charges by Product Traditional life insurance premiums $ 155 $ 156 $ 154 $ 157 $ 149 $ 148 $ 146 $ 465 $ 443 Accident and health insurance premiums - 1 - 1 - 1 - 1 1 Interest-sensitive life insurance contract charges 176 176 183 182 173 177 181 535 531 Total $ 331 $ 333 $ 337 $ 340 $ 322 $ 326 $ 327 $ 1,001 $ 975 Benefit spread Premiums $ 155 $ 157 $ 154 $ 158 $ 149 $ 149 $ 146 $ 466 $ 444 Cost of insurance contract charges 123 123 129 127 119 121 126 375 366 Contract benefits (202) (216) (214) (216) (193) (195) (205) (632) (593) Total benefit spread $ 76 $ 64 $ 69 $ 69 $ 75 $ 75 $ 67 $ 209 $ 217 Investment spread Net investment income $ 128 $ 125 $ 127 $ 125 $ 128 $ 130 $ 122 $ 380 $ 380 Interest credited to contractholder funds (85) (70) (72) (72) (72) (71) (70) (227) (213) Total investment spread $ 43 $ 55 $ 55 $ 53 $ 56 $ 59 $ 52 $ 153 $ 167 Proprietary Life Issued Policies (2) 31,031 33,105 28,425 46,421 35,454 37,021 30,479 92,561 102,954 Policies in Force (thousands) (3) Life insurance Allstate agencies 1,818 1,822 1,823 1,831 1,820 1,819 1,816 1,818 1,820 Closed channels 183 185 187 189 196 198 200 183 196 Accident and health insurance 2 2 2 2 2 2 2 2 2 Total 2,003 2,009 2,012 2,022 2,018 2,019 2,018 2,003 2,018 (1) Includes gross dealer concessions received in connection with Allstate exclusive agencies and exclusive financial specialist's sales of non-proprietary products, including mutual funds, fixed and variable annuities, disability insurance and long-term care insurance. (2) Policies issued during the period. (3) Reflect the number of contracts in force. The Allstate Corporation 3Q19 Supplement 27

The Allstate Corporation Allstate Life Return on Equity ($ in millions) Twelve months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2019 2019 2019 2018 2018 2018 2018 Return on Equity Numerator: Net income applicable to common shareholders (1)(2) $ 237 $ 252 $ 260 $ 260 $ 591 $ 611 $ 598 Denominator: Beginning equity $ 2,528 $ 2,587 $ 2,542 $ 2,618 Ending equity (3) 2,863 2,744 2,657 2,474 $ 2,528 $ 2,587 $ 2,542 Average equity (4) $ 2,696 $ 2,666 $ 2,600 $ 2,546 Return on equity 8.8 % 9.5 % 10.0 % 10.2 % 23.4 % 23.6 % 23.5 % Adjusted Net Income Return on Adjusted Equity Numerator: Adjusted net income (1) $ 254 $ 285 $ 297 $ 295 $ 284 $ 285 $ 270 Denominator: Beginning equity $ 2,528 $ 2,587 $ 2,542 $ 2,618 Less: Unrealized net capital gains and losses 75 89 142 234 Goodwill 175 175 175 175 Adjusted beginning equity $ 2,278 $ 2,323 $ 2,225 $ 2,209 Ending equity $ 2,863 $ 2,744 $ 2,657 $ 2,474 $ 2,528 $ 2,587 $ 2,542 Less: Unrealized net capital gains and losses 350 271 168 52 75 89 142 Goodwill 175 175 175 175 175 175 175 Adjusted ending equity $ 2,338 $ 2,298 $ 2,314 $ 2,247 $ 2,278 $ 2,323 $ 2,225 Average adjusted equity (4) $ 2,308 $ 2,311 $ 2,270 $ 2,228 Adjusted net income return on adjusted equity * 11.0 % 12.3 % 13.1 % 13.2 % 12.5 % 12.3 % 12.1 % (1) Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. (2) Includes a $16 million Tax Legislation expense for the periods ended June 30, 2019, March 31, 2019 and December 31, 2018, a $322 million benefit for the period ended September 30, 2018, and a $338 million benefit for the periods ended June 30, 2018 and March 31, 2018. (3) For the periods ended September 30, 2018, June 30, 2018 and March 31, 2018, ending equity has been used due to the changes in reportable segments that were effective October 2017. (4) Average equity and average adjusted equity are determined using a two-point average, with the beginning and ending equity and adjusted equity, respectively, for the twelve-month period as data points. The Allstate Corporation 3Q19 Supplement 28

The Allstate Corporation Allstate Benefits Segment Results and Other Statistics As of or for the ($ in millions) As of or for the three months ended nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Premiums $ 262 $ 256 $ 259 $ 253 $ 259 $ 254 $ 258 $ 777 $ 771 Contract charges 29 28 29 28 26 29 28 86 83 Net investment income 21 21 19 20 19 19 19 61 57 Contract benefits (161) (143) (145) (144) (159) (143) (149) (449) (451) Interest credited to contractholder funds (9) (8) (9) (10) (8) (9) (8) (26) (25) Amortization of deferred policy acquisition costs (33) (35) (43) (43) (26) (36) (41) (111) (103) Operating costs and expenses (69) (71) (71) (71) (68) (69) (70) (211) (207) Income tax expense on operations (9) (11) (8) (7) (10) (9) (8) (28) (27) Adjusted net income 31 37 31 26 33 36 29 99 98 Realized capital gains and losses, after-tax 2 2 3 (7) 2 - (2) 7 - DAC and DSI amortization relating to realized capital gains and losses, after-tax - - - 1 - - - - - Net income applicable to common shareholders $ 33 $ 39 $ 34 $ 20 $ 35 $ 36 $ 27 $ 106 $ 98 Benefit ratio (1) 55.3 50.4 50.3 51.2 55.8 50.5 52.1 52.0 52.8 Operating expense ratio (2) 23.7 25.0 24.7 25.3 23.9 24.4 24.5 24.4 24.2 Premiums and Contract Charges by Product Life $ 41 $ 38 $ 38 $ 40 $ 39 $ 38 $ 38 $ 117 $ 115 Accident 76 74 76 73 75 75 74 226 224 Critical illness 121 120 122 117 119 119 121 363 359 Short-term disability 27 27 26 27 27 27 27 80 81 Other health 26 25 26 24 25 24 26 77 75 Total $ 291 $ 284 $ 288 $ 281 $ 285 $ 283 $ 286 $ 863 $ 854 New Annualized Premium Sales by Product (3) Life $ 9 $ 9 $ 8 $ 16 $ 10 $ 11 $ 8 $ 26 $ 29 Accident 20 20 21 49 22 20 21 61 63 Critical illness 23 22 24 63 22 23 25 69 70 Short-term disability 7 9 8 13 9 7 10 24 26 Other health 10 13 11 28 10 10 12 34 32 Total $ 69 $ 73 $ 72 $ 169 $ 73 $ 71 $ 76 $ 214 $ 220 Annualized Premium In Force (4) $ 1,248 $ 1,249 $ 1,251 $ 1,225 $ 1,234 $ 1,245 $ 1,237 $ 1,248 $ 1,234 (1) Benefit ratio is contract benefits divided by premiums and contract charges. (2) Operating expense ratio is operating costs and expenses divided by premiums and contract charges. (3) New annualized premium sales reflects annualized premiums at initial customer enrollment (including new accounts and new employees or policies of existing accounts). A significant portion of Allstate Benefits business is seasonally written in the fourth quarter during many clients’ annual employee benefits enrollment. (4) Premium amount paid annually for all active policies, which have not been cancelled. The Allstate Corporation 3Q19 Supplement 29

