EX-99.2 3 allcorp63021investorsupp.htm EX-99.2
Investor Supplement Second Quarter 2021 The condensed consolidated financial statements and financial exhibits included herein are unaudited. These condensed consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes thereto included in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The results of operations for interim periods should not be considered indicative of results to be expected for the full year. Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*). These measures are defined on the pages "Definitions of Non-GAAP Measures" and are reconciled to the most directly comparable generally accepted accounting principles ("GAAP") measure herein. The Allstate Corporation

Condensed Consolidated Statements of Operations 1 Segment Results and Other Statistics 11 Contribution to Income 2 Book Value per Common Share and Debt to Capital 3 Return on Allstate Common Shareholders' Equity 4 Segment Results 12 Policies in Force 5 Investment Position and Results 13 Results 6 Investment Position and Results by Strategy 14 Allstate Protection Profitability Measures 7 15,16 Auto Profitability Measures 8 Homeowners Profitability Measures 9 17 Segment Results 10 Protection Services Glossary Items included in the glossary are denoted with a caret (^) the first time used. Corporate and Other Definitions of Non-GAAP Measures Investments Property-Liability Allstate Protection The Allstate Corporation Investor Supplement - Second Quarter 2021 Table of Contents Consolidated Operations Allstate Health and Benefits

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 June 30, 2021 June 30, 2020 10,444$ 10,307$ 9,279$ 9,336$ 9,223$ 9,235$ 20,751$ 18,458$ 447 455 262 287 263 282 902 545 494 555 271 272 257 265 1,049 522 974 708 660 464 220 246 1,682 466 287 426 490 319 440 (162) 713 278 12,646 12,451 10,962 10,678 10,403 9,866 25,097 20,269 7,207 6,043 5,366 6,072 5,222 5,341 13,250 10,563 29 - - - 738 210 29 948 244 233 124 128 123 141 477 264 8 9 7 8 9 9 17 18 1,545 1,523 1,382 1,386 1,344 1,365 3,068 2,709 1,683 1,731 1,440 1,322 1,394 1,338 3,414 2,732 (134) (310) (371) (71) 73 318 (444) 391 71 51 40 196 13 4 122 17 105 53 30 31 29 28 158 57 91 86 80 78 79 81 177 160 10,849 9,419 8,098 9,150 9,024 8,835 20,268 17,859 1,797 3,032 2,864 1,528 1,379 1,031 4,829 2,410 362 626 594 312 273 194 988 467 1,435 2,406 2,270 1,216 1,106 837 3,841 1,943 196 (3,793) 354 (63) 144 (288) (3,597) (144) 1,631 (1,387) 2,624 1,153 1,250 549 244 1,799 6 (6) - - - - - - 1,625 (1,381) 2,624 1,153 1,250 549 244 1,799 30 27 26 27 26 36 57 62 1,595$ (1,408)$ 2,598$ 1,126$ 1,224$ 513$ 187$ 1,737$ 4.68$ 7.88$ 7.38$ 3.82$ 3.44$ 2.52$ 12.59$ 5.96$ 0.66 (12.53) 1.16 (0.20) 0.46 (0.90) (11.97) (0.46) 5.34$ (4.65)$ 8.54$ 3.62$ 3.90$ 1.62$ 0.62$ 5.50$ 4.61$ 7.78$ 7.30$ 3.78$ 3.41$ 2.48$ 12.41$ 5.88$ 0.65 (12.38) 1.15 (0.20) 0.45 (0.89) (11.80) (0.45) 5.26$ (4.60)$ 8.45$ 3.58$ 3.86$ 1.59$ 0.61$ 5.43$ 298.8 302.5 304.3 311.2 313.7 317.4 300.6 315.6 303.3 306.4 307.6 314.1 317.0 322.4 304.9 319.8 0.81$ 0.81$ 0.54$ 0.54$ 0.54$ 0.54$ 1.62$ 1.08$ Weighted average common shares - Basic Weighted average common shares - Diluted Cash dividends declared per common share Diluted Continuing operations Discontinued operations Total Basic Continuing operations Discontinued operations Total Less: Preferred stock dividends Net income (loss) applicable to common shareholders Earnings per common share Income (loss) from discontinued operations, net of tax Net income (loss) Less: Net income (loss) attributable to noncontrolling interest Net income (loss) attributable to Allstate Income tax expense Six months ended Net income from continuing operations Interest expense Total costs and expenses Income from operations before income tax expense Amortization of deferred policy acquisition costs Operating costs and expenses Pension and other postretirement remeasurement (gains) losses Restructuring and related charges Amortization of purchased intangibles Costs and expenses Property and casualty insurance claims and claims expense Shelter-in-Place Payback expense Accident and health insurance policy benefits Interest credited to contractholder funds Accident and health insurance premiums and contract charges ^ Other revenue ^ Net investment income Realized capital gains (losses) Total revenues ($ in millions, except per share data) Revenues Property and casualty insurance premiums ^ The Allstate Corporation Condensed Consolidated Statements of Operations Three months ended The Allstate Corporation 2Q21 Supplement 1

