EX-99.2 3 allcorp93020investorsupp.htm EXHIBIT 99.2
Exhibit 99.2 The Allstate Corporation Investor Supplement Third 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 Investor Supplement - Third Quarter 2020 As part of the Transformative Growth Plan, Esurance brand results have been combined into the Allstate brand in the third quarter of 2020. Historical results for these brands have been updated to conform with this presentation. The highlighted sections below reflect the pages that were impacted by the integration. Table of Contents Consolidated Operations Service Businesses Condensed Consolidated Statements of Operations 1 Segment Results 23 Contribution to Income 2 Allstate Protection Plans Results 24 Segment Results 3,4 Condensed Consolidated Statements of Financial Position 5 Allstate Life Book Value per Common Share 6 Segment Results and Other Statistics 25 Return on Common Shareholders' Equity 7 Return on Equity 26 Debt to Capital 8 Policies in Force 9 Allstate Benefits Premiums Written for Allstate Protection and Service Businesses 10 Segment Results and Other Statistics 27 Return on Equity 28 Property-Liability Results 11 Allstate Annuities Catastrophe Losses 12 Segment Results and Other Statistics 29 Prior Year Reserve Reestimates 13 Return on Equity 30 Catastrophe Losses included in Prior Year Reserve Reestimates 14 Allstate Protection Corporate and Other Allstate Brand Profitability Measures 15 Corporate and Other Segment Results 31 Allstate Brand Statistics 16 Encompass Brand Profitability Measures and Statistics 17 Investments Auto Profitability Measures by Brand 18 Investment Position 32 Homeowners Profitability Measures by Brand 19 Net Investment Income, Yields and Realized Capital Gains (Losses) (Pre-tax) 33 Other Personal Lines Profitability Measures by Brand 20 Net Investment Income, Yields and Realized Capital Gains (Losses) (Pre-tax) by Segment 34,35 Commercial Lines Profitability Measures 21 Investment Position and Results by Strategy by Segment 36,37 Discontinued Lines and Coverages Performance-Based Investments 38 Reserves 22 Definitions of Non-GAAP Measures 39,40

The Allstate Corporation Condensed Consolidated Statements of Operations ($ in millions, except per share data) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Revenues Property and casualty insurance premiums (1) $ 9,336 $ 9,223 $ 9,235 $ 9,194 $ 9,094 $ 8,986 $ 8,802 $ 27,794 $ 26,882 Life premiums and contract charges (2) 620 604 617 627 625 621 628 1,841 1,874 Other revenue (3) 272 257 265 260 273 271 250 794 794 Net investment income 832 409 421 689 880 942 648 1,662 2,470 Realized capital gains (losses) 440 704 (462) 702 197 324 662 682 1,183 Total revenues 11,500 11,197 10,076 11,472 11,069 11,144 10,990 32,773 33,203 Costs and expenses Property and casualty insurance claims and claims expense 6,072 5,222 5,341 5,749 6,051 6,356 5,820 16,635 18,227 Shelter-in-place payback expense - 738 210 - - - - 948 - Life contract benefits 727 497 501 518 513 511 497 1,725 1,521 Interest credited to contractholder funds 150 200 132 153 169 156 162 482 487 Amortization of deferred policy acquisition costs 1,492 1,349 1,401 1,382 1,425 1,362 1,364 4,242 4,151 Operating costs and expenses 1,380 1,451 1,399 1,516 1,414 1,380 1,380 4,230 4,174 Pension and other postretirement remeasurement (gains) losses (71) 73 318 (251) 225 125 15 320 365 Restructuring and related charges 200 14 5 14 - 9 18 219 27 Amortization of purchased intangibles 31 29 28 30 32 32 32 88 96 Impairment of purchased intangibles - - - 51 - 55 - - 55 Interest expense 78 79 81 82 80 82 83 238 245 Total costs and expenses 10,059 9,652 9,416 9,244 9,909 10,068 9,371 29,127 29,348 Gain on disposition of operations 1 1 1 3 - 2 1 3 3 Income from operations before income tax expense 1,442 1,546 661 2,231 1,160 1,078 1,620 3,649 3,858 Income tax expense 289 296 112 458 229 227 328 697 784 Net income 1,153 1,250 549 1,773 931 851 1,292 2,952 3,074 Preferred stock dividends 27 26 36 66 42 30 31 89 103 Net income applicable to common shareholders $ 1,126 $ 1,224 $ 513 $ 1,707 $ 889 $ 821 $ 1,261 $ 2,863 $ 2,971 Earnings per common share (4) Net income applicable to common shareholders per common share - Basic $ 3.62 $ 3.90 $ 1.62 $ 5.32 $ 2.71 $ 2.47 $ 3.79 $ 9.11 $ 8.98 Weighted average common shares - Basic 311.2 313.7 317.4 320.7 327.7 332.0 332.6 314.1 330.8 Net income applicable to common shareholders per common share - Diluted $ 3.58 $ 3.86 $ 1.59 $ 5.23 $ 2.67 $ 2.44 $ 3.74 $ 9.01 $ 8.85 Weighted average common shares - Diluted 314.1 317.0 322.4 326.3 333.0 336.9 337.5 317.9 335.7 Cash dividends declared per common share $ 0.54 $ 0.54 $ 0.54 $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 1.62 $ 1.50 (1) Property and casualty insurance premiums are reported in the Property-Liability and Service Businesses 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. (2) Life premiums and contract charges are reported in the Allstate Life, Allstate Benefits and Allstate Annuities results and include life insurance, voluntary accident and health insurance, and annuity products. (3) Other revenue primarily represents fees collected from policyholders relating to premium installment payments, commissions on sales of non-proprietary products, sales of identity protection services, fee-based services and other revenue transactions. (4) In accordance with GAAP, the quarter and year-to-date per share amounts are calculated discretely. Therefore, the sum of each quarter may not equal the year-to-date amount. The Allstate Corporation 3Q20 Supplement 1

The Allstate Corporation Contribution to Income ($ in millions, except per share data) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Contribution to income Net income applicable to common shareholders $ 1,126 $ 1,224 $ 513 $ 1,707 $ 889 $ 821 $ 1,261 $ 2,863 $ 2,971 Realized capital (gains) losses, after-tax (346) (554) 366 (553) (155) (256) (524) (534) (935) Pension and other postretirement remeasurement (gains) losses, after-tax (56) 58 251 (199) 179 99 11 253 289 Curtailment gain, after-tax (7) - - - - - - (7) - Valuation changes on embedded derivatives not hedged, after-tax - 41 (14) - 10 2 3 27 15 DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax 4 (11) 3 3 (1) 1 2 (4) 2 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 23 22 24 25 26 25 69 76 Impairment of purchased intangibles, after-tax - - - 40 - 43 - - 43 Gain on disposition of operations, after-tax - (1) (1) (2) - (1) (1) (2) (2) Adjusted net income* $ 923 $ 780 $ 1,140 $ 1,020 $ 946 $ 735 $ 776 $ 2,843 $ 2,457 Income per common share - Diluted Net income applicable to common shareholders $ 3.58 $ 3.86 $ 1.59 $ 5.23 $ 2.67 $ 2.44 $ 3.74 $ 9.01 $ 8.85 Realized capital (gains) losses, after-tax (1.10) (1.75) 1.13 (1.69) (0.47) (0.76) (1.55) (1.68) (2.79) Pension and other postretirement remeasurement (gains) losses, after-tax (0.18) 0.18 0.78 (0.61) 0.54 0.29 0.03 0.79 0.86 Curtailment gain, after-tax (0.02) - - - - - - (0.02) - Valuation changes on embedded derivatives not hedged, after-tax - 0.13 (0.04) - 0.03 - 0.01 0.08 0.05 DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax 0.01 (0.03) 0.01 0.01 - - - (0.01) 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 0.07 0.07 0.07 0.07 0.08 0.07 0.22 0.23 Impairment of purchased intangibles, after-tax - - - 0.12 - 0.13 - - 0.13 Gain on disposition of operations, after-tax - - - - - - - (0.01) (0.01) Adjusted net income* $ 2.94 $ 2.46 $ 3.54 $ 3.13 $ 2.84 $ 2.18 $ 2.30 $ 8.94 $ 7.32 Weighted average common shares - Diluted 314.1 317.0 322.4 326.3 333.0 336.9 337.5 317.9 335.7 The Allstate Corporation 3Q20 Supplement 2

The Allstate Corporation Consolidating Segment Results Allstate Discontinued Property- Service Allstate Allstate Allstate Corporate Intersegment ($ in millions) Protection Lines Liability Businesses Life Benefits Annuities and Other Eliminations Consolidated Three months ended September 30, 2020 Premiums and contract charges $ 8,952 $ - $ 8,952 $ 384 $ 330 $ 287 $ 3 $ - $ - $ 9,956 Intersegment insurance premiums and service fees - - - 36 - - - - (36) - Other revenue 192 - 192 52 28 - - - - 272 Claims and claims expense (5,833) (135) (5,968) (107) - - - - 3 (6,072) Shelter-in-Place Payback expense - - - - - - - - - - Contract benefits and interest credited to contractholder funds - - - - (324) (136) (417) - - (877) Amortization of deferred policy acquisition costs (1,158) - (1,158) (169) (106) (59) - - - (1,492) Operating costs and expenses (1,075) - (1,075) (160) (81) (68) (6) (23) 33 (1,380) Pension and other postretirement remeasurement gains (losses) - - - - - - - 71 - 71 Restructuring and related charges (187) - (187) 2 (2) - (2) (11) - (200) Amortization of purchased intangibles (3) - (3) (28) - - - - - (31) Interest expense - - - - - - - (78) - (78) Underwriting income (loss) $ 888 $ (135) 753 Net investment income 422 12 123 18 245 12 - 832 Realized capital gains (losses) 292 14 9 3 112 10 - 440 Gain on disposition of operations - - - - 1 - - 1 Income tax (expense) benefit (302) (6) 10 (9) 13 5 - (289) Preferred stock dividends - - - - - (27) - (27) Net income (loss) applicable to common shareholders $ 1,165 $ 30 $ (13) $ 36 $ (51) $ (41) $ - $ 1,126 Realized capital (gains) losses, after-tax (230) (11) (6) (3) (89) (7) - (346) Pension and other postretirement remeasurement (gains) losses, after-tax - - - - - (56) (56) Curtailment gain, after-tax - - - - - (7) - (7) Valuation changes on embedded derivatives not hedged, after-tax - - 1 - (1) - - - DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax - - 4 - - - - 4 Premium deficiency for immediate annuities, after-tax - - - - 178 - - 178 Business combination expenses and the amortization of purchased intangibles, after-tax 3 21 - - - - - 24 Gain on disposition of operations, after-tax - - - - - - - - Adjusted net income (loss) * $ 938 $ 40 (1) $ (14) (1) $ 33 (1) $ 37 (1) $ (111) (1) $ - $ 923 Three months ended September 30, 2019 Premiums and contract charges $ 8,782 $ - $ 8,782 $ 312 $ 331 $ 291 $ 3 $ - $ - $ 9,719 Intersegment insurance premiums and service fees - - - 44 - - - - (44) - Other revenue 195 - 195 47 31 - - - - 273 Claims and claims expense (5,862) (98) (5,960) (93) - - - - 2 (6,051) Contract benefits and interest credited to contractholder funds - - - - (287) (170) (225) - - (682) Amortization of deferred policy acquisition costs (1,167) - (1,167) (139) (84) (33) (2) - - (1,425) Operating costs and expenses (1,112) (1) (1,113) (171) (77) (69) (7) (19) 42 (1,414) Pension and other postretirement remeasurement gains (losses) - - - - - - - (225) - (225) Restructuring and related charges 1 - 1 (1) - - - - - - Amortization of purchased intangibles (1) - (1) (31) - - - - - (32) Impairment of purchased intangibles - - - - - - - - - - Interest expense - - - - - - - (80) - (80) Underwriting income (loss) $ 836 $ (99) 737 Net investment income 448 11 128 21 251 21 - 880 Realized capital gains (losses) 163 4 5 2 20 3 - 197 Gain on disposition of operations - - - - - - - - Income tax (expense) benefit (272) 4 (7) (9) (9) 64 - (229) Preferred stock dividends - - - - - (42) - (42) Net income (loss) applicable to common shareholders $ 1,076 $ (13) $ 40 $ 33 $ 31 $ (278) $ - $ 889 Realized capital (gains) losses, after-tax (127) (4) (4) (2) (16) (2) - (155) Pension and other postretirement remeasurement (gains) losses, after-tax - - - - - 179 - 179 Valuation changes on embedded derivatives not hedged, after-tax - - 9 - 1 - - 10 DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax - - (1) - - - - (1) Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax (1) - - - - - - (1) Business combination expenses and the amortization of purchased intangibles, after-tax - 25 - - - - - 25 Impairment of purchased intangibles, after-tax - - - - - - - - Gain on disposition of operations, after-tax - - - - - - - - Adjusted net income (loss) * $ 948 $ 8 (1) $ 44 (1) $ 31 (1) $ 16 (1) $ (101) (1) $ - $ 946 (1) Adjusted net income is the segment measure used for each business. The Allstate Corporation 3Q20 Supplement 3

The Allstate Corporation Consolidating Segment Results Allstate Discontinued Property- Service Allstate Allstate Allstate Corporate Intersegment ($ in millions) Protection Lines Liability Businesses Life Benefits Annuities and Other Eliminations Consolidated Nine months ended September 30, 2020 Premiums and contract charges $ 26,696 $ - $ 26,696 $ 1,098 $ 1,002 $ 832 $ 7 $ - $ - $ 29,635 Intersegment insurance premiums and service fees - - - 109 - - - - (109) - Other revenue 555 - 555 155 84 - - - - 794 Claims and claims expense (16,219) (139) (16,358) (284) - - - - 7 (16,635) Shelter-in-Place Payback expense (948) - (948) - - - - - - (948) Contract benefits and interest credited to contractholder funds - - - - (944) (418) (845) - - (2,207) Amortization of deferred policy acquisition costs (3,474) - (3,474) (482) (144) (139) (3) - - (4,242) Operating costs and expenses (3,261) (2) (3,263) (484) (240) (253) (19) (73) 102 (4,230) Pension and other postretirement remeasurement gains (losses) - - - - - - - (320) - (320) Restructuring and related charges (199) - (199) (1) (5) (1) (2) (11) - (219) Amortization of purchased intangibles (7) - (7) (81) - - - - - (88) Interest expense - - - - - - - (238) - (238) Underwriting income (loss) $ 3,143 $ (141) 3,002 Net investment income 802 33 374 58 358 37 - 1,662 Realized capital gains (losses) 571 9 (3) - 88 17 - 682 Gain on disposition of operations - - - - 3 - - 3 Income tax (expense) benefit (876) (13) (9) (17) 91 127 - (697) Preferred stock dividends - - - - - (89) - (89) Net income (loss) applicable to common shareholders $ 3,499 $ 59 $ 115 $ 62 $ (322) $ (550) $ - $ 2,863 Realized capital (gains) losses, after-tax (447) (7) 3 - (70) (13) - (534) Pension and other postretirement remeasurement (gains) losses, after-tax - - - - - 253 - 253 Curtailment gain, after-tax - - - - - (7) - (7) Valuation changes on embedded derivatives not hedged, after-tax - - 24 - 3 - - 27 DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax - - (4) - - - - (4) Premium deficiency for immediate annuities, after-tax - - - - 178 - - 178 Business combination expenses and the amortization of purchased intangibles, after-tax 6 63 - - - - - 69 Gain on disposition of operations, after-tax - - - - (2) - - (2) Adjusted net income (loss) * $ 3,058 $ 115 (1) $ 138 (1) $ 62 (1) $ (213) (1) $ (317) (1) $ - $ 2,843 Nine months ended September 30, 2019 Premiums and contract charges $ 25,970 $ - $ 25,970 $ 912 $ 1,001 $ 863 $ 10 $ - $ - $ 28,756 Intersegment insurance premiums and service fees - - - 110 - - - - (110) - Other revenue 561 - 561 142 91 - - - - 794 Claims and claims expense (17,859) (103) (17,962) (271) - - - - 6 (18,227) Contract benefits and interest credited to contractholder funds - - - - (859) (475) (674) - - (2,008) Amortization of deferred policy acquisition costs (3,494) - (3,494) (400) (141) (111) (5) - - (4,151) Operating costs and expenses (3,240) (2) (3,242) (480) (259) (211) (22) (64) 104 (4,174) Pension and other postretirement remeasurement gains (losses) - - - - - - - (365) - (365) Restructuring and related charges (26) - (26) - (1) - - - - (27) Amortization of purchased intangibles (3) - (3) (93) - - - - - (96) Impairment of purchased intangibles - - - (55) - - - - - (55) Interest expense - - - - - - - (245) - (245) Underwriting income (loss) $ 1,909 $ (105) 1,804 Net investment income 1,210 30 380 61 737 52 - 2,470 Realized capital gains (losses) 916 21 1 8 224 13 - 1,183 Gain on disposition of operations - - - - 3 - - 3 Income tax (expense) benefit (809) 19 (39) (29) (57) 131 - (784) Preferred stock dividends - - - - - (103) - (103) Net income (loss) applicable to common shareholders $ 3,121 $ (65) $ 174 $ 106 $ 216 $ (581) $ - $ 2,971 Realized capital (gains) losses, after-tax (724) (17) - (7) (177) (10) - (935) Pension and other postretirement remeasurement (gains) losses, after-tax - - - - - 289 - 289 Valuation changes on embedded derivatives not hedged, after-tax - - 9 - 6 - - 15 DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax - - 2 - - - - 2 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax (2) - - - - - - (2) Business combination expenses and the amortization of purchased intangibles, after-tax 2 74 - - - - - 76 Impairment of purchased intangibles, after-tax - 43 - - - - - 43 Gain on disposition of operations, after-tax - - - - (2) - - (2) Adjusted net income (loss) * $ 2,397 $ 35 (1) $ 185 (1) $ 99 (1) $ 43 (1) $ (302) (1) $ - $ 2,457 (1) Adjusted net income is the segment measure used for each business. The Allstate Corporation 3Q20 Supplement 4

