ALL

50 Investments 57 Market Risk 66 Capital Resources and Liquidity 68 Enterprise Risk and Return Management 73 Application of Critical Accounting Estimates 76 Regulation and Legal Proceedings 85 Pending Accounting Standards 85 34 www

(5) price competition and changes in regulation and underwriting standards

Business Regulation Allstate is subject to extensive regulation, primarily at the U

Price competition and changes in regulation and underwriting standards in property and casualty businesses may adversely affect the results of operations and financial condition The personal property-liability market is highly competitive with carriers competing through underwriting, advertis

Business 2 • Overview 3 • Strategy and Segment Information 3 – Allstate Protection 5 – Protection Services 11 – Other Business Segments 12 • Regulation 13 • Human Capital 17 • Website 18 • Other Information About Allstate 18 • Information about our Executive Officers 19 Forward-Looking Statements 20

, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K

trends involving claim payment patterns and pending levels of unpaid claims, loss management programs, product mix and contractual terms, changes in laws and regulations, judicial decisions and economic conditions

trends involving claim payment patterns and pending levels of unpaid claims, loss management programs, product mix and contractual terms, changes in laws and regulations, judicial decisions and economic conditions

(5) price competition and changes in regulation and underwriting standards

50 Investments 57 Market Risk 66 Capital Resources and Liquidity 68 Enterprise Risk and Return Management 73 Application of Critical Accounting Estimates 76 Regulation and Legal Proceedings 85 Pending Accounting Standards 85 34 www

Business Regulation Allstate is subject to extensive regulation, primarily at the U

Price competition and changes in regulation and underwriting standards in property and casualty businesses may adversely affect the results of operations and financial condition The personal property-liability market is highly competitive with carriers competing through underwriting, advertis

, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K

Business 2 • Overview 3 • Strategy and Segment Information 3 – Allstate Protection 5 – Protection Services 11 – Other Business Segments 12 • Regulation 13 • Human Capital 17 • Website 18 • Other Information About Allstate 18 • Information about our Executive Officers 19 Forward-Looking Statements 20

include, for example, a catastrophe resulting in extraordinary losses, a liquidity decrease in securities markets, dramatic changes in security pricing, a cybersecurity breach, a downgrade in our senior long-term debt ratings to non-investment grade status, or a downgrade in AIC’s financial strength ratings

asset protection waivers, road hazard tire and wheel, and paint and fabric protection Identity Protection Identity protection and restoration, consumer cybersecurity, privacy and family digital safety services Arity Telematics-enabled mobility insights and services created from data collected, normalized and analyzed by the Arity platform, including automotive telematics information

misappropriation and third-party claims; (24) reliance on vendors for products, services or protection of data and information; (25) the failure in cyber or other information security controls; (26) inability to restore business operations following a significant operational event; (27) inability to attract, develop and retain talent; Macro, Regulatory and Risk Environment (28) conditions in the global economy and capital markets, including changes in U.S. trade and tariff policy, new or additional U.S

regulate the nature of and amount of investments, impose fines and penalties for unintended errors or mistakes, impose additional regulations regarding cybersecurity and privacy, restrict the use of advanced technologies, non-traditional data sources, or large language models and otherwise expand overall regulation of insurance products and the insurance industry

Ability to maintain catastrophe reinsurance programs and limits • Fluctuations in financial strength and ratings • Loss of key business relationships • Cybersecurity and privacy events • Ability to attract, develop and retain talent • Adverse changes in economic and capital market conditions • Large-scale disruptive or destabilizing events • Changing climate conditions • Evolving environmental and s

or magnitude of future benefit expense and contributions. For further discussion of these items, see MD&A, Market Risk. Determination of the fair value and amount of credit losses for investments includes subjective judgments and could materially impact the results of operations and financial condition The valuation of the portfolio includes subjective risk factors and the value of assets may differ from the actual amount received upon the sale of an asset. The degree of judgment required in determining fai