The Allstate Corporation Allstate Benefits Return on Equity ($ in millions) Twelve months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2019 2019 2019 2018 2018 2018 2018 Return on Equity Numerator: Net income applicable to common shareholders (1)(2) $ 126 $ 128 $ 125 $ 118 $ 172 $ 167 $ 158 Denominator: Beginning equity $ 883 $ 848 $ 824 $ 821 Ending equity (3) 1,010 969 906 842 $ 883 $ 848 $ 824 Average equity (4) $ 947 $ 909 $ 865 $ 832 Return on equity 13.3 % 14.1 % 14.5 % 14.2 % 19.5 % 19.7 % 19.2 % Adjusted Net Income Return on Adjusted Equity Numerator: Adjusted net income (1) $ 125 $ 127 $ 126 $ 124 $ 119 $ 115 $ 106 Denominator: Beginning equity $ 883 $ 848 $ 824 $ 821 Less: Unrealized net capital gains and losses (4) (4) 8 57 Goodwill 96 96 96 96 Adjusted beginning equity $ 791 $ 756 $ 720 $ 668 Ending equity $ 1,010 $ 969 $ 906 $ 842 $ 883 $ 848 $ 824 Less: Unrealized net capital gains and losses 52 44 21 (10) (4) (4) 8 Goodwill 96 96 96 96 96 96 96 Adjusted ending equity $ 862 $ 829 $ 789 $ 756 $ 791 $ 756 $ 720 Average adjusted equity (4) $ 827 $ 793 $ 755 $ 712 Adjusted net income return on adjusted equity * 15.1 % 16.0 % 16.7 % 17.4 % 15.0 % 15.2 % 14.7 % (1) Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. (2) Includes a $54 million Tax Legislation benefit for the periods ended September 30, 2018, June 30, 2018 and March 31, 2018. (3) For the periods ended September 30, 2018, June 30, 2018 and March 31, 2018, ending equity has been used due to the changes in reportable segments that were effective October 2017. (4) Average equity and average adjusted equity are determined using a two-point average, with the beginning and ending equity and adjusted equity, respectively, for the twelve-month period as data points. The Allstate Corporation 3Q19 Supplement 30

The Allstate Corporation Allstate Annuities Segment Results and Other Statistics As of or for the ($ in millions) As of or for the three months ended nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Contract charges $ 3 $ 4 $ 3 $ 4 $ 5 $ 3 $ 3 $ 10 $ 11 Net investment income (1) 251 296 190 253 260 293 290 737 843 Periodic settlements and accruals on non-hedge derivative instruments (1) 1 - - - - - - - Contract benefits (150) (152) (138) (128) (146) (145) (150) (440) (441) Interest credited to contractholder funds (73) (75) (78) (80) (83) (87) (87) (226) (257) Amortization of deferred policy acquisition costs (2) (1) (2) (2) (2) (2) (1) (5) (5) Operating costs and expenses (7) (8) (7) (6) (7) (9) (9) (22) (25) Income tax (expense) benefit on operations (5) (13) 7 (9) (7) (9) (11) (11) (27) Adjusted net income (loss) 16 52 (25) 32 20 44 35 43 99 Realized capital gains and losses, after-tax 16 37 124 (153) 40 5 (23) 177 22 Valuation changes on embedded derivatives not hedged, after-tax (1) (2) (3) (2) 1 - 4 (6) 5 Gain on disposition of operations, after-tax - 1 1 1 1 1 1 2 3 Tax Legislation benefit - - - - 69 - - - 69 Net income (loss) applicable to common shareholders $ 31 $ 88 $ 97 $ (122) $ 131 $ 50 $ 17 $ 216 $ 198 Benefit spread Cost of insurance contract charges $ 2 $ 2 $ 2 $ 3 $ 3 $ 1 $ 2 $ 6 $ 6 Contract benefits excluding the implied interest on immediate annuities with life contingencies (30) (33) (17) (6) (23) (22) (26) (80) (71) Total benefit spread $ (28) $ (31) $ (15) $ (3) $ (20) $ (21) $ (24) $ (74) $ (65) Investment spread Net investment income $ 251 $ 296 $ 190 $ 253 $ 260 $ 293 $ 290 $ 737 $ 843 Implied interest on immediate annuities with life contingencies (120) (119) (121) (122) (123) (123) (124) (360) (370) Interest credited to contractholder funds excluding valuation changes on embedded derivatives not hedged (75) (78) (81) (83) (83) (85) (83) (234) (251) Total investment spread $ 56 $ 99 $ (12) $ 48 $ 54 $ 85 $ 83 $ 143 $ 222 (1) Performance-based net investment income, a component of net investment income $ 68 $ 106 $ 1 $ 64 $ 72 $ 92 $ 97 $ 175 $ 261 The Allstate Corporation 3Q19 Supplement 31

