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): February 3, 2021

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 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
Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series I	ALL PR I	New York Stock Exchange

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

Emerging growth company ☐

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

Section 2 – Financial Information

Item 2.02.                             Results of Operations and Financial Condition.

The Registrant’s press release dated February 3, 2021, announcing its financial results for the fourth quarter of 2020, and the Registrant’s fourth quarter 2020 investor supplement are furnished as Exhibits 99.1 and 99.2, respectively, to this report.  The information contained in the press release and the investor supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Section 9 – Financial Statements and Exhibits

Item 9.01.                             Financial Statements and Exhibits.

(d)  Exhibits

99.1                                                Registrant’s press release dated February 3, 2021

99.2                                             Fourth quarter 2020 Investor Supplement of The Allstate Corporation

104     Cover Page Interactive Data File (formatted as inline XBRL).

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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: February 3, 2021

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contacts:

Greg Burns                Mark Nogal                

Media Relations          Investor Relations            

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

Allstate Delivers Attractive Returns

Building higher growth business models

NORTHBROOK, Ill., February 3, 2021 – The Allstate Corporation (NYSE: ALL) today reported financial results for the fourth quarter of 2020.

The Allstate Corporation Consolidated Highlights
	Three months ended December 31,					Twelve months ended December 31,
($ in millions, except per share data and ratios)	2020		2019		% / pts Change	2020			2019			% / pts Change
Consolidated revenues	$	12,018	$	11,472	4.8	$	44,791		$	44,675		0.3
Net income applicable to common shareholders	2,598		1,707		52.2	5,461			4,678			16.7
per diluted common share	8.45		5.23		61.6	17.31			14.03			23.4
Adjusted net income*	1,805		1,020		77.0	4,648			3,477			33.7
per diluted common share*	5.87		3.13		87.5	14.73			10.43			41.2
Return on common shareholders’ equity (trailing twelve months)
Net income applicable to common shareholders						21.0		%	21.7		%	(0.7)
Adjusted net income*						19.8		%	16.9		%	2.9
Book value per common share						91.50			73.12			25.1
Property-Liability combined ratio
Recorded	84.0		88.7		(4.7)	87.6			92.0			(4.4)
Underlying combined ratio*	79.1		84.9		(5.8)	79.4			85.0			(5.6)
Property-Liability insurance premiums earned	8,884		8,873		0.1	35,580			34,843			2.1
Catastrophe losses (1)	424		295		43.7	2,811			2,557			9.9
Shelter-in-Place Payback expense	—		—		NA	948			—			NA
Total policies in force (in thousands)						175,911			145,937			20.5

*     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.

(1)2020 catastrophe losses are net of approximately $495 million favorable prior year reserve reestimates related to California wildfire subrogation settlements.

NA = not applicable

“Amidst the 2020 pandemic, Allstate served customers well, made progress in building higher growth business models and generated excellent returns for shareholders,” said Tom Wilson, Chair, President and CEO of The Allstate Corporation. “Customers received excellent service, reductions in premiums and greater access to a broad range of protection. Policies in force increased 21% to 176 million and personal property-liability policies in force remained at 34 million as the company transitions Allstate brand distribution to increase growth and lower costs. Total growth and return prospects also improve with the recent acquisition of National General.”

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“Financial results and returns to shareholders were also excellent. Net income was $2.6 billion for the quarter and $5.5 billion for the full year. Adjusted net income* was $5.87 per share for the quarter and $14.73 for the year. Insurance underwriting margins continued to be above the prior year, reflecting fewer auto accidents and strong homeowners insurance results. Investment income from performance-based assets exceeded half a billion dollars in the quarter but for the full year was still below prior year due to losses in the first half of the year. Allstate Protection Plans is rapidly growing revenues and profits and expanding its total addressable market. Shareholders benefited from these results, receiving $2.4 billion in cash through dividends and share repurchases,” concluded Wilson.

Full Year 2020 Highlights

•Allstate delivered on the 2020 Operating Priorities, which focus on both near-term performance and long-term value creation.

◦Better Serve Customers: Allstate acted quickly and led the industry in taking care of customers during the pandemic by providing two Shelter-in-Place Paybacks, financial flexibility through Special Payment Plans and offering free identity protection in 2020. The Net Promoter Score, which measures how likely customers are to recommend us, increased for the enterprise.

◦Grow Customer Base: Consolidated policies in force grew to 175.9 million in 2020, a 20.5% increase to the prior year. Property-Liability policies in force were down slightly compared to the prior year as Allstate brand growth was more than offset by a decline in the Encompass brand. Protection Services policies in force grew to 136.3 million, a 28.6% increase to the prior year, driven by continued rapid expansion in Allstate Protection Plans.

◦Achieve Target Returns on Capital: Adjusted net income return on shareholders’ equity* was 19.8% in 2020, primarily driven by strong Property-Liability results. Allstate’s return was above the long-term target adjusted net income return on equity* of 14% to 17%(1).

◦Proactively Manage Investments: Total return on the $94.2 billion investment portfolio was 7.1% in 2020 as increased asset valuations offset a decline in net investment income. Net investment income of $2.9 billion in 2020 was 9.7% below prior year reflecting lower reinvestment rates and reduced performance-based income.

◦Build Long-Term Growth Platforms: Allstate made substantial progress in building higher growth business models to increase personal property-liability market share under the Allstate brand. Allstate Protection Plans expanded its total addressable market through new accounts addressing furniture, appliances and international markets.

_____________

(1) A reconciliation of this non-GAAP measure to return on common shareholders’ equity, a GAAP measure, is not possible on a forward-looking basis because it is not possible to provide a reliable forecast for catastrophes or investment income on limited partnership interests, and prior year reserve reestimates are expected to be zero because reserves are determined based on our best estimate of ultimate losses as of the reporting date.

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Fourth Quarter 2020 Results

•Total revenues of $12.0 billion in the fourth quarter of 2020 increased 4.8% compared to the prior year quarter, reflecting strong performance-based investment income and realized gains.

•Net income applicable to common shareholders was $2.6 billion, or $8.45 per diluted share, in the fourth quarter of 2020, compared to net income of $1.7 billion, or $5.23 per diluted share, in the fourth quarter of 2019.

•Adjusted net income* of $1.8 billion, or $5.87 per diluted share, increased $785 million compared to the prior year quarter.

Property-Liability Results
	Three months ended December 31,				Twelve months ended December 31,
($ in millions, except ratios)	2020	2019	% / pts Change		2020	2019	% / pts Change
Premiums written	8,609	8,737	(1.5)	%	35,768	35,419	1.0	%
Underwriting income	1,420	1,000	42.0		4,422	2,804	57.7
Recorded Combined Ratio	84.0	88.7	(4.7)		87.6	92.0	(4.4)
Allstate Brand Auto	85.2	94.1	(8.9)		85.9	92.9	(7.0)
Allstate Brand Homeowners	77.8	74.3	3.5		89.8	87.9	1.9
Encompass Brand	95.0	93.3	1.7		92.5	99.3	(6.8)
Underlying Combined Ratio*	79.1	84.9	(5.8)		79.4	85.0	(5.6)
Allstate Brand Auto	84.7	93.2	(8.5)		85.0	92.2	(7.2)
Allstate Brand Homeowners	60.8	61.1	(0.3)		61.8	63.1	(1.3)
Encompass Brand	86.4	88.2	(1.8)		82.9	88.6	(5.7)

•Property-Liability written premium of $8.61 billion decreased 1.5% in the fourth quarter of 2020 compared to the prior year quarter, including the negative impact of premium refunds. The recorded combined ratio of 84.0 in the fourth quarter of 2020 generated underwriting income of $1.42 billion, an increase of $420 million compared to the prior year quarter. Income increased due to a decline in auto losses and increased earned premium, partially offset by higher catastrophe losses.

◦The underlying combined ratio* of 79.1 for the fourth quarter of 2020 was 5.8 points below the prior year quarter, reflecting lower non-catastrophe losses, higher premiums earned and lower underwriting expenses.

◦Allstate brand auto insurance net written premium declined 2.8% compared to the prior year quarter due to premium refunds and a drop in retention concurrent with the ending of special pandemic-related payment plans. Allstate brand new business increased in the fourth quarter, but policies decreased due to the decline in retention. The recorded combined ratio of 85.2 in the fourth quarter of 2020 was 8.9 points below the prior year quarter, primarily due to lower loss costs from reduced miles driven partially offset by higher claim severity.

◦Allstate brand homeowners insurance net written premium grew 3.5%, and policies in force increased 1.1% in the fourth quarter of 2020 compared to the prior year quarter. The recorded combined ratio of 77.8 in the fourth quarter of 2020 was 3.5 points above the fourth quarter of 2019, driven by increased catastrophe losses. Underwriting income for the year was $798 million, reflecting a recorded combined ratio of 89.8, and an underlying combined ratio* of 61.8.

◦Encompass brand net written premium decreased 5.4% in the fourth quarter of 2020 compared to the prior year quarter, driven by a decline in policies in force, partially offset by higher average premiums. The recorded combined ratio of 95.0 in the fourth quarter of 2020 was 1.7 points higher than the prior year quarter, primarily driven by higher catastrophe losses.

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Allstate Investment Results
	Three months ended December 31,							Twelve months ended December 31,
($ in millions, except ratios)	2020			2019			$ / pts Change	2020			2019			$ / pts Change
Net investment income	$	1,191		$	689		502	$	2,853		$	3,159		(306)
Market-based investment income (1)	672			735			(63)	2,659			2,886			(227)
Performance-based investment income (1)	557			—			557	348			469			(121)
Realized capital gains (losses)	674			702			(28)	1,356			1,885			(529)
Change in unrealized net capital gains and losses, pre-tax	619			(246)			865	2,152			2,711			(559)
Total return on investment portfolio	2.7		%	1.3		%	1.4	7.1		%	9.2		%	(2.1)

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

•Allstate Investments $94.2 billion portfolio generated net investment income of $1.2 billion in the fourth quarter of 2020, an increase of $502 million from the prior year quarter, driven by higher performance-based income.

◦Market-based investments contributed $672 million of investment income in the fourth quarter of 2020, a decrease of $63 million, or 8.6%, compared to the prior year quarter, due to lower interest-bearing reinvestment yields, partially offset by higher average invested assets.

◦Performance-based investmentincome of $557 million in the fourth quarter of 2020 represented an increase of $557 million compared to the prior year quarter. The increase reflects the rebound in equity markets and valuations following the decline in early 2020, along with gains on asset sales in the quarter.

◦Net realized capital gains were $674 million in the fourth quarter of 2020, compared to $702 million in the prior year quarter, primarily due to higher equity valuations and sales of fixed income securities.

◦Unrealized net capital gains increased $619 million from the third quarter of 2020 and $2.15 billion from prior year end, as lower market yields in 2020 resulted in higher fixed income valuations.

◦Total return on the investment portfolio was 2.7% for the quarter and 7.1% in 2020.

Allstate Life, Benefits and Annuities Results
	Three months ended December 31,						Twelve months ended December 31,
($ in millions)	2020		2019		% Change		2020		2019		% Change
Premiums and Contract Charges
Allstate Life	$	338	$	342	(1.2)	%	$	1,340	$	1,343	(0.2)	%
Allstate Benefits	262		282		(7.1)		1,094		1,145		(4.5)
Allstate Annuities	3		3		—		10		13		(23.1)
Adjusted Net Income (Loss)
Allstate Life	$	56	$	76	(26.3)	%	$	194	$	261	(25.7)	%
Allstate Benefits	34		16		112.5		96		115		(16.5)
Allstate Annuities	160		(33)		NM		(53)		10		NM

NM = not meaningful

•Allstate Life adjusted net income of $56 million in the fourth quarter of 2020 decreased by $20 million compared to the prior year quarter, primarily driven by higher contract benefits due to increased mortality from the Coronavirus. Coronavirus related death claims were approximately $30 million in the quarter and $78 million in 2020.

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•Allstate Benefits premiums and contract charges declined 7.1% compared to the prior year quarter, driven by decreased premiums due to economic impacts from the Coronavirus and the non-renewal of a large underperforming account in the fourth quarter of 2019. Adjusted net income of $34 million in the fourth quarter of 2020 increased by $18 million compared to the fourth quarter of 2019, primarily driven by the non-renewal of the underperforming account and reduced accidents and non-essential medical procedures, likely Coronavirus related.

•Allstate Annuities adjusted net income of $160 million in the fourth quarter of 2020 increased by $193 million compared to the prior year quarter, primarily driven by strong performance-based investment income.

Protection Services Results
	Three months ended December 31,							Twelve months ended December 31,
($ in millions)	2020		2019		% / $ Change			2020		2019		% / $ Change
Total Revenues	$	518	$	434	19.4		%	$	1,922	$	1,649	16.6		%
Allstate Protection Plans	276		189		46.0			974		700		39.1
Allstate Dealer Services	129		121		6.6			498		457		9.0
Allstate Roadside	58		65		(10.8)			230		279		(17.6)
Arity	26		35		(25.7)			107		119		(10.1)
Allstate Identity Protection	29		24		20.8			113		94		20.2
Adjusted Net Income (Loss)	$	38	$	3	$	35		$	153	$	38	$	115
Allstate Protection Plans	32		12		20			137		60		77
Allstate Dealer Services	7		7		—			29		26		3
Allstate Roadside	4		(1)		5			12		(15)		27
Arity	(2)		(3)		1			(11)		(7)		(4)
Allstate Identity Protection	(3)		(12)		9			(14)		(26)		12

•Protection Services (formerly Service Businesses) revenues increased to $518 million in the fourth quarter of 2020, 19.4% higher than the prior year quarter. Adjusted net income of $38 million increased by $35 million compared to the prior year quarter, primarily due to profitable growth at Allstate Protection Plans and improved results at Allstate Roadside.

◦Allstate Protection Plans revenue of $276 million increased $87 million, or 46.0%, compared to the prior year quarter reflecting expanded distribution and increased policies in force. Adjusted net income of $32 million in the fourth quarter of 2020 was $20 million higher than the prior year quarter and was $137 million in 2020.

◦Allstate Dealer Services revenue of $129 million was 6.6% higher than the fourth quarter of 2019. Adjusted net income of $7 million in the fourth quarter was flat to the prior year quarter.