Components of net gains (losses) on investments and derivatives and the related tax effect Three months ended March 31, ($ in millions) 2026 2025 Sales $ (4) $ (137) Credit losses (1) (7) (76) Valuation change of equity investments - appreciation (decline): Equity securities (364) (117) Equity fund investments in fixed income securities and short-term investments (17) 5 Limited partnerships (2) (7) (5) Total valuation of equity investments (388) (117) Valuation change and settlements of derivatives (6) (19)

intercompany accounts and transactions have been eliminated. Certain amounts have been reclassified to conform to current year presentation. Adopted accounting standard Credit losses Effective January 1, 2026, the Company adopted new Financial Accounting Standards Board (“FASB”) guidance that provides a practical expedient for estimating credit losses on current accounts receivable and contract assets arising from revenue transactions accounted for under the guidance for revenue from contracts with custome

recoverables, net (4) Lloyd’s of London AA- / A+ 156 175 Swiss Re Corporate Solutions America Insurance Corporation AA- / A+ 76 75 Other, including allowance for credit losses 411 542 Subtotal 643 792 Total Allstate Protection and Run-off Property-Liability 8,255 8,859 Protection Services 24 28 Total $ 8,279 $ 8,887 (1) N/A reflects no S&P Global Ratings (“S&P”) or A.M. Best ratings available. (2) As of December 31, 2025 and 2024, MCCA includes $56 million and $71 million of reinsurance recoverable

evolving nature of consumer needs and preferences, market and regulatory dynamics, broader use of telematics-based rate segmentation and potential change in consumer demand

evolving nature of consumer needs and preferences, market and regulatory dynamics, broader use of telematics-based rate segmentation and potential change in consumer demand

occurred more than five years ago and continue to pay lifetime benefits. As of December 31, 2025, approximately 95% of our 1,200 catastrophic claims that are eligible for reimbursement by the MCCA occurred more than 5 years ago and continue to incur costs. There are 64 claims with reserves in excess of $15 million as of December 31, 2025, which comprise approximately 25% of the gross ending reserves in the table above. As a result, significant developments with a single claimant can result in volatility in prior

of future changes in credit losses and additional amounts may need to be recorded in the future. Participation in indemnification programs subjects us to the risk that reimbursement for qualifying claims and claims expenses may not be received Participation in state-based industry pools, facilities and associations may have a material, adverse effect on the results of operations and financial condition. Our largest exposure is associated with the Michigan Catastrophic Claim Association (“MCCA”), a state-m

including automotive telematics information. Product suite includes on-demand risk scoring (Arity IQ), marketing lead generation and sales, services related to leads, digital advertising, data integration, traditional telematics and data-as-a-service solutions Distribution channels Protection Plans Retailers and mobile operators, in-store or online Roadside Allstate exclusive agents, direct to consumer, wholesale partners, affinity groups and on-demand mobile application service Dealer Services Independent a

2,225 2,245 Pension and other postretirement remeasurement (gains) losses 19 78 Restructuring and related charges 5 16 Amortization of purchased intangibles 47 59 Interest expense 98 100 Total costs and expenses 13,833 15,733 Income from operations before income tax expense 3,108 719 Income tax expense 650 123 Net income 2,458 596 Less: Net income attributable to noncontrolling interest 1 1 Net income attributable to Allstate 2,457 595 Less: Preferred stock dividends 29 29 Net income applicable to common

Rate increases and decreases are pursued to keep pace with loss cost trends including the impacts of inflation and losses from catastrophic events and those that are weather related (such as wind, hail, lightning and freeze not meeting our criteria to be declared a catastrophe)

Our investment portfolios are subject to market risk, including interest rate risk and equity price risk, and declines in credit quality which may adversely affect or create volatility in investment income and cause realized and unrealized losses We continually evaluate investment management strategies since we are subject

We manage risks that involve uncertainty related to interest rates, inflation, credit spreads, equity returns and currency exchange rates

below these designations are considered lower credit quality or below investment grade, which includes high yield bonds. Market prices for certain securities may have credit spreads which imply higher or lower credit quality than the current third-party rating. Our initial investment decisions and ongoing monitoring procedures for fixed income securities are based on a due diligence process which includes, but is not limited to, an assessment of First Quarter 2026 Form 10-Q 55 Investments the credit quality

losses We continually evaluate investment management strategies since we are subject to risk of loss due to adverse changes in interest rates, equity prices, credit spreads, real estate values, currency exchange rates and liquidity

