EX-99.2 3 allcorp33125investorsupp.htm EX-99.2
The Allstate Corporation Investor Supplement First Quarter 2025 The condensed consolidated financial statements and financial exhibits included herein are unaudited and 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. Exhibit 99.2

The Allstate Corporation Investor Supplement - First Quarter 2025 Table of Contents Consolidated Operations Protection Services Condensed Consolidated Statements of Operations 1 Segment Results 11 Contribution to Income 2 Book Value per Common Share and Debt to Capital 3 Allstate Health and Benefits Return on Allstate Common Shareholders' Equity 4 Segment Results and Other Statistics 12 Policies in Force 5 Corporate and Other Property-Liability Segment Results 13 Results 6 Allstate Protection Investments Profitability Measures 7 Investment Position and Results 14 Impact of Net Rate Changes Implemented on Premiums Written 8 Investment Position and Results by Strategy 15 Auto Profitability Measures and Statistics 9 Homeowners Profitability Measures and Statistics 10 Definitions of Non-GAAP Measures 16,17 Glossary 18 Items included in the glossary are denoted with a caret (^) the first time used.

The Allstate Corporation Condensed Consolidated Statements of Operations (In millions, except per share data) Three months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Revenues Property and casualty insurance premiums ^ $ 14,698 $ 14,591 $ 14,333 $ 13,952 $ 13,512 Accident and health insurance premiums and contract charges ^ 487 482 487 474 478 Other revenue ^ 762 801 781 679 669 Net investment income 854 833 783 712 764 Net gains (losses) on investments and derivatives (349) (201) 243 (103) (164) Total revenues 16,452 16,506 16,627 15,714 15,259 Costs and expenses Property and casualty insurance claims and claims expense 10,815 9,024 10,409 10,801 9,501 Accident, health and other policy benefits 333 337 317 291 296 Amortization of deferred policy acquisition costs 2,087 2,062 2,037 2,001 1,939 Operating costs and expenses 2,245 2,505 2,217 2,019 1,885 Pension and other postretirement remeasurement (gains) losses 78 (52) 26 (9) (2) Restructuring and related charges 16 10 28 13 10 Amortization of purchased intangibles 59 70 71 70 69 Interest expense 100 101 104 98 97 Total costs and expenses 15,733 14,057 15,209 15,284 13,795 Income from operations before income tax expense 719 2,449 1,418 430 1,464 Income tax expense 123 559 254 83 266 Net income 596 1,890 1,164 347 1,198 Less: Net income (loss) attributable to noncontrolling interest 1 (38) (26) 16 (20) Net income attributable to Allstate 595 1,928 1,190 331 1,218 Less: Preferred stock dividends 29 29 29 30 29 Net income applicable to common shareholders $ 566 $ 1,899 $ 1,161 $ 301 $ 1,189 Earnings per common share Net income applicable to common shareholders per common share - Basic $ 2.13 $ 7.16 $ 4.39 $ 1.14 $ 4.51 Weighted average common shares - Basic 265.3 265.1 264.6 264.1 263.5 Net income applicable to common shareholders per common share - Diluted $ 2.11 $ 7.07 $ 4.33 $ 1.13 $ 4.46 Weighted average common shares - Diluted 268.8 268.7 268.0 267.1 266.5 Cash dividends declared per common share $ 1.00 $ 0.92 $ 0.92 $ 0.92 $ 0.92 The Allstate Corporation 1Q 25 Supplement 1

The Allstate Corporation Contribution to Income (In millions, except per share data) Three months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Contribution to income Net income applicable to common shareholders $ 566 $ 1,899 $ 1,161 $ 301 $ 1,189 Net (gains) losses on investments and derivatives 349 201 (243) 103 164 Pension and other postretirement remeasurement (gains) losses 78 (52) 26 (9) (2) Amortization of purchased intangibles 59 70 71 70 69 (Gain) loss on disposition — (10) (1) (1) (4) Income tax expense (benefit) (103) (46) 34 (35) (49) Adjusted net income * $ 949 $ 2,062 $ 1,048 $ 429 $ 1,367 Income per common share - Diluted Net income applicable to common shareholders $ 2.11 $ 7.07 $ 4.33 $ 1.13 $ 4.46 Net (gains) losses on investments and derivatives 1.30 0.75 (0.91) 0.38 0.62 Pension and other postretirement remeasurement (gains) losses 0.29 (0.20) 0.10 (0.03) (0.01) Amortization of purchased intangibles 0.22 0.26 0.26 0.26 0.26 (Gain) loss on disposition — (0.04) — — (0.02) Income tax expense (benefit) (0.39) (0.17) 0.13 (0.13) (0.18) Adjusted net income * $ 3.53 $ 7.67 $ 3.91 $ 1.61 $ 5.13 Weighted average common shares - Diluted 268.8 268.7 268.0 267.1 266.5 The Allstate Corporation 1Q 25 Supplement 2