The Allstate Corporation Allstate Annuities Return on Equity ($ in millions) Twelve months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2019 2019 2019 2018 2018 2018 2018 Return on Equity Numerator: Net income applicable to common shareholders (1)(2) $ 94 $ 194 $ 156 $ 76 $ 461 $ 396 $ 407 Denominator: Beginning equity $ 5,119 $ 5,029 $ 5,009 $ 4,950 Ending equity (3) 5,552 5,437 5,278 4,949 $ 5,119 $ 5,029 $ 5,009 Average equity (4) $ 5,336 $ 5,233 $ 5,144 $ 4,950 Return on equity 1.8 % 3.7 % 3.0 % 1.5 % 9.0 % 7.9 % 8.1 % Adjusted Net Income Return on Adjusted Equity Numerator: Adjusted net income (1) $ 75 $ 79 $ 71 $ 131 $ 155 $ 190 $ 211 Denominator: Beginning equity $ 5,119 $ 5,029 $ 5,009 $ 4,950 Less: Unrealized net capital gains and losses 241 272 279 607 Adjusted beginning equity $ 4,878 $ 4,757 $ 4,730 $ 4,343 Ending equity $ 5,552 $ 5,437 $ 5,278 $ 4,949 $ 5,119 $ 5,029 $ 5,009 Less: Unrealized net capital gains and losses 585 502 428 193 241 272 279 Adjusted ending equity $ 4,967 $ 4,935 $ 4,850 $ 4,756 $ 4,878 $ 4,757 $ 4,730 Average adjusted equity (4) $ 4,923 $ 4,846 $ 4,790 $ 4,550 Adjusted net income return on adjusted equity * 1.5 % 1.6 % 1.5 % 2.9 % 3.2 % 4.0 % 4.5 % Adjusted net income return on adjusted equity by product: Deferred annuities 14.2 % 13.2 % 11.7 % 10.7 % 10.4 % 11.3 % 10.6 % Immediate annuities 0.3 % 0.5 % 0.4 % 1.9 % 2.4 % 3.2 % 3.7 % (1) Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. (2) Includes a $69 million Tax Legislation benefit for the periods ended June 30, 2019, March 31, 2019 and December 31, 2018, a $251 million benefit for the period ended September 30, 2018, and a $182 million benefit for the periods ended June 30, 2018 and March 31, 2018. (3) For the periods ended September 30, 2018, June 30, 2018 and March 31, 2018, ending equity has been used due to the changes in reportable segments that were effective October 2017. (4) Average equity and average adjusted equity are determined using a two-point average, with the beginning and ending equity and adjusted equity, respectively, for the twelve-month period as data points. The Allstate Corporation 3Q19 Supplement 32

The Allstate Corporation Corporate and Other Segment Results ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Net investment income $ 21 $ 19 $ 12 $ 15 $ 20 $ 23 $ 13 $ 52 $ 56 Operating costs and expenses (19) (24) (21) (24) (28) (11) (8) (64) (47) Interest expense (80) (82) (83) (81) (82) (86) (83) (245) (251) Income tax benefit on operations 19 19 20 18 21 18 17 58 56 Preferred stock dividends (42) (30) (31) (43) (37) (39) (29) (103) (105) Adjusted net loss (101) (98) (103) (115) (106) (95) (90) (302) (291) Realized capital gains and losses, after-tax 2 7 1 (20) - (9) (1) 10 (10) Pension and other postretirement remeasurement gains and losses, after-tax (179) (99) (11) (395) 30 6 (11) (289) 25 Business combination expenses, after-tax - - - (7) - - - - - Tax Legislation expense - - - - (15) - - - (15) Net loss applicable to common shareholders $ (278) $ (190) $ (113) $ (537) $ (91) $ (98) $ (102) $ (581) $ (291) The Allstate Corporation 3Q19 Supplement 33

The Allstate Corporation Investment Position Sept. 30, June 30, March 31, Dec 31, Sept. 30, June 30, March 31, ($ in millions) 2019 2019 2019 2018 2018 2018 2018 Consolidated Investments Fixed income securities, at fair value: Tax-exempt $ 6,954 $ 6,891 $ 7,132 $ 7,000 $ 7,252 $ 7,396 $ 6,310 Taxable 52,305 51,593 51,070 50,170 50,411 49,495 50,364 Equity securities (1) 8,206 7,906 5,802 5,036 6,965 6,888 6,986 Mortgage loans 4,694 4,687 4,681 4,670 4,592 4,535 4,679 Limited partnership interests (2) 7,990 7,818 7,493 7,505 7,602 7,679 7,434 Short-term, at fair value 5,254 3,740 4,157 3,027 3,071 3,123 3,424 Other 3,904 3,856 3,786 3,852 4,075 4,125 4,092 Total $ 89,307 $ 86,491 $ 84,121 $ 81,260 $ 83,968 $ 83,241 $ 83,289 Fixed income securities, at amortized cost: Tax-exempt $ 6,667 $ 6,652 $ 6,980 $ 6,994 $ 7,340 $ 7,438 $ 6,379 Taxable 49,596 49,356 49,851 50,140 50,278 49,312 49,830 Ratio of fair value to amortized cost 105.3 % 104.4 % 102.4 % 100.1 % 100.1 % 100.2 % 100.8 % Short-term, at amortized cost $ 5,254 $ 3,740 $ 4,157 $ 3,027 $ 3,071 $ 3,123 $ 3,424 Limited partnership interests - approximate cumulative pre-tax appreciation $ 1,501 $ 1,410 $ 1,231 $ 1,236 $ 1,308 $ 1,366 $ 1,347 September 30, 2019 - By Segment Property- Service Allstate Allstate Allstate Corporate Liability Businesses Life Benefits Annuities and Other Total Fixed income securities, at fair value: Tax-exempt $ 6,618 $ 45 $ - $ - $ 74 $ 217 $ 6,954 Taxable 25,853 1,116 7,773 1,323 14,440 1,800 52,305 Equity securities 6,203 272 104 130 1,162 335 8,206 Mortgage loans 393 - 1,953 212 2,136 - 4,694 Limited partnership interests 4,703 - - - 3,287 - 7,990 Short-term, at fair value 2,387 116 520 35 981 1,215 5,254 Other 1,604 - 1,351 311 638 - 3,904 Total $ 47,761 $ 1,549 $ 11,701 $ 2,011 $ 22,718 $ 3,567 $ 89,307 Fixed income securities, at amortized cost: Tax-exempt $ 6,345 $ 44 $ - $ - $ 71 $ 207 $ 6,667 Taxable 24,892 1,073 7,118 1,254 13,493 1,766 49,596 Ratio of fair value to amortized cost 104.0 % 103.9 % 109.2 % 105.5 % 107.0 % 102.2 % 105.3 % Short-term, at amortized cost $ 2,387 $ 116 $ 520 $ 35 $ 981 $ 1,215 $ 5,254 Fixed income securities portfolio duration (in years) (3) 5.11 4.68 6.03 4.73 4.50 2.24 4.97 (1) Equity securities may include investments in exchange traded and mutual funds whose underlying investments are fixed income securities. (2) As of September 30, 2019, we have commitments to invest in additional limited partnership interests totaling $2.87 billion. (3) Duration measures the price sensitivity of assets and liabilities to changes in interest rates. The Allstate Corporation 3Q19 Supplement 34