The Allstate Corporation Condensed Consolidated Statements of Financial Position ($ in millions) Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 Assets Investments Fixed income securities, at fair value (1) $ 66,551 $ 64,448 $ 59,857 $ 59,044 $ 59,259 Equity securities, at fair value (2) 4,395 4,212 3,701 8,162 8,206 Mortgage loans, net 4,655 4,774 4,759 4,817 4,694 Limited partnership interests 7,232 6,941 7,087 8,078 7,990 Short-term, at fair value 4,559 5,344 5,671 4,256 5,254 Other, net 3,805 3,918 3,767 4,005 3,904 Total investments 91,197 89,637 84,842 88,362 89,307 Cash 370 547 338 338 587 Premium installment receivables, net 6,609 6,367 6,401 6,472 6,558 Deferred policy acquisition costs 4,661 4,683 4,742 4,699 4,683 Reinsurance and indemnification recoverables, net 9,097 9,290 9,214 9,211 9,363 Accrued investment income 616 605 593 600 613 Property and equipment, net 1,076 1,100 1,123 1,145 1,092 Goodwill 2,544 2,544 2,544 2,545 2,545 Other assets, net 3,516 3,587 3,876 3,534 3,383 Separate Accounts 3,064 2,906 2,434 3,044 2,942 Total assets $ 122,750 $ 121,266 $ 116,107 $ 119,950 $ 121,073 Liabilities Reserve for property and casualty insurance claims and claims expense $ 27,987 $ 27,426 $ 27,148 $ 27,712 $ 28,076 Reserve for life-contingent contract benefits 12,759 12,471 12,244 12,300 12,378 Contractholder funds 17,288 17,396 17,404 17,692 17,804 Unearned premiums 16,029 15,448 14,999 15,343 15,343 Claim payments outstanding 1,013 882 892 929 952 Deferred income taxes 905 842 331 1,154 1,079 Other liabilities and accrued expenses 9,807 10,275 9,849 9,147 9,729 Long-term debt 6,635 6,634 6,633 6,631 6,630 Separate Accounts 3,064 2,906 2,434 3,044 2,942 Total liabilities 95,487 94,280 91,934 93,952 94,933 Equity Preferred stock and additional capital paid-in (3)(4) 1,970 1,970 1,970 2,248 3,052 Common stock (5) 9 9 9 9 9 Additional capital paid-in 3,453 3,541 3,519 3,463 3,511 Retained income 50,336 49,380 48,326 48,074 46,527 Deferred ESOP expense - - - - (3) Treasury stock, at cost (6) (31,338) (30,542) (30,209) (29,746) (29,063) Accumulated other comprehensive income: Unrealized net capital gains and losses 2,744 2,602 530 1,887 2,023 Unrealized foreign currency translation adjustments (64) (89) (98) (59) (50) Unamortized pension and other postretirement prior service credit 153 115 126 122 134 Total accumulated other comprehensive income 2,833 2,628 558 1,950 2,107 Total shareholders' equity 27,263 26,986 24,173 25,998 26,140 Total liabilities and shareholders' equity $ 122,750 $ 121,266 $ 116,107 $ 119,950 $ 121,073 (1) Amortized cost, net was $62,267, $60,534, $58,945, $56,293 and $56,263 as of September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively. (2) Cost was $3,867, $3,817, $3,631, $6,568, and $6,930 as of September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively. (3) Preferred shares outstanding were 81.0 thousand at September 30, 2020, June 30, 2020 and March 31, 2020, 92.5 thousand at December 31, 2019 and 125.8 thousand at September 30, 2019. (4) On January 15, 2020, we redeemed all 11,500 shares of our Fixed Rate Noncumulative Perpetual Preferred Stock, Series A. (5) Common shares outstanding were 304,059,745; 312,720,127; 315,485,956; 318,791,191 and 324,988,765 as of September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively. (6) Treasury shares outstanding were 596 million, 587 million, 585 million, 581 million, and 575 million as of September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively. The Allstate Corporation 3Q20 Supplement 5

The Allstate Corporation Book Value per Common Share ($ in millions, except per share data) Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2020 2020 2020 2019 2019 2019 2019 Book value per common share Numerator: Common shareholders' equity (1) $ 25,293 $ 25,016 $ 22,203 $ 23,750 $ 23,088 $ 22,546 $ 21,488 Denominator: Common shares outstanding and dilutive potential common shares outstanding 307.0 315.8 318.7 324.8 330.6 335.1 337.9 Book value per common share $ 82.39 $ 79.21 $ 69.67 $ 73.12 $ 69.84 $ 67.28 $ 63.59 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities Numerator: Common shareholders' equity $ 25,293 $ 25,016 $ 22,203 $ 23,750 $ 23,088 $ 22,546 $ 21,488 Less: Unrealized net capital gains and losses on fixed income securities 2,750 2,610 534 1,893 2,028 1,658 975 Adjusted common shareholders' equity $ 22,543 $ 22,406 $ 21,669 $ 21,857 $ 21,060 $ 20,888 $ 20,513 Denominator: Common shares outstanding and dilutive potential common shares outstanding 307.0 315.8 318.7 324.8 330.6 335.1 337.9 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities * $ 73.43 $ 70.95 $ 67.99 $ 67.29 $ 63.70 $ 62.33 $ 60.71 (1) Excludes equity related to preferred stock of $1,970 million at 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. The Allstate Corporation 3Q20 Supplement 6

The Allstate Corporation Return on Common Shareholders' Equity ($ in millions) Twelve months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2020 2020 2020 2019 2019 2019 2019 Return on common shareholders' equity Numerator: Net income applicable to common shareholders (1)(2) $ 4,570 $ 4,333 $ 3,930 $ 4,678 $ 2,386 $ 2,439 $ 2,296 Denominator: Beginning common shareholders' equity $ 23,088 $ 22,546 $ 21,488 $ 19,382 $ 21,356 $ 20,819 $ 20,970 Ending common shareholders' equity (3) 25,293 25,016 22,203 23,750 23,088 22,546 21,488 Average common shareholders' equity (4) $ 24,191 $ 23,781 $ 21,846 $ 21,566 $ 22,222 $ 21,683 $ 21,229 Return on common shareholders' equity 18.9 % 18.2 % 18.0 % 21.7 % 10.7 % 11.2 % 10.8 % Adjusted net income return on common shareholders' equity Numerator: Adjusted net income * (1) $ 3,863 $ 3,886 $ 3,841 $ 3,477 $ 3,009 $ 2,822 $ 2,797 Denominator: Beginning common shareholders' equity $ 23,088 $ 22,546 $ 21,488 $ 19,382 $ 21,356 $ 20,819 $ 20,970 Less: Unrealized net capital gains and losses 2,023 1,654 972 (2) (16) 54 187 Adjusted beginning common shareholders' equity 21,065 20,892 20,516 19,384 21,372 20,765 20,783 Ending common shareholders' equity 25,293 25,016 22,203 23,750 23,088 22,546 21,488 Less: Unrealized net capital gains and losses 2,744 2,602 530 1,887 2,023 1,654 972 Adjusted ending common shareholders' equity 22,549 22,414 21,673 21,863 21,065 20,892 20,516 Average adjusted common shareholders' equity (4) $ 21,807 $ 21,653 $ 21,095 $ 20,624 $ 21,219 $ 20,829 $ 20,650 Adjusted net income return on common shareholders' equity * 17.7 % 17.9 % 18.2 % 16.9 % 14.2 % 13.5 % 13.5 % (1) Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. (2) 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. (3) Excludes equity related to preferred stock of $1,970 million at 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. (4) Average common shareholders' equity and average adjusted common shareholders' equity are determined using a two-point average, with the beginning and ending common shareholders' equity and adjusted common shareholders' equity, respectively, for the twelve-month period as data points. The Allstate Corporation 3Q20 Supplement 7

The Allstate Corporation Debt to Capital Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, ($ in millions) 2020 2020 2020 2019 2019 2019 2019 Debt Short-term debt $ - $ - $ - $ - $ - $ - $ - Long-term debt 6,635 6,634 6,633 6,631 6,630 6,628 6,453 Total debt $ 6,635 $ 6,634 $ 6,633 $ 6,631 $ 6,630 $ 6,628 $ 6,453 Capital resources Debt $ 6,635 $ 6,634 $ 6,633 $ 6,631 $ 6,630 $ 6,628 $ 6,453 Shareholders' equity Preferred stock and additional capital paid-in 1,970 1,970 1,970 2,248 3,052 1,930 1,930 Common stock 9 9 9 9 9 9 9 Additional capital paid-in 3,453 3,541 3,519 3,463 3,511 3,477 3,291 Retained income 50,336 49,380 48,326 48,074 46,527 45,803 45,148 Deferred ESOP expense - - - - (3) (3) (3) Treasury stock (31,338) (30,542) (30,209) (29,746) (29,063) (28,500) (28,042) Unrealized net capital gains and losses 2,744 2,602 530 1,887 2,023 1,654 972 Unrealized foreign currency translation adjustments (64) (89) (98) (59) (50) (40) (44) Unamortized pension and other postretirement prior service credit 153 115 126 122 134 146 157 Total shareholders' equity 27,263 26,986 24,173 25,998 26,140 24,476 23,418 Total capital resources $ 33,898 $ 33,620 $ 30,806 $ 32,629 $ 32,770 $ 31,104 $ 29,871 Ratio of debt to shareholders' equity 24.3 % 24.6 % 27.4 % 25.5 % 25.4 % 27.1 % 27.6 % Ratio of debt to capital resources 19.6 % 19.7 % 21.5 % 20.3 % 20.2 % 21.3 % 21.6 % The Allstate Corporation 3Q20 Supplement 8

The Allstate Corporation Policies in Force and Other Statistics Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2020 2020 2020 2019 2019 2019 2019 Policies in force statistics (in thousands) (1) Allstate Protection Allstate brand Auto 21,900 21,978 21,826 21,913 21,882 21,849 21,693 Homeowners 6,414 6,391 6,360 6,359 6,341 6,322 6,296 Landlord 643 650 654 659 664 671 677 Renters 1,751 1,739 1,730 1,729 1,727 1,716 1,703 Condominium 705 688 676 676 673 671 668 Other 1,356 1,338 1,325 1,326 1,325 1,317 1,306 Other personal lines 4,455 4,415 4,385 4,390 4,389 4,375 4,354 Commercial lines 219 221 224 227 228 229 230 Total 32,988 33,005 32,795 32,889 32,840 32,775 32,573 Encompass brand Auto 460 473 485 493 496 497 499 Homeowners 220 225 230 234 235 236 237 Other personal lines 73 74 75 76 77 77 78 Total 753 772 790 803 808 810 814 Allstate Protection policies in force 33,741 33,777 33,585 33,692 33,648 33,585 33,387 Service Businesses Allstate Protection Plans 125,831 120,301 107,124 99,632 89,783 83,968 77,866 Allstate Dealer Services 4,075 4,101 4,096 4,205 4,224 4,253 4,294 Allstate Roadside Services 558 562 576 599 617 635 649 Allstate Identity Protection (2) 2,490 2,312 1,932 1,511 1,318 1,260 1,211 Total 132,954 127,276 113,728 105,947 95,942 90,116 84,020 Allstate Life 1,874 1,892 1,902 1,923 1,926 1,933 1,936 Allstate Benefits 4,092 4,410 4,309 4,183 4,287 4,296 4,322 Allstate Annuities 181 185 188 192 197 201 206 Total policies in force 172,842 167,540 153,712 145,937 136,000 130,131 123,871 Agency data (3) Total Allstate agencies (4) 12,500 12,600 12,700 12,900 12,800 12,700 12,700 Licensed sales professionals (5) 24,400 24,700 25,800 27,100 26,800 26,700 26,800 Allstate independent agencies 4,800 4,400 3,800 3,400 3,300 3,200 3,000 Encompass independent agencies 3,100 3,000 2,900 2,800 2,800 2,800 2,700 (1) Policy counts are based on items rather than customers. • A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy. • Commercial lines PIF for shared economy agreements typically reflect contracts that cover multiple drivers as opposed to individual drivers. • Non-proprietary products offered by Ivantage (insurance agency) and Answer Financial (independent insurance agency) are not included. • Allstate Roadside Services reflects memberships in force and do not include their wholesale partners as the customer relationship is managed by the wholesale partner. • Allstate Dealer Services reflects service contracts and other products sold in conjunction with auto lending and vehicle sales transactions and do not include their third party administrators ("TPAs") as the customer relationship is managed by the TPAs. • Allstate Protection Plans represents active consumer product protection plans. • Allstate Identity Protection reflects individual customer counts for identity protection products. • Allstate Life insurance policies and Allstate Annuities in force reflect the number of contracts in force excluding sold blocks of business that remain on the balance sheet due to the dispositions of the business being effected through reinsurance arrangements. • Allstate Benefits reflects certificate counts as opposed to group counts. (2) As of September 30, 2020, total customer counts included free services provided to 202 thousand Allstate Identity Protection subscribers for the remainder of 2020 as part of the continued support during the Coronavirus pandemic. (3) Rounded to the nearest hundred. (4) Total Allstate agencies represents exclusive Allstate agencies and financial representatives in the United States and employee producers in Canada. (5) Represents employees of Allstate agencies who are licensed to sell Allstate products. The Allstate Corporation 3Q20 Supplement 9

