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FOR IMMEDIATE RELEASE Contacts : Greg Burns Allstate . You're in good hands . Mark Nogal Media Relations ( 847 ) 402-5600 Investor Relations ( 847 ) 402-2800 Allstate's Strategic Actions Increase Growth and Returns Exhibit 99.1 NORTHBROOK , III . , May 5 , 2021 - The Allstate Corporation ( NYSE : ALL ) today reported financial results for the first quarter of 2021 . The Allstate Corporation Consolidated Highlights Three months ended March 31 , ( $ in millions , except per share data and ratios ) Consolidated revenues 2021 $ 12,451 2020 % / pts Change $ 9,866 26.2 Net ( loss ) income applicable to common shareholders ( 1,408 ) 513 NM per diluted common share ( 4.60 ) 1.59 NM Adjusted net income * 1,871 1,202 55.7 per diluted common share * 6.11 3.73 63.8 Return on Allstate common shareholders ' equity ( trailing twelve months ) Net income applicable to common shareholders 15.1 % 18.0 % ( 2.9 ) Adjusted net income * 23.2 % 17.5 % 5.7 Book value per common share 81.08 69.67 16.4 Property - Liability combined ratio Recorded Underlying combined ratio * Catastrophe losses Total policies in force ( in thousands ) 83.3 84.8 ( 1.5 ) 77.1 82.1 ( 5.0 ) 590 211 179.6 182,912 151,622 20.6 Measures used in this release that are not based on accounting principles generally accepted in the United States of America ( " non- GAAP " ) are denoted with an asterisk and defined and reconciled to the most directly comparable GAAP measure in the “ Definitions of Non - GAAP Measures " section of this document . NM = not meaningful " Allstate increased our customer base and generated excellent returns this quarter , reflecting strong operating results , the acquisition of National General and divestitures of the life and annuity businesses , " said Tom Wilson , Chair , President and CEO of The Allstate Corporation . “ Personal property - liability premiums earned and policies in force increased by 11.4 % and 12.1 % from the prior year , respectively . Revenues from the Protection Services segment increased by 21.6 % from 2020 , reflecting continued expansion of Allstate Protection Plans . The announced divestitures of the life and annuity businesses generated a $ 4.0 billion loss , which resulted in a net loss for the quarter of $ 1.4 billion . Adjusted net income * , however , was $ 1.9 billion , or $ 6.11 per common share , for the quarter , representing a 23.2 % return on equity over the last twelve months . " Our long - term approach to investing , reinsurance and building a digital insurer is creating shareholder value and positively impacted results this quarter , " continued Wilson . " Total investment income increased by 188 % ( $ 708 million ) as performance - based income rebounded from last year's first quarter loss . Gross catastrophe losses of $ 1.67 billion for the quarter were nearly eight times greater than 2020 but were offset by $ 1.08 billion of reinsurance and subrogation recoveries . The Transformative Growth plan to increase property - liability market share is also 1