The Allstate Corporation Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-Tax) ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Net Investment Income Fixed income securities $ 546 $ 543 $ 538 $ 533 $ 527 $ 509 $ 508 $ 1,627 $ 1,544 Equity securities 57 68 30 40 35 61 34 155 130 Mortgage loans 54 54 53 54 52 60 51 161 163 Limited partnership interests ("LP") (1) 197 254 9 142 210 173 180 460 563 Short-term 28 26 26 23 19 19 12 80 50 Other 66 67 63 67 71 68 66 196 205 Investment income, before expense 948 1,012 719 859 914 890 851 2,679 2,655 Less: Investment expense (2) (68) (70) (71) (73) (70) (66) (65) (209) (201) Net investment income $ 880 $ 942 $ 648 $ 786 $ 844 $ 824 $ 786 $ 2,470 $ 2,454 Interest-bearing investments (3) $ 676 $ 672 $ 664 $ 659 $ 650 $ 639 $ 622 $ 2,012 $ 1,911 Equity securities 57 68 30 40 35 61 34 155 130 LP and other alternative investments (4) 215 272 25 160 229 190 195 512 614 Investment income, before expense $ 948 $ 1,012 $ 719 $ 859 $ 914 $ 890 $ 851 $ 2,679 $ 2,655 Pre-Tax Yields (5) Fixed income securities 3.9 % 3.8 % 3.8 % 3.7 % 3.7 % 3.6 % 3.6 % 3.8 % 3.6 % Equity securities 3.4 4.7 2.6 3.2 2.3 4.1 2.5 3.6 3.0 Mortgage loans 4.6 4.6 4.6 4.6 4.6 5.2 4.4 4.6 4.7 Limited partnership interests 10.0 13.3 0.5 7.5 11.0 9.2 10.1 8.0 10.2 Total portfolio 4.4 4.8 3.4 4.1 4.4 4.3 4.1 4.2 4.2 Interest-bearing investments 4.0 4.0 3.9 3.9 3.8 3.8 3.7 3.9 3.8 Realized Capital Gains and Losses (Pre-tax) by Transaction Type Impairment write-downs $ (14) $ (15) $ (14) $ (4) $ (5) $ (4) $ (1) $ (43) $ (10) Sales 147 117 95 (76) (22) (75) (42) 359 (139) Valuation of equity investments 24 200 627 (840) 198 34 (83) 851 149 Valuation and settlements of derivative instruments 40 22 (46) 26 5 20 (8) 16 17 Total $ 197 $ 324 $ 662 $ (894) $ 176 $ (25) $ (134) $ 1,183 $ 17 Total Return on Investment Portfolio (6) Net investment income 1.0 % 1.1 % 0.8 % 0.9 % 1.0 % 1.0 % 0.9 % 2.9 % 2.9 % Valuation-interest bearing 0.8 1.5 1.7 (0.1) (0.1) (0.5) (1.3) 4.0 (2.1) Valuation-equity owned 0.1 0.2 0.8 (1.0) 0.2 - (0.1) 1.1 0.2 Total 1.9 % 2.8 % 3.3 % (0.2) % 1.1 % 0.5 % (0.5) % 8.0 % 1.0 % Average Investment Balances (in billions) (7) $ 83.9 $ 82.2 $ 81.2 $ 81.7 $ 82.4 $ 81.9 $ 81.0 $ 82.6 $ 81.7 (1) Income from equity method of accounting LP is generally recognized on a three-month delay due to the availability of the related financial statements from investees. (2) Includes $19 million and $17 million of investee level expenses (depreciation and asset level operating expenses) for the three months ended September 30, 2019 and 2018, respectively, and $10 million and $8 million of securities lending expenses (portion of reinvestment income on securities lending collateral paid to counterparties) for the three months ended September 30, 2019 and 2018, respectively. (3) Comprised of fixed income securities, mortgage loans, short-term investments, and other investments, including bank and agent loans, and derivatives. (4) Comprised of limited partnership interests and other alternative investments, including real estate investments classified as other investments. (5) Quarterly pre-tax yield is calculated as annualized quarterly investment income, before investment expense divided by the average of the ending investment balances of the current and prior quarter. Year-to-date pre-tax yield is calculated as annualized year-to-date investment income, before investment expense divided by the average of investment balances at the beginning of the year and the end of each quarter during the year. For the purposes of the pre-tax yield calculation, income for directly held real estate and other consolidated investments is net of investee level expenses (depreciation and asset level operating expenses reported in investment expense). Fixed income securities investment balances exclude unrealized capital gains and losses. Equity securities investment balances use cost in the calculation. (6) 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, bank loans and agent loans divided by the average fair value balances. (7) 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 on fixed income securities are excluded and equity securities investment balances are at cost. The Allstate Corporation 3Q19 Supplement 35