The Allstate Corporation Book Value per Common Share and Debt to Capital ($ in millions, except per share data) March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Book value per common share Numerator: Allstate common shareholders' equity (1) $ 20,054 $ 19,441 $ 18,876 $ 16,592 $ 16,638 Denominator: Common shares outstanding and dilutive potential common shares outstanding (2) 268.8 268.7 268.3 267.0 267.2 Book value per common share $ 74.61 $ 72.35 $ 70.35 $ 62.14 $ 62.27 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities Numerator: Allstate common shareholders' equity (1) $ 20,054 $ 19,441 $ 18,876 $ 16,592 $ 16,638 Less: Unrealized net capital gains and losses on fixed income securities (351) (779) 364 (939) (813) Adjusted Allstate common shareholders' equity $ 20,405 $ 20,220 $ 18,512 $ 17,531 $ 17,451 Denominator: Common shares outstanding and dilutive potential common shares outstanding (2) 268.8 268.7 268.3 267.0 267.2 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities * $ 75.91 $ 75.25 $ 69.00 $ 65.66 $ 65.31 Total debt $ 8,086 $ 8,085 $ 8,083 $ 8,082 $ 7,938 Total capital resources $ 30,141 $ 29,527 $ 28,960 $ 26,675 $ 26,577 Ratio of debt to Allstate shareholders' equity 36.7 % 37.7 % 38.7 % 43.5 % 42.6 % Ratio of debt to capital resources 26.8 % 27.4 % 27.9 % 30.3 % 29.9 % (1) Excludes equity related to preferred stock of $2,001 million for all periods shown. (2) Common shares outstanding were 265,115,277 and 264,969,685 as of March 31, 2025 and December 31, 2024, respectively. The Allstate Corporation 1Q 25 Supplement 3

The Allstate Corporation Return on Allstate Common Shareholders' Equity ($ in millions) As of or for the twelve months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Return on Allstate common shareholders' equity Numerator: Net income applicable to common shareholders $ 3,927 $ 4,550 $ 4,111 $ 2,909 $ 1,219 Denominator: Beginning Allstate common shareholders' equity $ 16,638 $ 15,769 $ 12,592 $ 13,516 $ 15,524 Ending Allstate common shareholders' equity (1) 20,054 19,441 18,876 16,592 16,638 Average Allstate common shareholders' equity ^ $ 18,346 $ 17,605 $ 15,734 $ 15,054 $ 16,081 Return on Allstate common shareholders' equity 21.4 % 25.8 % 26.1 % 19.3 % 7.6 % Adjusted net income return on Allstate common shareholders' equity Numerator: Adjusted net income * $ 4,488 $ 4,906 $ 4,385 $ 3,551 $ 1,960 Denominator: Beginning Allstate common shareholders' equity $ 16,638 $ 15,769 $ 12,592 $ 13,516 $ 15,524 Less: Unrealized net capital gains and losses (819) (604) (2,512) (1,845) (1,573) Adjusted beginning Allstate common shareholders' equity 17,457 16,373 15,104 15,361 17,097 Ending Allstate common shareholders' equity (1) 20,054 19,441 18,876 16,592 16,638 Less: Unrealized net capital gains and losses (351) (771) 361 (938) (819) Adjusted ending Allstate common shareholders' equity 20,405 20,212 18,515 17,530 17,457 Average adjusted Allstate common shareholders' equity ^ $ 18,931 $ 18,293 $ 16,810 $ 16,446 $ 17,277 Adjusted net income return on Allstate common shareholders' equity * 23.7 % 26.8 % 26.1 % 21.6 % 11.3 % (1) Excludes equity related to preferred stock of $2,001 million for all periods shown. The Allstate Corporation 1Q 25 Supplement 4