($ in millions, except per share data) June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 June 30, 2021 June 30, 2020 Contribution to income Net income (loss) applicable to common shareholders 1,595$ (1,408)$ 2,598$ 1,126$ 1,224$ 513$ 187$ 1,737$ Realized capital (gains) losses (287) (426) (490) (319) (440) 162 (713) (278) Pension and other postretirement remeasurement (gains) losses (134) (310) (371) (71) 73 318 (444) 391 Curtailment (gains) losses - - - (8) - - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments - 1 (1) 1 - - 1 - Business combination expenses and the amortization of purchased intangibles 105 75 30 31 29 28 180 57 Business combination fair value adjustment (6) - - - - - (6) - (Income) loss from discontinued operations (493) 4,163 (446) 86 (167) 370 3,670 203 Income tax expense (benefit) 369 (224) 272 54 97 (189) 145 (92) Adjusted net income * 1,149$ 1,871$ 1,592$ 900$ 816$ 1,202$ 3,020$ 2,018$ Income per common share - Diluted Net income (loss) applicable to common shareholders 5.26$ (4.60)$ 8.45$ 3.58$ 3.86$ 1.59$ 0.61$ 5.43$ Realized capital (gains) losses (0.95) (1.39) (1.59) (1.01) (1.39) 0.50 (2.34) (0.87) Pension and other postretirement remeasurement (gains) losses (0.44) (1.01) (1.21) (0.22) 0.23 0.99 (1.46) 1.22 Curtailment (gains) losses - - - (0.02) - - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments - - - - - - - - Business combination expenses and the amortization of purchased intangibles 0.35 0.25 0.10 0.10 0.09 0.09 0.59 0.18 Business combination fair value adjustment (0.02) - - - - - (0.02) - (Income) loss from discontinued operations (1.63) 13.59 (1.45) 0.27 (0.52) 1.15 12.04 0.63 Income tax expense (benefit) 1.22 (0.73) 0.88 0.17 0.31 (0.59) 0.48 (0.28) Adjusted net income * 3.79$ 6.11$ 5.18$ 2.87$ 2.58$ 3.73$ 9.90$ 6.31$ Weighted average common shares - Diluted 303.3 306.4 307.6 314.1 317.0 322.4 304.9 319.8 The Allstate Corporation Contribution to Income Three months ended Six months ended The Allstate Corporation 2Q21 Supplement 2

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 26,037$ 24,649$ 28,247$ 25,293$ 25,016$ 22,203$ 301.6 304.0 308.7 307.0 315.8 318.7 86.33$ 81.08$ 91.50$ 82.39$ 79.21$ 69.67$ 26,037$ 24,649$ 28,247$ 25,293$ 25,016$ 22,203$ 2,167 1,680 3,185 2,750 2,610 534 23,870$ 22,969$ 25,062$ 22,543$ 22,406$ 21,669$ 301.6 304.0 308.7 307.0 315.8 318.7 79.14$ 75.56$ 81.19$ 73.43$ 70.95$ 67.99$ 7,996$ 7,996$ 7,825$ 6,635$ 6,634$ 6,633$ 36,203$ 34,815$ 38,042$ 33,898$ 33,620$ 30,806$ 28.3 % 29.8 % 25.9 % 24.3 % 24.6 % 27.4 % 22.1 % 23.0 % 20.6 % 19.6 % 19.7 % 21.5 % (1) (2) Total capital resources Ratio of debt to Allstate shareholders' equity Common shares outstanding were 296,891,923 and 304,192,788 as of June 30, 2021 and December 31, 2020, respectively. Excludes equity related to preferred stock of $2,170 million at June 30, 2021 and March 31, 2021 and $1,970 million at December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020. Ratio of debt to capital resources Denominator: Common shares outstanding and dilutive potential common shares outstanding Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities * Total debt Numerator: Allstate common shareholders' equity Less: Unrealized net capital gains and losses on fixed income securities Adjusted Allstate common shareholders' equity Book value per common share Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities The Allstate Corporation Book Value per Common Share and Debt to Capital Denominator: Common shares outstanding and dilutive potential common shares outstanding (2) ($ in millions, except per share data) Book value per common share Numerator: Allstate common shareholders' equity (1) The Allstate Corporation 2Q21 Supplement 3

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 3,911$ 3,540$ 5,461$ 4,570$ 4,333$ 3,930$ 25,016$ 22,203$ 23,750$ 23,088$ 22,546$ 21,488$ 26,037 24,649 28,247 25,293 25,016 22,203 25,527$ 23,426$ 25,999$ 24,191$ 23,781$ 21,846$ 15.3 % 15.1 % 21.0 % 18.9 % 18.2 % 18.0 % 5,512$ 5,179$ 4,510$ 3,897$ 3,887$ 3,687$ 25,016$ 22,203$ 23,750$ 23,088$ 22,546$ 21,488$ 2,602 530 1,887 2,023 1,654 972 22,414 21,673 21,863 21,065 20,892 20,516 26,037 24,649 28,247 25,293 25,016 22,203 2,164 1,680 3,180 2,744 2,602 530 23,873 22,969 25,067 22,549 22,414 21,673 23,144$ 22,321$ 23,465$ 21,807$ 21,653$ 21,095$ 23.8 % 23.2 % 19.2 % 17.9 % 18.0 % 17.5 % (1) (2) Beginning Allstate common shareholders' equity Less: Unrealized net capital gains and losses Adjusted beginning Allstate common shareholders' equity Excludes equity related to preferred stock of $2,170 million at June 30, 2021 and March 31, 2021 and $1,970 million at December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020. Net income applicable to common shareholders and adjusted net income reflect a trailing twelve-month period. Ending Allstate common shareholders' equity Less: Unrealized net capital gains and losses Adjusted ending Allstate common shareholders' equity Average adjusted Allstate common shareholders' equity ^ Adjusted net income return on Allstate common shareholders' equity * Numerator: Adjusted net income * (1) Denominator: Return on Allstate common shareholders' equity Adjusted net income return on Allstate common shareholders' equity Beginning Allstate common shareholders' equity Ending Allstate common shareholders' equity (2) Average Allstate common shareholders' equity ^ Numerator: Net income applicable to common shareholders (1) Denominator: ($ in millions) Return on Allstate common shareholders' equity Return on Allstate Common Shareholders' Equity The Allstate Corporation Twelve months ended The Allstate Corporation 2Q21 Supplement 4