◦Allstate Roadside revenue of $58 million in the fourth quarter of 2020 decreased 10.8% compared to the fourth quarter of 2019, primarily reflecting the loss of several accounts. Adjusted net income of $4 million in the fourth quarter was $5 million favorable to the prior year quarter, driven by improved loss experience and lower operating expenses.

◦Arity revenue was $26 million with an adjusted net loss of $2 million in the fourth quarter of 2020, primarily from contracts with affiliates. Active connections increased 26.6% from the prior year to 27.8 million.

◦Allstate Identity Protection revenue of $29 million in the fourth quarter of 2020 increased 20.8% compared to the prior year quarter as policies in force grew to 2.7 million. Adjusted net loss of $3 million in the fourth quarter of 2020 improved by $9 million compared to the fourth quarter of 2019 due to increased revenue.

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Proactive Capital Management

“Allstate’s returns continue to be among the highest in the insurance industry, with adjusted net income return on equity* of 19.8% in 2020,” said Mario Rizzo, Chief Financial Officer. “Our earnings power and strong capital position provide the financial flexibility to both invest in growth and return cash to our shareholders. We acquired National General for $4 billion while providing $2.4 billion in cash returns to shareholders in 2020 through $668 million in common shareholder dividends and the repurchase of $1.7 billion in common shares, or 5.5% of the common shares outstanding. We expect our long-term adjusted net income return on equity to be between 14% and 17%while generating higher growth in personal property-liability and expanding protection services,” concluded Rizzo.

Visit www.allstateinvestors.com for additional information about Allstate’s results, including a webcast of its quarterly conference call and the call presentation. The conference call will be at 9 a.m. ET on Thursday, February 4. Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.

Forward-Looking Statements

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

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THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
($ in millions, except par value data)	December 31, 2020		December 31, 2019
Assets
Investments:
Fixed income securities, at fair value (amortized cost, net $61,451 and $56,293)	$	66,354	$	59,044
Equity securities, at fair value (cost $3,853 and $6,568)	4,710		8,162
Mortgage loans, net	4,075		4,817
Limited partnership interests	7,609		8,078
Short-term, at fair value (amortized cost $7,800 and $4,256)	7,800		4,256
Other, net	3,689		4,005
Total investments	94,237		88,362
Cash	377		338
Premium installment receivables, net	6,479		6,472
Deferred policy acquisition costs	4,700		4,699
Reinsurance and indemnification recoverables, net	9,220		9,211
Accrued investment income	600		600
Property and equipment, net	1,057		1,145
Goodwill	2,544		2,545
Other assets, net	3,429		3,534
Separate Accounts	3,344		3,044
Total assets	$	125,987	$	119,950
Liabilities
Reserve for property and casualty insurance claims and claims expense	$	27,610	$	27,712
Reserve for life-contingent contract benefits	12,768		12,300
Contractholder funds	17,213		17,692
Unearned premiums	15,949		15,343
Claim payments outstanding	957		929
Deferred income taxes	1,355		1,154
Other liabilities and accrued expenses	8,749		9,147
Long-term debt	7,825		6,631
Separate Accounts	3,344		3,044
Total liabilities	95,770		93,952
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand and 92.5 thousand shares issued and outstanding, $2,025 and $2,313 aggregate liquidation preference	1,970		2,248
Common stock, $.01 par value, 3.0 billion shares authorized and 900 million issued, 304 million and 319 million shares outstanding	9		9
Additional capital paid-in	3,498		3,463
Retained income	52,767		48,074
Treasury stock, at cost (596 million and 581 million shares)	(31,331)		(29,746)
Accumulated other comprehensive income:
Unrealized net capital gains and losses on fixed income securities with credit losses	—		70
Other unrealized net capital gains and losses	3,860		2,094
Unrealized adjustment to DAC, DSI and insurance reserves	(680)		(277)
Total unrealized net capital gains and losses	3,180		1,887
Unrealized foreign currency translation adjustments	(7)		(59)
Unamortized pension and other postretirement prior service credit	131		122
Total accumulated other comprehensive income	3,304		1,950
Total shareholders’ equity	30,217		25,998
Total liabilities and shareholders’ equity	$	125,987	$	119,950

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THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data)	Three months ended December 31,				Twelve months ended December 31,
	2020		2019		2020		2019
Revenues
Property and casualty insurance premiums	$	9,279	$	9,194	$	37,073	$	36,076
Life premiums and contract charges	603		627		2,444		2,501
Other revenue	271		260		1,065		1,054
Net investment income	1,191		689		2,853		3,159
Realized capital gains (losses)	674		702		1,356		1,885
Total revenues	12,018		11,472		44,791		44,675
Costs and expenses
Property and casualty insurance claims and claims expense	5,366		5,749		22,001		23,976
Shelter-in-Place Payback expense	—		—		948		—
Life contract benefits	518		518		2,243		2,039
Interest credited to contractholder funds	156		153		638		640
Amortization of deferred policy acquisition costs	1,388		1,382		5,630		5,533
Operating costs and expenses	1,502		1,516		5,732		5,690
Pension and other postretirement remeasurement (gains) losses	(371)		(251)		(51)		114
Restructuring and related charges	40		14		259		41
Amortization of purchased intangibles	30		30		118		126
Impairment of purchased intangibles	—		51		—		106
Interest expense	80		82		318		327
Total costs and expenses	8,709		9,244		37,836		38,592
Gain on disposition of operations	1		3		4		6
Income from operations before income tax expense	3,310		2,231		6,959		6,089
Income tax expense	686		458		1,383		1,242
Net income	2,624		1,773		5,576		4,847
Preferred stock dividends	26		66		115		169
Net income applicable to common shareholders	$	2,598	$	1,707	$	5,461	$	4,678
Earnings per common share:
Net income applicable to common shareholders per common share – Basic	$	8.54	$	5.32	$	17.53	$	14.25
Weighted average common shares – Basic	304.3		320.7		311.6		328.2
Net income applicable to common shareholders per common share – Diluted	$	8.45	$	5.23	$	17.31	$	14.03
Weighted average common shares – Diluted	307.6		326.3		315.5		333.5

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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 that are not hedged, after-tax,

◦amortization of deferred policy acquisition costs (“DAC”) and deferred sales inducements (“DSI”), to the extent they resulted from the recognition of certain realized capital gains and losses or valuation changes on embedded derivatives that are not hedged, after-tax,

◦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 that are 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 that are not hedged and gain (loss) on disposition of operations may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Consistent with our intent to protect results or earn additional income, 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.

9

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 December 31,
	Consolidated				Per diluted common share
	2020		2019		2020		2019
Net income applicable to common shareholders	$	2,598	$	1,707	$	8.45	$	5.23
Realized capital (gains) losses, after-tax	(529)		(553)		(1.72)		(1.69)
Pension and other postretirement remeasurement (gains) losses, after-tax	(292)		(199)		(0.95)		(0.61)
Curtailment (gains) losses, after-tax	—		—		—		—
Valuation changes on embedded derivatives that are not hedged, after-tax	9		—		0.03		—
DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax	(4)		3		(0.02)		0.01
Business combination expenses and the amortization of purchased intangibles, after-tax	24		24		0.08		0.07
Impairment of purchased intangibles, after-tax	—		40		—		0.12
Gain on disposition of operations, after-tax	(1)		(2)		—		—
Adjusted net income*	$	1,805	$	1,020	$	5.87	$	3.13
	Twelve months ended December 31,
	Consolidated				Per diluted common share
	2020		2019		2020		2019
Net income applicable to common shareholders	$	5,461	$	4,678	$	17.31	$	14.03
Realized capital (gains) losses, after-tax	(1,063)		(1,488)		(3.37)		(4.46)
Pension and other postretirement remeasurement (gains) losses, after-tax	(39)		90		(0.12)		0.27
Curtailment (gains) losses, after-tax	(7)		—		(0.02)		—
Valuation changes on embedded derivatives that are not hedged, after-tax	36		15		0.11		0.05
DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax	(8)		5		(0.03)		0.01
Premium deficiency for immediate annuities, after-tax	178		—		0.56		—
Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax	—		(2)		—		(0.01)
Business combination expenses and the amortization of purchased intangibles, after-tax	93		100		0.30		0.30
Impairment of purchased intangibles, after-tax	—		83		—		0.25
Gain on disposition of operations, after-tax	(3)		(4)		(0.01)		(0.01)
Adjusted net income*	$	4,648	$	3,477	$	14.73	$	10.43

10

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. We also provide it to facilitate a comparison to our long-term adjusted net income return on common shareholders’ equity goal. 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 December 31,
	2020			2019
Return on commonshareholders’ equity
Numerator:
Net incomeapplicable to common shareholders	$	5,461		$	4,678
Denominator:
Beginning commonshareholders’ equity (1)	$	23,750		$	19,382
Ending commonshareholders’ equity (1)	28,247			23,750
Average commonshareholders’ equity	$	25,999		$	21,566
Return on common shareholders’ equity	21.0		%	21.7		%

($ in millions)	For the twelve months ended December 31,
	2020			2019
Adjusted net income return on common shareholders’ equity
Numerator:
Adjusted net income *	$	4,648		$	3,477
Denominator:
Beginning commonshareholders’ equity (1)	$	23,750		$	19,382
Less: Unrealized net capital gains and losses	1,887			(2)
Adjusted beginning commonshareholders’ equity	21,863			19,384
Ending commonshareholders’ equity (1)	28,247			23,750
Less: Unrealized net capital gains and losses	3,180			1,887
Adjusted ending commonshareholders’ equity	25,067			21,863
Average adjusted commonshareholders’ equity	$	23,465		$	20,624
Adjusted net income return on common shareholders’ equity *	19.8		%	16.9		%

_____________

(1) Excludes equity related to preferred stock of $1,970 million as of December 31, 2020, $2,248 million as of December 31, 2019 and $1,930 million as of December 31, 2018.

11

Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization or impairment of purchased intangibles (“underlying combined ratio”) is a non-GAAP ratio, which is computed as the difference between four GAAP operating ratios: the combined ratio, the effect of catastrophes on the combined ratio, the effect of prior year non-catastrophe reserve reestimates on the combined ratio, and the effect of amortization or impairment of purchased intangibles on the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in our Property-Liability business that may be obscured by catastrophe losses, prior year reserve reestimates and amortization or impairment of purchased intangibles. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves, which could increase or decrease current year net income. Amortization or impairment of purchased intangibles relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. 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 December 31,		Twelve months ended December 31,
	2020	2019	2020	2019
Combined ratio	84.0	88.7	87.6	92.0
Effect of catastrophe losses	(4.8)	(3.3)	(7.9)	(7.3)
Effect of prior year non-catastrophe reserve reestimates	—	0.1	(0.2)	0.4
Effect of amortization of purchased intangibles	(0.1)	—	(0.1)	—
Effect of impairment of purchased intangibles	—	(0.6)	—	(0.1)
Underlying combined ratio*	79.1	84.9	79.4	85.0
Effect of prior year catastrophe reserve reestimates	—	(0.1)	(1.4)	0.1

Allstate brand - Total	Three months ended December 31,		Twelve months ended December 31,
	2020	2019	2020	2019
Combined ratio	83.7	88.5	87.0	91.4
Effect of catastrophe losses	(4.7)	(3.3)	(7.9)	(7.2)
Effect of prior year non-catastrophe reserve reestimates	—	0.2	0.2	0.8
Effect of amortization of purchased intangibles	(0.1)	—	—	—
Effect of impairment of purchased intangibles	—	(0.6)	—	(0.2)
Underlying combined ratio*	78.9	84.8	79.3	84.8
Effect of prior year catastrophe reserve reestimates	—	—	(1.3)	0.1

Allstate brand - Auto Insurance	Three months ended December 31,		Twelve months ended December 31,
	2020	2019	2020	2019
Combined ratio	85.2	94.1	85.9	92.9
Effect of catastrophe losses	(0.6)	(0.1)	(1.2)	(1.7)
Effect of prior year non-catastrophe reserve reestimates	0.1	—	0.3	1.2
Effect of impairment of purchased intangibles	—	(0.8)	—	(0.2)
Underlying combined ratio*	84.7	93.2	85.0	92.2
Effect of prior year catastrophe reserve reestimates	(0.1)	(0.2)	(0.2)	(0.1)

Allstate brand - Homeowners Insurance	Three months ended December 31,		Twelve months ended December 31,
	2020	2019	2020	2019
Combined ratio	77.8	74.3	89.8	87.9
Effect of catastrophe losses	(16.9)	(13.3)	(28.2)	(24.8)
Effect of prior year non-catastrophe reserve reestimates	(0.1)	0.1	0.2	—
Underlying combined ratio*	60.8	61.1	61.8	63.1
Effect of prior year catastrophe reserve reestimates	(0.2)	0.4	(4.9)	0.7

12

Encompass brand - Total	Three months ended December 31,		Twelve months ended December 31,
	2020	2019	2020	2019
Combined ratio	95.0	93.3	92.5	99.3
Effect of catastrophe losses	(7.8)	(4.7)	(9.5)	(11.3)
Effect of prior year non-catastrophe reserve reestimates	(0.8)	(0.4)	(0.1)	0.6
Underlying combined ratio*	86.4	88.2	82.9	88.6
Effect of prior year catastrophe reserve reestimates	0.8	(0.4)	(4.3)	0.9

# # # # #

13

EX-99.2

Investor Supplement Fourth Quarter 2020 The condensed consolidated financial statements and financial exhibits included herein are unaudited. These condensed 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

Condensed Consolidated Statements of Operations 1 Segment Results and Other Statistics 15 Contribution to Income 2 Return on Equity 16 Segment Results 3,4 Book Value per Common Share and Debt to Capital 5 Return on Common Shareholders' Equity 6 Segment Results and Other Statistics 17 Policies in Force 7 Return on Equity 18 Results 8 Segment Results and Other Statistics 19 Return on Equity 20 Allstate Brand Profitability Measures 9 Allstate Brand Statistics 10 Encompass Brand Profitability Measures and Statistics 11 Net Investment Income, Yields and Realized Capital Gains (Losses) (Pre-tax) 21 Auto Profitability Measures by Brand 12 Net Investment Income, Yields and Realized Capital Gains (Losses) (Pre-tax) by Segment 22,23 Homeowners Profitability Measures by Brand 13 Performance-Based Investments 24 25,26 Segment Results 14 The Allstate Corporation Investor Supplement - Fourth Quarter 2020 Table of Contents Consolidated Operations Definitions of Non-GAAP Measures Allstate Benefits Allstate Life Property-Liability Allstate Annuities Investments Allstate Protection Protection Services (previously Service Businesses)