The Allstate Corporation Policies in Force March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Policies in force statistics (in thousands) (1) Allstate Protection Auto 25,100 24,936 24,998 25,124 25,207 Homeowners 7,549 7,511 7,483 7,426 7,364 Other personal lines 4,874 4,870 4,877 4,871 4,849 Commercial lines 189 213 238 256 273 Total 37,712 37,530 37,596 37,677 37,693 Protection Services Allstate Protection Plans 161,503 159,761 156,818 151,172 148,086 Allstate Dealer Services 3,690 3,710 3,703 3,733 3,758 Allstate Roadside 867 758 670 604 565 Allstate Identity Protection 2,648 2,511 2,538 2,510 3,031 Total 168,708 166,740 163,729 158,019 155,440 Allstate Health and Benefits Employer voluntary benefits ^ (2) 3,553 3,464 3,556 3,577 3,594 Group health ^ (2) 138 140 140 148 146 Individual health ^ 478 471 462 456 453 Total 4,169 4,075 4,158 4,181 4,193 Total policies in force 210,589 208,345 205,483 199,877 197,326 (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. • Lender-placed policies are excluded from policy counts because relationships are with the lenders. • Allstate Roadside reflects memberships in force and does 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 Health and Benefits reflects certificate counts as opposed to group counts. (2) Held for sale as of March 31, 2025. The sale of the empoyer voluntary benefits business closed on April 1, 2025. The Allstate Corporation 1Q 25 Supplement 5

The Allstate Corporation Property-Liability Results ($ in millions, except ratios) Three months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Premiums written $ 14,297 $ 13,757 $ 14,707 $ 14,279 $ 13,183 (Increase) decrease in unearned premiums (272) 267 (1,075) (921) (237) Other 2 (91) 62 (19) (46) Premiums earned 14,027 13,933 13,694 13,339 12,900 Other revenue 488 493 531 441 430 Claims and claims expense (10,660) (8,871) (10,249) (10,649) (9,349) Amortization of deferred policy acquisition costs (1,732) (1,699) (1,696) (1,673) (1,608) Operating costs and expenses (1,701) (1,966) (1,710) (1,537) (1,417) Restructuring and related charges (16) (6) (23) (15) (7) Amortization of purchased intangibles (46) (52) (52) (51) (51) Underwriting income (loss) (1) $ 360 $ 1,832 $ 495 $ (145) $ 898 Catastrophe losses $ (2,202) $ (410) $ (1,703) $ (2,120) $ (731) Claims expense excluding catastrophe expense ^ (734) (758) (736) (713) (696) Operating ratios and reconciliations to underlying ratios Loss ratio 76.0 63.7 74.9 79.8 72.4 Effect of catastrophe losses (15.7) (2.9) (12.4) (15.9) (5.7) Effect of non-catastrophe prior year reserve reestimates 1.7 (0.6) (0.4) 0.5 (0.1) Underlying loss ratio * 62.0 60.2 62.1 64.4 66.6 Expense ratio ^ 21.4 23.2 21.5 21.3 20.6 Effect of amortization of purchased intangibles (0.3) (0.4) (0.4) (0.4) (0.3) Underlying expense ratio * 21.1 22.8 21.1 20.9 20.3 Effect of advertising expense (3.7) (4.7) (3.8) (3.0) (2.2) Effect of restructuring and related charges (0.1) (0.1) (0.1) (0.1) (0.1) Adjusted underwriting expense ratio * 17.3 18.0 17.2 17.8 18.0 Claims expense ratio excluding catastrophe expense ^ 5.2 5.4 5.4 5.3 5.4 Adjusted expense ratio * 22.5 23.4 22.6 23.1 23.4 Combined ratio 97.4 86.9 96.4 101.1 93.0 Effect of catastrophe losses (15.7) (2.9) (12.4) (15.9) (5.7) Effect of non-catastrophe prior year reserve reestimates 1.7 (0.6) (0.4) 0.5 (0.1) Effect of amortization of purchased intangibles (0.3) (0.4) (0.4) (0.4) (0.3) Underlying combined ratio * 83.1 83.0 83.2 85.3 86.9 Effect of Run-off Property-Liability on combined ratio — 0.1 0.5 — — (1) Underwriting income (loss) Allstate Protection $ 364 $ 1,837 $ 555 $ (142) $ 903 Run-off Property-Liability (4) (5) (60) (3) (5) Property-Liability $ 360 $ 1,832 $ 495 $ (145) $ 898 Other financial information Net investment income $ 783 $ 757 $ 708 $ 643 $ 702 Income tax expense on operations (227) (596) (217) (113) (308) Net income (loss) attributable to noncontrolling interest, after-tax 1 (38) (25) 16 (20) Amortization of purchased intangibles (46) (52) (52) (51) (51) The Allstate Corporation 1Q 25 Supplement 6