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 25,614 25,453 22,260 22,360 22,451 22,311 7,111 7,090 6,643 6,634 6,616 6,590 4,816 4,774 4,530 4,528 4,489 4,460 322 325 216 219 221 224 37,863 37,642 33,649 33,741 33,777 33,585 21,920 21,824 21,809 21,900 21,978 21,826 6,459 6,427 6,427 6,414 6,391 6,360 3,694 3,629 451 460 473 485 652 663 216 220 225 230 139,453 133,510 128,982 125,831 120,301 107,124 4,013 3,996 4,042 4,075 4,101 4,096 539 540 548 558 562 576 3,041 2,702 2,700 2,490 2,312 1,932 147,046 140,748 136,272 132,954 127,276 113,728 4,452 4,522 3,950 4,092 4,410 4,309 189,361 182,912 173,871 170,787 165,463 151,622 (1) • • • • • • • • (2) Total policies in force Allstate Health and Benefits reflects certificate counts as opposed to group counts. Encompass brand has been combined into National General beginning in the first quarter of 2021 and results prior to 2021 reflect Encompass brand results only. Allstate Identity Protection reflects individual customer counts for identity protection products. Allstate Protection Plans represents active consumer product protection plans. 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 Roadside reflects memberships in force and do not include their wholesale partners as the customer relationship is managed by the wholesale partner. A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy. Policy counts are based on items rather than customers. PIF does not reflect banking relationships for our lender-placed insurance products to customers including fire, home and flood products, as well as collateral protection insurance and guaranteed asset protection products for automobiles. Commercial lines PIF for shared economy agreements reflect contracts that cover multiple drivers as opposed to individual drivers. Allstate Identity Protection Total Allstate Health and Benefits Protection Services Allstate Protection Plans Allstate Dealer Services Allstate Roadside Homeowners National General (2) Auto Homeowners Other personal lines Commercial lines Total Allstate brand Auto Policies in force statistics (in thousands) (1) Allstate Protection Auto Homeowners The Allstate Corporation Policies in Force The Allstate Corporation 2Q21 Supplement 5

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 June 30, 2021 June 30, 2020 10,323$ 9,768$ 8,609$ 9,395$ 9,172$ 8,592$ 20,091$ 17,764$ (312) (280) 244 (470) (349) 370 (592) 21 (2) 408 31 27 40 (81) 406 (41) 10,009 9,896 8,884 8,952 8,863 8,881 19,905 17,744 321 385 218 220 206 213 706 419 (7,103) (5,945) (5,268) (5,968) (5,139) (5,251) (13,048) (10,390) (29) - - - (738) (210) (29) (948) (1,319) (1,303) (1,168) (1,158) (1,149) (1,167) (2,622) (2,316) (1,384) (1,344) (1,207) (1,107) (1,133) (1,114) (2,728) (2,247) (66) (32) (36) (187) (8) (4) (98) (12) 429$ 1,657$ 1,423$ 752$ 902$ 1,348$ 2,086$ 2,250$ 952$ 590$ 424$ 990$ 1,186$ 211$ 1,542$ 1,397$ 71$ 19$ 5$ 3$ 3$ 1$ 90$ 4$ 71.0 60.1 59.3 66.7 58.0 59.1 65.5 58.5 (9.5) (6.0) (4.8) (11.1) (13.4) (2.4) (7.7) (7.9) 0.2 (0.1) - (0.8) 0.4 (0.3) 0.1 0.1 61.7 54.0 54.5 54.8 45.0 56.4 57.9 50.7 24.7 23.2 24.7 24.9 31.8 25.7 24.0 28.8 (0.7) (0.1) (0.1) - - - (0.5) - 24.0 23.1 24.6 24.9 31.8 25.7 23.5 28.8 95.7 83.3 84.0 91.6 89.8 84.8 89.5 87.3 (9.5) (6.0) (4.8) (11.1) (13.4) (2.4) (7.7) (7.9) 0.2 (0.1) - (0.8) 0.4 (0.3) 0.1 0.1 (0.7) (0.1) (0.1) - - - (0.5) - 85.7 77.1 79.1 79.7 76.8 82.1 81.4 79.5 0.6 0.3 0.4 2.1 0.1 - 0.5 0.1 - 0.1 0.1 1.5 - - - - 0.3 - - - 8.3 2.4 0.1 5.3 414$ 1,515$ 1,414$ 842$ 899$ 1,336$ 1,929$ 2,235$ 15 138 12 43 6 14 153 20 2 7 - 2 - 1 9 1 431 1,660 1,426 887 905 1,351 2,091 2,256 (2) (3) (3) (135) (3) (3) (5) (6) 429$ 1,657$ 1,423$ 752$ 902$ 1,348$ 2,086$ 2,250$ 931$ 673$ 619$ 422$ 178$ 202$ 1,604$ 380$ (283) (475) (415) (241) (210) (303) (758) (513) (2) Net investment income Income tax expense on operations Encompass brand has been combined into National General beginning in the first quarter of 2021 and results prior to 2021 reflect Encompass brand results only. Answer Financial Total underwriting income for Allstate Protection Run-off Property-Liability Total underwriting income for Property-Liability Other financial information Effect of Run-off Property-Liability on combined ratio Effect of Shelter-in-Place Payback expense on combined and expense ratios (1) Underwriting income (loss) Allstate brand National General (2) Effect of amortization of purchased intangibles Underlying combined ratio * Effect of restructuring and related charges on combined ratio Effect of amortization of purchased intangibles Underlying expense ratio * Combined ratio Effect of catastrophe losses Effect of prior year non-catastrophe reserve reestimates Effect of prior year non-catastrophe reserve reestimates Underlying loss ratio * Six months ended Expense ratio ^ Amortization of purchased intangibles Operating ratios and reconciliations to underlying ratios Loss ratio Effect of catastrophe losses Underwriting income (1) Catastrophe losses Claims and claims expense Shelter-in-Place Payback expense Amortization of deferred policy acquisition costs Operating costs and expenses Restructuring and related charges (Increase) decrease in unearned premiums Other Premiums earned Other revenue ($ in millions, except ratios) Premiums written The Allstate Corporation Property-Liability Results Three months ended The Allstate Corporation 2Q21 Supplement 6