We manage risks that involve uncertainty related to interest rates, inflation, credit spreads, equity returns and currency exchange rates

financial conditions deteriorate • Unfavorable impacts on investment valuations, liquidity and returns due to volatility in broader financial markets, interest rates and energy prices This is not inclusive of all potential impacts and should not be treated as such

Unrealized losses on investment grade securities are principally related to an increase in market yields which may include increased risk-free interest rates or wider credit spreads since the time of initial purchase

Our investment portfolios are subject to market risk, including interest rate risk and equity price risk, and declines in credit quality which may adversely affect or create volatility in investment income and cause realized and unrealized losses We continually evaluate investment management strategies since we are subject

We manage risks that involve uncertainty related to interest rates, inflation, credit spreads, equity returns and currency exchange rates

Rate increases and decreases are pursued to keep pace with loss cost trends including the impacts of inflation and losses from catastrophic events and those that are weather related (such as wind, hail, lightning and freeze not meeting our criteria to be declared a catastrophe)

financial conditions deteriorate • Unfavorable impacts on investment valuations, liquidity and returns due to volatility in broader financial markets, interest rates and energy prices This is not inclusive of all potential impacts and should not be treated as such

Unrealized losses on investment grade securities are principally related to an increase in market yields which may include increased risk-free interest rates or wider credit spreads since the time of initial purchase

10 www.allstate.com 2025 Form 10-K Item 1. Business Protection Services Segment Our Protection Services segment accounted for 5.0% of Allstate’s 2025 consolidated total revenue and 81.6% of Allstate’s December 31, 2025 PIF. Protection Services includes Protection Plans, Roadside, Dealer Services, Identity Protection and Arity, which offer a broad range of products and services that expand and enhance customer value propositions. Products and distribution Products and services Protection Plans Consumer protec

”), new business sales, price changes, claim frequency and severity, catastrophes, loss ratio, expenses, underwriting results and combined ratio • Protection Services : revenues, premium written, PIF and adjusted net income • Investments : exposure to market risk, asset allocation, credit quality, total return, net investment income, cash flows, net gains and losses on investments and derivatives, unrealized capital gains and losses, long-term returns and fixed income portfolio duration • Financial conditi

segments. We use these measures in our evaluation of results of operations to analyze profitability. Underwriting income (loss) is calculated as premiums earned and other revenue, less claims and claims expense (“losses”), amortization of deferred policy acquisition costs (“DAC”), operating costs and expenses, amortization or impairment of purchased intangibles and restructuring and related charges, as determined using GAAP. Adjusted net income (loss) is net income (loss) applicable to common shareholder

that carry The Allstate Corporation 29 2025 Form 10-K Part I - Item 1A. Risk Factors and Other Disclosures penalties for non-compliance based on consolidated enterprise revenue. We may incur substantial costs and other negative consequences if any of these risks occur, including an adverse effect on our business, results of operations and financial condition. Regulatory and federal agency reforms may make it more expensive for us to conduct our business Regulatory and federal agency reforms, including potentia

Corporation and Subsidiaries Condensed Consolidated Statements of Operations (unaudited) (In millions, except per share data) Three months ended March 31, 2026 2025 Revenues Property and casualty insurance premiums $ 15,553 $ 14,698 Accident and health insurance premiums and contract charges 136 487 Other revenue 719 762 Net investment income 938 854 Net gains (losses) on investments and derivatives ( 405 ) ( 349 ) Total revenues 16,941 16,452 Costs and expenses Property and casualty insurance claims and c

”), new business sales, price changes, claim frequency and severity, catastrophes, loss ratio, expenses, underwriting results and combined ratio • Protection Services : revenues, premium written, PIF and adjusted net income • Investments : exposure to market risk, asset allocation, credit quality, total return, net investment income, cash flows, net gains and losses on investments and derivatives, unrealized capital gains and losses, long-term returns and fixed income portfolio duration • Financial conditi

that carry The Allstate Corporation 29 2025 Form 10-K Part I - Item 1A. Risk Factors and Other Disclosures penalties for non-compliance based on consolidated enterprise revenue. We may incur substantial costs and other negative consequences if any of these risks occur, including an adverse effect on our business, results of operations and financial condition. Regulatory and federal agency reforms may make it more expensive for us to conduct our business Regulatory and federal agency reforms, including potentia