The Allstate Corporation Allstate Protection Profitability Measures ($ in millions, except ratios) Three months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Premiums written Auto $ 9,848 $ 9,116 $ 9,539 $ 9,284 $ 9,357 Homeowners 3,453 3,624 4,073 3,845 2,874 Other personal lines 729 746 817 845 660 Commercial lines 94 84 104 150 157 Other business lines ^ 173 187 174 155 135 Total $ 14,297 $ 13,757 $ 14,707 $ 14,279 $ 13,183 Net premiums earned Auto $ 9,347 $ 9,348 $ 9,270 $ 9,079 $ 8,778 Homeowners 3,657 3,548 3,403 3,255 3,154 Other personal lines 741 745 718 701 659 Commercial lines 113 131 151 158 169 Other business lines 169 161 152 146 140 Total $ 14,027 $ 13,933 $ 13,694 $ 13,339 $ 12,900 Underwriting income (loss) Auto $ 816 $ 603 $ 486 $ 370 $ 351 Homeowners (451) 1,070 60 (375) 564 Other personal lines (65) 133 (18) (55) 7 Commercial lines 16 (16) (16) (138) (70) Other business lines 41 45 40 52 48 Answer Financial 7 2 3 4 3 Total $ 364 $ 1,837 $ 555 $ (142) $ 903 Claims expense excluding catastrophe expense $ 731 $ 756 $ 732 $ 711 $ 695 Operating ratios and reconciliations to underlying ratios Loss ratio 76.0 63.6 74.4 79.8 72.4 Effect of catastrophe losses (15.7) (2.9) (12.4) (15.9) (5.7) Effect of non-catastrophe prior year reserve reestimates 1.7 (0.5) 0.1 0.5 (0.1) Underlying loss ratio * 62.0 60.2 62.1 64.4 66.6 Expense ratio 21.4 23.2 21.5 21.3 20.6 Effect of amortization of purchased intangibles (0.3) (0.4) (0.4) (0.4) (0.3) Underlying expense ratio * 21.1 22.8 21.1 20.9 20.3 Effect of advertising expense (3.7) (4.7) (3.8) (3.0) (2.2) Effect of restructuring and related charges (0.1) (0.1) (0.1) (0.1) (0.1) Adjusted underwriting expense ratio * 17.3 18.0 17.2 17.8 18.0 Combined ratio 97.4 86.8 95.9 101.1 93.0 Underlying combined ratio * 83.1 83.0 83.2 85.3 86.9 Claims expense ratio excluding catastrophe expense 5.2 5.4 5.3 5.3 5.4 The Allstate Corporation 1Q 25 Supplement 7

The Allstate Corporation Allstate Protection Impact of Net Rate Changes Implemented on Premiums Written Three months ended March 31, 2025 Three months ended December 31, 2024 Number of locations (1) Total (%) (2) (3) Location specific (%) (4) Number of locations Total (%) (3) Location specific (%) Auto 32 1.4 4.3 33 0.9 4.8 Homeowners (5) 19 1.5 5.9 32 3.7 9.5 Three months ended September 30, 2024 Three months ended June 30, 2024 Number of locations Total (%) (3) Location specific (%) Number of locations Total (%) (3) Location specific (%) Auto 39 2.7 7.6 38 1.1 6.8 Homeowners (5) 23 2.9 16.3 23 1.2 10.8 (1) Refers to the number of U.S. states, the District of Columbia or Canadian provinces where rate changes have been implemented. (2) Represents the impact in the locations where rate changes were implemented during the period as a percentage of total prior year-end premiums written. (3) Implemented auto insurance rate increases totaled $545 million in the first quarter of 2025, after implementing $309 million, $919 million and $385 million in the fourth, third and second quarters of 2024, respectively. (4) Represents the impact in the locations where rate changes were implemented during the period as a percentage of its respective total prior year-end premiums written in those same locations. (5) Excludes the impact to average premium from inflation in insured home replacement costs and other aging factor adjustments, which could be significant. The Allstate Corporation 1Q 25 Supplement 8