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 June 30, 2021 June 30, 2020 6,883$ 6,809$ 6,103$ 6,210$ 6,172$ 6,155$ 13,692$ 12,327$ 2,411 2,392 2,090 2,073 2,054 2,037 4,803 4,091 519 505 484 486 478 471 1,024 949 196 190 207 183 159 218 386 377 10,009$ 9,896$ 8,884$ 8,952$ 8,863$ 8,881$ 19,905$ 17,744$ 394$ 1,327$ 883$ 906$ 998$ 657$ 1,721$ 1,655$ (7) 268 449 (67) (139) 581 261 442 39 33 89 42 43 90 72 133 (25) (2) (16) (14) (11) 5 (27) (6) 28 27 21 18 14 17 55 31 2 7 - 2 - 1 9 1 431$ 1,660$ 1,426$ 887$ 905$ 1,351$ 2,091$ 2,256$ 71.0 60.0 59.3 65.2 58.0 59.1 65.5 58.5 (9.5) (6.0) (4.8) (11.1) (13.4) (2.4) (7.7) (7.9) 0.2 - - 0.7 0.4 (0.3) 0.1 0.1 61.7 54.0 54.5 54.8 45.0 56.4 57.9 50.7 24.7 23.2 24.6 24.9 31.8 25.7 24.0 28.8 (0.7) (0.1) - - - - (0.5) - 24.0 23.1 24.6 24.9 31.8 25.7 23.5 28.8 95.7 83.2 83.9 90.1 89.8 84.8 89.5 87.3 85.7 77.1 79.1 79.7 76.8 82.1 81.4 79.5 3.1 3.2 3.7 2.3 2.4 2.3 3.1 2.3 0.6 0.3 0.4 2.1 0.1 - 0.5 0.1 0.3 - - - 8.3 2.4 0.1 5.3 Effect of Shelter-in-Place Payback expense on combined and expense ratios Combined ratio Underlying combined ratio * Effect of advertising expenses on combined ratio Effect of restructuring and related charges on combined ratio Expense ratio Effect of amortization of purchased intangibles Six months ended Underlying expense ratio * Operating ratios and reconciliations to underlying ratios Loss ratio Effect of catastrophe losses Effect of prior year non-catastrophe reserve reestimates Underlying loss ratio * Commercial lines Other business lines ^ Answer Financial Total Underwriting income (loss) Auto Homeowners Other personal lines Auto Homeowners Other personal lines Commercial lines Total ($ in millions, except ratios) Net premiums earned The Allstate Corporation Allstate Protection Profitability Measures Three months ended The Allstate Corporation 2Q21 Supplement 7

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 June 30, 2021 June 30, 2020 6,883$ 6,809$ 6,103$ 6,210$ 6,172$ 6,155$ 13,692$ 12,327$ 394$ 1,327$ 883$ 906$ 998$ 657$ 1,721$ 1,655$ 68.7 57.2 60.2 59.7 47.9 62.2 63.0 55.1 (2.2) (0.4) (0.6) (1.6) (2.2) (0.2) (1.3) (1.2) 0.4 0.2 - 0.5 0.8 (0.4) 0.3 0.2 66.9 57.0 59.6 58.6 46.5 61.6 62.0 54.1 25.6 23.3 25.3 25.7 35.9 27.1 24.4 31.5 (0.7) (0.2) - - - - (0.4) - 24.9 23.1 25.3 25.7 35.9 27.1 24.0 31.5 94.3 80.5 85.5 85.4 83.8 89.3 87.4 86.6 (2.2) (0.4) (0.6) (1.6) (2.2) (0.2) (1.3) (1.2) 0.4 0.2 - 0.5 0.8 (0.4) 0.3 0.2 (0.7) (0.2) - - - - (0.4) - 91.8 80.1 84.9 84.3 82.4 88.7 86.0 85.6 0.4 - - - 11.9 3.4 0.2 7.7 1,421 1,471 846 902 882 897 2,892 1,779 6,036$ 6,014$ 5,977$ 6,081$ 6,037$ 6,020$ 12,050$ 12,057$ 364$ 1,203$ 882$ 897$ 966$ 659$ 1,567$ 1,625$ 94.0 80.0 85.2 85.2 84.0 89.1 87.0 86.5 92.0 79.6 84.7 84.2 82.6 88.5 85.9 85.5 658 651 603 682 664 672 1,309 1,336 268 278 227 206 204 209 546 413 600 607 621 621 612 616 604 614 87.1 86.7 87.2 87.9 87.6 87.4 86.9 87.5 47.3 (18.8) (28.7) (28.6) (46.4) (12.2) 6.6 (29.5) (4.9) 5.5 5.1 7.9 20.4 8.1 1.1 13.1 847$ 795$ 126$ 129$ 135$ 135$ 1,642$ 270$ 30$ 124$ 1$ 9$ 32$ (2)$ 154$ 30$ 96.5 84.4 99.2 93.0 76.3 101.5 90.6 88.9 89.8 83.8 96.0 89.1 74.1 100.0 86.9 87.0 495 542 16 14 14 16 1,037 30 (1) (2) Excludes 5.5 points, 1.1 points and 3.4 points in the second quarter, first quarter and first six months of 2021, respectively, related to the effect of amortization of purchased intangibles. Encompass brand has been combined into National General beginning in the first quarter of 2021 and results prior to 2021 reflect Encompass brand results only. New issued application (in thousands) National General (1) Net premiums earned Underwriting income (loss) Combined ratio Underlying combined ratio * (2) Direct channel Average premium - gross written ^ ($) Renewal ratio ^ (%) Property damage gross claim frequency ^ (%) Property damage paid claim severity ^ (%) Underwriting income Combined ratio Underlying combined ratio * New issued applications (in thousands) Agency channel New issued applications (in thousands) ^ Six months ended Allstate brand Net premiums earned Combined ratio Effect of catastrophe losses Effect of prior year non-catastrophe reserve reestimates Effect of amortization of purchased intangibles Underlying combined ratio * Effect of prior year non-catastrophe reserve reestimates Underlying loss ratio * Expense ratio Effect of amortization of purchased intangibles Underlying expense ratio * Net premiums earned Loss ratio Effect of catastrophe losses ($ in millions, except ratios) Allstate Protection Effect of Shelter-in-Place Payback expense on combined and expense ratios The Allstate Corporation Auto Profitability Measures Three months ended Underwriting income Operating ratios and reconciliations to underlying ratios The Allstate Corporation 2Q21 Supplement 8