The Allstate Corporation Premiums Written for Allstate Protection and Service Businesses As of or for the ($ in millions) As of or for the three months ended nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept 30, Sept 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Allstate Protection Allstate brand (1) Auto $ 6,192 $ 6,054 $ 6,091 $ 5,931 $ 6,123 $ 5,940 $ 5,928 $ 18,337 $ 17,991 Homeowners 2,234 2,178 1,645 1,888 2,178 2,109 1,589 6,057 5,876 Landlord 141 137 125 135 141 134 124 403 399 Renters 94 82 73 72 89 80 71 249 240 Condominium 93 87 64 70 78 75 62 244 215 Other 193 201 151 158 187 191 144 545 522 Other personal lines 521 507 413 435 495 480 401 1,441 1,376 Commercial lines 188 170 221 243 238 236 185 579 659 Total 9,135 8,909 8,370 8,497 9,034 8,765 8,103 26,414 25,902 Encompass brand Auto 134 136 118 127 147 146 120 388 413 Homeowners 105 106 87 94 110 111 86 298 307 Other personal lines 21 21 17 19 21 21 18 59 60 Total 260 263 222 240 278 278 224 745 780 Total Allstate Protection Auto 6,326 6,190 6,209 6,058 6,270 6,086 6,048 18,725 18,404 Homeowners 2,339 2,284 1,732 1,982 2,288 2,220 1,675 6,355 6,183 Other personal lines 542 528 430 454 516 501 419 1,500 1,436 Commercial lines 188 170 221 243 238 236 185 579 659 Total 9,395 9,172 8,592 8,737 9,312 9,043 8,327 27,159 26,682 Discontinued Lines and Coverages - - - - - - - - - Total Property-Liability $ 9,395 $ 9,172 $ 8,592 $ 8,737 $ 9,312 $ 9,043 $ 8,327 $ 27,159 $ 26,682 Service Businesses (2) Allstate Protection Plans $ 300 $ 310 $ 221 $ 278 $ 181 $ 167 $ 206 $ 831 $ 554 Allstate Dealer Services 139 113 107 123 126 120 99 359 345 Allstate Roadside Services 46 44 51 52 57 63 63 141 183 Total 485 467 379 453 364 350 368 1,331 1,082 Total premiums written $ 9,880 $ 9,639 $ 8,971 $ 9,190 $ 9,676 $ 9,393 $ 8,695 $ 28,490 $ 27,764 Non-proprietary premiums Ivantage (3) $ 1,936 $ 1,926 $ 1,916 $ 1,901 $ 1,871 $ 1,840 $ 1,806 $ 1,936 $ 1,871 Answer Financial (4) 148 146 144 134 153 150 145 438 448 (1) Canada premiums included in Allstate brand Auto $ 335 $ 297 $ 239 $ 253 $ 291 $ 287 $ 205 $ 871 $ 783 Homeowners 97 97 67 79 93 87 58 261 238 Other personal lines 34 35 24 30 32 28 20 93 80 Total $ 466 $ 429 $ 330 $ 362 $ 416 $ 402 $ 283 $ 1,225 $ 1,101 (2) There are no premiums written for Arity or Allstate Identity Protection, which are part of the Service Businesses segment. Revenues for Arity and Allstate Identity Protection are primarily reported as intersegment service fees and other revenue. (3) Represents non-proprietary premiums under management as of the end of the period related to personal and commercial line products offered by Ivantage when an Allstate product is not available. Fees for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019 were $47 million, $44 million, $39 million, $41 million, $45 million, $45 million and $37 million, respectively. (4) Represents non-proprietary premiums written for the period. Commissions earned for the three and nine months ended September 30, 2020 were $17 million and $52 million, respectively. The Allstate Corporation 3Q20 Supplement 10

The Allstate Corporation Property-Liability Results ($ in millions, except ratios) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept 30, Sept 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Premiums written $ 9,395 $ 9,172 $ 8,592 $ 8,737 $ 9,312 $ 9,043 $ 8,327 $ 27,159 $ 26,682 Decrease (increase) in unearned premiums (470) (349) 370 129 (538) (384) 179 (449) (743) Other - 40 (81) 7 8 22 1 (41) 31 Premiums earned 8,952 8,863 8,881 8,873 8,782 8,681 8,507 26,696 25,970 Other revenue 192 182 181 180 195 190 176 555 561 Claims and claims expense (5,968) (5,139) (5,251) (5,660) (5,960) (6,272) (5,730) (16,358) (17,962) Shelter-in-Place Payback expense - (738) (210) - - - - (948) - Amortization of deferred policy acquisition costs (1,158) (1,149) (1,167) (1,155) (1,167) (1,163) (1,164) (3,474) (3,494) Operating costs and expenses (1,078) (1,107) (1,085) (1,175) (1,114) (1,060) (1,071) (3,270) (3,245) Restructuring and related charges (187) (8) (4) (12) 1 (9) (18) (199) (26) Impairment of purchased intangibles - - - (51) - - - - - Underwriting income (1) 753 904 1,345 1,000 737 367 700 3,002 1,804 Net investment income 422 178 202 323 448 471 291 802 1,210 Income tax expense on operations (240) (209) (303) (270) (236) (179) (202) (752) (617) Realized capital gains (losses), after-tax 230 299 (82) 437 127 204 393 447 724 Net income applicable to common shareholders $ 1,165 $ 1,172 $ 1,162 $ 1,490 $ 1,076 $ 863 $ 1,182 $ 3,499 $ 3,121 Catastrophe losses $ 990 $ 1,186 $ 211 $ 295 $ 510 $ 1,072 $ 680 $ 2,387 $ 2,262 Amortization of purchased intangibles $ 3 $ 3 $ 1 $ 1 $ 1 $ 1 $ 1 $ 7 $ 3 Operating ratios Loss ratio 66.7 58.0 59.1 63.8 67.9 72.3 67.4 61.3 69.2 Expense ratio (2) 24.9 31.8 25.8 24.9 23.7 23.5 24.4 27.5 23.9 Combined ratio 91.6 89.8 84.9 88.7 91.6 95.8 91.8 88.8 93.1 Loss ratio 66.7 58.0 59.1 63.8 67.9 72.3 67.4 61.3 69.2 Less: effect of catastrophe losses 11.1 13.4 2.4 3.3 5.8 12.3 8.0 8.9 8.7 effect of prior year non-catastrophe reserve reestimates 0.8 (0.4) 0.3 (0.1) (0.5) (0.9) (0.4) 0.3 (0.6) Underlying loss ratio * 54.8 45.0 56.4 60.6 62.6 60.9 59.8 52.1 61.1 Reconciliation of combined ratio to underlying combined ratio Combined ratio 91.6 89.8 84.9 88.7 91.6 95.8 91.8 88.8 93.1 Effect of catastrophe losses (11.1) (13.4) (2.4) (3.3) (5.8) (12.3) (8.0) (8.9) (8.7) Effect of prior year non-catastrophe reserve reestimates (0.8) 0.4 (0.3) 0.1 0.5 0.9 0.4 (0.3) 0.6 Effect of impairment of purchased intangibles - - - (0.6) - - - - - Underlying combined ratio * 79.7 76.8 82.2 84.9 86.3 84.4 84.2 79.6 85.0 Effect of restructuring and related charges on combined ratio 2.1 0.1 - 0.1 - 0.1 0.2 0.7 0.1 Effect of Discontinued Lines and Coverages on combined ratio 1.5 - 0.1 - 1.1 0.1 0.1 0.6 0.5 Effect of Shelter-in-Place Payback expense on combined and expense ratios - 8.3 2.4 - - - - 3.6 - (1) Underwriting income (loss) Allstate brand $ 843 $ 901 $ 1,333 $ 987 $ 852 $ 364 $ 705 $ 3,077 $ 1,921 Encompass brand 43 6 14 17 (15) 7 (2) 63 (10) Answer Financial 2 - 1 (1) (1) (1) - 3 (2) Total underwriting income for Allstate Protection 888 907 1,348 1,003 836 370 703 3,143 1,909 Discontinued Lines and Coverages (135) (3) (3) (3) (99) (3) (3) (141) (105) Total underwriting income for Property-Liability $ 753 $ 904 $ 1,345 $ 1,000 $ 737 $ 367 $ 700 $ 3,002 $ 1,804 (2) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q20 Supplement 11

The Allstate Corporation Property-Liability Catastrophe Losses ($ in millions, except ratios) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Allstate Protection (1) Allstate brand Auto $ 99 $ 131 $ 13 $ 4 $ 139 $ 189 $ 71 $ 243 $ 399 Homeowners 808 901 172 255 299 796 514 1,881 1,609 Other personal lines 66 86 12 19 23 57 64 164 144 Commercial lines 12 9 2 5 2 4 1 23 7 Total 985 1,127 199 283 463 1,046 650 2,311 2,159 Encompass brand Auto 3 4 - - 4 3 3 7 10 Homeowners 3 52 11 12 41 22 25 66 88 Other personal lines (1) 3 1 - 2 1 2 3 5 Total 5 59 12 12 47 26 30 76 103 Allstate Protection Auto 102 135 13 4 143 192 74 250 409 Homeowners 811 953 183 267 340 818 539 1,947 1,697 Other personal lines 65 89 13 19 25 58 66 167 149 Commercial lines 12 9 2 5 2 4 1 23 7 Total 990 1,186 211 295 510 1,072 680 2,387 2,262 Discontinued Lines and Coverages - - - - - - - - - Total Property-Liability $ 990 $ 1,186 $ 211 $ 295 $ 510 $ 1,072 $ 680 $ 2,387 $ 2,262 Effect of catastrophe losses on combined ratio (2) Allstate Protection Auto 1.2 1.5 0.2 - 1.6 2.2 0.9 0.9 1.6 Homeowners 9.1 10.8 2.1 3.0 3.9 9.4 6.3 7.3 6.5 Other personal lines 0.7 1.0 0.1 0.2 0.3 0.7 0.8 0.6 0.6 Commercial lines 0.1 0.1 - 0.1 - - - 0.1 - Total 11.1 13.4 2.4 3.3 5.8 12.3 8.0 8.9 8.7 10-year average effect of catastrophe losses on combined ratio 7.4 14.4 6.1 5.9 6.9 14.0 6.8 8.4 8.5 (1) Includes $452 million for Allstate brand and $43 million for Encompass of favorable reserve reestimates for the three months ended September 30, 2020, related to the PG&E Corporation and Southern California Edison subrogation settlements, which primarily impacted homeowners. (2) Calculated using the total premiums earned for Allstate Protection for the respective period. Discontinued Lines and Coverages does not have premiums earned. The Allstate Corporation 3Q20 Supplement 12

The Allstate Corporation Property-Liability Prior Year Reserve Reestimates ($ in millions, except ratios) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Prior year reserve reestimates (1) Allstate Protection (2) Allstate brand Auto $ (61) $ (53) $ 12 $ (12) $ (152) $ (95) $ (54) $ (102) $ (301) Homeowners (418) 23 (6) 6 (1) - 45 (401) 44 Other personal lines (52) (2) (4) (9) 10 (1) 10 (58) 19 Commercial lines 2 21 6 - - 13 4 29 17 Total (529) (11) 8 (15) (143) (83) 5 (532) (221) Encompass brand Auto 1 (1) 1 - (1) (9) - 1 (10) Homeowners (38) - (1) - 3 4 8 (39) 15 Other personal lines (6) - (2) - (1) 2 (3) (8) (2) Total (43) (1) (2) - 1 (3) 5 (46) 3 Total Allstate Protection Auto (60) (54) 13 (12) (153) (104) (54) (101) (311) Homeowners (456) 23 (7) 6 2 4 53 (440) 59 Other personal lines (58) (2) (6) (9) 9 1 7 (66) 17 Commercial lines 2 21 6 - - 13 4 29 17 Total (572) (12) 6 (15) (142) (86) 10 (578) (218) Discontinued Lines and Coverages 135 2 2 2 98 3 2 139 103 Total Property-Liability $ (437) $ (10) $ 8 $ (13) $ (44) $ (83) $ 12 $ (439) $ (115) Effect of prior year reserve reestimates on combined ratio (1)(3) Allstate Protection Auto (0.7) (0.6) 0.2 (0.2) (1.7) (1.2) (0.6) (0.4) (1.2) Homeowners (5.1) 0.3 (0.1) 0.1 - - 0.6 (1.7) 0.2 Other personal lines (0.6) - (0.1) (0.1) 0.1 - 0.1 (0.2) 0.1 Commercial lines - 0.2 0.1 - - 0.2 - 0.1 - Total (6.4) (0.1) 0.1 (0.2) (1.6) (1.0) 0.1 (2.2) (0.9) Discontinued Lines and Coverages 1.5 - - - 1.1 0.1 0.1 0.6 0.5 Total Property-Liability (4.9) (0.1) 0.1 (0.2) (0.5) (0.9) 0.2 (1.6) (0.4) Allstate Protection by brand Allstate brand (5.9) (0.1) 0.1 (0.2) (1.6) (1.0) - (2.0) (0.9) Encompass brand (0.5) - - - - - 0.1 (0.2) - Total (6.4) (0.1) 0.1 (0.2) (1.6) (1.0) 0.1 (2.2) (0.9) (1) Favorable reserve reestimates are shown in parentheses. (2) Includes $452 million for Allstate brand and $43 million for Encompass of favorable reserve reestimates for the three months ended September 30, 2020, related to the PG&E Corporation and Southern California Edison subrogation settlements, which primarily impacted homeowners. (3) Calculated using the total premiums earned for Allstate Protection for the respective period. Discontinued Lines and Coverages does not have premiums earned. The Allstate Corporation 3Q20 Supplement 13

The Allstate Corporation Property-Liability Catastrophe Losses included in Prior Year Reserve Reestimates ($ in millions, except ratios) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Allstate Protection (1)(2) Allstate brand Auto $ (25) $ (6) $ (8) $ (8) $ (2) $ (6) $ (1) $ (39) $ (9) Homeowners (400) 27 (7) 8 (1) 7 42 (380) 48 Other personal lines (37) 2 (4) (4) (1) (3) 9 (39) 5 Commercial lines (2) 2 1 - (1) 1 (1) 1 (1) Total (464) 25 (18) (4) (5) (1) 49 (457) 43 Encompass brand Auto (1) - (1) - - - - (2) - Homeowners (40) - (1) (1) 3 4 4 (41) 11 Other personal lines (2) - - - (1) - - (2) (1) Total (43) - (2) (1) 2 4 4 (45) 10 Total Allstate Protection Auto (26) (6) (9) (8) (2) (6) (1) (41) (9) Homeowners (440) 27 (8) 7 2 11 46 (421) 59 Other personal lines (39) 2 (4) (4) (2) (3) 9 (41) 4 Commercial lines (2) 2 1 - (1) 1 (1) 1 (1) Total (507) 25 (20) (5) (3) 3 53 (502) 53 Discontinued Lines and Coverages - - - - - - - - - Total Property-Liability $ (507) $ 25 $ (20) $ (5) $ (3) $ 3 $ 53 $ (502) $ 53 Effect of catastrophe losses included in prior year reserve reestimates on combined ratio (1)(3) Allstate Protection Auto (0.3) - (0.1) (0.1) - (0.1) - (0.2) - Homeowners (4.9) 0.3 (0.1) 0.1 - 0.1 0.5 (1.6) 0.2 Other personal lines (0.5) - - (0.1) - - 0.1 (0.1) - Commercial lines - - - - - - - - - Total (5.7) 0.3 (0.2) (0.1) - - 0.6 (1.9) 0.2 Allstate Protection by brand Allstate brand (5.2) 0.3 (0.2) (0.1) - - 0.6 (1.7) 0.2 Encompass brand (0.5) - - - - - - (0.2) - Total (5.7) 0.3 (0.2) (0.1) - - 0.6 (1.9) 0.2 (1) Favorable reserve reestimates are shown in parentheses. (2) Includes $452 million for Allstate brand and $43 million for Encompass of favorable reserve reestimates for the three months ended September 30, 2020, related to the PG&E Corporation and Southern California Edison subrogation settlements, which primarily impacted homeowners. (3) Calculated using the total premiums earned for Allstate Protection for the respective period. Discontinued Lines and Coverages does not have premiums earned or catastrophe losses. The Allstate Corporation 3Q20 Supplement 14