10 www.allstate.com 2025 Form 10-K Item 1. Business Protection Services Segment Our Protection Services segment accounted for 5.0% of Allstate’s 2025 consolidated total revenue and 81.6% of Allstate’s December 31, 2025 PIF. Protection Services includes Protection Plans, Roadside, Dealer Services, Identity Protection and Arity, which offer a broad range of products and services that expand and enhance customer value propositions. Products and distribution Products and services Protection Plans Consumer protec

segments. We use these measures in our evaluation of results of operations to analyze profitability. Underwriting income (loss) is calculated as premiums earned and other revenue, less claims and claims expense (“losses”), amortization of deferred policy acquisition costs (“DAC”), operating costs and expenses, amortization or impairment of purchased intangibles and restructuring and related charges, as determined using GAAP. Adjusted net income (loss) is net income (loss) applicable to common shareholder

market interest rates, credit spreads or a decrease in liquidity could have an adverse effect on the value of fixed income securities • Adverse changes in foreign currency exchange rates • Changes in U

Net losses on valuation change and settlements of derivatives of $76 million in 2025 primarily related to losses on foreign currency contracts used to manage foreign currency, losses on credit default contracts due to tightening credit spreads, losses on equity futures used to manage equity exposure and losses on interest rate futures used to manage duration

Unrealized net capital gains and losses ( 518 ) 420 Unrealized foreign currency translation adjustments ( 28 ) ( 45 ) Unamortized pension and other postretirement prior service credit ( 1 ) — Discount rate for reserve for future policy benefits — 5 Other comprehensive (loss) income, after-tax ( 547 ) 380 Comprehensive

market interest rates, credit spreads or a decrease in liquidity could have an adverse effect on the value of fixed income securities • Adverse changes in foreign currency exchange rates • Changes in U

Unrealized net capital gains and losses ( 518 ) 420 Unrealized foreign currency translation adjustments ( 28 ) ( 45 ) Unamortized pension and other postretirement prior service credit ( 1 ) — Discount rate for reserve for future policy benefits — 5 Other comprehensive (loss) income, after-tax ( 547 ) 380 Comprehensive

Net losses on valuation change and settlements of derivatives of $76 million in 2025 primarily related to losses on foreign currency contracts used to manage foreign currency, losses on credit default contracts due to tightening credit spreads, losses on equity futures used to manage equity exposure and losses on interest rate futures used to manage duration

income securities, at fair value (amortized cost, net $ 59,338 and $ 58,730 ) $ 59,060 $ 59,115 Equity securities, at fair value (cost $ 10,354 and $ 8,026 ) 10,431 8,398 Mortgage loans, net 868 879 Limited partnership interests 8,946 8,844 Short-term, at fair value (amortized cost $ 4,707 and $ 4,888 ) 4,705 4,887 Other investments, net 1,150 1,114 Total investments 85,160 83,237 Cash 697 678 Premium installment receivables, net 11,648 11,474 Deferred policy acquisition costs 6,070 6,163 Reinsurance and indemni

Protection Services Corporate and all other Total Fixed income securities (2) $ 49,621 $ 1,767 $ 7,672 $ 59,060 Equity securities (3) 8,631 415 1,385 10,431 Mortgage loans, net 868 — — 868 Limited partnership interests 8,940 — 6 8,946 Short-term investments (4) 4,150 229 326 4,705 Other investments, net 1,150 — — 1,150 Total $ 73,360 $ 2,411 $ 9,389 $ 85,160 Percent to total 86.1 % 2.9 % 11.0 % 100.0 % Market-based $ 63,533 $ 2,370 $ 9,346 $ 75,249 Performance-based 9,827 41 43 9,911 Tota

Property-Liability Protection Services Corporate and all other Total Fixed income securities (2) $ 50,874 $ 1,739 $ 6,502 $ 59,115 Equity securities (3) 7,614 357 427 8,398 Mortgage loans, net 879 — — 879 Limited partnership interests 8,836 — 8 8,844 Short-term investments (4) 3,905 216 766 4,887 Other investments, net 1,114 — — 1,114 Total $ 73,222 $ 2,312 $ 7,703 $ 83,237 Percentage to total 88.0 % 2.8 % 9.2 % 100.0 % Market-based $ 63,467 $ 2,274 $ 7,650 $ 73,391 Performance-based 9,755 38 53 9,846 To