The Allstate Corporation Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-Tax) by Segment ($ in millions) Three months ended September 30, 2019 Property- Service Allstate Allstate Allstate Corporate and Liability Businesses Life Benefits Annuities Other Total Net Investment Income Fixed income securities $ 272 $ 8 $ 86 $ 14 $ 152 $ 14 $ 546 Equity securities 44 2 1 1 6 3 57 Mortgage loans 4 - 21 2 27 - 54 Limited partnership interests ("LP") 128 - - - 69 - 197 Short-term 13 1 4 - 6 4 28 Other 27 - 21 5 12 1 66 Investment income, before expense 488 11 133 22 272 22 948 Less: Investment expense (40) - (5) (1) (21) (1) (68) Net investment income $ 448 $ 11 $ 128 $ 21 $ 251 $ 21 $ 880 Net investment income, after-tax $ 369 $ 9 $ 104 $ 17 $ 198 $ 17 $ 714 Interest-bearing investments (1) $ 304 $ 9 $ 132 $ 21 $ 191 $ 19 $ 676 Equity securities 44 2 1 1 6 3 57 LP and other alternative investments (2) 140 - - - 75 - 215 Investment income, before expense $ 488 $ 11 $ 133 $ 22 $ 272 $ 22 $ 948 Pre-Tax Yields (3) Fixed income securities 3.5 % 3.0 % 4.8 % 4.3 % 4.5 % 2.9 % 3.9 % Equity securities 3.5 3.4 4.9 2.2 2.6 3.5 3.4 Mortgage loans 4.3 - 4.4 4.3 4.9 - 4.6 Limited partnership interests 11.0 - - - 8.5 - 10.0 Total portfolio 4.2 3.0 4.9 4.4 4.9 3.0 4.4 Interest-bearing investments 3.5 3.0 4.9 4.6 4.4 3.0 4.0 Realized Capital Gains and Losses (Pre-tax) by transaction type Impairment write-downs $ (6) $ - $ (1) $ - $ (7) $ - $ (14) Sales 124 2 4 2 15 - 147 Valuation of equity investments 13 2 2 - 4 3 24 Valuation and settlements of derivative instruments 32 - - - 8 - 40 Total $ 163 $ 4 $ 5 $ 2 $ 20 $ 3 $ 197 (1) Comprised of fixed income securities, mortgage loans, short-term investments, and other investments including bank and agent loans and derivatives. (2) Comprised of limited partnership interests and other alternative investments, including real estate investments classified as other investments. (3) Quarterly pre-tax yield is calculated as annualized quarterly investment income, before investment expense divided by the average of the ending investment balances of the current and prior quarter. For the purposes of the pre-tax yield calculation, income for directly held real estate and other consolidated investments is net of investee level expenses (depreciation and asset level operating expenses reported in investment expense). Fixed income securities investment balances exclude unrealized capital gains and losses. Equity securities investment balances use cost in the calculation. The Allstate Corporation 3Q19 Supplement 36

The Allstate Corporation Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-Tax) by Segment ($ in millions) Nine months ended September 30, 2019 Property- Service Allstate Allstate Allstate Corporate and Liability Businesses Life Benefits Annuities Other Total Net Investment Income Fixed income securities $ 796 $ 23 $ 262 $ 39 $ 467 $ 40 $ 1,627 Equity securities 116 5 2 2 25 5 155 Mortgage loans 12 - 64 7 78 - 161 Limited partnership interests ("LP") 286 - - - 174 - 460 Short-term 44 2 8 1 17 8 80 Other 80 - 60 14 38 4 196 Investment income, before expense 1,334 30 396 63 799 57 2,679 Less: Investment expense (124) - (16) (2) (62) (5) (209) Net investment income $ 1,210 $ 30 $ 380 $ 61 $ 737 $ 52 $ 2,470 Net investment income, after-tax $ 989 $ 24 $ 308 $ 48 $ 583 $ 42 $ 1,994 Interest-bearing investments (1) $ 898 $ 25 $ 394 $ 61 $ 582 $ 52 $ 2,012 Equity securities 116 5 2 2 25 5 155 LP and other alternative investments (2) 320 - - - 192 - 512 Investment income, before expense $ 1,334 $ 30 $ 396 $ 63 $ 799 $ 57 $ 2,679 Pre-Tax Yields (3) Fixed income securities 3.4 % 3.0 % 4.8 % 4.2 % 4.5 % 3.0 % 3.8 % Equity securities 3.7 3.4 3.9 2.4 3.3 3.7 3.6 Mortgage loans 4.4 - 4.5 4.4 4.7 - 4.6 Limited partnership interests 8.6 - - - 7.1 - 8.0 Total portfolio 3.9 3.0 4.9 4.4 4.8 3.0 4.2 Interest-bearing investments 3.4 3.0 4.9 4.5 4.5 3.0 3.9 Realized Capital Gains and Losses (Pre-tax) by transaction type Impairment write-downs $ (23) $ - $ (1) $ - $ (19) $ - $ (43) Sales 332 4 (7) (1) 29 2 359 Valuation of equity investments 607 17 9 9 198 11 851 Valuation and settlements of derivative instruments - - - - 16 - 16 Total $ 916 $ 21 $ 1 $ 8 $ 224 $ 13 $ 1,183 (1) Comprised of fixed income securities, mortgage loans, short-term investments, and other investments including bank and agent loans and derivatives. (2) Comprised of limited partnership interests and other alternative investments, including real estate investments classified as other investments. (3) Year-to-date pre-tax yield is calculated as annualized year-to-date investment income, before investment expense divided by the average of investment balances at the beginning of the year and the end of each quarter during the year. For the purposes of the pre-tax yield calculation, income for directly held real estate and other consolidated investments is net of investee level expenses (depreciation and asset level operating expenses reported in investment expense). Fixed income securities investment balances exclude unrealized capital gains and losses. Equity securities investment balances use cost in the calculation. The Allstate Corporation 3Q19 Supplement 37