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 June 30, 2021 June 30, 2020 2,411$ 2,392$ 2,090$ 2,073$ 2,054$ 2,037$ 4,803$ 4,091$ (7)$ 268$ 449$ (67)$ (139)$ 581$ 261$ 442$ 76.3 64.9 55.1 80.4 84.8 48.9 70.6 66.9 (30.3) (20.7) (16.8) (39.1) (46.4) (9.0) (25.5) (27.8) 0.3 (0.2) (0.1) 0.7 0.2 (0.1) - 0.1 46.3 44.0 38.2 42.0 38.6 39.8 45.1 39.2 24.0 23.9 23.4 22.8 22.0 22.6 24.0 22.3 (0.8) (0.2) (0.1) - - - (0.5) - 23.2 23.7 23.3 22.8 22.0 22.6 23.5 22.3 100.3 88.8 78.5 103.2 106.8 71.5 94.6 89.2 (30.3) (20.7) (16.8) (39.1) (46.4) (9.0) (25.5) (27.8) 0.3 (0.2) (0.1) 0.7 0.2 (0.1) - 0.1 (0.8) (0.2) (0.1) - - - (0.5) - 69.5 67.7 61.5 64.8 60.6 62.4 68.6 61.5 292 242 227 256 238 212 534 450 2,032$ 2,008$ 1,993$ 1,974$ 1,955$ 1,936$ 4,040$ 3,891$ 7$ 262$ 442$ (93)$ (118)$ 567$ 269$ 449$ 99.7 87.0 77.8 104.7 106.0 70.7 93.3 88.5 66.6 63.3 60.8 64.6 60.2 61.8 65.0 61.0 243 204 201 231 214 191 447 405 22 16 17 16 16 13 38 29 1,404 1,360 1,342 1,334 1,324 1,310 1,384 1,318 87.3 87.0 87.4 87.8 87.3 87.6 87.2 87.4 10.4 19.3 3.6 3.5 (8.6) (13.2) 14.5 (10.8) 8.3 1.4 0.7 3.3 9.5 15.9 4.7 12.7 379$ 384$ 97$ 99$ 99$ 101$ 763$ 200$ (14)$ 6$ 7$ 26$ (21)$ 14$ (8)$ (7)$ 103.7 98.4 92.8 73.7 121.2 86.1 101.0 103.5 84.7 90.6 76.3 68.7 68.7 75.2 87.7 72.0 27 22 9 9 8 8 49 16 (1) (2) Excludes 4.8 points, 1.0 point and 2.8 points in the second quarter, first quarter and first six months of 2021, respectively, related to the effect of amortization of purchased intangibles. Encompass brand has been combined into National General beginning in the first quarter of 2021 and results prior to 2021 reflect Encompass brand results only. New issued application (in thousands) National General (1) Net premiums earned Underwriting income (loss) Combined ratio Underlying combined ratio * (2) Direct channel Average premium - gross written ($) Renewal ratio (%) Gross claim frequency (%) Paid claim severity (%) Underwriting income Combined ratio Underlying combined ratio * New issued applications (in thousands) Agency channel New issued applications (in thousands) Allstate brand Six months ended Net premiums earned Combined ratio Effect of catastrophe losses Effect of prior year non-catastrophe reserve reestimates Effect of amortization of purchased intangibles Effect of prior year non-catastrophe reserve reestimates Underlying loss ratio * Expense ratio Effect of amortization of purchased intangibles Underlying expense ratio * Net premiums earned Loss ratio Effect of catastrophe losses ($ in millions, except ratios) Allstate Protection Underlying combined ratio * The Allstate Corporation Homeowners Profitability Measures Three months ended Underwriting income (loss) Operating ratios and reconciliations to underlying ratios The Allstate Corporation 2Q21 Supplement 9