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 9,279 $ 9,336 $ 9,223 $ 9,235 $ 9,194 $ 9,094 $ 8,986 $ 8,802 $ 37,073 $ 36,076 603 620 604 617 627 625 621 628 2,444 2,501 271 272 257 265 260 273 271 250 1,065 1,054 1,191 832 409 421 689 880 942 648 2,853 3,159 674 440 704 (462) 702 197 324 662 1,356 1,885 12,018 11,500 11,197 10,076 11,472 11,069 11,144 10,990 44,791 44,675 5,366 6,072 5,222 5,341 5,749 6,051 6,356 5,820 22,001 23,976 - - 738 210 - - - - 948 - 518 727 497 501 518 513 511 497 2,243 2,039 156 150 200 132 153 169 156 162 638 640 1,388 1,492 1,349 1,401 1,382 1,425 1,362 1,364 5,630 5,533 1,502 1,380 1,451 1,399 1,516 1,414 1,380 1,380 5,732 5,690 (371) (71) 73 318 (251) 225 125 15 (51) 114 40 200 14 5 14 - 9 18 259 41 30 31 29 28 30 32 32 32 118 126 - - - - 51 - 55 - - 106 80 78 79 81 82 80 82 83 318 327 8,709 10,059 9,652 9,416 9,244 9,909 10,068 9,371 37,836 38,592 1 1 1 1 3 - 2 1 4 6 3,310 1,442 1,546 661 2,231 1,160 1,078 1,620 6,959 6,089 686 289 296 112 458 229 227 328 1,383 1,242 2,624 1,153 1,250 549 1,773 931 851 1,292 5,576 4,847 26 27 26 36 66 42 30 31 115 169 $ 2,598 $ 1,126 $ 1,224 $ 513 $ 1,707 $ 889 $ 821 $ 1,261 $ 5,461 $ 4,678 $ 8.54 $ 3.62 $ 3.90 $ 1.62 $ 5.32 $ 2.71 $ 2.47 $ 3.79 $ 17.53 $ 14.25 304.3 311.2 313.7 317.4 320.7 327.7 332.0 332.6 311.6 328.2 $ 8.45 $ 3.58 $ 3.86 $ 1.59 $ 5.23 $ 2.67 $ 2.44 $ 3.74 $ 17.31 $ 14.03 307.6 314.1 317.0 322.4 326.3 333.0 336.9 337.5 315.5 333.5 $ 0.54 $ 0.54 $ 0.54 $ 0.54 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 2.16 $ 2.00 (1) (2) (3) (4) ($ in millions, except per share data) Revenues Property and casualty insurance premiums (1) The Allstate Corporation Condensed Consolidated Statements of Operations Three months ended Life premiums and contract charges (2) Other revenue (3) Net investment income Realized capital gains (losses) Total revenues Costs and expenses Property and casualty insurance claims and claims expense Shelter-in-Place Payback expense Life contract benefits Interest credited to contractholder funds Amortization of deferred policy acquisition costs Operating costs and expenses Pension and other postretirement remeasurement (gains) losses Restructuring and related charges Amortization of purchased intangibles Impairment of purchased intangibles Interest expense Total costs and expenses Gain on disposition of operations Income from operations before income tax expense Twelve months ended 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. Other revenue primarily represents fees collected from policyholders relating to premium installment payments, commissions on sales of non-proprietary products, sales of identity protection services, fee-based services and other revenue transactions. 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. Property and casualty insurance premiums are reported in the Property-Liability and Protection Services results and include auto, homeowners, other personal lines and commercial lines insurance products, as well as consumer product protection plans, roadside assistance, and finance and insurance products. Income tax expense Net income Preferred stock dividends Net income applicable to common shareholders Net income applicable to common shareholders per common share - Diluted Weighted average common shares - Diluted Cash dividends declared per common share Earnings per common share (4) Net income applicable to common shareholders per common share - Basic Weighted average common shares - Basic The Allstate Corporation 4Q20 Supplement 1

($ in millions, except per share data) Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 Contribution to income Net income applicable to common shareholders $ 2,598 $ 1,126 $ 1,224 $ 513 $ 1,707 $ 889 $ 821 $ 1,261 $ 5,461 $ 4,678 Realized capital (gains) losses, after-tax (529) (346) (554) 366 (553) (155) (256) (524) (1,063) (1,488) Pension and other postretirement remeasurement (gains) losses, after-tax (292) (56) 58 251 (199) 179 99 11 (39) 90 Curtailment (gains) losses, after-tax - (7) - - - - - - (7) - Valuation changes on embedded derivatives that are not hedged, after-tax 9 - 41 (14) - 10 2 3 36 15 DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (4) 4 (11) 3 3 (1) 1 2 (8) 5 Premium deficiency for immediate annuities, after-tax - 178 - - - - - - 178 - Reclassification of periodic settlements and accruals on non- hedge derivative instruments, after-tax - - - - - (1) - (1) - (2) Business combination expenses and the amortization of purchased intangibles, after-tax 24 24 23 22 24 25 26 25 93 100 Impairment of purchased intangibles, after-tax - - - - 40 - 43 - - 83 Gain on disposition of operations, after-tax (1) - (1) (1) (2) - (1) (1) (3) (4) Adjusted net income * $ 1,805 $ 923 $ 780 $ 1,140 $ 1,020 $ 946 $ 735 $ 776 $ 4,648 $ 3,477 Income per common share - Diluted Net income applicable to common shareholders $ 8.45 $ 3.58 $ 3.86 $ 1.59 $ 5.23 $ 2.67 $ 2.44 $ 3.74 $ 17.31 $ 14.03 Realized capital (gains) losses, after-tax (1.72) (1.10) (1.75) 1.13 (1.69) (0.47) (0.76) (1.55) (3.37) (4.46) Pension and other postretirement remeasurement (gains) losses, after-tax (0.95) (0.18) 0.18 0.78 (0.61) 0.54 0.29 0.03 (0.12) 0.27 Curtailment (gains) losses, after-tax - (0.02) - - - - - - (0.02) - Valuation changes on embedded derivatives that are not hedged, after-tax 0.03 - 0.13 (0.04) - 0.03 - 0.01 0.11 0.05 DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (0.02) 0.01 (0.03) 0.01 0.01 - - - (0.03) 0.01 Premium deficiency for immediate annuities, after-tax - 0.57 - - - - - - 0.56 - 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 0.08 0.08 0.07 0.07 0.07 0.07 0.08 0.07 0.30 0.30 Impairment of purchased intangibles, after-tax - - - - 0.12 - 0.13 - - 0.25 Gain on disposition of operations, after-tax - - - - - - - - (0.01) (0.01) Adjusted net income * $ 5.87 $ 2.94 $ 2.46 $ 3.54 $ 3.13 $ 2.84 $ 2.18 $ 2.30 $ 14.73 $ 10.43 Weighted average common shares - Diluted 307.6 314.1 317.0 322.4 326.3 333.0 336.9 337.5 315.5 333.5 The Allstate Corporation Contribution to Income Three months ended Twelve months ended The Allstate Corporation 4Q20 Supplement 2

Allstate Protection Discontinued Lines Property- Liability Protection Services Allstate Life Allstate Benefits Allstate Annuities Corporate and Other Intersegment Eliminations Consolidated $ 8,884 $ - $ 8,884 $ 395 $ 338 $ 262 $ 3 $ - $ - $ 9,882 - - - 38 - - - - (38) - 181 - 181 53 37 - - - - 271 (5,266) (2) (5,268) (102) - - - - 4 (5,366) - - - - - - - - - - - - - - (349) (131) (194) - - (674) (1,168) - (1,168) (176) (5) (38) (1) - - (1,388) (1,167) (1) (1,168) (167) (89) (69) (6) (37) 34 (1,502) - - - - - - - 371 - 371 (36) - (36) (2) (1) - - (1) - (40) (5) - (5) (25) - - - - - (30) - - - - - - - (80) - (80) $ 1,423 $ (3) 1,420 619 11 128 20 403 10 - 1,191 419 21 (7) 8 191 42 - 674 - - - - 1 - - 1 (506) (13) (8) (11) (84) (64) - (686) - - - - - (26) - (26) $ 1,952 $ 33 $ 44 $ 41 $ 313 $ 215 $ - $ 2,598 (327) (16) 6 (7) (151) (34) - (529) - - - - - (292) (292) - - - - - - - - - - 10 - (1) - - 9 - - (4) - - - - (4) - - - - - - - - 3 21 - - - - - 24 - - - - (1) - - (1) $ 1,628 $ 38 (1) $ 56 (1) $ 34 (1) $ 160 (1) $ (111) (1) $ - $ 1,805 $ 8,873 $ - $ 8,873 $ 321 $ 342 $ 282 $ 3 $ - $ - $ 9,821 - - - 44 - - - - (44) - 180 - 180 46 34 - - - - 260 (5,658) (2) (5,660) (92) - - - - 3 (5,749) - - - - (295) (160) (216) - - (671) (1,155) - (1,155) (143) (32) (50) (2) - - (1,382) (1,172) (1) (1,173) (181) (95) (74) (7) (27) 41 (1,516) - - - - - - - 251 - 251 (12) - (12) - (1) - (1) - - (14) (1) - (1) (29) - - - - - (30) (51) - (51) - - - - - - (51) (1) - (1) - - - - (81) - (82) $ 1,003 $ (3) 1,000 323 12 134 22 180 18 - 689 554 11 - 4 122 11 - 702 - - - - 3 - - 3 (387) (1) (14) (6) (16) (34) - (458) - - - - - (66) - (66) $ 1,490 $ (12) $ 73 $ 18 $ 66 $ 72 $ - $ 1,707 (437) (8) - (2) (97) (9) - (553) - - - - - (199) - (199) - - - - - - - - - - 3 - - - - 3 - - - - - - - - 1 23 - - - - - 24 40 - - - - - - 40 - - - - (2) - - (2) $ 1,094 $ 3 (1) $ 76 (1) $ 16 (1) $ (33) (1) $ (136) (1) $ - $ 1,020 (1) The Allstate Corporation Three months ended December 31, 2020 Claims and claims expense Shelter-in-Place Payback expense Contract benefits and interest credited to contractholder funds ($ in millions) Premiums and contract charges Intersegment insurance premiums and service fees Other revenue Consolidating Segment Results Interest expense Underwriting income (loss) Net investment income Realized capital gains (losses) Amortization of deferred policy acquisition costs Operating costs and expenses Pension and other postretirement remeasurement gains (losses) Restructuring and related charges Amortization of purchased intangibles Pension and other postretirement remeasurement (gains) losses, after-tax Valuation changes on embedded derivatives that are not hedged, after-tax Premium deficiency for immediate annuities, after-tax DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax Gain on disposition of operations Income tax expense Preferred stock dividends Net income applicable to common shareholders Realized capital (gains) losses, after-tax Three months ended December 31, 2019 Business combination expenses and the amortization of purchased intangibles, after-tax Gain on disposition of operations, after-tax Adjusted net income (loss) * Curtailment (gains) losses, after-tax Premiums and contract charges Intersegment insurance premiums and service fees Other revenue Claims and claims expense Contract benefits and interest credited to contractholder funds Amortization of deferred policy acquisition costs Operating costs and expenses Pension and other postretirement remeasurement gains (losses) Restructuring and related charges Amortization of purchased intangibles Impairment of purchased intangibles Interest expense Underwriting income (loss) Net investment income Realized capital gains (losses) Gain on disposition of operations Income tax expense Preferred stock dividends Net income (loss) applicable to common shareholders Realized capital (gains) losses, after-tax Impairment of purchased intangibles, after-tax Gain on disposition of operations, after-tax Adjusted net income (loss) * Adjusted net income is the segment measure used for each business. Pension and other postretirement remeasurement (gains) losses, after-tax Valuation changes on embedded derivatives that are not hedged, after-tax DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax Business combination expenses and the amortization of purchased intangibles, after-tax The Allstate Corporation 4Q20 Supplement 3