Property-Liability Protection Services Corporate and all other Total Fixed income securities (2) $ 50,874 $ 1,739 $ 6,502 $ 59,115 Equity securities (3) 7,614 357 427 8,398 Mortgage loans, net 879 — — 879 Limited partnership interests 8,836 — 8 8,844 Short-term investments (4) 3,905 216 766 4,887 Other investments, net 1,114 — — 1,114 Total $ 73,222 $ 2,312 $ 7,703 $ 83,237 Percentage to total 88.0 % 2.8 % 9.2 % 100.0 % Market-based $ 63,467 $ 2,274 $ 7,650 $ 73,391 Performance-based 9,755 38 53 9,846 To

Protection Services Corporate and all other Total Fixed income securities (2) $ 49,621 $ 1,767 $ 7,672 $ 59,060 Equity securities (3) 8,631 415 1,385 10,431 Mortgage loans, net 868 — — 868 Limited partnership interests 8,940 — 6 8,946 Short-term investments (4) 4,150 229 326 4,705 Other investments, net 1,150 — — 1,150 Total $ 73,360 $ 2,411 $ 9,389 $ 85,160 Percent to total 86.1 % 2.9 % 11.0 % 100.0 % Market-based $ 63,533 $ 2,370 $ 9,346 $ 75,249 Performance-based 9,827 41 43 9,911 Tota

income securities, at fair value (amortized cost, net $ 59,338 and $ 58,730 ) $ 59,060 $ 59,115 Equity securities, at fair value (cost $ 10,354 and $ 8,026 ) 10,431 8,398 Mortgage loans, net 868 879 Limited partnership interests 8,946 8,844 Short-term, at fair value (amortized cost $ 4,707 and $ 4,888 ) 4,705 4,887 Other investments, net 1,150 1,114 Total investments 85,160 83,237 Cash 697 678 Premium installment receivables, net 11,648 11,474 Deferred policy acquisition costs 6,070 6,163 Reinsurance and indemni

charges in the future. First Quarter 2026 Form 10-Q 33 Notes to Condensed Consolidated Financial Statements Restructuring activity during the period ($ in millions) Employee costs Exit costs Total liability Restructuring liability as of December 31, 2025 $ 20 $ 3 $ 23 Expense incurred 9 1 10 Adjustments to liability ( 2 ) ( 3 ) ( 5 ) Payments and non-cash charges ( 10 ) 1 ( 9 ) Restructuring liability as of March 31, 2026 $ 17 $ 2 $ 19 As of March 31, 2026, the cumulative amount incurred to date for active

more than 1 million recognitions in 2025 and our “Speak Up” process that encourages employees to raise concerns confidently. Organizational culture We strive for a workforce where our varied backgrounds and experiences make us a better company. We work to attract, nurture and retain a skilled workforce. Talent acquisition, development, retention and mobility practices support all employees in achieving their career aspirations. As part of our commitment to fair compensation practices, we complete pay equi

and financial condition. Executing our strategy to advance and innovate technology, including leveraging artificial intelligence, has and may continue to impact our workforce as we require new and different skills to achieve our strategic goals. Advancements in technology, business process redesign and changes in consumer preferences may also impact our workforce needs in the future. Transformative Growth strategy may not be effective The Transformative Growth strategy is to accelerate growth by improving

and financial condition. Executing our strategy to advance and innovate technology, including leveraging artificial intelligence, has and may continue to impact our workforce as we require new and different skills to achieve our strategic goals. Advancements in technology, business process redesign and changes in consumer preferences may also impact our workforce needs in the future. Transformative Growth strategy may not be effective The Transformative Growth strategy is to accelerate growth by improving

charges in the future. First Quarter 2026 Form 10-Q 33 Notes to Condensed Consolidated Financial Statements Restructuring activity during the period ($ in millions) Employee costs Exit costs Total liability Restructuring liability as of December 31, 2025 $ 20 $ 3 $ 23 Expense incurred 9 1 10 Adjustments to liability ( 2 ) ( 3 ) ( 5 ) Payments and non-cash charges ( 10 ) 1 ( 9 ) Restructuring liability as of March 31, 2026 $ 17 $ 2 $ 19 As of March 31, 2026, the cumulative amount incurred to date for active

