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11.06.2025 The Allstate Corporation Third Quarter 2025 Earnings Presentation
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The Allstate Corporation 2025 PAGE 1 Forward-looking statements and non-GAAP financial information › This presentation contains forward-looking statements and information. › This presentation also contains non-GAAP measures that are denoted with an asterisk (*). › You can find the reconciliation of those measures to GAAP measures within our most recent earnings release, investor supplement or on our website, www.allstateinvestors.com, under the “Financials” link. › Additional information on factors that could cause results to differ materially from this presentation is available in the 2024 Form 10-K, Form 10-Q for September 30, 2025, our most recent earnings release, and at the end of these slides. These materials are available on our website, www.allstateinvestors.com, under the “Financials” link.
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The Allstate Corporation 2025 PAGE 2 Shareholder value creation: − Operational excellence − Transformative Growth − Proactive investment approach − Strong capital generation Q3 2025 Variance to Prior Year Revenues $17,255 3.8% Policies in Force 209.5 3.8% − Personal property-liability 37.9 1.4% Net Income applicable to common shareholders $3,717 NM Adjusted Net Income* $2,976 184.0% − Per diluted common share* $11.17 185.7% − Return on equity* 34.7% 8.6 pts Allstate’s Strategy To Create Shareholder Value Increase Personal Property-Liability Market Share Expand Protection Services Leveraging Allstate brand, customer base and capabilities Allstate Generates Excellent Results (in millions except per share data)
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The Allstate Corporation 2025 PAGE 3 Expanded capabilities to serve customers across all shopping channels Transformative Growth To Increase Property-Liability Market Share Provide easy, hassle-free experiences by simplifying processes Improving cost structure to ensure customers have access to affordable protection • Auto insurance new business evenly split between Allstate exclusive agents, independent agents and direct to consumers • Adjusted expense ratio has improved 6.7 points since 2018 Price Affordable, Simple and Connected (ASC) products and experiences • New Allstate branded ASC auto and homeowners insurance products and Custom360® products Increased sophistication and investment in customer acquisition Advanced technology ecosystem Access • Improved 46 million customer interactions Product Service Increased market share
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The Allstate Corporation 2025 PAGE 4 Transformative Growth Technology Ecosystem Enables Applied Artificial Intelligence (AI) Agentic AI Improves efficiency and effectiveness Capable of reasoning and resolving tasks: • Customer offerings, service and communications • Growth investments • Claims settlement Generative AI Designing and building Allstate’s Large Language Intelligent Ecosystem (ALLIE) Operational excellence and lower costs Reimagining customer value 15% of new coding handled by AI 45% reduction in policy billing inquiries Completing actuarial and financial work, reducing costs and accelerating implementation OutcomesEnhancing business performance Outcomes 100% of claims adjuster emails reviewed or generated by AI Transformative Growth – Target State Architecture
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The Allstate Corporation 2025 PAGE 5 (In millions, except per share data and ratios) Strong Operations Delivered Profitable Growth and Excellent Returns Three months ended September 30, Nine months ended September 30, 2025 Change from prior year 2025 Change from prior year Property-Liability insurance premiums $14,533 6.1% $42,906 7.4% Protection Services premiums 720 12.7% 2,086 11.9% Net investment income 949 21.2% 2,557 13.2% Policies in force 209.5 3.8% - - Net income applicable to common shareholders 3,717 NM 6,362 140.0% Adjusted net income* 2,976 184.0% 5,516 94.0% Per diluted common share – Net income 13.95 NM 23.76 139.8% – Adjusted net income* 11.17 185.7% 20.60 93.6% Net income 37.2% 11.1 pts Adjusted net income* 34.7% 8.6 pts Total revenues: $50,340 (+5.8% to prior year) NM = Not meaningful Net income applicable to common shareholders: $6,362 Return on Allstate common shareholders’ equity Year-to-date Results Reflects higher average premiums and policy in force growth Strong Property-Liability underwriting profit and increased investment income
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The Allstate Corporation 2025 PAGE 6 Allstate Consistently Delivers Attractive Risk Adjusted Returns Strategic execution and disciplined underwriting in Property-Liability creates sustainable value for shareholders Allstate Protection auto profitability(3) Allstate Protection homeowners profitability(3) 40 50 60 70 80 90 100 110 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 • Auto insurance target of mid-90s combined ratio(1) • 10-year average underlying combined ratio* of 94.9(2) • Homeowners insurance target of low-90s combined ratio(1) • 10-year average combined ratio of 92.3(2) Mid-90s target(1) Low-90s target Unprecedented period of industry-wide inflation following the COVID-19 pandemic and elevated catastrophe losses in homeowners (1) Management targets on a recorded basis (2) Reflects 10-year earned premium weighted average from 2015 -2024 (3) Combined ratio shown on an underlying basis for auto insurance and a recorded basis for homeowners insurance Underlying combined ratio* Recorded combined ratio 40 50 60 70 80 90 100 110 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025