Allstate Protection Discontinued Lines Property- Liability Protection Services Allstate Life Allstate Benefits Allstate Annuities Corporate and Other Intersegment Eliminations Consolidated $ 35,580 $ - $ 35,580 $ 1,493 $ 1,340 $ 1,094 $ 10 $ - $ - $ 39,517 - - - 147 - - - - (147) - 736 - 736 208 121 - - - - 1,065 (21,485) (141) (21,626) (386) - - - - 11 (22,001) (948) - (948) - - - - - - (948) - - - - (1,293) (549) (1,039) - - (2,881) (4,642) - (4,642) (658) (149) (177) (4) - - (5,630) (4,428) (3) (4,431) (651) (329) (322) (25) (110) 136 (5,732) - - - - - - - 51 - 51 (235) - (235) (3) (6) (1) (2) (12) - (259) (12) - (12) (106) - - - - - (118) - - - - - - - (318) - (318) $ 4,566 $ (144) 4,422 1,421 44 502 78 761 47 - 2,853 990 30 (10) 8 279 59 - 1,356 - - - - 4 - - 4 (1,382) (26) (17) (28) 7 63 - (1,383) - - - - - (115) - (115) $ 5,451 $ 92 $ 159 $ 103 $ (9) $ (335) $ - $ 5,461 (774) (23) 9 (7) (221) (47) - (1,063) - - - - - (39) - (39) - - - - - (7) - (7) - - 34 - 2 - - 36 - - (8) - - - - (8) - - - - 178 - - 178 9 84 - - - - - 93 - - - - (3) - - (3) $ 4,686 $ 153 (1) $ 194 (1) $ 96 (1) $ (53) (1) $ (428) (1) $ - $ 4,648 $ 34,843 $ - $ 34,843 $ 1,233 $ 1,343 $ 1,145 $ 13 $ - $ - $ 38,577 - - - 154 - - - - (154) - 741 - 741 188 125 - - - - 1,054 (23,517) (105) (23,622) (363) - - - - 9 (23,976) - - - - (1,154) (635) (890) - - (2,679) (4,649) - (4,649) (543) (173) (161) (7) - - (5,533) (4,412) (3) (4,415) (661) (354) (285) (29) (91) 145 (5,690) - - - - - - - (114) - (114) (38) - (38) - (2) - (1) - - (41) (4) - (4) (122) - - - - - (126) (51) - (51) (55) - - - - - (106) (1) - (1) - - - - (326) - (327) $ 2,912 $ (108) 2,804 1,533 42 514 83 917 70 - 3,159 1,470 32 1 12 346 24 - 1,885 - - - - 6 - - 6 (1,196) 18 (53) (35) (73) 97 - (1,242) - - - - - (169) - (169) $ 4,611 $ (77) $ 247 $ 124 $ 282 $ (509) $ - $ 4,678 (1,161) (25) - (9) (274) (19) - (1,488) - - - - - 90 - 90 - - 9 - 6 - - 15 - - 5 - - - - 5 (2) - - - - - - (2) 3 97 - - - - - 100 40 43 - - - - - 83 - - - - (4) - - (4) $ 3,491 $ 38 (1) $ 261 (1) $ 115 (1) $ 10 (1) $ (438) (1) $ - $ 3,477 (1) The Allstate Corporation Twelve months ended December 31, 2020 Claims and claims expense Shelter-in-Place Payback expense Contract benefits and interest credited to contractholder funds ($ in millions) Premiums and contract charges Intersegment insurance premiums and service fees Other revenue Consolidating Segment Results Interest expense Underwriting income (loss) Net investment income Realized capital gains (losses) Amortization of deferred policy acquisition costs Operating costs and expenses Pension and other postretirement remeasurement gains (losses) Restructuring and related charges Amortization of purchased intangibles Gain on disposition of operations Income tax (expense) benefit Preferred stock dividends Net income (loss) applicable to common shareholders Realized capital (gains) losses, after-tax Twelve months ended December 31, 2019 Business combination expenses and the amortization of purchased intangibles, after-tax Gain on disposition of operations, after-tax Adjusted net income (loss) * Pension and other postretirement remeasurement (gains) losses, after-tax Curtailment (gains) losses, after-tax Valuation changes on embedded derivatives that are not hedged, after-tax Premium deficiency for immediate annuities, after-tax DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax Premiums and contract charges Intersegment insurance premiums and service fees Other revenue Claims and claims expense Contract benefits and interest credited to contractholder funds Amortization of deferred policy acquisition costs Operating costs and expenses Pension and other postretirement remeasurement gains (losses) Restructuring and related charges Amortization of purchased intangibles Impairment of purchased intangibles Interest expense Underwriting income (loss) Net investment income Realized capital gains (losses) Gain on disposition of operations Income tax (expense) benefit Preferred stock dividends Valuation changes on embedded derivatives that are not hedged, after-tax Net income (loss) applicable to common shareholders Realized capital (gains) losses, after-tax Pension and other postretirement remeasurement (gains) losses, after-tax Adjusted net income is the segment measure used for each business. DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax Business combination expenses and the amortization of purchased intangibles, after-tax Gain on disposition of operations, after-tax Adjusted net income (loss) * Impairment of purchased intangibles, after-tax The Allstate Corporation 4Q20 Supplement 4

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 $ 28,247 $ 25,293 $ 25,016 $ 22,203 $ 23,750 $ 23,088 $ 22,546 $ 21,488 308.7 307.0 315.8 318.7 324.8 330.6 335.1 337.9 $ 91.50 $ 82.39 $ 79.21 $ 69.67 $ 73.12 $ 69.84 $ 67.28 $ 63.59 $ 28,247 $ 25,293 $ 25,016 $ 22,203 $ 23,750 $ 23,088 $ 22,546 $ 21,488 3,185 2,750 2,610 534 1,893 2,028 1,658 975 $ 25,062 $ 22,543 $ 22,406 $ 21,669 $ 21,857 $ 21,060 $ 20,888 $ 20,513 308.7 307.0 315.8 318.7 324.8 330.6 335.1 337.9 $ 81.19 $ 73.43 $ 70.95 $ 67.99 $ 67.29 $ 63.70 $ 62.33 $ 60.71 $ 7,825 $ 6,635 $ 6,634 $ 6,633 $ 6,631 $ 6,630 $ 6,628 $ 6,453 $ 38,042 $ 33,898 $ 33,620 $ 30,806 $ 32,629 $ 32,770 $ 31,104 $ 29,871 25.9 % 24.3 % 24.6 % 27.4 % 25.5 % 25.4 % 27.1 % 27.6 % 20.6 % 19.6 % 19.7 % 21.5 % 20.3 % 20.2 % 21.3 % 21.6 % (1) (2) ($ in millions, except per share data) Book value per common share Numerator: The Allstate Corporation Book Value per Common Share and Debt to Capital Common shareholders' equity (1) (2) Denominator: Common shares outstanding and dilutive potential common shares outstanding Book value per common share Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities Numerator: Common shareholders' equity Less: Unrealized net capital gains and losses on fixed income securities Adjusted common shareholders' equity Denominator: Excludes equity related to preferred stock of $1,970 million at December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, $2,248 million at December 31, 2019, $3,052 million at September 30, 2019, and $1,930 million at June 30, 2019 and March 31, 2019. Common shares outstanding were 304,192,788 and 318,791,191 as of December 31, 2020 and December 31, 2019, respectively. Total capital resources Ratio of debt to shareholders' equity Common shares outstanding and dilutive potential common shares outstanding Total debt Ratio of debt to capital resources Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities * The Allstate Corporation 4Q20 Supplement 5

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 $ 5,461 $ 4,570 $ 4,333 $ 3,930 $ 4,678 $ 2,386 $ 2,439 $ 2,296 $ 23,750 $ 23,088 $ 22,546 $ 21,488 $ 19,382 $ 21,356 $ 20,819 $ 20,970 28,247 25,293 25,016 22,203 23,750 23,088 22,546 21,488 $ 25,999 $ 24,191 $ 23,781 $ 21,846 $ 21,566 $ 22,222 $ 21,683 $ 21,229 21.0 % 18.9 % 18.2 % 18.0 % 21.7 % 10.7 % 11.2 % 10.8 % $ 4,648 $ 3,863 $ 3,886 $ 3,841 $ 3,477 $ 3,009 $ 2,822 $ 2,797 $ 23,750 $ 23,088 $ 22,546 $ 21,488 $ 19,382 $ 21,356 $ 20,819 $ 20,970 1,887 2,023 1,654 972 (2) (16) 54 187 21,863 21,065 20,892 20,516 19,384 21,372 20,765 20,783 28,247 25,293 25,016 22,203 23,750 23,088 22,546 21,488 3,180 2,744 2,602 530 1,887 2,023 1,654 972 25,067 22,549 22,414 21,673 21,863 21,065 20,892 20,516 $ 23,465 $ 21,807 $ 21,653 $ 21,095 $ 20,624 $ 21,219 $ 20,829 $ 20,650 19.8 % 17.7 % 17.9 % 18.2 % 16.9 % 14.2 % 13.5 % 13.5 % (1) (2) (3) (4) ($ in millions) Return on common shareholders' equity Return on Common Shareholders' Equity The Allstate Corporation Twelve months ended Numerator: Net income applicable to common shareholders (1)(2) Denominator: Beginning common shareholders' equity Ending common shareholders' equity (3) Average common shareholders' equity (4) Return on common shareholders' equity Adjusted net income return on common shareholders' equity Numerator: Adjusted net income * (1) Denominator: Beginning common shareholders' equity Less: Unrealized net capital gains and losses Adjusted beginning common shareholders' equity 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. Excludes equity related to preferred stock of $1,970 million at December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, $2,248 million at December 31, 2019, $3,052 million at September 30, 2019, and $1,930 million at June 30, 2019 and March 31, 2019. Includes a $2 million Tax legislation expense for the period ended September 30, 2019 and $29 million Tax legislation benefit for the period ended June 30, 2019 and March 31, 2019. Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. Ending common shareholders' equity Less: Unrealized net capital gains and losses Adjusted ending common shareholders' equity Average adjusted common shareholders' equity (4) Adjusted net income return on common shareholders' equity * The Allstate Corporation 4Q20 Supplement 6

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 21,809 21,900 21,978 21,826 21,913 21,882 21,849 21,693 6,427 6,414 6,391 6,360 6,359 6,341 6,322 6,296 4,459 4,455 4,415 4,385 4,390 4,389 4,375 4,354 216 219 221 224 227 228 229 230 32,911 32,988 33,005 32,795 32,889 32,840 32,775 32,573 451 460 473 485 493 496 497 499 216 220 225 230 234 235 236 237 71 73 74 75 76 77 77 78 738 753 772 790 803 808 810 814 33,649 33,741 33,777 33,585 33,692 33,648 33,585 33,387 128,982 125,831 120,301 107,124 99,632 89,783 83,968 77,866 7,290 7,123 6,975 6,604 6,315 6,159 6,148 6,154 136,272 132,954 127,276 113,728 105,947 95,942 90,116 84,020 1,863 1,874 1,892 1,902 1,923 1,926 1,933 1,936 3,950 4,092 4,410 4,309 4,183 4,287 4,296 4,322 177 181 185 188 192 197 201 206 175,911 172,842 167,540 153,712 145,937 136,000 130,131 123,871 (1) • • • • • (2) • • • Policies in force statistics (in thousands) (1) Allstate Protection Allstate brand Auto The Allstate Corporation Policies in Force and Other Statistics Homeowners Other personal lines Commercial lines Total Encompass brand Auto Homeowners Other personal lines Total Allstate Protection policies in force Protection Services Allstate Protection Plans Other Protection Services (2) Total Allstate Life Policy counts are based on items rather than customers. Allstate Benefits Allstate Annuities Total policies in force Commercial lines PIF for shared economy agreements typically reflect contracts that cover multiple drivers as opposed to individual drivers. A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy. Allstate Protection Plans represents active consumer product protection plans. 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. Other Protection Services includes: Roadside assistance, reflecting memberships in force Allstate Benefits reflects certificate counts as opposed to group counts. Finance and insurance products, reflecting service contracts and other products sold in conjunction with auto lending and vehicle sales transactions Identity protection products, reflecting individual customer counts, included free services provided to 200 thousand subscribers for the remainder of 2020 as part of the continued support during the Coronavirus pandemic The Allstate Corporation 4Q20 Supplement 7

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 8,609 $ 9,395 $ 9,172 $ 8,592 $ 8,737 $ 9,312 $ 9,043 $ 8,327 $ 35,768 $ 35,419 244 (470) (349) 370 129 (538) (384) 179 (205) (614) 31 27 40 (81) 7 8 22 1 17 38 8,884 8,952 8,863 8,881 8,873 8,782 8,681 8,507 35,580 34,843 181 192 182 181 180 195 190 176 736 741 (5,268) (5,968) (5,139) (5,251) (5,660) (5,960) (6,272) (5,730) (21,626) (23,622) - - (738) (210) - - - - (948) - (1,168) (1,158) (1,149) (1,167) (1,155) (1,167) (1,163) (1,164) (4,642) (4,649) (1,173) (1,078) (1,107) (1,085) (1,175) (1,114) (1,060) (1,071) (4,443) (4,420) (36) (187) (8) (4) (12) 1 (9) (18) (235) (38) - - - - (51) - - - - (51) 1,420 753 904 1,345 1,000 737 367 700 4,422 2,804 619 422 178 202 323 448 471 291 1,421 1,533 (414) (240) (209) (303) (270) (236) (179) (202) (1,166) (887) 327 230 299 (82) 437 127 204 393 774 1,161 $ 1,952 $ 1,165 $ 1,172 $ 1,162 $ 1,490 $ 1,076 $ 863 $ 1,182 $ 5,451 $ 4,611 $ 424 $ 990 $ 1,186 $ 211 $ 295 $ 510 $ 1,072 $ 680 $ 2,811 $ 2,557 $ 5 $ 3 $ 3 $ 1 $ 1 $ 1 $ 1 $ 1 $ 12 $ 4 59.3 66.7 58.0 59.1 63.8 67.9 72.3 67.4 60.8 67.8 24.7 24.9 31.8 25.8 24.9 23.7 23.5 24.4 26.8 24.2 84.0 91.6 89.8 84.9 88.7 91.6 95.8 91.8 87.6 92.0 59.3 66.7 58.0 59.1 63.8 67.9 72.3 67.4 60.8 67.8 Less: effect of catastrophe losses 4.8 11.1 13.4 2.4 3.3 5.8 12.3 8.0 7.9 7.3 effect of prior year non-catastrophe reserve reestimates - 0.8 (0.4) 0.3 (0.1) (0.5) (0.9) (0.4) 0.2 (0.4) 54.5 54.8 45.0 56.4 60.6 62.6 60.9 59.8 52.7 60.9 84.0 91.6 89.8 84.9 88.7 91.6 95.8 91.8 87.6 92.0 (4.8) (11.1) (13.4) (2.4) (3.3) (5.8) (12.3) (8.0) (7.9) (7.3) - (0.8) 0.4 (0.3) 0.1 0.5 0.9 0.4 (0.2) 0.4 - - - - (0.6) - - - - (0.1) (0.1) - - - - - - - (0.1) - 79.1 79.7 76.8 82.2 84.9 86.3 84.4 84.2 79.4 85.0 0.4 2.1 0.1 - 0.1 - 0.1 0.2 0.7 0.1 - 1.5 - 0.1 - 1.1 0.1 0.1 0.4 0.4 - - 8.3 2.4 - - - - 2.7 - $ 1,411 $ 843 $ 901 $ 1,333 $ 987 $ 852 $ 364 $ 705 $ 4,488 $ 2,908 12 43 6 14 17 (15) 7 (2) 75 7 - 2 - 1 (1) (1) (1) - 3 (3) 1,423 888 907 1,348 1,003 836 370 703 4,566 2,912 (3) (135) (3) (3) (3) (99) (3) (3) (144) (108) $ 1,420 $ 753 $ 904 $ 1,345 $ 1,000 $ 737 $ 367 $ 700 $ 4,422 $ 2,804 (2) ($ in millions, except ratios) Premiums written The Allstate Corporation Property-Liability Results Three months ended Shelter-in-Place Payback expense Amortization of deferred policy acquisition costs Operating costs and expenses Restructuring and related charges Decrease (increase) in unearned premiums Other Premiums earned Other revenue Amortization of purchased intangibles Operating ratios Loss ratio Twelve months ended Realized capital gains (losses), after-tax Net income applicable to common shareholders Catastrophe losses Impairment of purchased intangibles Underwriting income (1) Net investment income Income tax expense on operations Claims and claims expense Expense ratio (2) Combined ratio Loss ratio Underlying loss ratio * Reconciliation of combined ratio to underlying combined ratio Combined ratio Effect of catastrophe losses Effect of prior year non-catastrophe reserve reestimates Effect of impairment of purchased intangibles Underlying combined ratio * Effect of amortization of purchased intangibles Effect of restructuring and related charges on combined ratio Effect of Discontinued Lines and Coverages on combined ratio Effect of Shelter-in-Place Payback expense on combined and expense ratios (1) Underwriting income (loss) Allstate brand Other revenue is deducted from other costs and expenses in the expense ratio calculation. Encompass brand Answer Financial Total underwriting income for Allstate Protection Discontinued Lines and Coverages Total underwriting income for Property Liability The Allstate Corporation 4Q20 Supplement 8