The Allstate Corporation Allstate Brand Profitability Measures ($ in millions, except ratios) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Net premiums written $ 9,135 $ 8,909 $ 8,370 $ 8,497 $ 9,034 $ 8,765 $ 8,103 $ 26,414 $ 25,902 Net premiums earned Auto $ 6,081 $ 6,037 $ 6,020 $ 6,009 $ 5,944 $ 5,900 $ 5,796 $ 18,138 $ 17,640 Homeowners 1,974 1,955 1,936 1,922 1,896 1,859 1,836 5,865 5,591 Other personal lines 466 459 451 451 449 442 439 1,376 1,330 Commercial lines 183 159 218 237 236 226 183 560 645 Total $ 8,704 $ 8,610 $ 8,625 $ 8,619 $ 8,525 $ 8,427 $ 8,254 $ 25,939 $ 25,206 Other revenue Auto $ 75 $ 71 $ 81 $ 78 $ 80 $ 77 $ 77 $ 227 $ 234 Homeowners 10 11 11 11 12 11 11 32 34 Other personal lines 40 35 29 31 37 35 28 104 100 Commercial lines 1 2 1 2 1 2 1 4 4 Other business lines 47 45 40 42 46 46 38 132 130 Total $ 173 $ 164 $ 162 $ 164 $ 176 $ 171 $ 155 $ 499 $ 502 Incurred losses Auto $ 3,631 $ 2,914 $ 3,737 $ 4,117 $ 4,093 $ 4,085 $ 3,852 $ 10,282 $ 12,030 Homeowners 1,625 1,651 940 974 1,102 1,539 1,269 4,216 3,910 Other personal lines 301 293 244 227 277 282 294 838 853 Commercial lines 153 125 171 185 197 196 139 449 532 Total $ 5,710 $ 4,983 $ 5,092 $ 5,503 $ 5,669 $ 6,102 $ 5,554 $ 15,785 $ 17,325 Expenses Auto $ 1,628 $ 2,228 $ 1,705 $ 1,616 $ 1,511 $ 1,497 $ 1,510 $ 5,561 $ 4,518 Homeowners 452 433 440 465 444 421 432 1,325 1,297 Other personal lines 171 153 148 159 156 147 143 472 446 Commercial lines 45 47 43 41 39 39 38 135 116 Other business lines 28 29 26 12 30 28 27 83 85 Total $ 2,324 $ 2,890 $ 2,362 $ 2,293 $ 2,180 $ 2,132 $ 2,150 $ 7,576 $ 6,462 Underwriting income (loss) Auto $ 897 $ 966 $ 659 $ 354 $ 420 $ 395 $ 511 $ 2,522 $ 1,326 Homeowners (93) (118) 567 494 362 (90) 146 356 418 Other personal lines 34 48 88 96 53 48 30 170 131 Commercial lines (14) (11) 5 13 1 (7) 7 (20) 1 Other business lines (1) 19 16 14 30 16 18 11 49 45 Total $ 843 $ 901 $ 1,333 $ 987 $ 852 $ 364 $ 705 $ 3,077 $ 1,921 Loss ratio 65.6 57.9 59.0 63.8 66.5 72.4 67.3 60.8 68.7 Expense ratio (2) 24.7 31.6 25.5 24.7 23.5 23.3 24.2 27.3 23.7 Combined ratio 90.3 89.5 84.5 88.5 90.0 95.7 91.5 88.1 92.4 Loss ratio 65.6 57.9 59.0 63.8 66.5 72.4 67.3 60.8 68.7 Less: effect of catastrophe losses 11.3 13.1 2.3 3.3 5.4 12.4 7.9 8.9 8.6 effect of prior year non-catastrophe reserve reestimates (0.7) (0.4) 0.3 (0.2) (1.6) (0.9) (0.5) (0.3) (1.1) Underlying loss ratio * 55.0 45.2 56.4 60.7 62.7 60.9 59.9 52.2 61.2 Reconciliation of combined ratio to underlying combined ratio Combined ratio 90.3 89.5 84.5 88.5 90.0 95.7 91.5 88.1 92.4 Effect of catastrophe losses (11.3) (13.1) (2.3) (3.3) (5.4) (12.4) (7.9) (8.9) (8.6) Effect of prior year non-catastrophe reserve reestimates 0.7 0.4 (0.3) 0.2 1.6 0.9 0.5 0.3 1.1 Effect of impairment of purchased intangibles - - - (0.6) - - - - - Underlying combined ratio * 79.7 76.8 81.9 84.8 86.2 84.2 84.1 79.5 84.9 Effect of prior year reserve reestimates on combined ratio (6.1) (0.1) 0.1 (0.2) (1.7) (0.9) 0.1 (2.1) (0.9) Effect of advertising expenses on combined ratio 2.3 2.4 2.3 3.0 2.4 2.3 2.3 2.4 2.3 Effect of Shelter-in-Place Payback expense on combined and expense ratios - 8.4 2.4 - - - - 3.6 - (1) Other business lines primarily represent commissions earned and other costs and expenses for Ivantage. (2) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q20 Supplement 15

The Allstate Corporation Allstate Brand Statistics (1) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 New issued applications (in thousands) (2) Auto 888 868 881 813 902 900 920 2,637 2,722 Homeowners 247 230 204 202 235 236 204 681 675 Average premium - gross written ($) (3) Auto 621 612 616 612 607 598 596 616 600 Homeowners 1,334 1,324 1,310 1,300 1,304 1,292 1,263 1,324 1,288 Annualized average premium - net earned ($) (4) Auto 1,111 1,099 1,103 1,097 1,087 1,080 1,069 1,104 1,075 Homeowners 1,231 1,224 1,218 1,209 1,196 1,176 1,166 1,219 1,176 Average underlying loss (incurred pure premium) and expense * ($) (5) Auto 935 908 976 1,022 1,012 989 972 940 988 Homeowners 795 737 753 739 779 734 745 758 750 Renewal ratio (%) (6) Auto 87.9 87.6 87.4 87.5 87.9 88.3 88.2 87.6 88.2 Homeowners 87.8 87.3 87.6 88.1 88.4 88.1 88.3 87.6 88.3 Total brand rate changes (%) (7) Auto - 0.2 0.5 0.8 0.6 1.0 0.6 0.7 2.2 Homeowners 0.5 0.1 1.2 0.7 0.3 0.2 2.1 1.8 2.6 Auto property damage (% change year-over-year) Gross claim frequency (8) (28.6) (46.4) (12.2) (1.8) 2.6 (0.3) (0.9) (29.2) 0.5 Paid claim severity (9) 7.9 20.4 8.1 6.2 5.3 8.7 5.7 11.5 6.5 Homeowners excluding catastrophe losses (% change year-over-year) Gross claim frequency (8) 3.5 (8.6) (13.2) (11.1) (8.8) (2.9) - (5.9) (4.1) Paid claim severity (9) 3.3 9.5 15.9 22.9 13.4 11.7 0.7 9.1 8.8 (1) Statistics presented for Allstate brand exclude excess and surplus lines. (2) New issued applications: Item counts of automobiles or homeowners insurance applications for insurance policies that were issued during the period, regardless of whether the customer was previously insured by another Allstate Protection brand. Allstate brand includes automobiles added by existing customers when they exceed the number allowed (currently 10) on a policy. (3) Average premium - gross written: Gross premiums written divided by issued item count. Gross premiums written include the impacts from discounts, surcharges and ceded reinsurance premiums and exclude the impacts from mid-term premium adjustments and premium refund accruals. Average premiums represent the appropriate policy term for each line, which is 6 months for auto and 12 months for homeowners. (4) Annualized average premium is calculated by annualizing net earned premium reported in the quarter and year-to-date divided by policies in force at quarter end. (5) Average underlying loss (incurred pure premium) and expense is calculated as the underlying combined ratio multiplied by the annualized average premium. (6) 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. (7) 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 of discounts and surcharges that result in no change in the overall rate level in a location. (8) 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. (9) Paid claim severity is calculated by dividing the sum of paid losses and loss expenses by claims closed with a payment during the period. The percent change in paid claim severity is calculated as the amount of increase or decrease in paid claim severity in the current period compared to the same period in the prior year; divided by the prior year paid claims severity. The Allstate Corporation 3Q20 Supplement 16

The Allstate Corporation Encompass Brand Profitability Measures and Statistics As of or for the ($ in millions, except ratios) As of or for the three months ended nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Net premiums written $ 260 $ 263 $ 222 $ 240 $ 278 $ 278 $ 224 $ 745 $ 780 Net premiums earned Auto $ 129 $ 135 $ 135 $ 134 $ 136 $ 135 $ 134 $ 399 $ 405 Homeowners 99 99 101 100 101 99 99 299 299 Other personal lines 20 19 20 20 20 20 20 59 60 Total $ 248 $ 253 $ 256 $ 254 $ 257 $ 254 $ 253 $ 757 $ 764 Other revenue Auto $ 1 $ - $ 1 $ - $ 2 $ - $ 1 $ 2 $ 3 Homeowners - 1 - 1 - 1 - 1 1 Total $ 1 $ 1 $ 1 $ 1 $ 2 $ 1 $ 1 $ 3 $ 4 Incurred losses Auto $ 77 $ 46 $ 90 $ 88 $ 94 $ 87 $ 91 $ 213 $ 272 Homeowners 41 90 55 52 82 66 72 186 220 Other personal lines 5 18 12 15 17 14 11 35 42 Total $ 123 $ 154 $ 157 $ 155 $ 193 $ 167 $ 174 $ 434 $ 534 Expenses Auto $ 44 $ 57 $ 48 $ 44 $ 43 $ 42 $ 45 $ 149 $ 130 Homeowners 32 31 32 32 32 32 31 95 95 Other personal lines 7 6 6 7 6 7 6 19 19 Total $ 83 $ 94 $ 86 $ 83 $ 81 $ 81 $ 82 $ 263 $ 244 Underwriting income (loss) Auto $ 9 $ 32 $ (2) $ 2 $ 1 $ 6 $ (1) $ 39 $ 6 Homeowners 26 (21) 14 17 (13) 2 (4) 19 (15) Other personal lines 8 (5) 2 (2) (3) (1) 3 5 (1) Total $ 43 $ 6 $ 14 $ 17 $ (15) $ 7 $ (2) $ 63 $ (10) Loss ratio 49.6 60.9 61.3 61.0 75.1 65.7 68.8 57.3 69.9 Expense ratio (1) 33.1 36.7 33.2 32.3 30.7 31.5 32.0 34.4 31.4 Combined ratio 82.7 97.6 94.5 93.3 105.8 97.2 100.8 91.7 101.3 Loss ratio 49.6 60.9 61.3 61.0 75.1 65.7 68.8 57.3 69.9 Less: effect of catastrophe losses 2.1 23.3 4.7 4.7 18.3 10.2 11.9 10.0 13.5 effect of prior year non-catastrophe reserve reestimates - (0.4) - 0.4 (0.4) (2.8) 0.4 (0.1) (0.9) Underlying loss ratio * 47.5 38.0 56.6 55.9 57.2 58.3 56.5 47.4 57.3 Reconciliation of combined ratio to underlying combined ratio Combined ratio 82.7 97.6 94.5 93.3 105.8 97.2 100.8 91.7 101.3 Effect of catastrophe losses (2.1) (23.3) (4.7) (4.7) (18.3) (10.2) (11.9) (10.0) (13.5) Effect of prior year non-catastrophe reserve reestimates - 0.4 - (0.4) 0.4 2.8 (0.4) 0.1 0.9 Underlying combined ratio * 80.6 74.7 89.8 88.2 87.9 89.8 88.5 81.8 88.7 Effect of prior year reserve reestimates on combined ratio (17.3) (0.4) (0.8) - 0.4 (1.2) 2.0 (6.1) 0.4 Effect of Shelter-in-Place Payback expense on combined and expense ratios - 6.3 2.0 - - - - 2.8 - Policies in force (in thousands) Auto 460 473 485 493 496 497 499 460 496 Homeowners 220 225 230 234 235 236 237 220 235 Other personal lines 73 74 75 76 77 77 78 73 77 753 772 790 803 808 810 814 753 808 New issued applications (in thousands) Auto 14 14 16 19 21 22 20 44 63 Homeowners 9 8 8 9 12 12 9 25 33 Average premium - gross written ($) Auto (12-month policy) 1,142 1,166 1,162 1,134 1,137 1,130 1,134 1,156 1,134 Homeowners (12-month policy) 1,902 1,901 1,880 1,823 1,807 1,782 1,768 1,895 1,787 Renewal ratio (%) Auto 76.7 76.5 77.5 77.8 78.9 78.1 77.7 76.9 78.3 Homeowners 80.7 80.5 81.9 82.1 83.0 82.5 82.1 81.0 82.6 (1) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q20 Supplement 17

The Allstate Corporation Auto Profitability Measures by Brand ($ in millions, except ratios) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Allstate brand auto Net premiums written $ 6,192 $ 6,054 $ 6,091 $ 5,931 $ 6,123 $ 5,940 $ 5,928 $ 18,337 $ 17,991 Net premiums earned $ 6,081 $ 6,037 $ 6,020 $ 6,009 $ 5,944 $ 5,900 $ 5,796 $ 18,138 $ 17,640 Other revenue 75 71 81 78 80 77 77 227 234 Incurred losses (3,631) (2,914) (3,737) (4,117) (4,093) (4,085) (3,852) (10,282) (12,030) Expenses (1,628) (2,228) (1,705) (1,616) (1,511) (1,497) (1,510) (5,561) (4,518) Underwriting income $ 897 $ 966 $ 659 $ 354 $ 420 $ 395 $ 511 $ 2,522 $ 1,326 Loss ratio 59.7 48.3 62.1 68.5 68.8 69.2 66.5 56.7 68.2 Less: effect of catastrophe losses 1.6 2.2 0.2 0.1 2.3 3.2 1.2 1.3 2.3 effect of prior year non-catastrophe reserve reestimates (0.6) (0.8) 0.4 - (2.5) (1.5) (0.9) (0.3) (1.7) Underlying loss ratio * 58.7 46.9 61.5 68.4 69.0 67.5 66.2 55.7 67.6 Expense ratio (1) 25.5 35.7 27.0 25.6 24.1 24.1 24.7 29.4 24.3 Combined ratio 85.2 84.0 89.1 94.1 92.9 93.3 91.2 86.1 92.5 Effect of catastrophe losses (1.6) (2.2) (0.2) (0.1) (2.3) (3.2) (1.2) (1.3) (2.3) Effect of prior year non-catastrophe reserve reestimates 0.6 0.8 (0.4) - 2.5 1.5 0.9 0.3 1.7 Effect of impairment of purchased intangibles - - - (0.8) - - - - - Underlying combined ratio * 84.2 82.6 88.5 93.2 93.1 91.6 90.9 85.1 91.9 Effect of Shelter-in-Place Payback expense on combined and expense ratios - 11.9 3.4 - - - - 5.1 - Encompass brand auto Net premiums written $ 134 $ 136 $ 118 $ 127 $ 147 $ 146 $ 120 $ 388 $ 413 Net premiums earned $ 129 $ 135 $ 135 $ 134 $ 136 $ 135 $ 134 $ 399 $ 405 Other revenue 1 - 1 - 2 - 1 2 3 Incurred losses (77) (46) (90) (88) (94) (87) (91) (213) (272) Expenses (44) (57) (48) (44) (43) (42) (45) (149) (130) Underwriting income (loss) $ 9 $ 32 $ (2) $ 2 $ 1 $ 6 $ (1) $ 39 $ 6 Loss ratio 59.7 34.1 66.7 65.7 69.1 64.5 67.9 53.4 67.2 Less: effect of catastrophe losses 2.3 3.0 - - 2.9 2.2 2.2 1.8 2.5 effect of prior year non-catastrophe reserve reestimates 1.6 (0.8) 1.5 - (0.7) (6.6) - 0.7 (2.5) Underlying loss ratio * 55.8 31.9 65.2 65.7 66.9 68.9 65.7 50.9 67.2 Expense ratio (1) 33.3 42.2 34.8 32.8 30.2 31.1 32.8 36.8 31.3 Combined ratio 93.0 76.3 101.5 98.5 99.3 95.6 100.7 90.2 98.5 Effect of catastrophe losses (2.3) (3.0) - - (2.9) (2.2) (2.2) (1.8) (2.5) Effect of prior year non-catastrophe reserve reestimates (1.6) 0.8 (1.5) - 0.7 6.6 - (0.7) 2.5 Underlying combined ratio * 89.1 74.1 100.0 98.5 97.1 100.0 98.5 87.7 98.5 Effect of Shelter-in-Place Payback expense on combined and expense ratios - 11.9 3.7 - - - - 5.3 - (1) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q20 Supplement 18