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The Allstate Corporation 2025 PAGE 7 Protection Services Generating Profitable Growth (+15.4% to prior year) Adjusted net income trailing twelve months: $211M (+23.4% to prior year) Protection Plans • Electronics • Computers/tablets • TVs • Mobile phones • Major appliances • Furniture Distribution partners Q3 2025 quarterly performanceConsumer protection Policy in force growth Protection Services growing rapidly and profitably ($ millions) Domestic International Revenue $431 $157 Growth – Prior year 9.7% 32.0% Adjusted Net Income $34 (-12.8% to prior year) Policies in force: 171M (+4.4% to prior year) Premiums earned/other revenue trailing twelve months: $3.3B Q3 2025 Q3 2024 Protection Plans 163.5 156.8 Dealer Services 3.7 3.7 Roadside 1.1 0.7 Identity Protection 2.7 2.5 Total 171.0 163.7 155 158 164 167 169 170 171 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 (In millions) (In millions)
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The Allstate Corporation 2025 PAGE 8 Execution of Transformative Growth Strategy Supporting Property- Liability Growth Transformative Growth strategy is generating policy in force growth in more than two-thirds of the country Property-Liability personal lines policies in force by brand – % variance to prior year quarter Auto Homeowners Auto + Homeowners Active Brands 2.8 3.0 2.8 Allstate brand -0.4 3.6 0.7 Excluding NY/NJ 0.9 4.5 1.8 National General(1) 12.0 -6.2 9.8 Direct Auto(2) 22.9 - 22.9 Inactive Brands -35.3 -24.5 -33.2 Esurance -33.2 -13.2 -31.8 Encompass -38.3 -27.1 -34.7 Total 1.3 2.1 1.5 © GeoNames, Microsoft, TomTom Powered by Bing 38 states (1) National General active Independent agency channel business (2) Represents National General’s direct to consumer business Growing Not Growing Q3 2025 States growing auto and homeowners insurance policies in force from prior year quarter
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The Allstate Corporation 2025 PAGE 9 -10% 0% 10% 20% 30% 40% 50% 60% 70% Jan Apr Jul Oct Jan Apr Jul Shopping Trend ALL New Issued Applications Trend Allstate Is Taking Action To Improve Customer Retention Auto industry shopping remains at historically high levels(1), fueled by the impact of record rate increases and higher advertising Factors impacting retention • Industry shopping elevated • Allstate has successfully scaled non-standard capabilities to capture a broader range of shoppers o This customer segment generates target returns but shops frequently Catalysts for improvement in retention • Improving affordability by lowering prices, while achieving target margins • Personalizing experiences • Transitioning customers to new products • Increasing product bundling +9.3%(2) increase in shoppers in 2025 +26.2%(2) increase in Allstate new business in 2025 Shopping and new business trends (1) LexisNexis Insurance Market Insights (2) Represents year-to-date increase over the prior year period (3) Trend lines represent the straight-line increase in Allstate new issued applications and industry shoppers between January 2024 and September 2025 Allstate is taking action to improve retention (% change) 2024 2025 (3) (3)
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The Allstate Corporation 2025 PAGE 10 Investments Management Is a Significant Contributor of Earnings Portfolio value and investment income ($ in millions) 352 402 567 708 780 437 335 186 143 22759.9 64.8 66.6 72.9 81.5 0 200 400 600 800 1,000 1,200 1,400 25 45 65 85 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 ($ in billions) (1) Trailing twelve months for net investment income (2) Reported Net investment income, after-tax, divided by weighted average common diluted shares outstanding (3) Portfolio value is amortized cost for fixed income and short term, cost for equities, and carrying value for all other assets ; excludes held for sale assets (4) Excludes impact of operating and securities lending expenses Net investment income increase resulting from higher average investment balances and fixed income yields Average common diluted shares outstanding 299.1 271.2 262.5 267.8 267.8 Effect of Net investment income on Net income per diluted share(1)(2) $8.75 $7.06 $7.53 $9.21 $10.10 Portfolio value(3) Market-based net investment income(4) (1) Performance-based net investment income(4)
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The Allstate Corporation 2025 PAGE 11 Proactive Investment Approach Integrated with Enterprise Risk And Return Management Proactive investment actionsInvestment decisions consider performance and market conditions Equity Investments ($B) Fixed Income Duration(2) (Years) Q2’25: Shortened Fixed Income (FI) duration and reduced growth exposure Q3’25: Re-risked growth exposure and increased FI duration 0 1 2 3 4 5 6 5 10 15 20 25 30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 Factor Assessment Unfavorable Favorable (1) Property-Liability combined ratio; 2025 reflects the trailing twelve -month period ended September 30 (2) Fixed income duration includes interest rate derivative positions (3) Results from year-end periods indexed to year-end 2021; 2025 result reflects period ended September 30 2021 2022 2023 2024 2025 Underwriting Profitability(1) 95.9 106.6 104.5 94.3 88.8 Inflation Outlook Economic Growth Monetary Policy Insurance Company Capital Change in Investments % Share of Economic Capital(3) Allocation Lower Higher
