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The Allstate Corporation Second Quarter 2026 Earnings Presentation 08.06.2026
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The Allstate Corporation 2026 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 2025 Form 10-K, Form 10-Q for June 30, 2026, 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 2026 PAGE 2 Allstate’s Strategy Allstate Delivers Strong Results and Creates Shareholder Value Shareholder value creation ➢ Operational excellence ➢ Sustainable growth ➢ 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 2026 PAGE 3 Three months ended June 30, Six months ended June 30, 2026 Change from prior year 2026 Change from prior year Growth Total revenues $18,596 11.8% $35,537 7.4% Property-Liability net premiums written $15,431 2.6% $30,056 2.4% Auto and homeowners insurance new issued applications 2.8 9.9% 5.5 9.8% Policies in force 215.9 3.8% - - – Property-Liability policies in force 38.9 2.6% - - – Protection Services policies in force 176.5 4.1% - - Earnings Net investment income $1,009 33.8% $1,947 21.1% Property-Liability combined ratio 86.6 (4.5 pts) 84.3 (9.9 pts) Property-Liability underlying combined ratio* 79.4 (0.1 pts) 79.8 (1.5 pts) Net income applicable to common shareholders $3,241 55.9% $5,669 114.3% Adjusted net income* $2,330 46.4% $5,127 101.9% Per diluted common share – Net income $12.51 61.2% $21.73 120.6% – Adjusted net income* $8.99 51.3% $19.65 107.7% Return on Allstate common shareholders’ equity – Net income 49.1% 19.5 pts – Adjusted net income* 44.2% 15.6 pts Increased Growth and Strong Earnings in the Second Quarter In millions, except per share data and ratios
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The Allstate Corporation 2026 PAGE 4 Allstate Shareholder Value Creation Operational Excellence Sustainable Growth Capital Generation • Auto and homeowners insurance combined ratios substantially better than industry • Ability to rapidly adapt to changing external and competitive environments • Investment expertise generates 1st and 2nd quartile results(1) • Success based on sophisticated technology and analytics platform • Transformative Growth driving auto and homeowners insurance market share growth • Broadening protection offerings leverages customer base, brand, distribution and capabilities • Designing, building and deploying Allstate’s Large Language Intelligent Ecosystem (ALLIE) • Capital generated for organic growth, investments, acquisitions and cash to shareholders • Over the last decade repurchased 39% of outstanding shares and returned total cash equal in value to 2015 market capitalization • Free cash flow relative to market capitalization significantly above S&P 500 (1) For interest-bearing and Performance-Based returns. Illustrative peer comparisons are based on Allstate’s internal composite be nchmark of like mandates managed by professional asset management firms across a 5-year horizon
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The Allstate Corporation 2026 PAGE 5 Shareholder Value Powered by Sophisticated Technology and Analytics Platform • Strategy is “technology driven” versus “supported by technology” • Advanced analytics embedded into operations across the enterprise o Pricing and claims o Customer sales and support o Investments o Capital management • 250+ significant models, 40 petabytes of data and 1.5 billion CPU hours are fully integrated into business processes • Price over 100 million pieces of business, purchase 50 million sales leads and manage over 400 million service interactions annually Allstate’s Large Language Intelligent Ecosystem (ALLIE) will improve customer value, lower costs and increase growth Agentic agents built to be reusable across the enterprise Technology “orchestration layer” supports integrated deployment of AI capabilities Organizational and process changes to technology design, build and deployment processes 8 integrated components enable agent to agent processing
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The Allstate Corporation 2026 PAGE 6 Operational Excellence Results in Superior Performance Auto insurance profitability Homeowners insurance profitability Property-Liability profitability 95.2 82.6 70 80 90 100 110 120 Allstate 10-year average Allstate combined ratio Industry combined ratio Allstate 95.2 Industry 100.3 10-year recorded combined ratio(1) 92.0 89.1 70 80 90 100 110 120 Allstate 10-year average Allstate combined ratio Industry combined ratio Allstate 92.0 Industry 102.2 10-year recorded combined ratio(1) Allstate 94.8 10-year recorded combined ratio(1) 94.8 84.3 70 80 90 100 110 120 Allstate 10-year average Allstate combined ratio (1) Reflects 10-year earned premium weighted average from 2016 -2025. Industry data sourced from S&P Market Intelligence Pandemic-related impacts Elevated catastrophe losses (1) (1) (1)
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The Allstate Corporation 2026 PAGE 7 Property-Liability Business Increased Growth While Generating Attractive Returns Property-Liability profitability highlights Property-Liability combined ratio improved from prior year Three months ended June 30 2026 Var to PY Property-Liability net premiums earned $14,918 4.0% - Auto insurance $9,644 1.2% - Homeowners insurance $4,201 11.4% Property-Liability combined ratio 86.6 (4.5 pts) - Auto insurance 83.3 (2.7 pts) - Homeowners insurance 94.6 (7.4 pts) Property-Liability underlying combined ratio* 79.4 (0.1 pts) - Auto insurance 87.6 (0.2 pts) - Homeowners insurance 61.5 2.9 pts Property-Liability underwriting income $2,006 56.7% - Auto insurance $1,606 20.7% - Homeowners insurance $226 NM 91.1 86.6 (1.1) (2.4) (2.0) 1.0 Q2’25 Recorded Combined Ratio Q2’26 Recorded Combined Ratio Underlying Loss Ratio* Catastrophes Prior Year Reserve Reestimates Expense Ratio ($ in millions except ratios)