The Allstate Corporation Homeowners Profitability Measures by Brand ($ in millions, except ratios) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Allstate brand homeowners Net premiums written $ 2,234 $ 2,178 $ 1,645 $ 1,888 $ 2,178 $ 2,109 $ 1,589 $ 6,057 $ 5,876 Net premiums earned $ 1,974 $ 1,955 $ 1,936 $ 1,922 $ 1,896 $ 1,859 $ 1,836 $ 5,865 $ 5,591 Other revenue 10 11 11 11 12 11 11 32 34 Incurred losses (1,625) (1,651) (940) (974) (1,102) (1,539) (1,269) (4,216) (3,910) Expenses (452) (433) (440) (465) (444) (421) (432) (1,325) (1,297) Underwriting income (loss) $ (93) $ (118) $ 567 $ 494 $ 362 $ (90) $ 146 $ 356 $ 418 Loss ratio 82.3 84.4 48.5 50.7 58.1 82.8 69.1 71.9 69.9 Less: effect of catastrophe losses 40.9 46.1 8.9 13.3 15.8 42.8 28.0 32.1 28.8 effect of prior year non-catastrophe reserve reestimates (0.9) (0.3) - (0.1) - (0.4) 0.1 (0.4) (0.1) Underlying loss ratio * 42.3 38.6 39.6 37.5 42.3 40.4 41.0 40.2 41.2 Expense ratio (1) 22.4 21.6 22.2 23.6 22.8 22.0 22.9 22.0 22.6 Combined ratio 104.7 106.0 70.7 74.3 80.9 104.8 92.0 93.9 92.5 Effect of catastrophe losses (40.9) (46.1) (8.9) (13.3) (15.8) (42.8) (28.0) (32.1) (28.8) Effect of prior year non-catastrophe reserve reestimates 0.9 0.3 - 0.1 - 0.4 (0.1) 0.4 0.1 Effect of amortization of purchased intangibles (0.1) - - - - - - - - Underlying combined ratio * 64.6 60.2 61.8 61.1 65.1 62.4 63.9 62.2 63.8 Encompass brand homeowners Net premiums written $ 105 $ 106 $ 87 $ 94 $ 110 $ 111 $ 86 $ 298 $ 307 Net premiums earned $ 99 $ 99 $ 101 $ 100 $ 101 $ 99 $ 99 $ 299 $ 299 Other revenue - 1 - 1 - 1 - 1 1 Incurred losses (41) (90) (55) (52) (82) (66) (72) (186) (220) Expenses (32) (31) (32) (32) (32) (32) (31) (95) (95) Underwriting income (loss) $ 26 $ (21) $ 14 $ 17 $ (13) $ 2 $ (4) $ 19 $ (15) Loss ratio 41.4 90.9 54.4 52.0 81.2 66.7 72.7 62.2 73.6 Less: effect of catastrophe losses 3.0 52.5 10.9 12.0 40.6 22.2 25.3 22.1 29.4 effect of prior year non-catastrophe reserve reestimates 2.0 - - 1.0 - - 4.0 0.6 1.4 Underlying loss ratio * 36.4 38.4 43.5 39.0 40.6 44.5 43.4 39.5 42.8 Expense ratio (1) 32.3 30.3 31.7 31.0 31.7 31.3 31.3 31.4 31.4 Combined ratio 73.7 121.2 86.1 83.0 112.9 98.0 104.0 93.6 105.0 Effect of catastrophe losses (3.0) (52.5) (10.9) (12.0) (40.6) (22.2) (25.3) (22.1) (29.4) Effect of prior year non-catastrophe reserve reestimates (2.0) - - (1.0) - - (4.0) (0.6) (1.4) Underlying combined ratio * 68.7 68.7 75.2 70.0 72.3 75.8 74.7 70.9 74.2 (1) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q20 Supplement 19

The Allstate Corporation Other Personal Lines Profitability Measures by Brand (1) ($ in millions, except ratios) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Allstate brand other personal lines Net premiums written $ 521 $ 507 $ 413 $ 435 $ 495 $ 480 $ 401 $ 1,441 $ 1,376 Net premiums earned $ 466 $ 459 $ 451 $ 451 $ 449 $ 442 $ 439 $ 1,376 $ 1,330 Other revenue 40 35 29 31 37 35 28 104 100 Incurred losses (301) (293) (244) (227) (277) (282) (294) (838) (853) Expenses (171) (153) (148) (159) (156) (147) (143) (472) (446) Underwriting income $ 34 $ 48 $ 88 $ 96 $ 53 $ 48 $ 30 $ 170 $ 131 Loss ratio 64.6 63.8 54.1 50.3 61.7 63.8 67.0 60.9 64.2 Less: effect of catastrophe losses 14.2 18.7 2.7 4.2 5.1 12.9 14.6 11.9 10.8 effect of prior year non-catastrophe reserve reestimates (3.3) (0.9) - (1.1) 2.5 0.4 0.2 (1.4) 1.1 Underlying loss ratio * 53.7 46.0 51.4 47.2 54.1 50.5 52.2 50.4 52.3 Expense ratio (2) 28.1 25.7 26.4 28.4 26.5 25.3 26.2 26.7 26.0 Combined ratio 92.7 89.5 80.5 78.7 88.2 89.1 93.2 87.6 90.2 Effect of catastrophe losses (14.2) (18.7) (2.7) (4.2) (5.1) (12.9) (14.6) (11.9) (10.8) Effect of prior year non-catastrophe reserve reestimates 3.3 0.9 - 1.1 (2.5) (0.4) (0.2) 1.4 (1.1) Underlying combined ratio * 81.8 71.7 77.8 75.6 80.6 75.8 78.4 77.1 78.3 Encompass brand other personal lines Net premiums written $ 21 $ 21 $ 17 $ 19 $ 21 $ 21 $ 18 $ 59 $ 60 Net premiums earned $ 20 $ 19 $ 20 $ 20 $ 20 $ 20 $ 20 $ 59 $ 60 Incurred losses (5) (18) (12) (15) (17) (14) (11) (35) (42) Expenses (7) (6) (6) (7) (6) (7) (6) (19) (19) Underwriting income (loss) $ 8 $ (5) $ 2 $ (2) $ (3) $ (1) $ 3 $ 5 $ (1) Loss ratio 25.0 94.7 60.0 75.0 85.0 70.0 55.0 59.3 70.0 Less: effect of catastrophe losses (5.0) 15.8 5.0 - 10.0 5.0 10.0 5.1 8.3 effect of prior year non-catastrophe reserve reestimates (20.0) - (10.0) - - 10.0 (15.0) (10.2) (1.6) Underlying loss ratio * 50.0 78.9 65.0 75.0 75.0 55.0 60.0 64.4 63.3 Expense ratio (2) 35.0 31.6 30.0 35.0 30.0 35.0 30.0 32.2 31.7 Combined ratio 60.0 126.3 90.0 110.0 115.0 105.0 85.0 91.5 101.7 Effect of catastrophe losses 5.0 (15.8) (5.0) - (10.0) (5.0) (10.0) (5.1) (8.3) Effect of prior year non-catastrophe reserve reestimates 20.0 - 10.0 - - (10.0) 15.0 10.2 1.6 Underlying combined ratio * 85.0 110.5 95.0 110.0 105.0 90.0 90.0 96.6 95.0 (1) Other personal lines include renters, condominium, landlord and other personal lines products in Allstate Protection. (2) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q20 Supplement 20

The Allstate Corporation Commercial Lines Profitability Measures (1) ($ in millions, except ratios) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Net premiums written $ 188 $ 170 $ 221 $ 243 $ 238 $ 236 $ 185 $ 579 $ 659 Net premiums earned $ 183 $ 159 $ 218 $ 237 $ 236 $ 226 $ 183 $ 560 $ 645 Other revenue 1 2 1 2 1 2 1 4 4 Incurred losses (153) (125) (171) (185) (197) (196) (139) (449) (532) Expenses (45) (47) (43) (41) (39) (39) (38) (135) (116) Underwriting income (loss) $ (14) $ (11) $ 5 $ 13 $ 1 $ (7) $ 7 $ (20) $ 1 Loss ratio 83.6 78.6 78.4 78.1 83.5 86.7 76.0 80.2 82.5 Expense ratio (2) 24.1 28.3 19.3 16.4 16.1 16.4 20.2 23.4 17.3 Combined ratio 107.7 106.9 97.7 94.5 99.6 103.1 96.2 103.6 99.8 Reconciliation of combined ratio to underlying combined ratio Combined ratio 107.7 106.9 97.7 94.5 99.6 103.1 96.2 103.6 99.8 Effect of catastrophe losses (6.6) (5.7) (0.9) (2.1) (0.9) (1.8) (0.5) (4.1) (1.0) Effect of prior year non-catastrophe reserve reestimates (2.2) (11.9) (2.3) - (0.4) (5.3) (2.8) (5.0) (2.8) Underlying combined ratio * 98.9 89.3 94.5 92.4 98.3 96.0 92.9 94.5 96.0 Effect of prior year reserve reestimates on combined ratio 1.1 13.2 2.8 - - 5.7 2.2 5.2 2.6 Effect of catastrophe losses included in prior year reserve reestimates on combined ratio (1.1) 1.3 0.5 - (0.4) 0.4 (0.6) 0.2 (0.2) Effect of Shelter-in-Place Payback expense on combined and expense ratios - 2.5 - - - - - 0.7 - (1) Commercial lines are all Allstate brand products and includes our shared economy business. (2) Other revenue is deducted from other costs and expenses in the expense ratio calculation. The Allstate Corporation 3Q20 Supplement 21

The Allstate Corporation Discontinued Lines and Coverages Reserves ($ in millions) Three months ended Twelve months ended December 31, Sept. 30, June 30, March 31, (net of reinsurance) 2020 2020 2020 2019 2018 2017 2016 2015 Asbestos Beginning reserves $ 779 $ 790 $ 810 $ 866 $ 884 $ 912 $ 960 $ 1,014 Incurred claims and claims expense 78 - - 28 44 61 67 39 Claims and claims expense paid (13) (11) (20) (84) (62) (89) (115) (93) Ending reserves $ 844 $ 779 $ 790 $ 810 $ 866 $ 884 $ 912 $ 960 Claims and claims expense paid as a percent of ending reserves 1.5 % 1.4 % 2.5 % 10.4 % 7.2 % 10.1 % 12.6 % 9.7 % Environmental Beginning reserves $ 171 $ 175 $ 179 $ 170 $ 166 $ 179 $ 179 $ 203 Incurred claims and claims expense 44 - - 36 20 10 23 1 Claims and claims expense paid (5) (4) (4) (27) (16) (23) (23) (25) Ending reserves $ 210 $ 171 $ 175 $ 179 $ 170 $ 166 $ 179 $ 179 Claims and claims expense paid as a percent of ending reserves 2.4 % 2.3 % 2.3 % 15.1 % 9.4 % 13.9 % 12.8 % 14.0 % Other (1) Beginning reserves $ 370 $ 370 $ 376 $ 355 $ 357 $ 354 $ 377 $ 395 Incurred claims and claims expense 13 2 2 41 23 25 15 13 Claims and claims expense paid (5) (2) (8) (20) (25) (22) (38) (31) Ending reserves $ 378 $ 370 $ 370 $ 376 $ 355 $ 357 $ 354 $ 377 Claims and claims expense paid as a percent of ending reserves 1.3 % 0.5 % 2.2 % 5.3 % 7.0 % 6.2 % 10.7 % 8.2 % Total (2) Beginning reserves $ 1,320 $ 1,335 $ 1,365 $ 1,391 $ 1,407 $ 1,445 $ 1,516 $ 1,612 Incurred claims and claims expense 135 2 2 105 87 96 105 53 Claims and claims expense paid (23) (17) (32) (131) (103) (134) (176) (149) Ending reserves $ 1,432 $ 1,320 $ 1,335 $ 1,365 $ 1,391 $ 1,407 $ 1,445 $ 1,516 Claims and claims expense paid as a percent of ending reserves 1.6 % 1.3 % 2.4 % 9.6 % 7.4 % 9.5 % 12.2 % 9.8 % (1) Other includes other mass torts, workers' compensation, commercial and other. (2) The 3-year survival ratio for the combined asbestos, environmental and other claims was 13.0, 11.1, 10.1, 9.2, 9.2 and 10.6 for the annualized nine months of 2020 and twelve months ended 2019, 2018, 2017, 2016 and 2015, respectively. The 3-year survival ratio is calculated by taking the ending reserves divided by average net payments made during the 3-year period. For the annualized nine months calculation, average net payments are calculated using the annualized 2020 net payments plus the preceding two-year periods. The Allstate Corporation 3Q20 Supplement 22

The Allstate Corporation Service Businesses Segment Results (1) ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Service Businesses Net premiums written $ 485 $ 467 $ 379 $ 453 $ 364 $ 350 $ 368 $ 1,331 $ 1,082 Net premiums earned $ 384 $ 360 $ 354 $ 321 $ 312 $ 305 $ 295 $ 1,098 $ 912 Other revenue 52 51 52 46 47 48 47 155 142 Intersegment insurance premiums and service fees 36 35 38 44 44 33 33 109 110 Net investment income 12 11 10 12 11 10 9 33 30 Realized capital gains (losses) 14 19 (24) 11 4 9 8 9 21 Claims and claims expense (107) (85) (92) (92) (93) (86) (92) (284) (271) Amortization of deferred policy acquisition costs (169) (160) (153) (143) (139) (134) (127) (482) (400) Operating costs and expenses (160) (163) (161) (181) (171) (158) (151) (484) (480) Restructuring and related charges 2 (3) - - (1) 1 - (1) - Amortization of purchased intangibles (28) (26) (27) (29) (31) (31) (31) (81) (93) Impairment of purchased intangibles - - - - - (55) - - (55) Income tax (expense) benefit (6) (7) - (1) 4 12 3 (13) 19 Net income (loss) applicable to common shareholders $ 30 $ 32 $ (3) $ (12) $ (13) $ (46) $ (6) $ 59 $ (65) Realized capital (gains) losses, after-tax (11) (15) 19 (8) (4) (6) (7) (7) (17) Amortization of purchased intangibles, after-tax 21 21 21 23 25 25 24 63 74 Impairment of purchased intangibles, after-tax - - - - - 43 - - 43 Adjusted net income $ 40 $ 38 $ 37 $ 3 $ 8 $ 16 $ 11 $ 115 $ 35 Allstate Dealer Services Net premiums written $ 139 $ 113 $ 107 $ 123 $ 126 $ 120 $ 99 $ 359 $ 345 Total revenue (2) $ 129 $ 128 $ 112 $ 121 $ 115 $ 114 $ 107 $ 369 $ 336 Claims and claims expense (12) (10) (11) (12) (12) (12) (11) (33) (35) Other costs and expenses (3) (100) (98) (97) (95) (93) (90) (88) (295) (271) Income tax expense (4) (4) (1) (3) (2) (3) (1) (9) (6) Net income applicable to common shareholders $ 13 $ 16 $ 3 $ 11 $ 8 $ 9 $ 7 $ 32 $ 24 Realized capital (gains) losses, after-tax (6) (8) 4 (4) (2) (2) (1) (10) (5) Adjusted net income $ 7 $ 8 $ 7 $ 7 $ 6 $ 7 $ 6 $ 22 $ 19 Arity (4) Other revenue (5) $ - $ 1 $ - $ - $ 1 $ 1 $ - $ 1 $ 2 Intersegment service fees 25 25 30 35 34 24 24 80 82 Other costs and expenses (3) (30) (29) (34) (39) (36) (26) (27) (93) (89) Income tax benefit 2 - 1 1 - - 1 3 1 Net loss applicable to common shareholders $ (3) $ (3) $ (3) $ (3) $ (1) $ (1) $ (2) $ (9) $ (4) Adjusted net loss $ (3) $ (3) $ (3) $ (3) $ (1) $ (1) $ (2) $ (9) $ (4) Allstate Identity Protection Other revenue $ 27 $ 27 $ 28 $ 24 $ 22 $ 23 $ 24 $ 82 $ 69 Intersegment service fees 1 1 - - 1 - - 2 1 Other costs and expenses (3)(6) (45) (46) (43) (48) (47) (44) (38) (134) (129) Income tax benefit 5 5 3 3 6 5 3 13 14 Net loss applicable to common shareholders $ (12) $ (13) $ (12) $ (21) $ (18) $ (16) $ (11) $ (37) $ (45) Amortization of purchased intangibles, after-tax 8 9 9 9 11 10 10 26 31 Adjusted net loss $ (4) $ (4) $ (3) $ (12) $ (7) $ (6) $ (1) $ (11) $ (14) Allstate Roadside Services Net premiums written $ 46 $ 44 $ 51 $ 52 $ 57 $ 63 $ 63 $ 141 $ 183 Total revenue (2) $ 59 $ 53 $ 60 $ 65 $ 68 $ 73 $ 73 $ 172 $ 214 Claims and claims expense (25) (19) (26) (31) (35) (37) (38) (70) (110) Other costs and expenses (3) (28) (32) (31) (35) (39) (40) (43) (91) (122) Income tax (expense) benefit (2) - (1) - 1 1 2 (3) 4 Net income (loss) applicable to common shareholders $ 4 $ 2 $ 2 $ (1) $ (5) $ (3) $ (6) $ 8 $ (14) Adjusted net income (loss) $ 4 $ 2 $ 2 $ (1) $ (5) $ (3) $ (6) $ 8 $ (14) (1) Service Businesses results also include Allstate Protection Plans; results are on the next page. (2) Total revenue may include net premiums earned, intersegment insurance premiums and service fees, other revenue, net investment income and realized capital gains and losses. (3) Other costs and expenses may include amortization of deferred policy acquisition costs, operating costs and expenses, and restructuring and related charges. (4) Arity user connections were 22.9 million and 19.3 million as of September 30, 2020 and September 30, 2019, respectively. (5) Reflects revenue earned from external customers. (6) Includes investments in growing the business and integration into Allstate. The Allstate Corporation 3Q20 Supplement 23