more than 1 million recognitions in 2025 and our “Speak Up” process that encourages employees to raise concerns confidently. Organizational culture We strive for a workforce where our varied backgrounds and experiences make us a better company. We work to attract, nurture and retain a skilled workforce. Talent acquisition, development, retention and mobility practices support all employees in achieving their career aspirations. As part of our commitment to fair compensation practices, we complete pay equi

fiscal and monetary policies, the Russia/Ukraine conflict, supply chain disruptions and labor shortages

fiscal and monetary policies, major combat operations in Iran, the Russia/Ukraine conflict, supply chain disruptions, volatility in global energy markets and labor shortages

of claims, regulatory requirements, changes in driving patterns, delays in reporting of claims and economic conditions, the imposition and impact of tariffs, supply chain disruptions and labor shortages The ultimate cost of losses, or current estimates, have and may continue to vary materially from recorded reserves and such variance may adversely affect the results of operations and financial condition as the rese

of claims, regulatory requirements, changes in driving patterns, delays in reporting of claims and economic conditions, the imposition and impact of tariffs, supply chain disruptions and labor shortages The ultimate cost of losses, or current estimates, have and may continue to vary materially from recorded reserves and such variance may adversely affect the results of operations and financial condition as the rese

fiscal and monetary policies, major combat operations in Iran, the Russia/Ukraine conflict, supply chain disruptions, volatility in global energy markets and labor shortages

fiscal and monetary policies, the Russia/Ukraine conflict, supply chain disruptions and labor shortages

Tariffs The U

or types of claims, regulatory requirements, changes in driving patterns, delays in reporting of claims and economic conditions, the imposition and impact of tariffs, supply chain disruptions and labor shortages The ultimate cost of losses, or current estimates, have and may continue to vary materially from recorded reserves and such variance may adversely affect the results of operations and financial condition as

Tariffs Beginning on April 2, 2025, the U

or types of claims, regulatory requirements, changes in driving patterns, delays in reporting of claims and economic conditions, the imposition and impact of tariffs, supply chain disruptions and labor shortages The ultimate cost of losses, or current estimates, have and may continue to vary materially from recorded reserves and such variance may adversely affect the results of operations and financial condition as

Tariffs Beginning on April 2, 2025, the U

Tariffs The U

and does not retain any ultimate risk for the indemnified business. Congressional authorization and funding for the NFIP is subject to freezes, including during a government shutdown. Delays in the payment of claims and claim expenses due to authorization or funding freezes, or changes to the administration of the NFIP by the federal government, could result in our customers not receiving payment for qualifying claims, impact the ability to service customer policies or delay the receipt of our fees for s

• Sensitivity analysis, an estimate of the potential changes in the fair value of a portfolio that could occur using hypothetical shocks to a market risk factor The selection of measures used in our sensitivity analysis should not be construed as our prediction of future market events, but only as an illustration of the potential effect of such an event In general, we establish investment portfolio asset allocation and market risk limits based upon a combination of these measures. The asset allocation limit

When the Company experiences changes in the mix or type of claims or changing claim settlement patterns or data, it applies actuarial judgment in the determination and selection of development factors to develop reserve liabilities. Recent tort reform measures in certain jurisdictions have altered the legal environment and may affect claim settlement patterns over time. These changes require the Company to evaluate whether historical settlement trends remain appropriate for reserve development. In cases where

Lack of availability of replacement parts from disruption in global trade broadly impacting all businesses • Fewer auto new issued applications due to lower new and used vehicle sales • Reduced demand in Dealer Services due to lower new vehicle sales • Lower premiums written from reduced U.S. retail sales in Protection Plans • Higher claims costs at Protection Plans • Bad debt and credit allowance exposure in all businesses • Adverse impacts on investment valuations and liquidity for market-based and