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 8,382 $ 9,135 $ 8,909 $ 8,370 $ 8,497 $ 9,034 $ 8,765 $ 8,103 $ 34,796 $ 34,399 $ 5,977 $ 6,081 $ 6,037 $ 6,020 $ 6,009 $ 5,944 $ 5,900 $ 5,796 $ 24,115 $ 23,649 1,993 1,974 1,955 1,936 1,922 1,896 1,859 1,836 7,858 7,513 465 466 459 451 451 449 442 439 1,841 1,781 207 183 159 218 237 236 226 183 767 882 $ 8,642 $ 8,704 $ 8,610 $ 8,625 $ 8,619 $ 8,525 $ 8,427 $ 8,254 $ 34,581 $ 33,825 $ 3,593 $ 3,631 $ 2,914 $ 3,737 $ 4,117 $ 4,093 $ 4,085 $ 3,852 $ 13,875 $ 16,147 1,091 1,625 1,651 940 974 1,102 1,539 1,269 5,307 4,884 245 301 293 244 227 277 282 294 1,083 1,080 183 153 125 171 185 197 196 139 632 717 $ 5,112 $ 5,710 $ 4,983 $ 5,092 $ 5,503 $ 5,669 $ 6,102 $ 5,554 $ 20,897 $ 22,828 $ 1,576 $ 1,628 $ 2,228 $ 1,705 $ 1,616 $ 1,511 $ 1,497 $ 1,510 $ 7,137 $ 6,134 471 452 433 440 465 444 421 432 1,796 1,762 167 171 153 148 159 156 147 143 639 605 41 45 47 43 41 39 39 38 176 157 28 28 29 26 12 30 28 27 111 97 $ 2,283 $ 2,324 $ 2,890 $ 2,362 $ 2,293 $ 2,180 $ 2,132 $ 2,150 $ 9,859 $ 8,755 $ 882 $ 897 $ 966 $ 659 $ 354 $ 420 $ 395 $ 511 $ 3,404 $ 1,680 442 (93) (118) 567 494 362 (90) 146 798 912 85 34 48 88 96 53 48 30 255 227 (16) (14) (11) 5 13 1 (7) 7 (36) 14 18 19 16 14 30 16 18 11 67 75 $ 1,411 $ 843 $ 901 $ 1,333 $ 987 $ 852 $ 364 $ 705 $ 4,488 $ 2,908 59.2 65.6 57.9 59.0 63.8 66.5 72.4 67.3 60.4 67.5 24.5 24.7 31.6 25.5 24.7 23.5 23.3 24.2 26.6 23.9 83.7 90.3 89.5 84.5 88.5 90.0 95.7 91.5 87.0 91.4 59.2 65.6 57.9 59.0 63.8 66.5 72.4 67.3 60.4 67.5 4.7 11.3 13.1 2.3 3.3 5.4 12.4 7.9 7.9 7.2 effect of prior year non-catastrophe reserve reestimates - (0.7) (0.4) 0.3 (0.2) (1.6) (0.9) (0.5) (0.2) (0.8) 54.5 55.0 45.2 56.4 60.7 62.7 60.9 59.9 52.7 61.1 83.7 90.3 89.5 84.5 88.5 90.0 95.7 91.5 87.0 91.4 (4.7) (11.3) (13.1) (2.3) (3.3) (5.4) (12.4) (7.9) (7.9) (7.2) - 0.7 0.4 (0.3) 0.2 1.6 0.9 0.5 0.2 0.8 - - - - (0.6) - - - - (0.2) (0.1) - - - - - - - - - 78.9 79.7 76.8 81.9 84.8 86.2 84.2 84.1 79.3 84.8 - (6.1) (0.1) 0.1 (0.2) (1.7) (0.9) 0.1 (1.5) (0.7) 3.7 2.3 2.4 2.3 3.0 2.4 2.3 2.3 2.7 2.5 - - 8.4 2.4 - - - - 2.7 - (1) (2) Other personal lines ($ in millions, except ratios) Net premiums written The Allstate Corporation Allstate Brand Profitability Measures Three months ended Commercial lines Total Expenses Twelve months ended Incurred losses Auto Homeowners Other personal lines Commercial lines Total Net premiums earned Auto Homeowners Auto Homeowners Other personal lines Commercial lines Other business lines Total Underwriting income (loss) Auto Homeowners Other personal lines Commercial lines Other business lines (1) Total Loss ratio Expense ratio (2) Combined ratio Loss ratio Less: effect of catastrophe losses Underlying loss ratio * Reconciliation of combined ratio to underlying combined ratio Combined ratio Effect of catastrophe losses Effect of prior year non-catastrophe reserve reestimates Effect of impairment of purchased intangibles Underlying combined ratio * Effect of amortization of purchased intangibles Other business lines primarily represent commissions earned and other costs and expenses for Ivantage. Other revenue is deducted from other costs and expenses in the expense ratio calculation. Effect of prior year reserve reestimates on combined ratio Effect of advertising expenses on combined ratio Effect of Shelter-in-Place Payback expense on combined and expense ratios The Allstate Corporation 4Q20 Supplement 9

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 830 888 868 881 813 902 900 920 3,467 3,535 218 247 230 204 202 235 236 204 899 877 621 621 612 616 612 607 598 596 617 603 1,342 1,334 1,324 1,310 1,300 1,304 1,292 1,263 1,328 1,291 87.2 87.9 87.6 87.4 87.5 87.9 88.3 88.2 87.5 88.0 87.4 87.8 87.3 87.6 88.1 88.4 88.1 88.3 87.5 88.2 (0.9) - 0.2 0.5 0.8 0.6 1.0 0.6 (0.2) 3.0 0.9 0.5 0.1 1.2 0.7 0.3 0.2 2.1 2.7 3.3 (28.7) (28.6) (46.4) (12.2) (1.8) 2.6 (0.3) (0.9) (29.1) (0.2) 5.1 7.9 20.4 8.1 6.2 5.3 8.7 5.7 10.0 6.4 3.6 3.5 (8.6) (13.2) (11.1) (8.8) (2.9) - (4.0) (5.6) 0.7 3.3 9.5 15.9 22.9 13.4 11.7 0.7 7.1 11.8 (1) (2) (3) (4) (5) (6) (7) The Allstate Corporation Allstate Brand Statistics (1) Three months ended Auto Twelve months ended Homeowners Average premium - gross written ($) (3) Auto Homeowners New issued applications (in thousands) (2) Renewal ratio (%) (4) Total brand rate changes (%) (5) Auto Auto Homeowners Homeowners Auto property damage (% change year-over-year) Gross claim frequency (6) Paid claim severity (7) Homeowners excluding catastrophe losses (% change year-over-year) 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. Rate changes do not include rating plan enhancements, including the introduction 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. It 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 gross claim frequency is calculated as the amount of increase or decrease in the gross claim frequency in the current period compared to the same period in the prior year; divided by the prior year gross claim frequency. 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. Gross claim frequency (6) Paid claim severity (7) Statistics presented for Allstate brand exclude excess and surplus lines. 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. 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. 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. The Allstate Corporation 4Q20 Supplement 10

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 227 $ 260 $ 263 $ 222 $ 240 $ 278 $ 278 $ 224 $ 972 $ 1,020 $ 126 $ 129 $ 135 $ 135 $ 134 $ 136 $ 135 $ 134 $ 525 $ 539 97 99 99 101 100 101 99 99 396 399 19 20 19 20 20 20 20 20 78 80 $ 242 $ 248 $ 253 $ 256 $ 254 $ 257 $ 254 $ 253 $ 999 $ 1,018 $ 85 $ 77 $ 46 $ 90 $ 88 $ 94 $ 87 $ 91 $ 298 $ 360 60 41 90 55 52 82 66 72 246 272 9 5 18 12 15 17 14 11 44 57 $ 154 $ 123 $ 154 $ 157 $ 155 $ 193 $ 167 $ 174 $ 588 $ 689 $ 41 $ 44 $ 57 $ 48 $ 44 $ 43 $ 42 $ 45 $ 190 $ 174 31 32 31 32 32 32 32 31 126 127 6 7 6 6 7 6 7 6 25 26 $ 78 $ 83 $ 94 $ 86 $ 83 $ 81 $ 81 $ 82 $ 341 $ 327 $ 1 $ 9 $ 32 $ (2) $ 2 $ 1 $ 6 $ (1) $ 40 $ 8 7 26 (21) 14 17 (13) 2 (4) 26 2 4 8 (5) 2 (2) (3) (1) 3 9 (3) $ 12 $ 43 $ 6 $ 14 $ 17 $ (15) $ 7 $ (2) $ 75 $ 7 63.6 49.6 60.9 61.3 61.0 75.1 65.7 68.8 58.9 67.7 31.4 33.1 36.7 33.2 32.3 30.7 31.5 32.0 33.6 31.6 95.0 82.7 97.6 94.5 93.3 105.8 97.2 100.8 92.5 99.3 63.6 49.6 60.9 61.3 61.0 75.1 65.7 68.8 58.9 67.7 7.8 2.1 23.3 4.7 4.7 18.3 10.2 11.9 9.5 11.3 effect of prior year non-catastrophe reserve reestimates 0.8 - (0.4) - 0.4 (0.4) (2.8) 0.4 0.1 (0.6) 55.0 47.5 38.0 56.6 55.9 57.2 58.3 56.5 49.3 57.0 95.0 82.7 97.6 94.5 93.3 105.8 97.2 100.8 92.5 99.3 (7.8) (2.1) (23.3) (4.7) (4.7) (18.3) (10.2) (11.9) (9.5) (11.3) (0.8) - 0.4 - (0.4) 0.4 2.8 (0.4) (0.1) 0.6 86.4 80.6 74.7 89.8 88.2 87.9 89.8 88.5 82.9 88.6 1.6 (17.3) (0.4) (0.8) - 0.4 (1.2) 2.0 (4.2) 0.3 - - 6.3 2.0 - - - - 2.1 - 16 14 14 16 19 21 22 20 60 82 9 9 8 8 9 12 12 9 34 42 1,154 1,142 1,166 1,162 1,134 1,137 1,130 1,134 1,156 1,134 1,882 1,902 1,901 1,880 1,823 1,807 1,782 1,768 1,892 1,795 76.5 76.7 76.5 77.5 77.8 78.9 78.1 77.7 76.8 78.1 81.0 80.7 80.5 81.9 82.1 83.0 82.5 82.1 81.0 82.5 (1) Other personal lines ($ in millions, except ratios) Net premiums written Homeowners The Allstate Corporation Encompass Brand Profitability Measures and Statistics As of or for the three months ended Net premiums earned Auto Other personal lines Total As of or for the twelve months ended Other personal lines Total Expenses Auto Incurred losses Auto Homeowners Total Homeowners Underwriting income (loss) Auto Homeowners Other personal lines Total Loss ratio Expense ratio (1) Combined ratio Loss ratio Less: effect of catastrophe losses Underlying loss ratio * Reconciliation of combined ratio to underlying combined ratio Combined ratio Effect of catastrophe losses Effect of prior year non-catastrophe reserve reestimates Underlying combined ratio * Effect of prior year reserve reestimates on combined ratio Effect of Shelter-in-Place Payback expense on combined and expense ratios New issued applications (in thousands) Auto Homeowners Average premium - gross written ($) Auto (12-month policy) Homeowners (12-month policy) Renewal ratio (%) Auto Homeowners Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 4Q20 Supplement 11