The Allstate Corporation Allstate Protection Plans Results As of or for the ($ in millions) As of or for the three months ended nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Net premiums written $ 300 $ 310 $ 221 $ 278 $ 181 $ 167 $ 206 $ 831 $ 554 Net premiums earned $ 236 $ 219 $ 206 $ 172 $ 163 $ 153 $ 145 $ 661 $ 461 Other revenue 8 8 8 6 7 7 8 24 22 Net investment income 7 5 5 6 5 4 4 17 13 Realized capital gains (losses) 6 9 (19) 5 2 6 7 (4) 15 Claims and claims expense (70) (56) (55) (49) (46) (37) (43) (181) (126) Amortization of deferred policy acquisition costs (83) (75) (70) (62) (60) (56) (53) (228) (169) Other costs and expenses (56) (57) (50) (56) (49) (48) (42) (163) (139) Restructuring and related charges 3 - - - - - - 3 - Amortization of purchased intangibles (16) (15) (16) (18) (18) (18) (18) (47) (54) Impairment of purchased intangibles - - - - - (55) - - (55) Income tax (expense) benefit (7) (8) (2) (2) (1) 9 (2) (17) 6 Net income (loss) applicable to common shareholders $ 28 $ 30 $ 7 $ 2 $ 3 $ (35) $ 6 $ 65 $ (26) Realized capital (gains) losses, after-tax (5) (7) 15 (4) (2) (4) (6) 3 (12) Amortization of purchased intangibles, after-tax 13 12 12 14 14 15 14 37 43 Impairment of purchased intangibles, after-tax - - - - - 43 - - 43 Adjusted net income $ 36 $ 35 $ 34 $ 12 $ 15 $ 19 $ 14 $ 105 $ 48 Protection plans in force (in thousands) (1) 125,831 120,301 107,124 99,632 89,783 83,968 77,866 125,831 89,783 New issued protection plans (in thousands) 14,571 18,051 12,561 16,515 10,086 9,754 13,500 45,183 33,340 (1) Protection plan terms generally range between one and five years with an average term of three years. The Allstate Corporation 3Q20 Supplement 24

The Allstate Corporation Allstate Life Segment Results and Other Statistics As of or for the ($ in millions) As of or for the three months ended nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Premiums $ 154 $ 165 $ 153 $ 166 $ 155 $ 157 $ 154 $ 472 $ 466 Contract charges 176 174 180 176 176 176 183 530 535 Other revenue (1) 28 24 32 34 31 33 27 84 91 Net investment income 123 123 128 134 128 125 127 374 380 Contract benefits (248) (238) (212) (223) (202) (216) (214) (698) (632) Interest credited to contractholder funds (74) (71) (70) (73) (73) (70) (72) (215) (215) Amortization of deferred policy acquisition costs (102) (18) (30) (29) (85) (27) (26) (150) (138) Operating costs and expenses (81) (75) (84) (95) (77) (91) (91) (240) (259) Restructuring and related charges (2) (2) (1) (1) - (1) - (5) (1) Income tax expense on operations 12 (10) (16) (13) (9) (18) (15) (14) (42) Adjusted net income (14) 72 80 76 44 68 73 138 185 Realized capital gains (losses), after-tax 6 16 (25) - 4 - (4) (3) - Valuation changes on embedded derivatives not hedged, after- tax (1) (35) 12 - (9) - - (24) (9) DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax (4) 11 (3) (3) 1 (1) (2) 4 (2) Net income applicable to common shareholders $ (13) $ 64 $ 64 $ 73 $ 40 $ 67 $ 67 $ 115 $ 174 Premiums and contract charges by product Traditional life insurance premiums $ 154 $ 164 $ 153 $ 165 $ 155 $ 156 $ 154 $ 471 $ 465 Accident and health insurance premiums - 1 - 1 - 1 - 1 1 Interest-sensitive life insurance contract charges 176 174 180 176 176 176 183 530 535 Total $ 330 $ 339 $ 333 $ 342 $ 331 $ 333 $ 337 $ 1,002 $ 1,001 Benefit spread Premiums $ 154 $ 165 $ 153 $ 166 $ 155 $ 157 $ 154 $ 472 $ 466 Cost of insurance contract charges 125 126 128 124 123 123 129 379 375 Contract benefits (248) (238) (212) (223) (202) (216) (214) (698) (632) Total benefit spread $ 31 $ 53 $ 69 $ 67 $ 76 $ 64 $ 69 $ 153 $ 209 Investment spread Net investment income $ 123 $ 123 $ 128 $ 134 $ 128 $ 125 $ 127 $ 374 $ 380 Interest credited to contractholder funds (76) (114) (56) (72) (85) (70) (72) (246) (227) Total investment spread $ 47 $ 9 $ 72 $ 62 $ 43 $ 55 $ 55 $ 128 $ 153 Proprietary life issued policies (2) 18,020 17,232 20,169 34,927 31,031 33,105 28,425 55,421 92,561 Policies in force (in thousands) (3) Life insurance Allstate agencies 1,774 1,789 1,797 1,816 1,818 1,822 1,823 1,774 1,818 Closed channels 98 101 103 105 106 109 111 98 106 Accident and health insurance 2 2 2 2 2 2 2 2 2 Total 1,874 1,892 1,902 1,923 1,926 1,933 1,936 1,874 1,926 (1) Includes gross dealer concessions received in connection with Allstate exclusive agencies and exclusive financial specialist's sales of non-proprietary products, including mutual funds, fixed and variable annuities, disability insurance and long-term care insurance. (2) Policies issued during the period. (3) Reflect the number of contracts in force. The Allstate Corporation 3Q20 Supplement 25

The Allstate Corporation Allstate Life Return on Equity ($ in millions) Twelve months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2020 2020 2020 2019 2019 2019 2019 Return on equity Numerator: Net income applicable to common shareholders (1)(2) $ 188 $ 241 $ 244 $ 247 $ 237 $ 252 $ 260 Denominator: Beginning equity $ 2,863 $ 2,744 $ 2,657 $ 2,474 $ 2,528 $ 2,587 $ 2,542 Ending equity 3,075 3,037 2,842 2,944 2,863 2,744 2,657 Average equity (3) $ 2,969 $ 2,891 $ 2,750 $ 2,709 $ 2,696 $ 2,666 $ 2,600 Return on equity 6.3 % 8.3 % 8.9 % 9.1 % 8.8 % 9.5 % 10.0 % Adjusted net income return on adjusted equity Numerator: Adjusted net income (1) $ 214 $ 272 $ 268 $ 261 $ 254 $ 285 $ 297 Denominator: Beginning equity $ 2,863 $ 2,744 $ 2,657 $ 2,474 $ 2,528 $ 2,587 $ 2,542 Less: Unrealized net capital gains and losses 350 271 168 52 75 89 142 Goodwill 175 175 175 175 175 175 175 Adjusted beginning equity $ 2,338 $ 2,298 $ 2,314 $ 2,247 $ 2,278 $ 2,323 $ 2,225 Ending equity $ 3,075 $ 3,037 $ 2,842 $ 2,944 $ 2,863 $ 2,744 $ 2,657 Less: Unrealized net capital gains and losses 484 433 183 328 350 271 168 Goodwill 175 175 175 175 175 175 175 Adjusted ending equity $ 2,416 $ 2,429 $ 2,484 $ 2,441 $ 2,338 $ 2,298 $ 2,314 Average adjusted equity (3) $ 2,377 $ 2,364 $ 2,399 $ 2,344 $ 2,308 $ 2,311 $ 2,270 Adjusted net income return on adjusted equity * 9.0 % 11.5 % 11.2 % 11.1 % 11.0 % 12.3 % 13.1 % (1) Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. (2) Includes a $16 million Tax Legislation expense for the periods ended June 30, 2019 and March 31, 2019. (3) Average equity and average adjusted equity are determined using a two-point average, with the beginning and ending equity and adjusted equity, respectively, for the twelve-month period as data points. The Allstate Corporation 3Q20 Supplement 26

The Allstate Corporation Allstate Benefits Segment Results and Other Statistics As of or for the ($ in millions) As of or for the three months ended nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Premiums $ 247 $ 237 $ 253 $ 254 $ 262 $ 256 $ 259 $ 737 $ 777 Contract charges 40 26 29 28 29 28 29 95 86 Net investment income 18 20 20 22 21 21 19 58 61 Contract benefits (128) (123) (141) (152) (161) (143) (145) (392) (449) Interest credited to contractholder funds (8) (9) (9) (8) (9) (8) (9) (26) (26) Amortization of deferred policy acquisition costs (59) (35) (45) (50) (33) (35) (43) (139) (111) Operating costs and expenses (68) (110) (5) (75) (74) (69) (71) (71) (253) (211) Restructuring and related charges - (1) - - - - - (1) - Income tax expense on operations (9) - (8) (4) (9) (11) (8) (17) (28) Adjusted net income 33 5 24 16 31 37 31 62 99 Realized capital gains (losses), after-tax 3 7 (10) 2 2 2 3 - 7 Net income applicable to common shareholders $ 36 $ 12 $ 14 $ 18 $ 33 $ 39 $ 34 $ 62 $ 106 Benefit ratio (1) 44.6 46.8 50.0 53.9 55.3 50.4 50.3 47.1 52.0 Operating expense ratio (2) 23.7 41.8 26.6 26.2 23.7 25.0 24.7 30.4 24.4 Premiums and contract charges by product Life $ 52 $ 38 $ 38 $ 40 $ 41 $ 38 $ 38 $ 128 $ 117 Accident 72 69 73 72 76 74 76 214 226 Critical illness 118 115 122 116 121 120 122 355 363 Short-term disability 19 17 20 27 27 27 26 56 80 Other health 26 24 29 27 26 25 26 79 77 Total $ 287 $ 263 $ 282 $ 282 $ 291 $ 284 $ 288 $ 832 $ 863 New annualized premium sales by product (3) Life $ 7 $ 4 $ 6 $ 19 $ 9 $ 9 $ 8 $ 17 $ 26 Accident 13 13 17 43 20 20 21 43 61 Critical illness 14 17 21 61 23 22 24 52 69 Short-term disability 5 3 5 11 7 9 8 13 24 Other health 7 9 8 24 10 13 11 24 34 Total $ 46 $ 46 $ 57 $ 158 $ 69 $ 73 $ 72 $ 149 $ 214 Annualized premium in force (4) $ 1,163 $ 1,257 $ 1,233 $ 1,195 $ 1,248 $ 1,249 $ 1,251 $ 1,163 $ 1,248 (1) Benefit ratio is contract benefits divided by premiums and contract charges. (2) Operating expense ratio is operating costs and expenses divided by premiums and contract charges. (3) New annualized premium sales reflects annualized premiums at initial customer enrollment (including new accounts and new employees or policies of existing accounts). A significant portion of Allstate Benefits business is seasonally written in the fourth quarter during many clients’ annual employee benefits enrollment. (4) Premium amount paid annually for all active policies, which have not been cancelled. (5) Includes $41 million, pre-tax, write-off of capitalized software costs associated with a billing system. The Allstate Corporation 3Q20 Supplement 27

The Allstate Corporation Allstate Benefits Return on Equity ($ in millions) Twelve months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2020 2020 2020 2019 2019 2019 2019 Return on equity Numerator: Net income applicable to common shareholders (1) $ 80 $ 77 $ 104 $ 124 $ 126 $ 128 $ 125 Denominator: Beginning equity $ 1,010 $ 969 $ 906 $ 842 $ 883 $ 848 $ 824 Ending equity 1,051 1,004 923 949 1,010 969 906 Average equity (2) $ 1,031 $ 987 $ 915 $ 896 $ 947 $ 909 $ 865 Return on equity 7.8 % 7.8 % 11.4 % 13.8 % 13.3 % 14.1 % 14.5 % Adjusted net income return on adjusted equity Numerator: Adjusted net income (1) $ 78 $ 76 $ 108 $ 115 $ 125 $ 127 $ 126 Denominator: Beginning equity $ 1,010 $ 969 $ 906 $ 842 $ 883 $ 848 $ 824 Less: Unrealized net capital gains and losses 52 44 21 (10) (4) (4) 8 Goodwill 96 96 96 96 96 96 96 Adjusted beginning equity $ 862 $ 829 $ 789 $ 756 $ 791 $ 756 $ 720 Ending equity $ 1,051 $ 1,004 $ 923 $ 949 $ 1,010 $ 969 $ 906 Less: Unrealized net capital gains and losses 89 77 14 53 52 44 21 Goodwill 96 96 96 96 96 96 96 Adjusted ending equity $ 866 $ 831 $ 813 $ 800 $ 862 $ 829 $ 789 Average adjusted equity (2) $ 864 $ 830 $ 801 $ 778 $ 827 $ 793 $ 755 Adjusted net income return on adjusted equity * 9.0 % 9.2 % 13.5 % 14.8 % 15.1 % 16.0 % 16.7 % (1) Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. (2) Average equity and average adjusted equity are determined using a two-point average, with the beginning and ending equity and adjusted equity, respectively, for the twelve-month period as data points. The Allstate Corporation 3Q20 Supplement 28