The Allstate Corporation Investment Position and Results by Strategy and Segment As of or for the three months ended ($ in millions) As of or for the three months ended September 30, 2019 September 30, 2018 Property- Service Allstate Allstate Allstate Corporate and Liability Businesses Life Benefits Annuities Other Total Total Market-based (1) Investment Position Interest-bearing investments $ 36,024 $ 1,278 $ 11,597 $ 1,881 $ 17,952 $ 3,232 $ 71,964 $ 68,441 Equity securities (2) 5,966 271 104 130 1,081 335 7,887 6,725 LP and other alternative investments (3) 745 - - - 117 - 862 764 Total $ 42,735 $ 1,549 $ 11,701 $ 2,011 $ 19,150 $ 3,567 $ 80,713 $ 75,930 Investment income Interest-bearing investments $ 303 $ 9 $ 132 $ 21 $ 190 $ 19 $ 674 $ 648 Equity securities 40 2 1 1 6 3 53 36 LP and other alternative investments 1 - - - - - 1 1 Investment income, before expense 344 11 133 22 196 22 728 685 Investee level expenses (4) (1) - - - - - (1) (2) Income for yield calculation $ 343 $ 11 $ 133 $ 22 $ 196 $ 22 $ 727 $ 683 Market-based pre-tax yield 3.4 % 3.0 % 4.9 % 4.4 % 4.3 % 3.0 % 3.9 % 3.7 % Realized capital gains and losses (pre-tax) by transaction type Impairment write-downs $ (5) $ - $ (1) $ - $ (7) $ - $ (13) $ (3) Sales 124 2 4 2 16 - 148 (25) Valuation of equity investments 8 2 2 - 2 3 17 194 Valuation and settlements of derivative instruments 18 - - - 1 - 19 (3) Total $ 145 $ 4 $ 5 $ 2 $ 12 $ 3 $ 171 $ 163 Performance-based (5) Investment Position Interest-bearing investments $ 117 $ - $ - $ - $ 40 $ - $ 157 $ 124 Equity securities 238 - - - 81 - 319 240 LP and other alternative investments 4,671 - - - 3,447 - 8,118 7,674 Total $ 5,026 $ - $ - $ - $ 3,568 $ - $ 8,594 $ 8,038 Investment income Interest-bearing investments $ 1 $ - $ - $ - $ 1 $ - $ 2 $ 2 Equity securities 4 - - - - - 4 (1) LP and other alternative investments 139 - - - 75 - 214 228 Investment income, before expense 144 - - - 76 - 220 229 Investee level expenses (10) - - - (8) - (18) (15) Income for yield calculation $ 134 $ - $ - $ - $ 68 $ - $ 202 $ 214 Performance-based pre-tax yield 10.9 % N/A N/A N/A 7.9 % N/A 9.6 % 10.8 % Realized capital gains and losses (pre-tax) by transaction type Impairment write-downs $ (1) $ - $ - $ - $ - $ - $ (1) $ (2) Sales - - - - (1) - (1) 3 Valuation of equity investments 5 - - - 2 - 7 4 Valuation and settlements of derivative instruments 14 - - - 7 - 21 8 Total $ 18 $ - $ - $ - $ 8 $ - $ 26 $ 13 (1) Market-based strategy seeks to deliver predictable earnings aligned to business needs and take advantage of short-term opportunities primarily through public and private fixed income investments and public equity securities. (2) Equity securities may include investments in exchange traded and mutual funds whose underlying investments are fixed income securities. (3) Market-based investments include publicly traded equity securities classified as limited partnerships. (4) When calculating the pre-tax yields, investee level expenses are netted against income for directly held real estate and other consolidated investments. (5) Performance-based strategy seeks to deliver attractive risk-adjusted returns and supplement market risk with idiosyncratic risk primarily through investments in private equity and real estate. The Allstate Corporation 3Q19 Supplement 38

The Allstate Corporation Investment Position and Results by Strategy and Segment As of or for the nine months ended ($ in millions) As of or for the nine months ended September 30, 2019 September 30, 2018 Property- Service Allstate Allstate Allstate Corporate and Liability Businesses Life Benefits Annuities Other Total Total Market-based (1) Investment Position Interest-bearing investments $ 36,024 $ 1,278 $ 11,597 $ 1,881 $ 17,952 $ 3,232 $ 71,964 $ 68,441 Equity securities (2) 5,966 271 104 130 1,081 335 7,887 6,725 LP and other alternative investments (3) 745 - - - 117 - 862 764 Total $ 42,735 $ 1,549 $ 11,701 $ 2,011 $ 19,150 $ 3,567 $ 80,713 $ 75,930 Investment income Interest-bearing investments $ 893 $ 25 $ 394 $ 61 $ 580 $ 52 $ 2,005 $ 1,905 Equity securities 108 5 2 2 23 5 145 129 LP and other alternative investments 6 - - - - - 6 2 Investment income, before expense 1,007 30 396 63 603 57 2,156 2,036 Investee level expenses (4) (5) - - - - - (5) (5) Income for yield calculation $ 1,002 $ 30 $ 396 $ 63 $ 603 $ 57 $ 2,151 $ 2,031 Market-based pre-tax yield 3.4 % 3.0 % 4.9 % 4.4 % 4.4 % 3.0 % 3.9 % 3.7 % Realized capital gains and losses (pre-tax) by transaction type Impairment write-downs $ (21) $ - $ (1) $ - $ (17) $ - $ (39) $ (7) Sales 272 4 (7) (1) 30 2 300 (141) Valuation of equity investments 590 17 9 9 181 11 817 126 Valuation and settlements of derivative instruments (20) - - - 5 - (15) (2) Total $ 821 $ 21 $ 1 $ 8 $ 199 $ 13 $ 1,063 $ (24) Performance-based (5) Investment Position Interest-bearing investments $ 117 $ - $ - $ - $ 40 $ - $ 157 $ 124 Equity securities 238 - - - 81 - 319 240 LP and other alternative investments 4,671 - - - 3,447 - 8,118 7,674 Total $ 5,026 $ - $ - $ - $ 3,568 $ - $ 8,594 $ 8,038 Investment income Interest-bearing investments $ 5 $ - $ - $ - $ 2 $ - $ 7 $ 6 Equity securities 8 - - - 2 - 10 1 LP and other alternative investments 314 - - - 192 - 506 612 Investment income, before expense 327 - - - 196 - 523 619 Investee level expenses (33) - - - (21) - (54) (48) Income for yield calculation $ 294 $ - $ - $ - $ 175 $ - $ 469 $ 571 Performance-based pre-tax yield 8.4 % N/A N/A N/A 6.7 % N/A 7.7 % 10.0 % Realized capital gains and losses (pre-tax) by transaction type Impairment write-downs $ (2) $ - $ - $ - $ (2) $ - $ (4) $ (3) Sales 60 - - - (1) - 59 2 Valuation of equity investments 17 - - - 17 - 34 23 Valuation and settlements of derivative instruments 20 - - - 11 - 31 19 Total $ 95 $ - $ - $ - $ 25 $ - $ 120 $ 41 (1) Market-based strategy seeks to deliver predictable earnings aligned to business needs and take advantage of short-term opportunities primarily through public and private fixed income investments and public equity securities. (2) Equity securities may include investments in exchange traded and mutual funds whose underlying investments are fixed income securities. (3) Market-based investments include publicly traded equity securities classified as limited partnerships. (4) When calculating the pre-tax yields, investee level expenses are netted against income for directly held real estate and other consolidated investments. (5) Performance-based strategy seeks to deliver attractive risk-adjusted returns and supplement market risk with idiosyncratic risk primarily through investments in private equity and real estate. The Allstate Corporation 3Q19 Supplement 39