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 5,766 $ 6,192 $ 6,054 $ 6,091 $ 5,931 $ 6,123 $ 5,940 $ 5,928 $ 24,103 $ 23,922 $ 5,977 $ 6,081 $ 6,037 $ 6,020 $ 6,009 $ 5,944 $ 5,900 $ 5,796 $ 24,115 $ 23,649 74 75 71 81 78 80 77 77 301 312 (3,593) (3,631) (2,914) (3,737) (4,117) (4,093) (4,085) (3,852) (13,875) (16,147) (1,576) (1,628) (2,228) (1,705) (1,616) (1,511) (1,497) (1,510) (7,137) (6,134) $ 882 $ 897 $ 966 $ 659 $ 354 $ 420 $ 395 $ 511 $ 3,404 $ 1,680 60.1 59.7 48.3 62.1 68.5 68.8 69.2 66.5 57.5 68.3 0.6 1.6 2.2 0.2 0.1 2.3 3.2 1.2 1.2 1.7 effect of prior year non-catastrophe reserve reestimates (0.1) (0.6) (0.8) 0.4 - (2.5) (1.5) (0.9) (0.3) (1.2) 59.6 58.7 46.9 61.5 68.4 69.0 67.5 66.2 56.6 67.8 25.1 25.5 35.7 27.0 25.6 24.1 24.1 24.7 28.4 24.6 85.2 85.2 84.0 89.1 94.1 92.9 93.3 91.2 85.9 92.9 (0.6) (1.6) (2.2) (0.2) (0.1) (2.3) (3.2) (1.2) (1.2) (1.7) 0.1 0.6 0.8 (0.4) - 2.5 1.5 0.9 0.3 1.2 - - - - (0.8) - - - - (0.2) 84.7 84.2 82.6 88.5 93.2 93.1 91.6 90.9 85.0 92.2 - - 11.9 3.4 - - - - 3.8 - $ 120 $ 134 $ 136 $ 118 $ 127 $ 147 $ 146 $ 120 $ 508 $ 540 $ 126 $ 129 $ 135 $ 135 $ 134 $ 136 $ 135 $ 134 $ 525 $ 539 1 1 - 1 - 2 - 1 3 3 (85) (77) (46) (90) (88) (94) (87) (91) (298) (360) (41) (44) (57) (48) (44) (43) (42) (45) (190) (174) $ 1 $ 9 $ 32 $ (2) $ 2 $ 1 $ 6 $ (1) $ 40 $ 8 67.5 59.7 34.1 66.7 65.7 69.1 64.5 67.9 56.8 66.8 - 2.3 3.0 - - 2.9 2.2 2.2 1.3 1.9 effect of prior year non-catastrophe reserve reestimates 3.2 1.6 (0.8) 1.5 - (0.7) (6.6) - 1.4 (1.9) 64.3 55.8 31.9 65.2 65.7 66.9 68.9 65.7 54.1 66.8 31.7 33.3 42.2 34.8 32.8 30.2 31.1 32.8 35.6 31.7 99.2 93.0 76.3 101.5 98.5 99.3 95.6 100.7 92.4 98.5 - (2.3) (3.0) - - (2.9) (2.2) (2.2) (1.3) (1.9) (3.2) (1.6) 0.8 (1.5) - 0.7 6.6 - (1.4) 1.9 96.0 89.1 74.1 100.0 98.5 97.1 100.0 98.5 89.7 98.5 - - 11.9 3.7 - - - - 4.0 - (1) ($ in millions, except ratios) Allstate brand auto The Allstate Corporation Auto Profitability Measures by Brand Three months ended Twelve months ended Combined ratio Effect of catastrophe losses Net premiums written Net premiums earned Other revenue Incurred losses Expenses Underwriting income Loss ratio Less: effect of catastrophe losses Underlying loss ratio * Expense ratio (1) Effect of prior year non-catastrophe reserve reestimates Effect of impairment of purchased intangibles Underlying combined ratio * Effect of Shelter-in-Place Payback expense on combined and expense ratios Encompass brand auto Other revenue is deducted from other costs and expenses in the expense ratio calculation. Net premiums written Net premiums earned Other revenue Incurred losses Expenses Underwriting income (loss) Loss ratio Less: effect of catastrophe losses Underlying loss ratio * Expense ratio (1) Combined ratio Effect of catastrophe losses Effect of prior year non-catastrophe reserve reestimates Underlying combined ratio * Effect of Shelter-in-Place Payback expense on combined and expense ratios The Allstate Corporation 4Q20 Supplement 12

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 1,955 $ 2,234 $ 2,178 $ 1,645 $ 1,888 $ 2,178 $ 2,109 $ 1,589 $ 8,012 $ 7,764 $ 1,993 $ 1,974 $ 1,955 $ 1,936 $ 1,922 $ 1,896 $ 1,859 $ 1,836 $ 7,858 $ 7,513 11 10 11 11 11 12 11 11 43 45 (1,091) (1,625) (1,651) (940) (974) (1,102) (1,539) (1,269) (5,307) (4,884) (471) (452) (433) (440) (465) (444) (421) (432) (1,796) (1,762) $ 442 $ (93) $ (118) $ 567 $ 494 $ 362 $ (90) $ 146 $ 798 $ 912 54.7 82.3 84.4 48.5 50.7 58.1 82.8 69.1 67.5 65.0 16.9 40.9 46.1 8.9 13.3 15.8 42.8 28.0 28.2 24.8 effect of prior year non-catastrophe reserve reestimates 0.1 (0.9) (0.3) - (0.1) - (0.4) 0.1 (0.2) - 37.7 42.3 38.6 39.6 37.5 42.3 40.4 41.0 39.5 40.2 23.1 22.4 21.6 22.2 23.6 22.8 22.0 22.9 22.3 22.9 77.8 104.7 106.0 70.7 74.3 80.9 104.8 92.0 89.8 87.9 (16.9) (40.9) (46.1) (8.9) (13.3) (15.8) (42.8) (28.0) (28.2) (24.8) (0.1) 0.9 0.3 - 0.1 - 0.4 (0.1) 0.2 - - (0.1) - - - - - - - - 60.8 64.6 60.2 61.8 61.1 65.1 62.4 63.9 61.8 63.1 $ 90 $ 105 $ 106 $ 87 $ 94 $ 110 $ 111 $ 86 $ 388 $ 401 $ 97 $ 99 $ 99 $ 101 $ 100 $ 101 $ 99 $ 99 $ 396 $ 399 1 - 1 - 1 - 1 - 2 2 (60) (41) (90) (55) (52) (82) (66) (72) (246) (272) (31) (32) (31) (32) (32) (32) (32) (31) (126) (127) $ 7 $ 26 $ (21) $ 14 $ 17 $ (13) $ 2 $ (4) $ 26 $ 2 61.9 41.4 90.9 54.4 52.0 81.2 66.7 72.7 62.1 68.2 16.5 3.0 52.5 10.9 12.0 40.6 22.2 25.3 20.7 25.1 effect of prior year non-catastrophe reserve reestimates - 2.0 - - 1.0 - - 4.0 0.5 1.2 45.4 36.4 38.4 43.5 39.0 40.6 44.5 43.4 40.9 41.9 30.9 32.3 30.3 31.7 31.0 31.7 31.3 31.3 31.3 31.3 92.8 73.7 121.2 86.1 83.0 112.9 98.0 104.0 93.4 99.5 (16.5) (3.0) (52.5) (10.9) (12.0) (40.6) (22.2) (25.3) (20.7) (25.1) - (2.0) - - (1.0) - - (4.0) (0.5) (1.2) 76.3 68.7 68.7 75.2 70.0 72.3 75.8 74.7 72.2 73.2 (1) ($ in millions, except ratios) Allstate brand homeowners The Allstate Corporation Homeowners Profitability Measures by Brand Three months ended Net premiums written Net premiums earned Other revenue Incurred losses Expenses Underwriting income (loss) Loss ratio Less: effect of catastrophe losses Underlying loss ratio * Expense ratio (1) Combined ratio Effect of prior year non-catastrophe reserve reestimates Effect of catastrophe losses Effect of prior year non-catastrophe reserve reestimates Effect of amortization on purchased intangibles Underlying combined ratio * Encompass brand homeowners Underlying combined ratio * Net premiums written Twelve months ended Other revenue is deducted from other costs and expenses in the expense ratio calculation. Net premiums earned Other revenue Incurred losses Expenses Underwriting income (loss) Loss ratio Less: effect of catastrophe losses Underlying loss ratio * Expense ratio (1) Combined ratio Effect of catastrophe losses The Allstate Corporation 4Q20 Supplement 13

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 559 $ 485 $ 467 $ 379 $ 453 $ 364 $ 350 $ 368 $ 1,890 $ 1,535 $ 395 $ 384 $ 360 $ 354 $ 321 $ 312 $ 305 $ 295 $ 1,493 $ 1,233 53 52 51 52 46 47 48 47 208 188 38 36 35 38 44 44 33 33 147 154 11 12 11 10 12 11 10 9 44 42 21 14 19 (24) 11 4 9 8 30 32 (102) (107) (85) (92) (92) (93) (86) (92) (386) (363) (176) (169) (160) (153) (143) (139) (134) (127) (658) (543) (167) (160) (163) (161) (181) (171) (158) (151) (651) (661) (2) 2 (3) - - (1) 1 - (3) - (25) (28) (26) (27) (29) (31) (31) (31) (106) (122) - - - - - - (55) - - (55) (13) (6) (7) - (1) 4 12 3 (26) 18 $ 33 $ 30 $ 32 $ (3) $ (12) $ (13) $ (46) $ (6) $ 92 $ (77) (16) (11) (15) 19 (8) (4) (6) (7) (23) (25) 21 21 21 21 23 25 25 24 84 97 - - - - - - 43 - - 43 $ 38 $ 40 $ 38 $ 37 $ 3 $ 8 $ 16 $ 11 $ 153 $ 38 $ 385 $ 300 $ 310 $ 221 $ 278 $ 181 $ 167 $ 206 $ 1,216 $ 832 $ 248 $ 236 $ 219 $ 206 $ 172 $ 163 $ 153 $ 145 $ 909 $ 633 9 8 8 8 6 7 7 8 33 28 6 7 5 5 6 5 4 4 23 19 13 6 9 (19) 5 2 6 7 9 20 (69) (70) (56) (55) (49) (46) (37) (43) (250) (175) (87) (83) (75) (70) (62) (60) (56) (53) (315) (231) (61) (56) (57) (50) (56) (49) (48) (42) (224) (195) - 3 - - - - - - 3 - (15) (16) (15) (16) (18) (18) (18) (18) (62) (72) - - - - - - (55) - - (55) (15) (7) (8) (2) (2) (1) 9 (2) (32) 4 $ 29 $ 28 $ 30 $ 7 $ 2 $ 3 $ (35) $ 6 $ 94 $ (24) (9) (5) (7) 15 (4) (2) (4) (6) (6) (16) 12 13 12 12 14 14 15 14 49 57 - - - - - - 43 - - 43 $ 32 $ 36 $ 35 $ 34 $ 12 $ 15 $ 19 $ 14 $ 137 $ 60 $ 174 $ 185 $ 157 $ 158 $ 175 $ 183 $ 183 $ 162 $ 674 $ 703 $ 242 $ 241 $ 235 $ 230 $ 245 $ 241 $ 235 $ 228 $ 948 $ 949 (33) (37) (29) (37) (43) (47) (49) (49) (136) (188) (207) (203) (205) (205) (217) (215) (200) (196) (820) (828) 2 1 1 2 1 5 3 5 6 14 $ 4 $ 2 $ 2 $ (10) $ (14) $ (16) $ (11) $ (12) $ (2) $ (53) (7) (6) (8) 4 (4) (2) (2) (1) (17) (9) 9 8 9 9 9 11 10 10 35 40 $ 6 $ 4 $ 3 $ 3 $ (9) $ (7) (3) $ (3) $ 16 $ (22) (1) (2) ($ in millions) Protection Services Net premiums written The Allstate Corporation Protection Services Segment Results Three months ended Twelve months ended Restructuring and related charges Amortization of purchased intangibles Net premiums earned Other revenue Intersegment insurance premiums and service fees Net investment income Realized capital gains (losses) Claims and claims expense Amortization of deferred policy acquisition costs Operating costs and expenses Net premiums earned Net premiums written Other revenue Impairment of purchased intangibles, after-tax Adjusted net income Allstate Protection Plans Impairment of purchased intangibles Income tax (expense) benefit Net income (loss) applicable to common shareholders Realized capital (gains) losses, after-tax Amortization of purchased intangibles, after-tax Claims and claims expense Amortization of deferred policy acquisition costs Other costs and expenses Net investment income Realized capital gains (losses) Income tax (expense) benefit Net income (loss) applicable to common shareholders Restructuring and related charges Amortization of purchased intangibles Impairment of purchased intangibles Other Protection Services Net premiums written Realized capital (gains) losses, after-tax Amortization of purchased intangibles, after-tax Impairment of purchased intangibles, after-tax Adjusted net income Other costs and expenses (2) Income tax benefit Net income (loss) applicable to common shareholders Total revenue (1) Claims and claims expense Total revenue may include net premiums earned, intersegment insurance premiums and service fees, other revenue, revenue earned from external customers, net investment income and realized capital gains and losses. Other costs and expenses may include amortization of deferred policy acquisition costs, operating costs and expenses, and restructuring and related charges. Realized capital (gains) losses, after-tax Amortization of purchased intangibles, after-tax Adjusted net income (loss) The Allstate Corporation 4Q20 Supplement 14

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 163 $ 154 $ 165 $ 153 $ 166 $ 155 $ 157 $ 154 $ 635 $ 632 175 176 174 180 176 176 176 183 705 711 37 28 24 32 34 31 33 27 121 125 128 123 123 128 134 128 125 127 502 514 (266) (248) (238) (212) (223) (202) (216) (214) (964) (855) (71) (74) (71) (70) (73) (73) (70) (72) (286) (288) (9) (102) (18) (30) (29) (85) (27) (26) (159) (167) (89) (81) (75) (84) (95) (77) (91) (91) (329) (354) (1) (2) (2) (1) (1) - (1) - (6) (2) (11) 12 (10) (16) (13) (9) (18) (15) (25) (55) 56 (14) 72 80 76 44 68 73 194 261 (6) 6 16 (25) - 4 - (4) (9) - (10) (1) (35) 12 - (9) - - (34) (9) 4 (4) 11 (3) (3) 1 (1) (2) 8 (5) $ 44 $ (13) $ 64 $ 64 $ 73 $ 40 $ 67 $ 67 $ 159 $ 247 $ 162 $ 154 $ 164 $ 153 $ 165 $ 155 $ 156 $ 154 $ 633 $ 630 1 - 1 - 1 - 1 - 2 2 175 176 174 180 176 176 176 183 705 711 $ 338 $ 330 $ 339 $ 333 $ 342 $ 331 $ 333 $ 337 $ 1,340 $ 1,343 $ 163 $ 154 $ 165 $ 153 $ 166 $ 155 $ 157 $ 154 $ 635 $ 632 127 125 126 128 124 123 123 129 506 499 (266) (248) (238) (212) (223) (202) (216) (214) (964) (855) $ 24 $ 31 $ 53 $ 69 $ 67 $ 76 $ 64 $ 69 $ 177 $ 276 $ 128 $ 123 $ 123 $ 128 $ 134 $ 128 $ 125 $ 127 $ 502 $ 514 (83) (76) (114) (56) (72) (85) (70) (72) (329) (299) $ 45 $ 47 $ 9 $ 72 $ 62 $ 43 $ 55 $ 55 $ 173 $ 215 (1) Premiums The Allstate Corporation Allstate Life Segment Results and Other Statistics As of or for the three months ended Accident and health insurance premiums Realized capital gains (losses), after-tax Valuation changes on embedded derivatives that are not hedged, after-tax DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax As of or for the twelve months ended Net income (loss) applicable to common shareholders Premiums and contract charges by product Traditional life insurance premiums Amortization of deferred policy acquisition costs Operating costs and expenses Adjusted net income (loss) Contract charges Other revenue (1) Net investment income Contract benefits Interest credited to contractholder funds Primarily includes gross dealer concessions received in connection with Allstate exclusive agents' and exclusive financial specialists' sales of non-proprietary products, including mutual funds, fixed and variable annuities, disability insurance and long-term care insurance. Total benefit spread Investment spread ($ in millions) Interest-sensitive life insurance contract charges Total Benefit spread Net investment income Interest credited to contractholder funds Total investment spread Premiums Cost of insurance contract charges Contract benefits Restructuring and related charges Income tax (expense) benefit on operations The Allstate Corporation 4Q20 Supplement 15