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The Allstate Corporation 2025 PAGE 12 • Adjusted net income return on equity*(3) of 34.7% • Increase Property-Liability market share • Investment portfolio provides a high return and diversified source of income generation • Cash returns provided to shareholders through dividends and share repurchases o $1.8 billion returned to shareholders over the last twelve months, which is 3.5% of the average market value of common equity o $11.5 billion returned to shareholders over last five years Strong Capital Position Generates Attractive Returns and Supports Enterprise Objectives Strategic capital management delivers value Allstate GAAP shareholders’ equity (1) Reflects realized losses and reconciling items to net income; examples include pension/OPEB and amortization of purchased int angibles (2) Mostly reflects share repurchases (3) Trailing twelve months Strong capital generation supported by sound operational execution in underwriting and investments Strategic decision to maximize shareholder value through the sale of Employer Voluntary Benefits and Group Health businesses 21.4 27.55.5 1.1 -0.2 1.3 -0.8 -0.8 2024 Adjusted net income* Gain on Disposition of Operations Other reconciling items to Net income Change in AOCI / Other Declared common shareholder dividends Change in Treasury stock YTD 2025 ($ in billions) (1) (2) Net income increase of $6.4 billion
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The Allstate Corporation 2025 PAGE 13 Allstate’s Strategy Allstate Creates Sustainable Shareholder Value Shareholder value creation ➢ Operational excellence ➢ Transformative Growth ➢ Proactive investment approach ➢ Strong capital generation Increase Personal Property-Liability Market Share Expand Protection Services Leveraging Allstate brand, customer base and capabilities
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The Allstate Corporation 2025 PAGE 15 Forward-looking Statements This presentation contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. These statements may address, among other things, our strategy for growth, catastrophe exposure management, product development, investment results, regulatory approvals, market position, expenses, financial results, litigation and reserves. We believe that these statements are based on reasonable estimates, assumptions and plans. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements resulting from new information or future events or developments. In addition, forward-looking statements are subject to certain risks or uncertainties that could cause actual results to differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include risks related to: o Insurance and Financial Services (1) actual claim costs exceeding current reserves; (2) unexpected increases in claim frequency or severity; (3) catastrophes and severe weather events; (4) limitations in analytical models used for loss cost estimates; (5) price competition and changes in regulation and underwriting standards; (6) regulatory limitations on rate increases and requirements to underwrite business and participate in loss sharing arrangements; (7) market risk and declines in credit quality of our investment portfolios; (8) economic and capital market conditions affecting investments; (9) subjective determination of fair value and amount of credit losses for investments; (10) participation in indemnification programs, including state industry pools and facilities; (11) inability to mitigate the impact associated with changes in capital requirements; (12) a downgrade in financial strength ratings; o Business, Strategy and Operations (13) operations in markets that are highly competitive; (14) changing consumer preferences; (15) new or changing technologies impacting the business; (16) inability to successfully deploy new technologies; (17) Transformative Growth strategy; (18) catastrophe management strategy; (19) restrictions on our subsidiaries’ ability to pay dividends; (20) restrictions under terms of some of our securities on the ability to pay dividends or repurchase stock; (21) the availability and cost of reinsurance; (22) counterparty risk related to reinsurance; (23) acquisitions and divestitures of businesses; (24) intellectual property infringement, misappropriation and third-party claims; (25) reliance on vendors for products, services or protection of data and information; (26) inability to attract, develop and retain talent; o Macro, Regulatory and Risk Environment (27) conditions in the global economy and capital markets, including changes in U.S. trade and tariff policy, new or additional U.S. and responsive non-U.S. tariffs, and our ability to plan for and respond to the impact of those changes; (28) restrictions on liquidity or availability of credit on acceptable terms; (29) a large-scale pandemic, the occurrence of terrorism, military actions or political and social unrest or other disruptive or destabilizing events; (30) the failure in cyber or other information security controls; (31) failure of business continuity following a disaster or other event; (32) changing climate and weather conditions; (33) evolving environmental, social and governance standards and expectations; (34) evolving privacy and data security regulations and increased focus on enforcement; (35) failure to manage risk and to timely detect and mitigate a cybersecurity event; (36) restrictive regulations and uncertainty around the interpretation and implementation of regulations in the U.S. and internationally; (37) regulatory reforms and enforcement of existing regulations; (38) losses from legal and regulatory actions; (39) changes in or the application of accounting standards and changes in tax laws; and (40) misconduct or fraudulent acts by employees, agents and third parties. Additional information concerning these and other factors may be found in our filings with the Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K.