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The Allstate Corporation 2026 PAGE 8 Operational Excellence Enables Rapid Adaptation (1) Source: Manheim Used Vehicle Value Index for the 18 -month period between June 2020 and December 2021 (2) Adjusted underlying combined ratio* reflects the latest estimate of losses and loss adjustment expenses in each period as of 6/30/2026 Allstate Protection Auto profitability – adjusted(2) 2022 2023 2024 2025 2026 Year-end Q1 Q2 YTD Recorded combined ratio 110.1 103.4 95.0 85.0 81.9 83.3 82.6 Underlying combined ratio* - as reported 103.6 99.9 93.4 88.1 89.5 87.6 88.5 Underlying combined ratio* - as adjusted(2) 102.4 95.2 89.6 86.7 87.1 90.0 88.5 • Following the pandemic, supply chain constraints led to a nearly 60% increase in used car prices over 18 months(1). In addition, more severe accidents increased bodily injury severity • Auto insurance returns were below target, necessitating significant rate increases and restrictions on new business • Reserve reestimates show that profitability improved more rapidly than original estimates o Auto reserve releases of $1.5 billion in 2026; $1.3 billion related to auto injury coverages and $205 million related to other auto coverages o Approximately 51% of auto injury coverage reserve releases this year have been related to accident years 2023 and 2024 and 30% to 2025 The second quarter benefited from 2.4 points of favorable development on claims reported in the first quarter of 2026
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The Allstate Corporation 2026 PAGE 9 Allstate has Improved Affordability While Maintaining Strong Margins $1,510 $1,486 $1,291 $1,337 $850 $950 $1,050 $1,150 $1,250 $1,350 $1,450 $1,550 Annualized Avg. Premium Avg. Adj. Underlying Loss and Expense* 2021 2022 2023 2024 2025 2026 Year-end Q1 Q2 Q3 Q4 Q1 Q2 0.5% 15.9% 15.8% 7.5% 1.4% 0.4% 0.6% 0.2% 0.0% 0.0% Allstate Protection auto premium and adjusted underlying loss and expense* per policy(1) (1) (1) Adjusted underlying loss (incurred pure premium) and expense* reflects the latest estimate of losses and loss adjustment expenses in each period as of 6/30/2026 This quarter, rate changes were implemented in 36 states, which included a mix of both rate increases and decreases and had a net neutral rate impact overall Net rate changes
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The Allstate Corporation 2026 PAGE 10 Transformative Growth Resulting in Property-Liability Market Share Growth Marketing sophistication enables increased advertising investment Broadest distribution in the industry Policies in force are increasing, driving share gains in a majority of states Policy in force growth -2.6% 1.0% -1.6% 2.2% 0.5% 2.3% 2.8% 2.9% Auto Homeowners Q2 2023 Q2 2024 Q2 2025 Q2 2026 (% variance to prior year) $638 $1,863 $2,100 $1,068 2023 2024 2025 2026 YTD ($ in millions) Advancements across consumer acquisition engine improve economics Advertising spend (In thousands) 39% 34% 33% 32%28% 34%1,478 2,347 Q2 2023 Q2 2026 Exclusive Agent Independent Agent Direct Auto insurance new business by channel 72% 63% 21% 16%7% 21%280 411 Q2 2023 Q2 2026 Exclusive Agent Independent Agent Direct Homeowners insurance new business by channel
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The Allstate Corporation 2026 PAGE 11 Protection Services Expands Protection and Leverages Capabilities Adjusted net income: $203M Allstate Protection Plans Protection Services segment is growing rapidly Policies in force: 177M Premiums earned/other revenue: $3.4B Allstate Dealer Services Arity Allstate Roadside Allstate Identity Protection • Over two trillion miles of driving data • The largest driving behavior dataset tied to insurance claims Mobility intelligence improves insurance analytics and generates third party revenue • Distribution through 30+ large-scale retailers that generate $1.3 trillion in combined U.S. annual sales • Embedded at point- of-sale with retailers Major retail partnerships provide brand visibility and cross-sell opportunity • Partner with ~1,100 dealerships with reach to over 1.75 million customers per year • Embedded at dealership point-of- sale Provides customers with complementary vehicle coverage • Over 2.5x more members since ASC auto integration • Average 1.75 million roadside rescues annually with Good Hands tow network Strengthens customer relationships • 3.4 million people protected • Protects the digital life of employees at some of the world’s largest employers • Expanding to Allstate customer base Identity restoration builds loyalty Protection Services expands protection and provides customer value beyond traditional insurance (Trailing twelve-months) (Trailing twelve-months)