The Allstate Corporation Auto Profitability Measures and Statistics ($ in millions, except ratios) Three months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Allstate Protection Premiums written $ 9,848 $ 9,116 $ 9,539 $ 9,284 $ 9,357 Net premiums earned 9,347 9,348 9,270 9,079 8,778 Underwriting income (loss) 816 603 486 370 351 Operating ratios and reconciliations to underlying ratios Loss ratio 69.3 69.3 71.9 74.2 75.4 Effect of catastrophe losses (2.2) (0.6) (3.0) (3.9) (1.2) Effect of non-catastrophe prior year reserve reestimates ("PYRR") 2.5 0.4 0.6 1.9 0.7 Underlying loss ratio * 69.6 69.1 69.5 72.2 74.9 Expense ratio 22.0 24.2 22.9 21.7 20.6 Effect of amortization of purchased intangibles (0.4) (0.3) (0.4) (0.4) (0.4) Underlying expense ratio * 21.6 23.9 22.5 21.3 20.2 Combined ratio 91.3 93.5 94.8 95.9 96.0 Effect of catastrophe losses (2.2) (0.6) (3.0) (3.9) (1.2) Effect of non-catastrophe PYRR 2.5 0.4 0.6 1.9 0.7 Effect of amortization of purchased intangibles ("APIA") (0.4) (0.3) (0.4) (0.4) (0.4) Underlying combined ratio * 91.2 93.0 92.0 93.5 95.1 Annualized average earned premium ^ ($) 1,490 1,500 1,483 1,445 1,393 Average underlying loss (incurred pure premium) * ^ ($) 1,037 1,037 1,031 1,043 1,043 Average underlying loss (incurred pure premium) * (% change year-over-year) (0.6) — (0.1) (0.5) 3.4 Average underlying loss (incurred pure premium) and expense * ^ ($) 1,359 1,395 1,364 1,351 1,325 New issued applications by channel (in thousands) ^ Exclusive agency 748 671 675 628 605 Independent agency 686 562 597 562 555 Direct 757 579 620 538 510 Total 2,191 1,812 1,892 1,728 1,670 Allstate brand Average premium - gross written ^ ($) 853 858 852 841 823 The Allstate Corporation 1Q 25 Supplement 9

The Allstate Corporation Homeowners Profitability Measures and Statistics ($ in millions, except ratios) Three months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Allstate Protection Premiums written $ 3,453 $ 3,624 $ 4,073 $ 3,845 $ 2,874 Net premiums earned 3,657 3,548 3,403 3,255 3,154 Underwriting income (loss) (451) 1,070 60 (375) 564 Operating ratios and reconciliations to underlying ratios Loss ratio 91.8 46.9 76.3 90.3 60.3 Effect of catastrophe losses (49.9) (8.9) (36.2) (49.6) (17.6) Effect of non-catastrophe prior year reserve reestimates ("PYRR") 0.2 (1.1) 0.4 1.9 1.3 Underlying loss ratio * 42.1 36.9 40.5 42.6 44.0 Expense ratio 20.5 22.9 21.9 21.2 21.8 Effect of amortization of purchased intangibles (0.2) (0.3) (0.3) (0.3) (0.3) Underlying expense ratio * 20.3 22.6 21.6 20.9 21.5 Combined ratio 112.3 69.8 98.2 111.5 82.1 Effect of catastrophe losses (49.9) (8.9) (36.2) (49.6) (17.6) Effect of non-catastrophe PYRR 0.2 (1.1) 0.4 1.9 1.3 Effect of amortization of purchased intangibles ("APIA") (0.2) (0.3) (0.3) (0.3) (0.3) Underlying combined ratio * 62.4 59.5 62.1 63.5 65.5 New issued applications by channel (in thousands) Exclusive agency 232 227 260 241 218 Independent agency 47 54 63 61 48 Direct 41 37 39 32 25 Total 320 318 362 334 291 Allstate brand Average premium - gross written ($) 2,210 2,111 2,050 1,993 1,912 The Allstate Corporation 1Q 25 Supplement 10