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 June 30, 2021 June 30, 2020 692$ 583$ 559$ 485$ 467$ 379$ 1,275$ 846$ 435$ 411$ 395$ 384$ 360$ 354$ 846$ 714$ 88 90 53 52 51 52 178 103 46 41 38 36 35 38 87 73 12 10 11 12 11 10 22 21 (109) (103) (102) (107) (85) (92) (212) (177) (194) (181) (176) (169) (160) (153) (375) (313) (203) (198) (167) (160) (163) (161) (401) (324) (4) (9) (2) 2 (3) - (13) (3) (15) (12) (12) (10) (8) (11) (27) (19) 56 49 38 40 38 37 105 75 7 8 8 7 6 7 15 13 4 9 2 (2) 3 - 13 3 15 12 12 10 8 11 27 19 82$ 78$ 60$ 55$ 55$ 55$ 160$ 110$ 467$ 388$ 385$ 300$ 310$ 221$ 855$ 531$ 279$ 260$ 248$ 236$ 219$ 206$ 539$ 425$ 295 275 263 251 232 219 570 451 (70) (66) (69) (70) (56) (55) (136) (111) (100) (91) (87) (83) (75) (70) (191) (145) (70) (61) (61) (56) (57) (50) (131) (107) (2) - - 3 - - (2) - (11) (12) (14) (9) (9) (10) (23) (19) 42$ 45$ 32$ 36$ 35$ 34$ 87$ 69$ 130$ 123$ 121$ 121$ 118$ 117$ 253$ 235$ 10 8 7 7 8 7 18 15 60$ 59$ 58$ 59$ 53$ 60$ 119$ 113$ 2 4 4 4 2 2 6 4 64$ 64$ 26$ 25$ 26$ 30$ 128$ 56$ 1 2 (2) (3) (3) (3) 3 (6) 32$ 31$ 29$ 28$ 28$ 28$ 63$ 56$ 1 (10) (3) (4) (4) (3) (9) (7) (1) Net premiums earned Revenue ^ Adjusted net income is the GAAP segment measure. Adjusted net income Allstate Dealer Services Revenue Adjusted net income Allstate Roadside Revenue Adjusted net income Arity Revenue Adjusted net income (loss) Allstate Identity Protection Revenue Adjusted net income (loss) Other costs and expenses ^ Restructuring and related charges Income tax expense on operations Amortization of deferred policy acquisition costs Operating costs and expenses Restructuring and related charges Income tax expense on operations Adjusted net income (1) Claims and claims expense Amortization of deferred policy acquisition costs Depreciation Restructuring and related charges Income tax expense on operations Adjusted earnings before taxes, depreciation and restructuring * Allstate Protection Plans Net premiums written Net premiums earned Other revenue Intersegment insurance premiums and service fees Net investment income Claims and claims expense ($ in millions) Protection Services Net premiums written The Allstate Corporation Protection Services Segment Results Three months ended Six months ended The Allstate Corporation 2Q21 Supplement 10

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 June 30, 2021 June 30, 2020 421$ 428$ 235$ 247$ 237$ 253$ 849$ 490$ 26 27 27 40 26 29 53 55 83 80 - - - - 163 - 19 19 20 18 20 20 38 40 (244) (233) (124) (128) (123) (141) (477) (264) (8) (9) (7) (8) (9) (9) (17) (18) (32) (39) (38) (59) (35) (45) (71) (80) (186) (190) (69) (68) (110) (1) (75) (376) (185) (1) - - - (1) - (1) (1) (16) (18) (10) (9) - (8) (34) (8) 62$ 65$ 34$ 33$ 5$ 24$ 127$ 29$ 54.6 % 51.2 % 47.3 % 44.6 % 46.8 % 50.0 % 52.9 % 48.4 % 255$ 263$ 262$ 287$ 263$ 282$ 518$ 545$ 87 83 - - - - 170 - 105 109 - - - - 214 - 447$ 455$ 262$ 287$ 263$ 282$ 902$ 545$ (1) Individual accident and health ^ Total Includes $41 million write-off of capitalized software costs associated with a billing system. Six months ended Adjusted net income ^ Benefit ratio ^ Premiums and contract charges Employer voluntary benefits ^ Interest credited to contractholder funds Amortization of deferred policy acquisition costs Operating costs and expenses Restructuring and related charges Income tax expense on operations Premiums Net investment income Accident and health insurance policy benefits ($ in millions) Allstate Health and Benefits Group health ^ The Allstate Corporation Allstate Health and Benefits Segment Results and Other Statistics Three months ended Contract charges Other revenue The Allstate Corporation 2Q21 Supplement 11

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 June 30, 2021 June 30, 2020 2$ -$ -$ -$ -$ -$ 2$ -$ 12 6 10 12 11 14 18 25 (28) (32) (37) (23) (25) (25) (60) (50) - (10) (1) (11) - - (10) - (91) (86) (80) (78) (79) (81) (177) (160) 23 26 23 16 20 21 49 41 (30) (27) (26) (27) (26) (36) (57) (62) (112)$ (123)$ (111)$ (111)$ (99)$ (107)$ (235)$ (206)$ The Allstate Corporation Corporate and Other Segment Results Three months ended Adjusted net loss ^ Six months ended Operating costs and expenses Restructuring and related charges Interest expense Income tax benefit on operations Preferred stock dividends ($ in millions) Net investment income Other revenue The Allstate Corporation 2Q21 Supplement 12