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 $ 159 $ 188 $ 241 $ 244 $ 247 $ 237 $ 252 $ 260 $ 2,944 $ 2,863 $ 2,744 $ 2,657 $ 2,474 $ 2,528 $ 2,587 $ 2,542 3,026 3,075 3,037 2,842 2,944 2,863 2,744 2,657 $ 2,985 $ 2,969 $ 2,891 $ 2,750 $ 2,709 $ 2,696 $ 2,666 $ 2,600 5.3 % 6.3 % 8.3 % 8.9 % 9.1 % 8.8 % 9.5 % 10.0 % $ 194 $ 214 $ 272 $ 268 $ 261 $ 254 $ 285 $ 297 $ 2,944 $ 2,863 $ 2,744 $ 2,657 $ 2,474 $ 2,528 $ 2,587 $ 2,542 328 350 271 168 52 75 89 142 175 175 175 175 175 175 175 175 $ 2,441 $ 2,338 $ 2,298 $ 2,314 $ 2,247 $ 2,278 $ 2,323 $ 2,225 $ 3,026 $ 3,075 $ 3,037 $ 2,842 $ 2,944 $ 2,863 $ 2,744 $ 2,657 533 484 433 183 328 350 271 168 175 175 175 175 175 175 175 175 $ 2,318 $ 2,416 $ 2,429 $ 2,484 $ 2,441 $ 2,338 $ 2,298 $ 2,314 $ 2,380 $ 2,377 $ 2,364 $ 2,399 $ 2,344 $ 2,308 $ 2,311 $ 2,270 8.2 % 9.0 % 11.5 % 11.2 % 11.1 % 11.0 % 12.3 % 13.1 % (1) (2) (3) The Allstate Corporation ($ in millions) Return on equity Allstate Life Return on Equity Twelve months ended Numerator: Net income applicable to common shareholders (1)(2) Denominator: Beginning equity Ending equity Average equity (3) Return on equity Adjusted net income return on adjusted equity Numerator: Adjusted net income (1) Denominator: Beginning equity Less: Unrealized net capital gains and losses Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. Includes a $16 million Tax Legislation expense for the periods ended June 30, 2019 and March 31, 2019. 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. Goodwill Adjusted beginning equity Ending equity Less: Unrealized net capital gains and losses Goodwill Adjusted ending equity Average adjusted equity (3) Adjusted net income return on adjusted equity * The Allstate Corporation 4Q20 Supplement 16

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 235 $ 247 $ 237 $ 253 $ 254 $ 262 $ 256 $ 259 $ 972 $ 1,031 27 40 26 29 28 29 28 29 122 114 20 18 20 20 22 21 21 19 78 83 (124) (128) (123) (141) (152) (161) (143) (145) (516) (601) (7) (8) (9) (9) (8) (9) (8) (9) (33) (34) (38) (59) (35) (45) (50) (33) (35) (43) (177) (161) (69) (68) (110) (3) (75) (74) (69) (71) (71) (322) (285) - - (1) - - - - - (1) - (10) (9) - (8) (4) (9) (11) (8) (27) (32) 34 33 5 24 16 31 37 31 96 115 7 3 7 (10) 2 2 2 3 7 9 $ 41 $ 36 $ 12 $ 14 $ 18 $ 33 $ 39 $ 34 $ 103 $ 124 47.3 44.6 46.8 50.0 53.9 55.3 50.4 50.3 47.2 52.5 26.3 23.7 41.8 26.6 26.2 23.7 25.0 24.7 29.4 24.9 (1) (2) (3) The Allstate Corporation Allstate Benefits Segment Results and Other Statistics As of or for the three months ended Net investment income Contract benefits ($ in millions) Premiums As of or for the twelve months ended Operating expense ratio (2) Realized capital gains (losses), after-tax Net income applicable to common shareholders Benefit ratio (1) Operating costs and expenses Restructuring and related charges Income tax expense on operations Adjusted net income Contract charges Interest credited to contractholder funds Amortization of deferred policy acquisition costs Includes $41 million, pre-tax, write-off of capitalized software costs associated with a billing system. Benefit ratio is contract benefits divided by premiums and contract charges. Operating expense ratio is operating costs and expenses divided by premiums and contract charges. The Allstate Corporation 4Q20 Supplement 17

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 $ 103 $ 80 $ 77 $ 104 $ 124 $ 126 $ 128 $ 125 $ 949 $ 1,010 $ 969 $ 906 $ 842 $ 883 $ 848 $ 824 1,004 1,051 1,004 923 949 1,010 969 906 $ 977 $ 1,031 $ 987 $ 915 $ 896 $ 947 $ 909 $ 865 10.5 % 7.8 % 7.8 % 11.4 % 13.8 % 13.3 % 14.1 % 14.5 % $ 96 $ 78 $ 76 $ 108 $ 115 $ 125 $ 127 $ 126 $ 949 $ 1,010 $ 969 $ 906 $ 842 $ 883 $ 848 $ 824 53 52 44 21 (10) (4) (4) 8 96 96 96 96 96 96 96 96 $ 800 $ 862 $ 829 $ 789 $ 756 $ 791 $ 756 $ 720 $ 1,004 $ 1,051 $ 1,004 $ 923 $ 949 $ 1,010 $ 969 $ 906 100 89 77 14 53 52 44 21 96 96 96 96 96 96 96 96 $ 808 $ 866 $ 831 $ 813 $ 800 $ 862 $ 829 $ 789 $ 804 $ 864 $ 830 $ 801 $ 778 $ 827 $ 793 $ 755 11.9 % 9.0 % 9.2 % 13.5 % 14.8 % 15.1 % 16.0 % 16.7 % (1) (2) ($ in millions) Return on equity Allstate Benefits Return on Equity The Allstate Corporation Twelve months ended Numerator: Net income applicable to common shareholders (1) Denominator: Beginning equity Ending equity Average equity (2) Return on equity Adjusted net income return on adjusted equity Numerator: Adjusted net income (1) Denominator: Beginning equity Less: Unrealized net capital gains and losses Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. 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. Goodwill Adjusted beginning equity Ending equity Less: Unrealized net capital gains and losses Goodwill Adjusted ending equity Average adjusted equity (2) Adjusted net income return on adjusted equity * The Allstate Corporation 4Q20 Supplement 18

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 3 $ 3 $ 2 $ 2 $ 3 $ 3 $ 4 $ 3 $ 10 $ 13 403 245 66 47 180 251 296 190 761 917 (1) - - - - (1) 1 - (1) - (128) (126) (136) (148) (143) (150) (152) (138) (538) (583) (67) (67) (69) (70) (73) (73) (75) (78) (273) (299) (1) - (1) (2) (2) (2) (1) (2) (4) (7) (6) (6) (7) (6) (7) (7) (8) (7) (25) (29) - (2) - - (1) - - - (2) (1) (43) (10) 34 38 10 (5) (13) 7 19 (1) 160 37 (111) (139) (33) 16 52 (25) (53) 10 151 89 194 (213) 97 16 37 124 221 274 1 1 (6) 2 - (1) (2) (3) (2) (6) - (178) - - - - - - (178) - 1 - 1 1 2 - 1 1 3 4 $ 313 $ (51) $ 78 $ (349) $ 66 $ 31 $ 88 $ 97 $ (9) $ 282 $ 3 $ 3 $ 1 $ 2 $ 3 $ 2 $ 2 $ 2 $ 9 $ 9 9 (227) (21) (30) (24) (30) (33) (17) (269) (104) $ 12 $ (224) $ (20) $ (28) $ (21) $ (28) $ (31) $ (15) $ (260) $ (95) $ 403 $ 245 $ 66 $ 47 $ 180 $ 251 $ 296 $ 190 $ 761 $ 917 (137) (124) (115) (118) (119) (120) (119) (121) (494) (479) (66) (66) (77) (67) (73) (75) (78) (81) (276) (307) $ 200 $ 55 $ (126) $ (138) $ (12) $ 56 $ 99 $ (12) $ (9) $ 131 $ 243 $ 81 $ (101) $ (122) $ (5) $ 68 $ 106 $ 1 $ 101 $ 170 ($ in millions) Contract charges The Allstate Corporation Allstate Annuities Segment Results and Other Statistics Three months ended As of or for the twelve months ended Net investment income (1) Periodic settlements and accruals on non-hedge derivative instruments Contract benefits Interest credited to contractholder funds Amortization of deferred policy acquisition costs Operating costs and expenses Restructuring and related charges Income tax (expense) benefit on operations Adjusted net income (loss) Benefit spread Cost of insurance contract charges Contract benefits excluding the implied interest on immediate annuities with life contingencies Total benefit spread Realized capital gains (losses), after-tax Valuation changes on embedded derivatives that are not hedged, after-tax Premium deficiency for immediate annuities, after-tax Gain on disposition of operations, after-tax Net income (loss) applicable to common Total investment spread (1) Performance-based net investment income, a component of net investment income Investment spread Net investment income Implied interest on immediate annuities with life contingencies Interest credited to contractholder funds The Allstate Corporation 4Q20 Supplement 19

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 $ (9) $ (256) $ (174) $ (164) $ 282 $ 94 $ 194 $ 156 $ 5,625 $ 5,552 $ 5,437 $ 5,278 $ 4,949 $ 5,119 $ 5,029 $ 5,009 5,785 5,383 5,496 4,926 5,625 5,552 5,437 5,278 $ 5,705 $ 5,468 $ 5,467 $ 5,102 $ 5,287 $ 5,336 $ 5,233 $ 5,144 (0.2) % (4.7) % (3.2) % (3.2) % 5.3 % 1.8 % 3.7 % 3.0 % $ (53) $ (246) $ (267) $ (104) $ 10 $ 75 $ 79 $ 71 $ 5,625 $ 5,552 $ 5,437 $ 5,278 $ 4,949 $ 5,119 $ 5,029 $ 5,009 604 585 502 428 193 241 272 279 $ 5,021 $ 4,967 $ 4,935 $ 4,850 $ 4,756 $ 4,878 $ 4,757 $ 4,730 $ 5,785 $ 5,383 $ 5,496 $ 4,926 $ 5,625 $ 5,552 $ 5,437 $ 5,278 659 595 661 277 604 585 502 428 $ 5,126 $ 4,788 $ 4,835 $ 4,649 $ 5,021 $ 4,967 $ 4,935 $ 4,850 $ 5,074 $ 4,878 $ 4,885 $ 4,750 $ 4,889 $ 4,923 $ 4,846 $ 4,790 (1.0) % (5.0) % (5.5) % (2.2) % 0.2 % 1.5 % 1.6 % 1.5 % 9.0 % 11.3 % 12.2 % 15.1 % 14.5 % 14.2 % 13.2 % 11.7 % (1.9) % (6.4) % (7.1) % (3.7) % (1.1) % 0.3 % 0.5 % 0.4 % (1) (2) (3) ($ in millions) Return on equity Allstate Annuities Return on Equity The Allstate Corporation Twelve months ended Numerator: Net income (loss) applicable to common shareholders (1)(2) Denominator: Beginning equity Ending equity Average equity (3) Return on equity Adjusted net income return on adjusted equity Numerator: Adjusted net income (loss) (1) Denominator: 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. Includes a $69 million Tax Legislation benefit for the periods ended June 30, 2019 and March 31, 2019. Beginning equity Less: Unrealized net capital gains and losses Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. Adjusted beginning equity Ending equity Less: Unrealized net capital gains and losses Adjusted ending equity Average adjusted equity (3) Adjusted net income (loss) return on adjusted equity * Adjusted net income (loss) return on adjusted equity by product: Deferred annuities Immediate annuities The Allstate Corporation 4Q20 Supplement 20