The Allstate Corporation Protection Services Segment Results ($ in millions) Three months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Protection Services Net premiums written $ 657 $ 816 $ 678 $ 676 $ 627 Premiums earned $ 671 $ 658 $ 639 $ 613 $ 612 Other revenue 128 148 110 98 85 Intersegment insurance premiums and service fees 37 57 49 39 35 Net investment income 24 26 24 23 21 Claims and claims expense (161) (160) (166) (157) (158) Amortization of deferred policy acquisition costs (318) (328) (304) (296) (289) Operating costs and expenses (309) (330) (280) (246) (234) Restructuring and related charges — (1) — — (1) Income tax expense on operations (17) (20) (15) (19) (17) Less: net income (loss) attributable to noncontrolling interest — — (1) — — Adjusted net income ^ (1) 55 50 58 55 54 Depreciation 5 5 5 6 6 Restructuring and related charges — 1 — — 1 Income tax expense on operations 17 20 15 19 17 Adjusted earnings before taxes, depreciation and restructuring * $ 77 $ 76 $ 78 $ 80 $ 78 Allstate Protection Plans Net premiums written $ 487 $ 648 $ 519 $ 518 $ 470 Premiums earned $ 510 $ 497 $ 480 $ 453 $ 439 Revenue ^ 540 528 512 483 464 Claims and claims expense (124) (123) (129) (120) (114) Amortization of deferred policy acquisition costs (210) (219) (196) (188) (180) Other costs and expenses ^ (148) (130) (139) (122) (117) Restructuring and related charges — (1) — 1 (1) Income tax expense on operations (13) (18) (10) (13) (12) Less: net income (loss) attributable to noncontrolling interest — — (1) — — Adjusted net income $ 45 $ 37 $ 39 $ 41 $ 40 Allstate Dealer Services Revenue $ 146 $ 147 $ 146 $ 148 $ 146 Adjusted net income 4 4 5 6 6 Allstate Roadside Revenue $ 55 $ 54 $ 53 $ 51 $ 66 Adjusted net income 11 10 10 8 11 Arity Revenue $ 79 $ 121 $ 74 $ 52 $ 39 Adjusted net income (loss) (6) (3) 1 (2) (4) Allstate Identity Protection Revenue $ 40 $ 39 $ 37 $ 39 $ 38 Adjusted net income 1 2 3 2 1 (1) Adjusted net income is the GAAP segment measure. The Allstate Corporation 1Q 25 Supplement 11

The Allstate Corporation Allstate Health and Benefits Segment Results and Other Statistics ($ in millions) Three months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Allstate Health and Benefits Accident and health insurance premiums and contract charges $ 487 $ 482 $ 487 $ 474 $ 478 Other revenue (1) 131 144 123 121 134 Net investment income 25 26 26 25 23 Accident, health and other policy benefits (333) (337) (317) (291) (296) Amortization of deferred policy acquisition costs (37) (35) (37) (32) (42) Operating costs and expenses (234) (234) (232) (224) (225) Restructuring and related charges — — (2) — (1) Income tax expense on operations (9) (11) (11) (15) (15) Adjusted net income $ 30 $ 35 $ 37 $ 58 $ 56 Interest credited to contractholder funds (8) (9) (8) (8) (9) Benefit ratio ^ 66.7 % 68.0 % 63.4 % 59.7 % 60.0 % Adjusted net income (loss) Employer voluntary benefits $ 22 $ 21 $ 19 $ 28 $ 17 Group health 12 2 13 28 28 Individual health (4) 12 5 2 11 Total $ 30 $ 35 $ 37 $ 58 $ 56 Premiums and contract charges Employer voluntary benefits $ 243 $ 243 $ 248 $ 246 $ 248 Group health 124 123 120 120 118 Individual health 120 116 119 108 112 Total $ 487 $ 482 $ 487 $ 474 $ 478 (1) Reflects commission revenue, administrative fees, agency fees and technology fees from the group health and individual health business. The Allstate Corporation 1Q 25 Supplement 12

The Allstate Corporation Corporate and Other Segment Results ($ in millions) Three months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Other revenue $ 15 $ 16 $ 17 $ 19 $ 20 Net investment income 22 24 25 21 18 Operating costs and expenses (32) (35) (39) (47) (42) Restructuring and related charges — (3) (3) 2 (1) Interest expense (100) (101) (104) (98) (97) Income tax benefit on operations 27 22 23 29 25 Preferred stock dividends (29) (29) (29) (30) (29) Adjusted net loss $ (97) $ (106) $ (110) $ (104) $ (106) The Allstate Corporation 1Q 25 Supplement 13