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 June 30, 2021 June 30, 2020 42,825$ 40,594$ 42,565$ 43,683$ 42,034$ 38,447$ 42,825$ 42,034$ 3,059 3,154 3,168 2,977 2,638 2,331 3,059 2,638 786 902 746 788 805 766 786 805 7,073 6,367 4,563 4,284 4,093 4,154 7,073 4,093 5,516 6,017 6,807 3,145 4,140 4,580 5,516 4,140 3,311 3,042 1,691 1,860 1,949 1,841 3,311 1,949 62,570$ 60,076$ 59,540$ 56,737$ 55,659$ 52,119$ 62,570$ 55,659$ 290$ 301$ 314$ 314$ 306$ 298$ 591$ 604$ 13 14 29 18 21 10 27 31 12 10 9 8 8 9 22 17 651 378 309 123 (117) (77) 1,029 (194) 1 1 2 2 2 11 2 13 48 41 33 29 31 31 89 62 1,015 745 696 494 251 282 1,760 533 (41) (37) (36) (30) (31) (36) (78) (67) 974$ 708$ 660$ 464$ 220$ 246$ 1,682$ 466$ 2.9 % 3.1 % 3.1 % 3.1 % 3.1 % 3.2 % 3.0 % 3.2 % 115$ 246$ 212$ 214$ 160$ 388$ 361$ 548$ 12 2 (3) 7 1 (37) 14 (36) 163 167 294 128 265 (591) 330 (326) (3) 11 (13) (30) 14 78 8 92 287$ 426$ 490$ 319$ 440$ (162)$ 713$ 278$ 1.6 % 1.2 % 1.1 % 0.8 % 0.4 % 0.5 % 2.8 % 0.8 % 0.7 (1.8) 1.0 0.8 3.9 (1.5) (1.1) 2.4 0.3 0.4 0.6 0.2 0.5 (1.1) 0.7 (0.6) 2.6 % (0.2) % 2.7 % 1.8 % 4.8 % (2.1) % 2.4 % 2.6 % 4.64 4.81 5.17 5.14 5.15 5.10 4.64 5.15 Valuation-interest bearing Valuation-equity investments Total Fixed income securities portfolio duration ^ (in years) Valuation and settlements of derivative instruments Total Total return on investment portfolio ^ Net investment income Credit losses Valuation of equity investments Investment Position and Results The Allstate Corporation As of or for the six months ended Pre-tax yields on fixed income securities ^ Realized capital gains (losses), pre-tax by transaction type Sales Short-term Other Investment income, before expense Less: Investment expense Net investment income Net investment income Fixed income securities Equity securities Mortgage loans Limited partnership interests Mortgage loans, net Limited partnership interests ^ Short-term, at fair value Other investments, net Total ($ in millions) Investment position Fixed income securities, at fair value As of or for the three months ended Equity securities ^ The Allstate Corporation 2Q21 Supplement 13

June 30, 2021 March 31, 2021 Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 June 30, 2021 June 30, 2020 51,367$ 49,422$ 50,975$ 48,581$ 48,062$ 44,762$ 51,367$ 48,062$ 2,676 2,787 2,884 2,732 2,395 2,095 2,676 2,395 317 298 257 215 180 162 317 180 54,360$ 52,507$ 54,116$ 51,528$ 50,637$ 47,019$ 54,360$ 50,637$ 6,327$ 5,702$ 3,965$ 3,689$ 3,491$ 3,608$ 6,327$ 3,491$ 1,883 1,867 1,459 1,520 1,531 1,492 1,883 1,531 8,210$ 7,569$ 5,424$ 5,209$ 5,022$ 5,100$ 8,210$ 5,022$ 330$ 331$ 339$ 339$ 331$ 336$ 661$ 667$ 17 15 28 19 20 24 32 44 9 9 4 1 2 1 18 3 356 355 371 359 353 361 711 714 (1) (1) (1) (1) (1) (1) (2) (2) 355$ 354$ 370$ 358$ 352$ 360$ 709$ 712$ 2.7 % 2.8 % 2.9 % 2.9 % 2.9 % 3.1 % 2.8 % 3.0 % 552$ 330$ 277$ 134$ (110)$ (95)$ 882$ (205)$ 107 60 48 1 8 16 167 24 659 390 325 135 (102) (79) 1,049 (181) (10) (12) (11) (6) (8) (7) (22) (15) 649$ 378$ 314$ 129$ (110)$ (86)$ 1,027$ (196)$ 33.0 % 20.7 % 23.7 % 10.0 % (8.7) % (6.7) % 27.0 % (7.7) % 1.7 % (1.1) % 2.3 % 1.8 % 5.5 % (2.2) % 0.7 % 3.4 % 8.6 6.3 6.8 2.3 (2.3) (1.2) 14.9 (3.5) 12.1 % 11.7 % 11.5 % 11.5 % 11.3 % 12.1 % 12.1 10.8 9.6 8.5 8.6 10.2 10.7 8.5 8.0 7.2 7.5 10.4 27.3 11.1 4.4 (1.1) (2.2) 6.5 (1) Calculations are based on consolidated results including held for sale investments. Investment income, before expense Investee level expenses Income for yield calculation Pre-tax yield Total return on investments portfolio Market-based Performance-based Internal rate of return (1) ^ Performance-based 10 year 5 year 3 year 1 year Private equity Real estate Investment Position and Results by Strategy The Allstate Corporation As of or for the six months ended Income for yield calculation Pre-tax yield Performance-based Interest-bearing investments Equity securities LP and other alternative investments Investment income, before expense Investee level expenses Real estate Total Investment income Market-based Equity securities ^ LP and other alternative investments ^ Total Performance-based ^ Private equity ($ in millions) Investment Position Market-based ^ As of or for the three months ended Interest-bearing investments ^ The Allstate Corporation 2Q21 Supplement 14

• realized capital gains and losses 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, • business combination expenses and the amortization or impairment of purchased intangibles, • income or loss from discontinued operations, • 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, and • related income tax expense or benefit of these items. Underlying expense ratio is a non-GAAP ratio, which is computed as the difference between the expense ratio and the effect of amortization or impairment of purchased intangibles on the expense ratio. We believe that the measure provides investors with a valuable measure of ongoing performance because it reveals trends that may be obscured by the amortization or impairment of purchased intangible assets. Amortization or Impairment of purchased intangible assets is excluded because it relates to the acquisition purchase price and is not indicative of our 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. The most directly comparable GAAP measure is the expense ratio. The underlying expense ratio should not be considered a substitute for the expense ratio and does not reflect the overall expense ratio of our business. A reconciliation of underlying expense ratio is provided in the schedules "Property-Liability Results", "Allstate Protection Profitability Measures", "Auto Profitability Measures" and "Homeowners Profitability Measures". Underlying combined ratio is a non-GAAP ratio, which is the sum of underlying loss and underlying expense ratios. 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. 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 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 schedule "Property-Liability Results", "Auto Profitability Measures" and "Homeowners Profitability Measures". 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 (loss) applicable to common shareholders, excluding: Net income (loss) 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, business combination expenses, and the amortization or impairment of purchased intangibles, income or loss from discontinued operations and adjustments for other significant non-recurring, infrequent or unusual items and the related tax expense or benefit of these items. Realized capital gains and losses and pension and other postretirement remeasurement gains and losses may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Business combination expenses and income or loss from discontinued operations 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 (loss) 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 (loss) 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 (loss) applicable to common shareholders and does not reflect the overall profitability of our business. A reconciliation of adjusted net income to net income (loss) applicable to common shareholders is provided in the schedule, "Contribution to Income". 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 Protection Profitability Measures", "Auto Profitability Measures" and "Homeowners Profitability Measures". The Allstate Corporation 2Q21 Supplement 15