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 539 $ 541 $ 531 $ 525 $ 548 $ 546 $ 543 $ 538 $ 2,136 $ 2,175 37 24 31 6 51 57 68 30 98 206 55 54 51 60 59 54 54 53 220 220 550 200 (220) (192) 11 197 254 9 338 471 2 2 2 17 22 28 26 26 23 102 67 59 62 63 66 66 67 63 251 262 1,250 880 457 479 757 948 1,012 719 3,066 3,436 (59) (48) (48) (58) (68) (68) (70) (71) (213) (277) $ 1,191 $ 832 $ 409 $ 421 $ 689 $ 880 $ 942 $ 648 $ 2,853 $ 3,159 $ 634 $ 637 $ 624 $ 646 $ 674 $ 676 $ 672 $ 664 $ 2,541 $ 2,686 37 24 31 6 51 57 68 30 98 206 579 219 (198) (173) 32 215 272 25 427 544 $ 1,250 $ 880 $ 457 $ 479 $ 757 $ 948 $ 1,012 $ 719 $ 3,066 $ 3,436 3.5 % 3.5 % 3.6 % 3.6 % 3.9 % 3.9 % 3.8 % 3.8 % 3.6 % 3.8 % 3.8 2.5 3.3 0.5 3.0 3.4 4.7 2.6 2.2 3.5 5.0 4.4 4.3 4.9 5.0 4.6 4.6 4.6 4.7 4.7 29.6 11.3 (12.5) (10.1) 0.5 10.0 13.3 0.5 4.6 6.1 5.6 4.0 2.1 2.2 3.5 4.4 4.8 3.4 3.5 4.0 3.4 3.4 3.4 3.7 3.9 4.0 4.0 3.9 3.5 3.9 $ 217 $ 233 $ 179 $ 388 $ 216 $ 147 $ 117 $ 95 $ 1,017 $ 575 (1) 10 (10) (79) (4) (14) (15) (14) (80) (47) 477 231 517 (859) 521 24 200 627 366 1,372 (19) (34) 18 88 (31) 40 22 (46) 53 (15) $ 674 $ 440 $ 704 $ (462) $ 702 $ 197 $ 324 $ 662 $ 1,356 $ 1,885 1.3 % 0.9 % 0.5 % 0.5 % 0.8 % 1.0 % 1.1 % 0.8 % 3.2 % 3.7 % 0.8 0.7 3.9 (1.9) (0.1) 0.8 1.5 1.7 3.5 3.8 0.6 0.2 0.6 (1.0) 0.6 0.1 0.2 0.8 0.4 1.7 2.7 % 1.8 % 5.0 % (2.4) % 1.3 % 1.9 % 2.8 % 3.3 % 7.1 % 9.2 % $ 87.4 $ 85.9 $ 84.6 $ 83.9 $ 84.5 $ 83.9 $ 82.2 $ 81.2 $ 85.6 $ 82.8 $ (21) $ (11) $ (14) $ (13) $ (22) $ (19) $ (20) $ (20) $ (59) $ (81) - - - (6) (8) (10) (11) (11) (6) (40) (38) (37) (34) (39) (38) (39) (39) (40) (148) (156) $ (59) $ (48) $ (48) $ (58) $ (68) $ (68) $ (70) $ (71) $ (213) $ (277) (1) (2) (3) (4) (5) (6) (7) (8) ($ in millions) Net investment income Fixed income securities Three months ended Equity securities Mortgage loans Limited partnership interests ("LP") (1) Short-term Other Investment income, before expense Less: Investment expense Net investment income Interest-bearing investments (2) Equity securities Interest-bearing investments Realized capital gains (losses), pre-tax by transaction type Net Investment Income, Yields and Realized Capital Gains (Losses) (Pre-Tax) The Allstate Corporation Twelve months ended Equity securities Mortgage loans Limited partnership interests Total portfolio LP and other alternative investments (3) Investment income, before expense Pre-tax yields (4)(5) Fixed income securities 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. 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. Due to the adoption of the measurement of credit losses on financial instruments accounting standard on January 1, 2020, realized capital losses previously reported as other-than-temporary impairment write-downs are presented as credit losses. Beginning January 1, 2020, depreciation previously included in investee level expenses is reported as realized capital gains or losses. 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 (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. Comprise limited partnership interests and other alternative investments, including real estate investments classified as other investments. Comprise fixed income securities, mortgage loans, short-term investments, and other investments including bank and agent loans and derivatives. 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. Sales (5) Credit losses (6) Valuation of equity investments Valuation and settlements of derivative Total Total return on investment portfolio (7) Net investment income Valuation-interest bearing Valuation-equity investments Total Total investment expense Average investment balances (in billions) (8) Investment expense Investee level expenses (5) Securities lending expense Operating expenses The Allstate Corporation 4Q20 Supplement 21

Property- Liability Protection Services Allstate Life Allstate Benefits Allstate Annuities Corporate and Other Total $ 285 $ 10 $ 89 $ 12 $ 136 $ 7 $ 539 24 1 1 1 7 3 37 6 - 23 3 23 - 55 309 - - - 241 - 550 - 1 - - - 1 2 28 - 19 4 15 1 67 652 12 132 20 422 12 1,250 (33) (1) (4) - (19) (2) (59) $ 619 $ 11 $ 128 $ 20 $ 403 $ 10 $ 1,191 $ 497 $ 9 $ 105 $ 16 $ 318 $ 8 $ 953 $ 302 $ 11 $ 131 $ 19 $ 162 $ 9 $ 634 24 1 1 1 7 3 37 326 - - - 253 - 579 $ 652 $ 12 $ 132 $ 20 $ 422 $ 12 $ 1,250 3.1 % 2.7 % 4.5 % 3.8 % 4.1 % 2.5 % 3.5 % 4.3 4.6 3.3 3.7 2.7 4.2 3.8 3.9 - 5.8 5.6 4.6 - 5.0 27.9 - - - 32.2 14.5 29.6 5.4 2.7 4.6 4.3 8.0 1.2 5.6 3.0 2.5 4.6 4.3 4.0 0.9 3.4 $ 169 $ 12 $ (7) $ - $ 12 $ 31 $ 217 (3) - (3) - 5 - (1) 266 9 3 8 180 11 477 (13) - - - (6) - (19) $ 419 $ 21 $ (7) $ 8 $ 191 $ 42 $ 674 (1) (2) (3) (4) (5) The Allstate Corporation Three months ended December 31, 2020 Mortgage loans Limited partnership interests ("LP") Short-term ($ in millions) Net investment income Fixed income securities Equity securities Net Investment Income, Yields and Realized Capital Gains (Losses) (Pre-Tax) by Segment Other Investment income, before expense Less: Investment expense Net investment income Net investment income, after-tax Interest-bearing investments (1) Equity securities LP and other alternative investments (2) Investment income, before expense Pre-tax yields (3)(4) Fixed income securities Equity securities Mortgage loans Limited partnership interests Total portfolio Interest-bearing investments Realized capital gains (losses), pre-tax by transaction type Due to the adoption of the measurement of credit losses on financial instruments accounting standard on January 1, 2020, realized capital losses previously reported as other-than-temporary impairment write-downs are presented as credit losses. Beginning January 1, 2020, depreciation previously included in investee level expenses is reported as realized capital gains or losses. Quarterly pre-tax yield is calculated as annualized quarterly investment income, before investment expense divided by the average of the current and prior quarter investment balances. 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 (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. Comprised of fixed income securities, mortgage loans, short-term investments, and other investments including bank and agent loans and derivatives. Comprised of limited partnership interests and other alternative investments, including real estate investments classified as other investments. Sales (4) Credit losses (5) Valuation of equity investments Valuation and settlements of derivative instruments Total The Allstate Corporation 4Q20 Supplement 22

Property- Liability Protection Services Allstate Life Allstate Benefits Allstate Annuities Corporate and Other Total $ 1,110 $ 38 $ 348 $ 51 $ 556 $ 33 $ 2,136 60 6 4 2 16 10 98 24 - 89 10 97 - 220 238 - - - 100 - 338 12 1 2 - 4 4 23 101 - 76 17 51 6 251 1,545 45 519 80 824 53 3,066 (124) (1) (17) (2) (63) (6) (213) $ 1,421 $ 44 $ 502 $ 78 $ 761 $ 47 $ 2,853 $ 1,167 $ 35 $ 417 $ 62 $ 602 $ 38 $ 2,321 $ 1,192 $ 39 $ 515 $ 78 $ 674 $ 43 $ 2,541 60 6 4 2 16 10 98 293 - - - 134 - 427 $ 1,545 $ 45 $ 519 $ 80 $ 824 $ 53 $ 3,066 3.1 % 2.7 % 4.5 % 4.0 % 4.3 % 2.9 % 3.6 % 2.3 3.7 2.8 2.5 1.5 3.1 2.2 4.1 - 5.1 4.9 4.5 - 4.7 5.4 - - - 3.3 - 4.6 3.2 2.7 4.6 4.2 3.9 1.5 3.5 3.1 2.6 4.6 4.3 4.1 1.3 3.5 $ 890 $ 43 $ (5) $ - $ 48 $ 41 $ 1,017 (31) - (15) (1) (33) - (80) 82 (13) 10 9 260 18 366 49 - - - 4 - 53 $ 990 $ 30 $ (10) $ 8 $ 279 $ 59 $ 1,356 5.03 4.92 6.38 5.34 5.29 3.66 5.26 (1) (2) (3) (4) (5) (6) The Allstate Corporation As of or for the twelve months ended December 31, 2020 Mortgage loans Limited partnership interests ("LP") Short-term ($ in millions) Net investment income Fixed income securities Equity securities Net Investment Income, Yields and Realized Capital Gains (Losses) (Pre-Tax) by Segment Other Investment income, before expense Less: Investment expense Net investment income Net investment income, after-tax Interest-bearing investments (1) Equity securities LP and other alternative investments (2) Investment income, before expense Pre-tax yields (3)(4) Fixed income securities Equity securities Mortgage loans Limited partnership interests Total portfolio Interest-bearing investments Realized capital gains (losses), pre-tax by transaction type Duration measures the price sensitivity of assets and liabilities to changes in interest rates. Due to the adoption of the measurement of credit losses on financial instruments accounting standard on January 1, 2020, realized capital losses previously reported as other-than-temporary impairment write-downs are presented as credit losses. Beginning January 1, 2020, depreciation previously included in investee level expenses is reported as realized capital gains or losses. 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 (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. Comprised of fixed income securities, mortgage loans, short-term investments, and other investments including bank and agent loans and derivatives. Comprised of limited partnership interests and other alternative investments, including real estate investments classified as other investments. Sales (4) Credit losses (5) Valuation of equity investments Valuation and settlements of derivative instruments Total Fixed income securities portfolio duration (in years) (6) The Allstate Corporation 4Q20 Supplement 23

Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Dec. 31, 2020 Dec. 31, 2019 $ 6,125 $ 5,828 $ 5,575 $ 5,781 $ 6,131 $ 6,162 $ 5,952 $ 5,786 $ 6,125 $ 6,131 1,074 1,117 1,112 1,090 1,041 1,008 1,033 984 1,074 1,041 7,199 6,945 6,687 6,871 7,172 7,170 6,985 6,770 7,199 7,172 458 409 395 404 409 407 355 331 458 409 1,095 1,100 1,121 1,106 1,128 1,017 906 808 1,095 1,128 1,553 1,509 1,516 1,510 1,537 1,424 1,261 1,139 1,553 1,537 6,583 6,237 5,970 6,185 6,540 6,569 6,307 6,117 6,583 6,540 2,169 2,217 2,233 2,196 2,169 2,025 1,939 1,792 2,169 2,169 $ 8,752 $ 8,454 $ 8,203 $ 8,381 $ 8,709 $ 8,594 $ 8,246 $ 7,909 $ 8,752 $ 8,709 $ 498 $ 211 $ (213) $ (199) $ (6) $ 125 $ 216 $ (5) $ 297 $ 330 48 (10) (7) 7 17 71 38 12 38 138 546 201 (220) (192) 11 196 254 7 335 468 4 1 4 (21) (9) 5 10 3 (12) 9 27 18 18 17 18 19 15 14 80 66 31 19 22 (4) 9 24 25 17 68 75 502 212 (209) (220) (15) 130 226 (2) 285 339 75 8 11 24 35 90 53 26 118 204 $ 577 $ 220 $ (198) $ (196) $ 20 $ 220 $ 279 $ 24 $ 403 $ 543 $ (20) $ (10) $ (13) $ (12) $ (20) $ (18) $ (18) $ (18) $ (55) $ (74) $ 7 $ 1 $ (5) $ (2) $ 42 $ (1) $ (3) $ (3) $ 1 $ 35 13 - - (3) (3) - 1 - 10 (2) 20 1 (5) (5) 39 (1) (2) (3) 11 33 (7) (1) 26 15 (13) 17 8 28 33 40 29 (19) (7) 21 (11) 10 31 32 24 62 22 (20) 19 36 (24) 27 39 60 57 102 - - 21 13 29 16 5 25 34 75 42 (19) (7) 18 (14) 10 32 32 34 60 $ 42 $ (19) $ 14 $ 31 $ 15 $ 26 $ 37 $ 57 $ 68 $ 135 25.9 % 10.1 % (10.2) % (9.7) % - % 9.6 % 12.9 % 0.3 % 4.1 % 5.7 % 11.5 % 11.5 % 11.3 % 12.1 % 12.2 % 12.4 % 12.1 % 11.4 % 9.6 8.5 8.6 10.2 10.8 11.2 11.4 11.2 8.0 7.2 7.5 10.4 11.7 12.7 12.7 11.6 4.4 (1.1) (2.2) 6.5 7.6 9.7 9.5 6.7 (1) (2) (3) ($ in millions) Investment position Limited partnerships The Allstate Corporation Performance-Based ("PB") Investments As of or for the three months ended Real estate PB - non-LP Total Private equity Real estate PB - limited partnerships Non-LP Non-LP Private equity Real estate PB - non-LP As of or for the twelve months ended Limited partnerships Private equity Real estate PB - limited partnerships Private equity Real estate Total PB Investment income Private equity Total Private equity Real estate Total PB Investee level expenses (1) Realized capital gains (losses) (1) Limited partnerships Private equity Real estate PB - limited partnerships Non-LP Private equity Real estate PB - non-LP Total Private equity Real estate Total PB Pre-tax yield 1 Year Beginning January 1, 2020, depreciation previously included in investee level expenses is reported as realized capital gains or losses. 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. For the three months ended March 31, 2020, IRR excludes decreases of $247 million that were recorded in consideration of intervening events. Where information was available to enable updated estimates, we recognized current period declines in the value of limited partnership interests. This included updating publicly traded investments held within limited partnerships to their March 31, 2020 values, which reduced income $52 million. Additionally, $195 million of valuation increases reported in the fourth quarter 2019 partnership financial statements were excluded from income considering the equity market decline in March. Internal rate of return (2)(3) 10 Year 5 Year 3 Year The Allstate Corporation 4Q20 Supplement 24

• 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 that are not hedged, after-tax, • amortization of deferred policy acquisition costs ("DAC") and deferred sales inducements (“DSI”), to the extent they resulted from the recognition of certain realized capital gains and losses or valuation changes on embedded derivatives that are not hedged, after-tax, • 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. 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: 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 that are 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 that are not hedged and gain (loss) on disposition of operations may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Consistent with our intent to protect results or earn additional income, 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 or impairment of purchased intangibles ("underlying combined ratio") is a non-GAAP ratio, which is computed as the difference between four GAAP operating ratios: the combined ratio, the effect of catastrophes on the combined ratio, the effect of prior year non-catastrophe reserve reestimates on the combined ratio, and the effect of amortization or impairment of purchased intangibles on the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in our Property-Liability business that may be obscured by catastrophe losses, prior year reserve reestimates and amortization or impairment of purchased intangibles. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves which could increase or decrease current year income. Amortization or impairment of purchased intangibles relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. 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", "Encompass Brand Profitability Measures and Statistics", "Auto Profitability Measures by Brand", and "Homeowners Profitability Measures by Brand". The Allstate Corporation 4Q20 Supplement 25

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", "Encompass Brand Profitability Measures and Statistics", "Auto Profitability Measures by Brand" and "Homeowners Profitability Measures by Brand". 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 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 previously. 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". 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 and Debt to Capital". The Allstate Corporation 4Q20 Supplement 26

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Document and Entity Information Document	Feb. 03, 2021
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 03, 2021
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 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
Series I Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series I
Trading Symbol	ALL PR I
Security Exchange Name	NYSE