The Allstate Corporation Investment Position and Results ($ in millions) As of or for the three months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Investment position Fixed income securities, at fair value $ 51,993 $ 52,747 $ 53,961 $ 52,576 $ 50,777 Equity securities ^ 4,465 4,463 2,091 2,216 2,383 Mortgage loans, net 770 784 765 815 815 Limited partnership interests ^ 9,380 9,255 8,925 8,730 8,562 Short-term, at fair value 6,541 4,537 6,994 5,288 4,318 Other investments, net 901 824 866 979 1,004 Total $ 74,050 $ 72,610 $ 73,602 $ 70,604 $ 67,859 Net investment income Fixed income securities $ 608 $ 614 $ 587 $ 571 $ 526 Equity securities 20 27 17 18 15 Mortgage loans 10 9 9 9 9 Limited partnership interests 194 160 138 103 199 Short-term investments 72 74 87 62 67 Other investments 21 35 25 25 21 Investment income, before expense 925 919 863 788 837 Investment expense (71) (86) (80) (76) (73) Net investment income $ 854 $ 833 $ 783 $ 712 $ 764 Pre-tax yields on fixed income securities ^ (1) 4.4 % 4.4 % 4.3 % 4.3 % 4.1 % Net gains (losses) on investments and derivatives, pre-tax by transaction type Sales $ (137) $ (75) $ 116 $ (90) $ (111) Credit losses (76) (3) (12) (16) (115) Valuation change of equity investments (117) (112) 119 18 70 Valuation change and settlements of derivatives (19) (11) 20 (15) (8) Total $ (349) $ (201) $ 243 $ (103) $ (164) Total return on investment portfolio ^ (1) Net investment income 1.2 % 1.1 % 1.1 % 1.0 % 1.1 % Valuation-interest bearing 0.4 (2) (2.1) 2.5 (0.3) (0.7) (2) Valuation-equity investments (0.2) (0.1) 0.1 — 0.1 Total 1.4 % (1.1) % 3.7 % 0.7 % 0.5 % Fixed income securities portfolio duration ^ (in years) (1) 5.1 5.2 5.1 4.9 4.8 Fixed income securities portfolio duration including interest rate derivative positions (in years) (1) 5.1 5.3 5.3 5.0 4.9 Fixed income and short-term investments duration including interest rate derivative positions (in years) (1) 4.6 4.9 4.7 4.6 4.6 (1) Beginning in the third quarter of 2024 calculations include investments held for sale. (2) Includes (0.1%) and (0.2%) impact related to losses recorded for variable interest in Reciprocal Exchanges in Q1 2025 and Q1 2024, respectively. The Allstate Corporation 1Q 25 Supplement 14

The Allstate Corporation Investment Position and Results by Strategy ($ in millions) As of or for the three months ended March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Investment Position Market-based ^ Interest-bearing investments ^ $ 59,411 $ 58,068 $ 61,747 $ 58,781 $ 56,035 Equity securities 3,795 3,797 1,400 1,539 1,722 LP and other alternative investments ^ 281 285 148 162 158 Total $ 63,487 $ 62,150 $ 63,295 $ 60,482 $ 57,915 Performance-based ^ Private equity (1) $ 8,393 $ 8,411 $ 8,191 $ 8,064 $ 7,891 Real estate 2,170 2,049 2,116 2,058 2,053 Total $ 10,563 $ 10,460 $ 10,307 $ 10,122 $ 9,944 Investment income Market-based Interest-bearing investments $ 698 $ 705 $ 691 $ 649 $ 609 Equity securities 18 25 16 16 13 LP and other alternative investments (2) 3 (3) 1 2 4 Income for yield calculation $ 719 $ 727 $ 708 $ 667 $ 626 Pre-tax yield (3) 4.4 % 4.5 % 4.5 % 4.4 % 4.3 % Performance-based Private equity $ 103 $ 138 $ 130 $ 119 $ 196 Real estate 103 54 25 2 15 Investment income, before expense 206 192 155 121 211 Investee level expenses (10) (25) (12) (14) (10) Income for yield calculation $ 196 $ 167 $ 143 $ 107 $ 201 Pre-tax yield 7.5 % 6.5 % 5.6 % 4.3 % 8.2 % Total return on investment portfolio Market-based (3) 1.5 % (4) (1.5) % 4.2 % 0.7 % 0.3 % (4) Performance-based 1.6 2.1 1.5 1.0 2.3 Internal rate of return ^ Performance-based 10 year 11.2 % 11.4 % 11.2 % 11.5 % 11.7 % 5 year 12.2 12.1 11.5 11.6 12.1 3 year 5.4 7.3 9.4 11.7 14.3 1 year 4.5 6.3 4.3 4.9 5.6 (1) Includes infrastructure investments of $1.32 billion as of March 31, 2025. (2) Net of any investee level expenses. (3) Beginning in the third quarter of 2024 calculations include investments held for sale. (4) Includes (0.1%) and (0.2%) impact related to losses recorded for variable interest in Reciprocal Exchanges in Q1 2025 and Q1 2024, respectively. The Allstate Corporation 1Q 25 Supplement 15