Definitions of Non-GAAP Measures (continued) Protection Services adjusted earnings before taxes, depreciation and restructuring, is a non-GAAP measure, which is computed as adjusted net income (loss), excluding taxes, depreciation and restructuring. Adjusted net income (loss) is the GAAP measure that is most directly comparable to adjusted earnings before taxes, depreciation and restructuring. We use adjusted earnings before taxes, depreciation and restructuring, as an important measure to evaluate Protection Services' results of operations. We believe that the measure provides investors with a valuable measure of Protection Services' ongoing performance because it reveals trends that may be obscured by the taxes,depreciation and restructuring expenses. Taxes, depreciation and restructuring are excluded because these are not directly attributable to the underlying operating performance of Protection Services' segment. Adjusted earnings before taxes, depreciation and restructuring highlights the results from ongoing operations and the underlying profitability of our business and is used by management along with the other components of adjusted net income (loss) to assess our performance. We believe it is useful for investors to evaluate adjusted net income (loss), adjusted earnings before taxes, depreciation and restructuring, and their components separately and in the aggregate when reviewing and evaluating Protection Services segment’s performance. Adjusted earnings before taxes, depreciation and restructuring should not be considered a substitute for adjusted net income (loss) and does not reflect the overall profitability of our business. A reconciliation of adjusted net income (loss) to adjusted earnings before taxes, depreciation and restructuring, is provided in the schedule, "Protection Services Segment Results". Adjusted net income return on Allstate 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 Allstate 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 Allstate 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 Allstate common shareholders' equity excluding the effect of unrealized net capital gains and losses for the denominator as a representation of common shareholders’ equity primarily applicable to Allstate'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 (loss) applicable to common shareholders and return on Allstate 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 Allstate 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 Allstate common shareholders' equity from return on Allstate 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 Allstate common shareholders' equity in incentive compensation. Therefore, we believe it is useful for investors to have adjusted net income return on Allstate common shareholders' equity and return on Allstate 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 Allstate common shareholders' equity should not be considered a substitute for return on Allstate common shareholders' equity and does not reflect the overall profitability of our business. A reconciliation of return on Allstate common shareholders' equity and adjusted net income return on Allstate common shareholders' equity can be found in the schedule, "Return on Allstate Common Shareholders' Equity". Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, is a ratio that uses a non-GAAP measure. It is calculated by dividing Allstate 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 applicable to management efforts between periods. We believe the non-GAAP ratio is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are generally not influenced by management, and we believe it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. We note that book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, is a measure commonly used by insurance investors as a valuation technique. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, should not be considered a substitute for book value per common share, and does not reflect the recorded net worth of our business. A reconciliation of book value per common share, excluding the impact of unrealized net capital gains on fixed income securities, and book value per common share can be found in the schedule, "Book Value per Common Share and Debt to Capital". The Allstate Corporation 2Q21 Supplement 16

Glossary Consolidated Operations Accident and health insurance premiums and contract charges are reported in the Allstate Health and Benefits segment and include employer voluntary benefits, group health and individual accident and health products. Adjusted net income is the GAAP segment measure used for the Protection Services, Allstate Health and Benefits, and Corporate and Other segments. Average Allstate common shareholders' equity and average adjusted Allstate common shareholders' equity are determined using a two-point average, with the beginning and ending Allstate common shareholders' equity and Allstate adjusted common shareholders' equity, respectively, for the twelve-month period as data points. 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. Property and casualty insurance premiums are reported in the Allstate Protection and Protection Services segments and include auto, homeowners, other personal lines and commercial lines insurance products, as well as consumer product proteion plans, roadside assistance and finance and insurance products. Property-Liability 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 generally 6 months for auto and 12 months for homeowners. Expense ratio: Other revenue is deducted from other costs and expenses in the expense ratio calculation. 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. 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. Other business lines primarily represent commissions earned and other costs and expenses for Ivantage and non-proprietary life and annuity products. 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. Renewal ratio: Renewal policy item counts issued during the period, based on contract effective dates, divided by the total policy item counts issued generally 6 months prior for auto or 12 months prior for homeowners. Allstate Health and Benefits Investments Duration measures the price sensitivity of assets and liabilities to changes in interest rates. Equity securities include investments in exchange traded and mutual funds whose underlying investments are fixed income securities. Interest-bearing investments comprise fixed income securities, mortgage loans, short-term investments, and other investments including bank and agent loans and derivatives. Internal rate of return 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. Limited partnership interests: 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. LP and other investments comprise limited partnership interests and other alternative investments, including real estate investments classified as other investments. Market-based investments include publicly traded equity securities classified as limited partnerships. 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. 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. Pre-tax yields: 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 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. 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. Employer voluntary benefits include supplemental life and health products offered through workplace enrollment. Group health includes health products sold to employers for use by their employees. Individual accident and health includes short-term medical and supplemental products sold directly to individuals. Protection Services Other costs and expenses may include amortization of deferred policy acquisition costs, operating costs and expenses, and restructuring and related charges. Revenue may include net premiums earned, intersegment insurance premiums and service fees, other revenue, revenue earned from external customers and net investment income. Benefit ratio is contract benefits divided by premiums and contract charges. The Allstate Corporation 2Q21 Supplement 17