Lack of availability of replacement parts from disruption in global trade broadly impacting all businesses • Fewer auto new issued applications due to lower new and used vehicle sales • Reduced demand in Dealer Services due to lower new vehicle sales • Lower premiums written from reduced U.S. retail sales in Protection Plans • Higher claims costs at Protection Plans • Increased bad debt expense and credit allowance exposure as consumer financial conditions deteriorate • Unfavorable impacts on investme

major combat operations in Iran, the Russia/Ukraine conflict, supply chain disruptions, volatility in global energy markets and labor shortages

major combat operations in Iran, the Russia/Ukraine conflict, supply chain disruptions, volatility in global energy markets and labor shortages

may be significant. Widespread disruptive or destabilizing events may have an adverse effect on our business Disruptive or destabilizing events such as a large-scale pandemic, the occurrence of terrorism, military actions, political and social unrest, declines in trust in government and businesses or other events may result in loss of life, property damage, and disruptions to commerce and reduced economic activity. Some of the assets in our investment portfolio may be adversely affected by declines in the e

may be significant. Widespread disruptive or destabilizing events may have an adverse effect on our business Disruptive or destabilizing events such as a large-scale pandemic, the occurrence of terrorism, military actions, political and social unrest, declines in trust in government and businesses or other events may result in loss of life, property damage, and disruptions to commerce and reduced economic activity. Some of the assets in our investment portfolio may be adversely affected by declines in the e

in connection with the group health sale in the third quarter of 2025. (2) 2025 includes ceded losses related to the Nationwide Reinsurance Program for the California wildfires. Reinsurance and indemnification recoverables Reinsurance and indemnification recoverables, net ($ in millions) March 31, 2026 December 31, 2025 Property and casualty Paid and due from reinsurers and indemnitors $ 245 $ 267 Unpaid losses estimated (including IBNR) 7,948 8,012 Total property and casualty $ 8,193 $ 8,279 Accident and he

Risks that impact most companies • Complexity and uncertainty of loss cost estimates and reserves • Claim frequency and severity volatility • Catastrophes and severe weather • Ability to obtain approval for rate increases or new products • Investment results are subject to market volatility and valuation judgments • Highly competitive industry • Changing consumer preferences • New or changing technologies • Ineffective Transformative Growth strategy • Ability to maintain catastrophe reinsuranc

Rate increases and decreases are pursued to keep pace with loss cost trends including the impacts of inflation and losses from catastrophic events and those that are weather related (such as wind, hail, lightning and freeze not meeting our criteria to be declared a catastrophe). We also take into consideration potential customer disruption, the impact on our ability to market our products, regulatory limitations, our competitive position and profitability. In any reporting period, loss experience from catas

in connection with the group health sale in the third quarter of 2025. (2) 2025 includes ceded losses related to the Nationwide Reinsurance Program for the California wildfires. Reinsurance and indemnification recoverables Reinsurance and indemnification recoverables, net ($ in millions) March 31, 2026 December 31, 2025 Property and casualty Paid and due from reinsurers and indemnitors $ 245 $ 267 Unpaid losses estimated (including IBNR) 7,948 8,012 Total property and casualty $ 8,193 $ 8,279 Accident and he

a “catastrophe” as an event that produces pre-tax losses before reinsurance in excess of $1 million and involves multiple first party policyholders, or a winter weather event that produces a number of claims in excess of a preset, per-event threshold of average claims in a specific area, occurring within a certain amount of time following the event. Catastrophes are caused by various natural events including high winds, winter storms and freezes, tornadoes, hailstorms, wildfires, tropical storms, tsuna

a “catastrophe” as an event that produces pre-tax losses before reinsurance in excess of $1 million and involves multiple first-party policyholders, or a winter weather event that produces a number of claims in excess of a preset, per-event threshold of average claims in a specific area, occurring within a certain amount of time following the event. Catastrophes are caused by various natural events including high winds, winter storms and freezes, tornadoes, hailstorms, wildfires, tropical storms, tsuna

Deploying an advanced technology ecosystem to deliver affordable, simple, and connected experiences and products at a lower cost Using generative and agentic artificial intelligence to improve customer value Drive Organizational Transformation Improve effectiveness and efficiency by empowering talent with decision clarity, agile business processes, measurement science and advanced technology The Allstate Corporatio

For example, such strategies include the deployment of artificial intelligence and the development of enterprise resilience capabilities that protect against cyber threats

The maturity and effectiveness of forms of artificial intelligence technology are rapidly evolving

Adverse changes have and may continue to occur due to changes in monetary and fiscal policy, inflation, unemployment, economic growth, geopolitical events and the economic climate, liquidity of a market or market segment, investor return expectations or risk tolerance, insolvency or financial distress of key market makers or participants, instability of the banking sector, or changes in marke