The Allstate Corporation Performance-Based ("PB") Investments ($ in millions) As of or for the three months ended As of or for the nine months ended Sept. 30, June 30, March 31, Dec 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2019 2019 2019 2018 2018 2018 2018 2019 2018 Investment position Limited partnerships Private equity $ 6,162 $ 5,952 $ 5,786 $ 5,724 $ 5,712 $ 5,585 $ 5,437 $ 6,162 $ 5,712 Real estate 1,008 1,033 984 1,134 1,170 1,207 1,212 1,008 1,170 PB - limited partnerships 7,170 6,985 6,770 6,858 6,882 6,792 6,649 7,170 6,882 Non-LP Private equity 407 355 331 343 327 300 249 407 327 Real estate 1,017 906 808 836 829 816 811 1,017 829 PB - non-LP 1,424 1,261 1,139 1,179 1,156 1,116 1,060 1,424 1,156 Total Private equity 6,569 6,307 6,117 6,067 6,039 5,885 5,686 6,569 6,039 Real estate 2,025 1,939 1,792 1,970 1,999 2,023 2,023 2,025 1,999 Total PB $ 8,594 $ 8,246 $ 7,909 $ 8,037 $ 8,038 $ 7,908 $ 7,709 $ 8,594 $ 8,038 Investment income Limited partnerships Private equity $ 125 $ 216 $ (5) $ 130 $ 123 $ 152 $ 177 $ 336 $ 452 Real estate 71 38 12 12 87 21 3 121 111 PB - limited partnerships 196 254 7 142 210 173 180 457 563 Non-LP Private equity 5 10 3 2 1 4 2 18 7 Real estate 19 15 14 17 18 16 15 48 49 PB - non-LP 24 25 17 19 19 20 17 66 56 Total Private equity 130 226 (2) 132 124 156 179 354 459 Real estate 90 53 26 29 105 37 18 169 160 Total PB $ 220 $ 279 $ 24 $ 161 $ 229 $ 193 $ 197 $ 523 $ 619 Investee level expenses $ (18) $ (18) $ (18) $ (16) $ (15) $ (17) $ (16) $ (54) $ (48) Realized capital gains and losses Limited partnerships Private equity $ (1) $ (3) $ (3) $ (3) $ 1 $ (1) $ - $ (7) $ - Real estate - 1 - - (2) - - 1 (2) PB - limited partnerships (1) (2) (3) (3) (1) (1) - (6) (2) Non-LP Private equity 17 8 28 18 13 34 (8) 53 39 Real estate 10 31 32 13 1 3 - 73 4 PB - non-LP 27 39 60 31 14 37 (8) 126 43 Total Private equity 16 5 25 15 14 33 (8) 46 39 Real estate 10 32 32 13 (1) 3 - 74 2 Total PB $ 26 $ 37 $ 57 $ 28 $ 13 $ 36 $ (8) $ 120 $ 41 Pre-Tax Yield 9.6 % 12.9 % 0.3 % 7.2 % 10.8 % 9.0 % 9.9 % 7.7 % 10.0 % Internal Rate of Return (1) 10 Year 12.4 % 12.1 % 11.4 % 10.0 % 9.3 % 9.1 % 9.0 % 5 Year 11.2 % 11.4 % 11.2 % 12.3 % 13.0 % 13.1 % 13.0 % (1) The internal rate of return ("IRR") is one of the measures we use to evaluate the performance of these investments. The IRR represents the rate of return on the investments considering the cash flows paid and received and, until the investment is fully liquidated, the estimated value of investment holdings at the end of the measurement period. The calculated IRR for any measurement period is highly influenced by the values of the portfolio at the beginning and end of the period, which reflect the estimated fair values of the investments as of such dates. As a result, the IRR can vary significantly for different measurement periods based on macroeconomic or other events that impact the estimated beginning or ending portfolio value, such as the global financial crisis. Our IRR calculation method may differ from those used by other investors. The timing of the recognition of income in the financial statements may differ significantly from the cash distributions and changes in the value of these investments. The Allstate Corporation 3Q19 Supplement 40

Definitions of Non-GAAP Measures We believe that investors’ understanding of Allstate’s performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited. Adjusted net income is net income 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 adjusted net income, • pension and other postretirement remeasurement gains and losses, after-tax, • valuation changes on embedded derivatives 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 not hedged, after-tax, • business combination expenses and the amortization or impairment of purchased intangibles, 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. Net income applicable to common shareholders is the GAAP measure that is most directly comparable to adjusted net income. We use adjusted net income as an important measure to evaluate our results of operations. We believe that the measure provides investors with a valuable measure of the Company's ongoing performance because it reveals trends in our insurance and financial service business that may be obscured by the net effect of realized capital gains and losses, pension and other postretirement remeasurement gains and losses, valuation changes on embedded derivatives not hedged, business combination expenses and the amortization or impairment of purchased intangibles, gain (loss) on disposition of operations and adjustments for other significant non-recurring, infrequent or unusual items. Realized capital gains and losses, pension and other postretirement remeasurement gains and losses, valuation changes on embedded derivatives 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, adjusted net 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 adjusted net 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. Business combination expenses are excluded because they are non-recurring in nature and the amortization or impairment of purchased intangibles is excluded because it relates to the acquisition purchase price and is not indicative of our underlying business results or trends. Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends. Accordingly, adjusted net income excludes the effect of items that tend to be highly variable from period to period and highlights the results from ongoing operations and the underlying profitability of our business. A byproduct of excluding these items to determine adjusted net income is the transparency and understanding of their significance to net income variability and profitability while recognizing these or similar items may recur in subsequent periods. Adjusted net income is used by management along with the other components of net income applicable to common shareholders to assess our performance. We use adjusted measures of adjusted net income in incentive compensation. Therefore, we believe it is useful for investors to evaluate net income applicable to common shareholders, adjusted net income and their components separately and in the aggregate when reviewing and evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income results in their evaluation of our and our industry's financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the Company and management's performance. We note that the price to earnings multiple commonly used by insurance investors as a forward-looking valuation technique uses adjusted net income as the denominator. Adjusted net income should not be considered a substitute for net income applicable to common shareholders and does not reflect the overall profitability of our business. A reconciliation of adjusted net income to net income applicable to common shareholders is provided in the schedule, "Contribution to Income". Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization of purchased intangibles ("underlying combined ratio") is a non-GAAP ratio, which is computed as the difference between four GAAP operating ratios: the combined ratio, the effect of catastrophes on the combined ratio, the effect of prior year non-catastrophe reserve reestimates on the combined ratio, and the effect of amortization of purchased intangibles on the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in our Property-Liability business that may be obscured by catastrophe losses, prior year reserve reestimates and amortization of purchased intangibles. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves which could increase or decrease current year income. Amortization of purchased intangibles relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. 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 "Property-Liability Results", "Allstate Brand Profitability Measures", "Esurance Brand Profitability Measures and Statistics", "Encompass Brand Profitability Measures and Statistics", "Auto Profitability Measures by Brand", "Homeowners Profitability Measures by Brand", "Other Personal Lines Profitability Measures by Brand" and "Commercial Lines Profitability Measures". Average underlying loss (incurred pure premium) and expense is calculated as the underlying combined ratio (a non-GAAP measure) provided on the schedule "Auto Profitability Measures by Brand" and "Homeowners Profitability Measures by Brand" multiplied by average premium calculated using annualized GAAP quarterly earned premium, which is annualized (multiplied by 4), provided on the schedule "Auto Profitability Measures by Brand" and "Homeowners Profitability Measures by Brand", divided by the policies in force provided on the schedule "Policies in Force" (“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. The Allstate Corporation 3Q19 Supplement 41