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The Allstate Corporation 2026 PAGE 12 Re-risked growth exposure and increased FI duration 1,557 2,214 2,728 3,036 3,212 1,024 499 618 648 819 2022 2023 2024 2025 Q2 2026 TTM Market-based Performance-based Expense ex ILE Strong Investment Performance Delivers Earnings Growth Portfolio mix supports income and return objectives (1) Investee level expenses (ILE) comprised of asset level operating expenses are netted against market -based and performance-based income (2) Trailing twelve months (3) Reported net investment income, assuming a 21% tax rate, divided by weighted average common diluted shares outstanding (4) Illustrative peer comparisons are based on Allstate’s internal composite benchmark of like mandates managed by professional a sset management firms across a 5 -year horizon ($ in millions) 2,403 2,478 3,092 3,449 3,788 76% 11% Q2 2026 Investment Portfolio Allocation (1) (1) Market-based interest- bearing 80% Market-based equities 9% Private equity 8% Real estate 3% Total Portfolio Return 2.6% Q2 5.6% 1-year 5.5% 3-year 3.3% 5-year Investment expertise delivers top-tier results Interest bearing and Performance-based 1st & 2nd Quartile Performance Growing investment income Strong returns across market cycles Effect of net investment income on adjusted net income* per diluted share $7.00 $7.46 $9.12 $10.20 $11.47 Fixed income 1st & 2nd Private equity 2nd Real estate 1st $87.8 billion Portfolio carrying value (3) (4) (2)
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The Allstate Corporation 2026 PAGE 13 Capital Generation Funds Diversified Value Creation Attractive returns generate substantial capital relative to market capitalization Return on equity for last 10 years equal to S&P 500 and is top quartile amongst peers. Capital generation has supported: • 98% increase in Property-Liability premiums • Increase in investments • Acquisitions of Square Trade and National General • Common share dividends of 2.2% of average price • Repurchase of 39% of outstanding shares; total cash returned equal in value to 2015 market capitalization 22.2 16.5 15.9 16.0 3-year 5-year 10-year 10-year Average returns on equity*(1) Allstate S&P 500 Long history of returning capital to shareholders Capital position improved in second quarter including accelerating share repurchases • Cash returned to shareholders of $1.3 billion, including $1.0 billion of common share repurchases; $2.6 billion remains under the $4 billion repurchase authorization announced in February • Deployable capital at holding company increased to $9.5 billion, or approximately $37 per common share outstanding 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% - 200 400 600 800 1,000 1,200 1,400 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 % of Market Cap Total $ Cost (in millions) Total $ Cost % of Market Cap Quarterly share repurchases (1) Averages for periods ended year-end 2025. Adjusted net income return on equity* for Allstate; net income return on equity for t he SPX from Bloomberg
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The Allstate Corporation 2026 PAGE 14 Allstate’s Strategy Allstate Delivers Strong Results and Creates Shareholder Value Shareholder value creation ➢ Operational excellence ➢ Sustainable growth ➢ 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 2026 PAGE 16 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) 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 rates, profits, new products or the use of advanced technologies, non-traditional data sources or large language models and requirements to underwrite business and participate in loss sharing arrangements; (7) market risk, declines in credit quality and economic and capital market conditions affecting investments; (8) subjective determination of fair value and amount of credit losses for investments; (9) participation in indemnification programs, including state industry pools and facilities; (10) inability to mitigate the impact associated with changes in capital requirements; (11) a downgrade in financial strength ratings; o Business, Strategy and Operations (12) operations in markets that are highly competitive; (13) changing consumer preferences; (14) new or changing technologies and new business model impacts affecting the auto industry; (15) inability to successfully deploy advanced technologies in a cost-effective, competitive, ethical and compliant manner; (16) Transformative Growth strategy; (17) catastrophe management strategy; (18) restrictions on our subsidiaries’ ability to pay dividends; (19) restrictions under terms of some of our securities on the ability to pay dividends or repurchase stock; (20) the availability and cost of reinsurance; (21) counterparty risk related to reinsurance; (22) acquisitions and divestitures of businesses; (23) intellectual property infringement, 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; o 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. and responsive non-U.S. tariffs, and our ability to plan for and respond to the impact of those changes; (29) restrictions on liquidity or availability of credit on acceptable terms; (30) widespread disruptive or destabilizing events; (31) changing climate and weather conditions; (32) practices relating to environmental and social matters; (33) evolving privacy and data security regulation and increased focus on enforcement; (34) restrictive regulations and uncertainty around the interpretation and implementation of regulations in the U.S. and internationally; (35) regulatory and federal agency reforms; (36) losses from legal and regulatory actions; (37) changes in or the application of accounting standards and changes in tax laws; and (38) 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.