The Allstate Corporation Allstate Annuities Segment Results and Other Statistics As of or for the ($ in millions) As of or for the three months ended nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Contract charges $ 3 $ 2 $ 2 $ 3 $ 3 $ 4 $ 3 $ 7 $ 10 Net investment income (1) 245 66 47 180 251 296 190 358 737 Periodic settlements and accruals on non-hedge derivative instruments - - - - (1) 1 - - - Contract benefits (126) (136) (148) (143) (150) (152) (138) (410) (440) Interest credited to contractholder funds (67) (69) (70) (73) (73) (75) (78) (206) (226) Amortization of deferred policy acquisition costs - (1) (2) (2) (2) (1) (2) (3) (5) Operating costs and expenses (6) (7) (6) (7) (7) (8) (7) (19) (22) Restructuring and related charges (2) - - (1) - - - (2) - Income tax (expense) benefit on operations (10) 34 38 10 (5) (13) 7 62 (11) Adjusted net income (loss) 37 (111) (139) (33) 16 52 (25) (213) 43 Realized capital gains (losses), after-tax 89 194 (213) 97 16 37 124 70 177 Valuation changes on embedded derivatives not hedged, after-tax 1 (6) 2 - (1) (2) (3) (3) (6) Premium deficiency for immediate annuities, after-tax (178) - - - - - - (178) - Gain on disposition of operations, after-tax - 1 1 2 - 1 1 2 2 Net income (loss) applicable to common shareholders $ (51) $ 78 $ (349) $ 66 $ 31 $ 88 $ 97 $ (322) $ 216 Benefit spread Cost of insurance contract charges $ 3 $ 1 $ 2 $ 3 $ 2 $ 2 $ 2 $ 6 $ 6 Contract benefits excluding the implied interest on immediate annuities with life contingencies (227) (21) (30) (24) (30) (33) (17) (278) (80) Total benefit spread $ (224) $ (20) $ (28) $ (21) $ (28) $ (31) $ (15) $ (272) $ (74) Investment spread Net investment income $ 245 $ 66 $ 47 $ 180 $ 251 $ 296 $ 190 $ 358 $ 737 Implied interest on immediate annuities with life contingencies (124) (115) (118) (119) (120) (119) (121) (357) (360) Interest credited to contractholder funds (66) (77) (67) (73) (75) (78) (81) (210) (234) Total investment spread $ 55 $ (126) $ (138) $ (12) $ 56 $ 99 $ (12) $ (209) $ 143 (1) Performance-based net investment income, a component of net investment income $ 81 $ (101) $ (122) $ (5) $ 68 $ 106 $ 1 $ (142) $ 175 The Allstate Corporation 3Q20 Supplement 29

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

The Allstate Corporation Corporate and Other Segment Results ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Net investment income $ 12 $ 11 $ 14 $ 18 $ 21 $ 19 $ 12 $ 37 $ 52 Operating costs and expenses (23) (25) (25) (27) (19) (24) (21) (73) (64) Interest expense (78) (79) (81) (81) (80) (82) (83) (238) (245) Income tax benefit on operations 5 20 21 20 19 19 20 46 58 Preferred stock dividends (27) (26) (36) (66) (42) (30) (31) (89) (103) Adjusted net loss (111) (99) (107) (136) (101) (98) (103) (317) (302) Realized capital gains (losses), after-tax 7 23 (17) 9 2 7 1 13 10 Pension and other postretirement remeasurement gains (losses), after-tax 56 (58) (251) 199 (179) (99) (11) (253) (289) Curtailment gain, after-tax 7 - - - - - - 7 - Net income (loss) applicable to common shareholders $ (41) $ (134) $ (375) $ 72 $ (278) $ (190) $ (113) $ (550) $ (581) The Allstate Corporation 3Q20 Supplement 31

The Allstate Corporation Investment Position Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, ($ in millions) 2020 2020 2020 2019 2019 2019 2019 Consolidated Investments Fixed income securities, at fair value $ 66,551 $ 64,448 $ 59,857 $ 59,044 $ 59,259 $ 58,484 $ 58,202 Equity securities (1) 4,395 4,212 3,701 8,162 8,206 7,906 5,802 Mortgage loans, net 4,655 4,774 4,759 4,817 4,694 4,687 4,681 Limited partnership interests (2) 7,232 6,941 7,087 8,078 7,990 7,818 7,493 Short-term, at fair value 4,559 5,344 5,671 4,256 5,254 3,740 4,157 Other investments, net 3,805 3,918 3,767 4,005 3,904 3,856 3,786 Total $ 91,197 $ 89,637 $ 84,842 $ 88,362 $ 89,307 $ 86,491 $ 84,121 Equity fund investments in fixed income securities (1) $ 1,490 $ 1,360 $ 1,390 $ 1,789 $ 2,207 $ 1,980 $ 817 Fixed income securities, at amortized cost, net (3) $ 62,267 $ 60,534 $ 58,945 $ 56,293 $ 56,263 $ 56,008 $ 56,831 Ratio of fair value to amortized cost 106.9 % 106.5 % 101.5 % 104.9 % 105.3 % 104.4 % 102.4 % Short-term, at amortized cost $ 4,559 $ 5,343 $ 5,671 $ 4,256 $ 5,254 $ 3,740 $ 4,157 September 30, 2020 - By Segment Property- Service Allstate Allstate Allstate Corporate Liability Businesses Life Benefits Annuities and Other Total Fixed income securities, at fair value $ 39,200 $ 1,639 $ 8,810 $ 1,407 $ 14,058 $ 1,437 $ 66,551 Equity securities 2,327 173 113 124 1,305 353 4,395 Mortgage loans, net 588 - 1,708 200 2,159 - 4,655 Limited partnership interests 4,283 - - - 2,948 1 7,232 Short-term, at fair value 1,863 138 378 33 1,036 1,111 4,559 Other investments, net 1,582 - 1,331 276 614 2 3,805 Total $ 49,843 $ 1,950 $ 12,340 $ 2,040 $ 22,120 $ 2,904 $ 91,197 Fixed income securities, at amortized cost, net $ 37,354 $ 1,550 $ 7,885 $ 1,292 $ 12,821 $ 1,365 $ 62,267 Ratio of fair value to amortized cost 104.9 % 105.7 % 111.7 % 108.9 % 109.6 % 105.3 % 106.9 % Short-term, at amortized cost $ 1,863 $ 138 $ 378 $ 33 $ 1,036 $ 1,111 $ 4,559 Fixed income securities portfolio duration (in years) (4) 5.07 4.81 6.46 5.21 5.20 3.14 5.24 (1) Equity securities include investments in exchange traded and mutual funds whose underlying investments are fixed income securities. (2) As of September 30, 2020, we have commitments to invest additional amounts in limited partnership interests totaling $2.84 billion. (3) Due to the adoption of the measurement of credit losses on financial instruments accounting standard on January 1, 2020, credit losses for fixed income securities are recorded as an allowance. (4) Duration measures the price sensitivity of assets and liabilities to changes in interest rates. The Allstate Corporation 3Q20 Supplement 32

The Allstate Corporation Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-Tax) ($ in millions) Three months ended Nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Net investment income Fixed income securities $ 541 $ 531 $ 525 $ 548 $ 546 $ 543 $ 538 $ 1,597 $ 1,627 Equity securities 24 31 6 51 57 68 30 61 155 Mortgage loans 54 51 60 59 54 54 53 165 161 Limited partnership interests ("LP") (1) 200 (220) (192) 11 197 254 9 (212) 460 Short-term 2 2 17 22 28 26 26 21 80 Other 59 62 63 66 66 67 63 184 196 Investment income, before expense 880 457 479 757 948 1,012 719 1,816 2,679 Less: Investment expense (48) (48) (58) (68) (68) (70) (71) (154) (209) Net investment income $ 832 $ 409 $ 421 $ 689 $ 880 $ 942 $ 648 $ 1,662 $ 2,470 Interest-bearing investments (2) $ 637 $ 624 $ 646 $ 674 $ 676 $ 672 $ 664 $ 1,907 $ 2,012 Equity securities 24 31 6 51 57 68 30 61 155 LP and other alternative investments (3) 219 (198) (173) 32 215 272 25 (152) 512 Investment income, before expense $ 880 $ 457 $ 479 $ 757 $ 948 $ 1,012 $ 719 $ 1,816 $ 2,679 Pre-tax yields (4)(5) Fixed income securities 3.5 % 3.6 % 3.6 % 3.9 % 3.9 % 3.8 % 3.8 % 3.6 % 3.8 % Equity securities 2.5 3.3 0.5 3.0 3.4 4.7 2.6 1.8 3.6 Mortgage loans 4.4 4.3 4.9 5.0 4.6 4.6 4.6 4.6 4.6 Limited partnership interests 11.3 (12.5) (10.1) 0.5 10.0 13.3 0.5 (3.8) 8.0 Total portfolio 4.0 2.1 2.2 3.5 4.4 4.8 3.4 2.8 4.2 Interest-bearing investments 3.4 3.4 3.7 3.9 4.0 4.0 3.9 3.5 3.9 Realized capital gains (losses), pre-tax by transaction type Sales (5) $ 233 $ 179 $ 388 $ 216 $ 147 $ 117 $ 95 $ 800 $ 359 Credit losses (6) 10 (10) (79) (4) (14) (15) (14) (79) (43) Valuation of equity investments 231 517 (859) 521 24 200 627 (111) 851 Valuation and settlements of derivative instruments (34) 18 88 (31) 40 22 (46) 72 16 Total $ 440 $ 704 $ (462) $ 702 $ 197 $ 324 $ 662 $ 682 $ 1,183 Total return on investment portfolio (7) Net investment income 0.9 % 0.5 % 0.5 % 0.8 % 1.0 % 1.1 % 0.8 % 1.9 % 2.9 % Valuation-interest bearing 0.7 3.9 (1.9) (0.1) 0.8 1.5 1.7 2.7 4.0 Valuation-equity investments 0.2 0.6 (1.0) 0.6 0.1 0.2 0.8 (0.2) 1.1 Total 1.8 % 5.0 % (2.4) % 1.3 % 1.9 % 2.8 % 3.3 % 4.4 % 8.0 % Average investment balances (in billions) (8) $ 85.9 $ 84.6 $ 83.9 $ 84.5 $ 83.9 $ 82.2 $ 81.2 $ 84.9 $ 82.6 Investment expense (5) Investee level expenses $ (11) $ (14) $ (13) $ (22) $ (19) $ (20) $ (20) $ (38) $ (59) Securities lending expense - - (6) (8) (10) (11) (11) (6) (32) Operating expenses (37) (34) (39) (38) (39) (39) (40) (110) (118) Total investment expense $ (48) $ (48) $ (58) $ (68) $ (68) $ (70) $ (71) $ (154) $ (209) (1) Income from equity method of accounting LP is generally recognized on a three-month delay due to the availability of the related financial statements from investees. (2) Comprise fixed income securities, mortgage loans, short-term investments, and other investments including bank and agent loans and derivatives. (3) Comprise limited partnership interests and other alternative investments, including real estate investments classified as other investments. (4) 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. (5) Beginning January 1, 2020, depreciation previously included in investee level expenses is reported as realized capital gains or losses. (6) 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. (7) 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. (8) Average investment balances for the quarter are calculated as the average of the current and prior quarter investment balances. For purposes of the average investment balances calculation, unrealized capital gains and losses on fixed income securities are excluded and equity securities investment balances are at cost. The Allstate Corporation 3Q20 Supplement 33

The Allstate Corporation Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-Tax) by Segment ($ in millions) Three months ended September 30, 2020 Property- Service Allstate Allstate Allstate Corporate and Liability Businesses Life Benefits Annuities Other Total Net Investment Income Fixed income securities $ 283 $ 10 $ 86 $ 13 $ 141 $ 8 $ 541 Equity securities 14 2 1 - 5 2 24 Mortgage loans 6 - 22 2 24 - 54 Limited partnership interests ("LP") 123 - - - 77 - 200 Short-term 1 - - - - 1 2 Other 23 - 18 4 12 2 59 Investment income, before expense 450 12 127 19 259 13 880 Less: Investment expense (28) - (4) (1) (14) (1) (48) Net investment income $ 422 $ 12 $ 123 $ 18 $ 245 $ 12 $ 832 Net investment income, after-tax $ 346 $ 9 $ 103 $ 15 $ 195 $ 10 $ 678 Interest-bearing investments (1) $ 301 $ 10 $ 126 $ 19 $ 170 $ 11 $ 637 Equity securities 14 2 1 - 5 2 24 LP and other alternative investments (2) 135 - - - 84 - 219 Investment income, before expense $ 450 $ 12 $ 127 $ 19 $ 259 $ 13 $ 880 Pre-Tax Yields (3)(4) Fixed income securities 3.1 % 2.6 % 4.5 % 3.9 % 4.4 % 2.6 % 3.5 % Equity securities 2.6 3.6 2.5 1.7 2.0 2.7 2.5 Mortgage loans 4.4 - 4.8 4.3 4.2 - 4.4 Limited partnership interests 11.7 - - - 10.7 - 11.3 Total portfolio 3.8 2.5 4.5 4.0 5.0 1.6 4.0 Interest-bearing investments 3.0 2.4 4.5 4.1 4.1 1.5 3.4 Realized capital gains (losses), pre-tax by transaction type Sales (4) $ 205 $ 8 $ 2 $ - $ 17 $ 1 $ 233 Credit losses (5) 7 - 5 - (2) - 10 Valuation of equity investments 110 6 2 3 101 9 231 Valuation and settlements of derivative instruments (30) - - - (4) - (34) Total $ 292 $ 14 $ 9 $ 3 $ 112 $ 10 $ 440 (1) Comprised of fixed income securities, mortgage loans, short-term investments, and other investments including bank and agent loans and derivatives. (2) Comprised of limited partnership interests and other alternative investments, including real estate investments classified as other investments. (3) Quarterly pre-tax yield is calculated as annualized quarterly investment income, before investment expense divided by the average of the 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. (4) Beginning January 1, 2020, depreciation previously included in investee level expenses is reported as realized capital gains or losses. (5) 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. The Allstate Corporation 3Q20 Supplement 34

The Allstate Corporation Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-Tax) by Segment ($ in millions) Nine months ended September 30, 2020 Property- Service Allstate Allstate Allstate Corporate and Liability Businesses Life Benefits Annuities Other Total Net Investment Income Fixed income securities $ 825 $ 28 $ 259 $ 39 $ 420 $ 26 $ 1,597 Equity securities 36 5 3 1 9 7 61 Mortgage loans 18 - 66 7 74 - 165 Limited partnership interests ("LP") (71) - - - (141) - (212) Short-term 12 - 2 - 4 3 21 Other 73 - 57 13 36 5 184 Investment income, before expense 893 33 387 60 402 41 1,816 Less: Investment expense (91) - (13) (2) (44) (4) (154) Net investment income $ 802 $ 33 $ 374 $ 58 $ 358 $ 37 $ 1,662 Net investment income, after-tax $ 670 $ 26 $ 312 $ 46 $ 284 $ 30 $ 1,368 Interest-bearing investments (1) $ 890 $ 28 $ 384 $ 59 $ 512 $ 34 $ 1,907 Equity securities 36 5 3 1 9 7 61 LP and other alternative investments (2) (33) - - - (119) - (152) Investment income, before expense $ 893 $ 33 $ 387 $ 60 $ 402 $ 41 $ 1,816 Pre-Tax Yields (3)(4) Fixed income securities 3.1 % 2.7 % 4.5 % 4.0 % 4.3 % 2.9 % 3.6 % Equity securities 1.8 3.3 2.7 1.9 1.2 2.7 1.8 Mortgage loans 4.2 - 4.9 4.6 4.4 - 4.6 Limited partnership interests (2.2) - - - (6.3) - (3.8) Total portfolio 2.5 2.6 4.6 4.2 2.5 1.8 2.8 Interest-bearing investments 3.1 2.6 4.6 4.3 4.2 1.7 3.5 Realized capital gains (losses), pre-tax by transaction type Sales (4) $ 721 $ 31 $ 2 $ - $ 36 $ 10 $ 800 Credit losses (5) (28) - (12) (1) (38) - (79) Valuation of equity investments (184) (22) 7 1 80 7 (111) Valuation and settlements of derivative instruments 62 - - - 10 - 72 Total $ 571 $ 9 $ (3) $ - $ 88 $ 17 $ 682 (1) Comprised of fixed income securities, mortgage loans, short-term investments, and other investments, including bank and agent loans and derivatives. (2) Comprised of limited partnership interests and other alternative investments, including real estate investments classified as other investments. (3) Year-to-date pre-tax yield is calculated as annualized year-to-date investment income, before investment expense divided by the average of investment balances at the beginning of the year and the end of each quarter during the year. For the purposes of the pre-tax yield calculation, income for directly held real estate and other consolidated investments is net of investee level expenses (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. (4) Beginning January 1, 2020, depreciation previously included in investee level expenses is reported as realized capital gains or losses. (5) 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. The Allstate Corporation 3Q20 Supplement 35