Definitions of Non-GAAP Measures (continued) Underlying loss ratio is a non-GAAP ratio, which is computed as the difference between three GAAP operating ratios: the loss ratio, the effect of catastrophes on the combined ratio and the effect of prior year non-catastrophe reserve reestimates on the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends that may be obscured by catastrophe losses and prior year reserve reestimates. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the loss ratio. The underlying loss ratio should not be considered a substitute for the loss ratio and does not reflect the overall loss ratio of our business. A reconciliation of underlying loss ratio is provided in the schedules "Property-Liability Results", "Allstate Brand Profitability Measures", "Esurance Brand Profitability Measures and Statistics", "Encompass Brand Profitability Measures and Statistics", "Auto Profitability Measures by Brand", "Homeowners Profitability Measures by Brand" and "Other Personal Lines Profitability Measures by Brand". Adjusted net income return on common shareholders' equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month adjusted net income by the average of 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 adjusted net income as the numerator for the same reasons we use adjusted net 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 adjusted net 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 adjusted net income return on common shareholders' equity in incentive compensation. Therefore, we believe it is useful for investors to have adjusted net 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 adjusted net income return on common shareholders' equity results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management’s utilization of capital. Adjusted net income return on 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 adjusted net income return on common shareholders' equity can be found in the schedule, "Return on Common Shareholders' Equity". Adjusted net income return on adjusted equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month adjusted net income by the average of equity at the beginning and at the end of the 12-months, after excluding the effect of unrealized net capital gains and losses and goodwill. Return on equity is the most directly comparable GAAP measure. We use average equity excluding the effect of unrealized net capital gains and losses and goodwill for the denominator as a representation of equity primarily attributable to the Company’s earned and realized business operations. Unrealized net capital gains and losses are excluded because they 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. Goodwill is excluded because it relates to the acquisition purchase price and is not indicative of our underlying business results. We believe it is useful for investors to have adjusted net income return on adjusted equity when evaluating our performance as it represents a reliable, representative and consistent measurement of the company and management’s utilization of capital. Adjusted net income return on adjusted equity should not be considered a substitute for return on equity and does not reflect the overall profitability of our business. A reconciliation of return on equity and adjusted net income return on adjusted equity can be found in the schedules, "Allstate Life Return on Equity", "Allstate Benefits Return on Equity" and "Allstate Annuities Return on Equity". Adjusted net income, excluding purchase accounting adjustments, is a non-GAAP measure, which is computed as net income (loss) applicable to common shareholders, excluding amortization or impairment of purchased intangibles, after-tax, realized capital gains and losses, after-tax, pension and other postretirement remeasurement gains and losses, after-tax, and adjusted for the after-tax income statement effects of acquisition-related purchase accounting fair value adjustments to unearned premiums, contractual liability insurance policy premium expenses, and commissions paid to retailers. Net income (loss) applicable to shareholders is the GAAP measure that is most directly comparable to adjusted net income, excluding purchase accounting adjustments. We use adjusted net income, excluding purchase accounting adjustments, as an important measure to evaluate Allstate Protection Plans’ results of operations. We believe that the measure provides investors with a valuable measure of Allstate Protection Plans’ ongoing performance because it reveals trends that may be obscured by the amortization or impairment of purchased intangibles, the acquisition-related purchase accounting fair value adjustments, and the net effects of realized capital gains and losses. Amortization or impairment of purchased intangibles is excluded because it relates to the acquisition purchase price and is not indicative of our business results or trends. We adjust for the effects of acquisition-related purchase accounting fair value adjustments because they relate to the acquisition and their effects are not indicative of the underlying business results and trends. Realized capital gains and losses may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to Allstate Protection Plans’ operations. Adjusted net income, excluding purchase accounting adjustments, highlights the results from ongoing operations and the underlying profitability of our business and is used by management along with the other components of net income applicable to common shareholders to assess our performance. We believe it is useful for investors to evaluate net income applicable to common shareholders, adjusted net income, excluding purchase accounting adjustments, and their components separately and in the aggregate when reviewing and evaluating Allstate Protection Plans’ performance. Adjusted net income, excluding purchase accounting adjustments, 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 net income (loss) applicable to common shareholders to adjusted net income, excluding purchase accounting adjustments, is provided in the schedule, "Allstate Protection Plans Results". 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". The Allstate Corporation 3Q19 Supplement 42

XML

Document and Entity Information Document	Oct. 29, 2019
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 29, 2019
Entity Registrant Name	ALLSTATE CORP
Entity Incorporation, State or Country Code	DE
Entity File Number	1-11840
Entity Tax Identification Number	36-3871531
Entity Address, Address Line One	2775 Sanders Road
Entity Address, City or Town	Northbrook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60062
City Area Code	847
Local Phone Number	402-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000899051
Common Stock | NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	NYSE
Common Stock | CHICAGO STOCK EXCHANGE, INC [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	CHX
Subordinated Debentures Due 2053 at 5.10 Percent
Document Information [Line Items]
Title of 12(b) Security	5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053
Trading Symbol	ALL.PR.B
Security Exchange Name	NYSE
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 5.625% Noncumulative Preferred Stock, Series A
Trading Symbol	ALL PR A
Security Exchange Name	NYSE
Series G Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 5.625% Noncumulative Preferred Stock, Series G
Trading Symbol	ALL PR G
Security Exchange Name	NYSE
Series H Preferred Stock [Member] | NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series H
Trading Symbol	ALL PR H
Security Exchange Name	NYSE