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 (loss) is net income (loss) applicable to common shareholders, excluding: • Net gains and losses on investments and derivatives • Pension and other postretirement remeasurement gains and losses • Amortization or impairment of purchased intangibles • Gain or loss on disposition • 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 • Related income tax expense or benefit of these items 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 services business that may be obscured by the net effect of net gains and losses on investments and derivatives, pension and other postretirement remeasurement gains and losses, amortization or impairment of purchased intangibles, gain or loss on disposition and adjustments for other significant non-recurring, infrequent or unusual items and the related tax expense or benefit of these items. Net gains and losses on investments and derivatives, 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. Gain or loss on disposition is excluded because it is 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". 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". Average underlying loss (incurred pure premium) and average underlying loss (incurred pure premium) and expense per policy are calculated as the underlying loss ratio and the underlying combined ratio (non-GAAP ratios), respectively, multiplied by the annualized GAAP earned premium ("annualized average earned premium”). We believe that these measures are useful to investors and are used by management for the same reasons noted above for the underlying loss and underlying combined ratios. The components of the calculation are available on the "Auto Profitability Measures and Statistics" page. The Allstate Corporation 1Q 25 Supplement 16

Definitions of Non-GAAP Measures (continued) Adjusted underwriting expense ratio is a non-GAAP ratio, which is computed as the difference between the expense ratio and the effect of advertising expense, restructuring and related charges and 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 advertising expense, restructuring and related charges and amortization or impairment of purchased intangibles. Advertising expense is excluded as it may vary significantly from period to period based on business decisions and competitive position. Restructuring and related charges are excluded because these items are not indicative of our business results or trends. Amortization or impairment of purchased intangible assets is excluded because it relates to the acquisition purchase price. These are not indicative of our business results or trends. A reduction in expenses enables investment flexibility that can drive growth. 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 adjusted underwriting expense ratio should not be considered a substitute for the expense ratio and does not reflect the overall expense ratio of our business. Adjusted expense ratio is a non-GAAP ratio, which is computed as the combination of the adjusted underwriting expense ratio and claims expense ratio excluding catastrophe expense. We believe it is useful for investors to evaluate this ratio which is linked to a long-term expense ratio improvement commitment through 2024. The most directly comparable GAAP measure is the expense ratio. The adjusted expense ratio should not be considered a substitute for the expense ratio and does not reflect the overall expense ratio of our business. Underlying combined ratio is a non-GAAP ratio, which is the sum of the 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". 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 (loss) 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 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 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 1Q 25 Supplement 17

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 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, commercial lines and other business lines insurance products, as well as consumer product protection plans, roadside assistance and automotive protection and insurance products. Property-Liability Annualized average earned premium is calculated by annualizing net earned premium reported in the quarter and year-to-date divided by policies in force at quarter end. 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. Claims expense ratio excluding catastrophe expense: Incurred loss adjustment expenses, net of reinsurance, excluding expenses related to catastrophes. These expenses are embedded within the loss ratio. Expense ratio: Other revenue is deducted from other costs and expenses in the expense ratio calculation. New issued applications: Item counts of automobile and homeowner insurance applications for insurance policies that were issued during the period, regardless of whether the customer was previously insured by another Allstate Protection brand. Other business lines primarily represent commissions earned and other costs and expenses for Ivantage, non-proprietary life and annuity products, and lender-placed products. 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. Allstate Health and Benefits Benefit ratio is accident, health and other policy benefits less interest credited to contractholder funds, divided by premiums and contract charges. Employer voluntary benefits includes supplemental life and health products offered through workplace enrollment. Group health includes health products and administrative services sold to employers. Individual health includes short-term medical and other health products sold directly to individuals. 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 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 investee financial statements. 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, including infrastructure investments, and real estate, most of which were limited partnerships. 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, net gains and losses on investments and derivative instruments, the change in unrealized net capital gains and losses, and the change in the difference between fair value and carrying value of mortgage and bank loans divided by the average fair value balances. The Allstate Corporation 1Q 25 Supplement 18