The Allstate Corporation Investment Position and Results by Strategy and Segment As of or for the three months ended ($ in millions) As of or for the three months ended September 30, 2020 September 30, 2019 Property- Service Allstate Allstate Allstate Corporate and Liability Businesses Life Benefits Annuities Other Total Total Market-based (1) Investment position Interest-bearing investments $ 42,340 $ 1,777 $ 12,227 $ 1,916 $ 17,495 $ 2,548 $ 78,303 $ 71,964 Equity securities (2) 2,082 173 113 124 1,224 353 4,069 7,887 LP and other alternative investments (3) 213 - - - 156 2 371 862 Total $ 44,635 $ 1,950 $ 12,340 $ 2,040 $ 18,875 $ 2,903 $ 82,743 $ 80,713 Investment income Interest-bearing investments $ 299 $ 10 $ 126 $ 19 $ 169 $ 11 $ 634 $ 674 Equity securities 15 2 1 - 5 2 25 53 LP and other alternative investments 1 - - - - - 1 1 Investment income, before expense 315 12 127 19 174 13 660 728 Investee level expenses (4) (1) - - - - - (1) (1) Income for yield calculation $ 314 $ 12 $ 127 $ 19 $ 174 $ 13 $ 659 $ 727 Market-based pre-tax yield 3.0 % 2.5 % 4.5 % 4.0 % 4.0 % 1.6 % 3.4 % 3.9 % Realized capital gains (losses), pre-tax by transaction type Sales $ 209 $ 8 $ 2 $ - $ 20 $ 1 $ 240 $ 148 Credit losses (5) 6 - 5 - (3) - 8 (13) Valuation of equity investments 106 6 2 3 97 9 223 17 Valuation and settlements of derivative (15) - - - 3 - (12) 19 Total $ 306 $ 14 $ 9 $ 3 $ 117 $ 10 $ 459 $ 171 Performance-based (6) Investment position Interest-bearing investments $ 107 $ - $ - $ - $ 28 $ - $ 135 $ 157 Equity securities 245 - - - 81 - 326 319 LP and other alternative investments 4,856 - - - 3,136 1 7,993 8,118 Total $ 5,208 $ - $ - $ - $ 3,245 $ 1 $ 8,454 $ 8,594 Investment income Interest-bearing investments $ 2 $ - $ - $ - $ 1 $ - $ 3 $ 2 Equity securities (1) - - - - - (1) 4 LP and other alternative investments 134 - - - 84 - 218 214 Investment income, before expense 135 - - - 85 - 220 220 Investee level expenses (6) - - - (4) - (10) (18) Income for yield calculation $ 129 $ - $ - $ - $ 81 $ - $ 210 $ 202 Performance-based pre-tax yield 10.0 % N/A N/A N/A 10.2 % - % 10.1 % 9.6 % Realized capital gains (losses), pre-tax by transaction type Sales $ (4) $ - $ - $ - $ (3) $ - $ (7) $ (1) Credit losses 1 - - - 1 - 2 (1) Valuation of equity investments 4 - - - 4 - 8 7 Valuation and settlements of derivative (15) - - - (7) - (22) 21 Total $ (14) $ - $ - $ - $ (5) $ - $ (19) $ 26 (1) Market-based strategy seeks to deliver predictable earnings aligned to business needs and take advantage of short-term opportunities primarily through public and private fixed income investments and public equity securities. (2) Equity securities include investments in exchange traded and mutual funds whose underlying investments are fixed income securities. (3) Market-based investments include publicly traded equity securities classified as limited partnerships. (4) When calculating the pre-tax yields, investee level expenses are netted against income for directly held real estate and other consolidated investments. (5) 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. (6) Performance-based strategy seeks to deliver attractive risk-adjusted returns and supplement market risk with idiosyncratic risk primarily through investments in private equity and real estate. The Allstate Corporation 3Q20 Supplement 36

The Allstate Corporation Investment Position and Results by Strategy and Segment As of or for the nine months ended ($ in millions) As of or for the nine months ended September 30, 2020 September 30, 2019 Property- Service Allstate Allstate Allstate Corporate and Liability Businesses Life Benefits Annuities Other Total Total Market-based (1) Investment position Interest-bearing investments $ 42,340 $ 1,777 $ 12,227 $ 1,916 $ 17,495 $ 2,548 $ 78,303 $ 71,964 Equity securities (2) 2,082 173 113 124 1,224 353 4,069 7,887 LP and other alternative investments (3) 213 - - - 156 2 371 862 Total $ 44,635 $ 1,950 $ 12,340 $ 2,040 $ 18,875 $ 2,903 $ 82,743 $ 80,713 Investment income Interest-bearing investments $ 885 $ 28 $ 384 $ 59 $ 511 $ 34 $ 1,901 $ 2,005 Equity securities 50 5 3 1 19 7 85 145 LP and other alternative investments 4 - - - - - 4 6 Investment income, before expense 939 33 387 60 530 41 1,990 2,156 Investee level expenses (4) (3) - - - - - (3) (5) Income for yield calculation $ 936 $ 33 $ 387 $ 60 $ 530 $ 41 $ 1,987 $ 2,151 Market-based pre-tax yield 3.0 % 2.6 % 4.6 % 4.2 % 4.1 % 1.8 % 3.5 % 3.9 % Realized capital gains (losses), pre-tax by transaction type Sales $ 717 $ 31 $ 2 $ - $ 45 $ 10 $ 805 $ 300 Credit losses (5) (21) - (12) (1) (34) - (68) (39) Valuation of equity investments (187) (22) 7 1 50 7 (144) 817 Valuation and settlements of derivative 55 - - - 8 - 63 (15) Total $ 564 $ 9 $ (3) $ - $ 69 $ 17 $ 656 $ 1,063 Performance-based (6) Investment position Interest-bearing investments $ 107 $ - $ - $ - $ 28 $ - $ 135 $ 157 Equity securities 245 - - - 81 - 326 319 LP and other alternative investments 4,856 - - - 3,136 1 7,993 8,118 Total $ 5,208 $ - $ - $ - $ 3,245 $ 1 $ 8,454 $ 8,594 Investment income Interest-bearing investments $ 5 $ - $ - $ - $ 1 $ - $ 6 $ 7 Equity securities (14) - - - (10) - (24) 10 LP and other alternative investments (37) - - - (119) - (156) 506 Investment income, before expense (46) - - - (128) - (174) 523 Investee level expenses (21) - - - (14) - (35) (54) Income for yield calculation $ (67) $ - $ - $ - $ (142) $ - $ (209) $ 469 Performance-based pre-tax yield (1.8) % N/A N/A N/A (5.7) % - % (3.3) % 7.7 % Realized capital gains (losses), pre-tax by transaction type Sales $ 4 $ - $ - $ - $ (9) $ - $ (5) $ 59 Credit losses (7) - - - (4) - (11) (4) Valuation of equity investments 3 - - - 30 - 33 34 Valuation and settlements of derivative 7 - - - 2 - 9 31 Total $ 7 $ - $ - $ - $ 19 $ - $ 26 $ 120 (1) Market-based strategy seeks to deliver predictable earnings aligned to business needs and take advantage of short-term opportunities primarily through public and private fixed income investments and public equity securities. (2) Equity securities include investments in exchange traded and mutual funds whose underlying investments are fixed income securities. (3) Market-based investments include publicly traded equity securities classified as limited partnerships. (4) When calculating the pre-tax yields, investee level expenses are netted against income for directly held real estate and other consolidated investments. (5) 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. (6) Performance-based strategy seeks to deliver attractive risk-adjusted returns and supplement market risk with idiosyncratic risk primarily through investments in private equity and real estate. The Allstate Corporation 3Q20 Supplement 37

The Allstate Corporation Performance-Based ("PB") Investments As of or for the ($ in millions) As of or for the three months ended nine months ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, Sept. 30, Sept. 30, 2020 2020 2020 2019 2019 2019 2019 2020 2019 Investment position Limited partnerships Private equity $ 5,828 $ 5,575 $ 5,781 $ 6,131 $ 6,162 $ 5,952 $ 5,786 $ 5,828 $ 6,162 Real estate 1,117 1,112 1,090 1,041 1,008 1,033 984 1,117 1,008 PB - limited partnerships 6,945 6,687 6,871 7,172 7,170 6,985 6,770 6,945 7,170 Non-LP Private equity 409 395 404 409 407 355 331 409 407 Real estate 1,100 1,121 1,106 1,128 1,017 906 808 1,100 1,017 PB - non-LP 1,509 1,516 1,510 1,537 1,424 1,261 1,139 1,509 1,424 Total Private equity 6,237 5,970 6,185 6,540 6,569 6,307 6,117 6,237 6,569 Real estate 2,217 2,233 2,196 2,169 2,025 1,939 1,792 2,217 2,025 Total PB $ 8,454 $ 8,203 $ 8,381 $ 8,709 $ 8,594 $ 8,246 $ 7,909 $ 8,454 $ 8,594 Investment income Limited partnerships Private equity $ 211 $ (213) $ (199) $ (6) $ 125 $ 216 $ (5) $ (201) $ 336 Real estate (10) (7) 7 17 71 38 12 (10) 121 PB - limited partnerships 201 (220) (192) 11 196 254 7 (211) 457 Non-LP Private equity 1 4 (21) (9) 5 10 3 (16) 18 Real estate 18 18 17 18 19 15 14 53 48 PB - non-LP 19 22 (4) 9 24 25 17 37 66 Total Private equity 212 (209) (220) (15) 130 226 (2) (217) 354 Real estate 8 11 24 35 90 53 26 43 169 Total PB $ 220 $ (198) $ (196) $ 20 $ 220 $ 279 $ 24 $ (174) $ 523 Investee level expenses (1) $ (10) $ (13) $ (12) $ (20) $ (18) $ (18) $ (18) $ (35) $ (54) Realized capital gains (losses) (1) Limited partnerships Private equity $ 1 $ (5) $ (2) $ 42 $ (1) $ (3) $ (3) $ (6) $ (7) Real estate - - (3) (3) - 1 - (3) 1 PB - limited partnerships 1 (5) (5) 39 (1) (2) (3) (9) (6) Non-LP Private equity (1) 26 15 (13) 17 8 28 40 53 Real estate (19) (7) 21 (11) 10 31 32 (5) 73 PB - non-LP (20) 19 36 (24) 27 39 60 35 126 Total Private equity - 21 13 29 16 5 25 34 46 Real estate (19) (7) 18 (14) 10 32 32 (8) 74 Total PB $ (19) $ 14 $ 31 $ 15 $ 26 $ 37 $ 57 $ 26 $ 120 Pre-Tax Yield 10.1 % (10.2) % (9.7) % - % 9.6 % 12.9 % 0.3 % (3.3) % 7.7 % Internal Rate of Return (2) 10 Year 11.5 % 11.3 % 12.1 % (3) 12.2 % 12.4 % 12.1 % 11.4 % 5 Year 8.5 8.6 10.2 (3) 10.8 11.2 11.4 11.2 3 Year 7.2 7.5 10.4 (3) 11.7 12.7 12.7 11.6 1 Year (1.1) (2.2) 6.5 (3) 7.6 9.7 9.5 6.7 (1) Beginning January 1, 2020, depreciation previously included in investee level expenses is reported as realized capital gains or losses. (2) 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. (3) 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. The Allstate Corporation 3Q20 Supplement 38

Definitions of Non-GAAP Measures We believe that investors’ understanding of Allstate’s performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited. Adjusted net income is net income applicable to common shareholders, excluding: • realized capital gains and losses, after-tax, except for periodic settlements and accruals on non-hedge derivative instruments, which are reported with realized capital gains and losses but included in adjusted net income, • pension and other postretirement remeasurement gains and losses, after-tax, • valuation changes on embedded derivatives not hedged, after-tax, amortization of deferred policy acquisition costs ("DAC") and deferred sales inducements (“DSI”), to the extent they resulted from the recognition of certain realized capital gains and losses or valuation changes on • embedded derivatives not hedged, after-tax, • business combination expenses and the amortization or impairment of purchased intangibles, after-tax, • gain (loss) on disposition of operations, after-tax, and adjustments for other significant non-recurring, infrequent or unusual items when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge • or gain within the prior two years. Net income applicable to common shareholders is the GAAP measure that is most directly comparable to adjusted net income. We use adjusted net income as an important measure to evaluate our results of operations. We believe that the measure provides investors with a valuable measure of the Company's ongoing performance because it reveals trends in our insurance and financial service business that may be obscured by the net effect of realized capital gains and losses, pension and other postretirement remeasurement gains and losses, valuation changes on embedded derivatives not hedged, business combination expenses and the amortization or impairment of purchased intangibles, gain (loss) on disposition of operations and adjustments for other significant non-recurring, infrequent or unusual items. Realized capital gains and losses, pension and other postretirement remeasurement gains and losses, valuation changes on embedded derivatives not hedged and gain (loss) on disposition of operations may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Consistent with our intent to protect results or earn additional income, adjusted net income includes periodic settlements and accruals on certain derivative instruments that are reported in realized capital gains and losses because they do not qualify for hedge accounting or are not designated as hedges for accounting purposes. These instruments are used for economic hedges and to replicate fixed income securities, and by including them in adjusted net income, we are appropriately reflecting their trends in our performance and in a manner consistent with the economically hedged investments, product attributes (e.g. net investment income and interest credited to contractholder funds) or replicated investments. Business combination expenses are excluded because they are non-recurring in nature and the amortization or impairment of purchased intangibles is excluded because it relates to the acquisition purchase price and is not indicative of our underlying business results or trends. Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends. Accordingly, adjusted net income excludes the effect of items that tend to be highly variable from period to period and highlights the results from ongoing operations and the underlying profitability of our business. A byproduct of excluding these items to determine adjusted net income is the transparency and understanding of their significance to net income variability and profitability while recognizing these or similar items may recur in subsequent periods. Adjusted net income is used by management along with the other components of net income applicable to common shareholders to assess our performance. We use adjusted measures of adjusted net income in incentive compensation. Therefore, we believe it is useful for investors to evaluate net income applicable to common shareholders, adjusted net income and their components separately and in the aggregate when reviewing and evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income results in their evaluation of our and our industry's financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the Company and management's performance. We note that the price to earnings multiple commonly used by insurance investors as a forward-looking valuation technique uses adjusted net income as the denominator. Adjusted net income should not be considered a substitute for net income applicable to common shareholders and does not reflect the overall profitability of our business. A reconciliation of adjusted net income to net income applicable to common shareholders is provided in the schedule, "Contribution to Income". Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization 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", "Homeowners Profitability Measures by Brand", "Other Personal Lines Profitability Measures by Brand" and "Commercial Lines Profitability Measures". Average underlying loss (incurred pure premium) and expense is calculated as the underlying combined ratio (a non-GAAP measure) provided on the schedule "Auto Profitability Measures by Brand" and "Homeowners Profitability Measures by Brand" multiplied by average premium calculated using annualized GAAP quarterly earned premium, which is annualized (multiplied by 4), provided on the schedule "Auto Profitability Measures by Brand" and "Homeowners Profitability Measures by Brand", divided by the policies in force provided on the schedule "Policies in Force" (“average premium”). We believe that this measure is useful to investors and it is used by management for the same reasons noted above for the underlying combined ratio. The results of these calculations are provided on the schedule "Allstate Brand Statistics". The Allstate Corporation 3Q20 Supplement 39

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", "Homeowners Profitability Measures by Brand" and "Other Personal Lines Profitability Measures by Brand". Adjusted net income return on common shareholders' equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month adjusted net income by the average of common shareholders’ equity at the beginning and at the end of the 12-months, after excluding the effect of unrealized net capital gains and losses. Return on common shareholders' equity is the most directly comparable GAAP measure. We use adjusted net income as the numerator for the same reasons we use adjusted net income, as discussed 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". 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". Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, is a ratio that uses a non-GAAP measure. It is calculated by dividing common shareholders’ equity after excluding the impact of unrealized net capital gains and losses on fixed income securities and related DAC, DSI and life insurance reserves by total common shares outstanding plus dilutive potential common shares outstanding. We use the trend in book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. We believe the non-GAAP ratio is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are generally not influenced by management, and we believe it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. We note that book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, is a measure commonly used by insurance investors as a valuation technique. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, should not be considered a substitute for book value per common share, and does not reflect the recorded net worth of our business. A reconciliation of book value per common share, excluding the impact of unrealized net capital gains on fixed income securities, and book value per common share can be found in the schedule, "Book Value per Common Share". The Allstate Corporation 3Q20 Supplement 40