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11.05.2026 The Allstate Corporation Third Quarter 2026 Earnings Presentation
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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 September 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 Objectives Allstate Is Creating the Future of Protection Shareholder value creation ➢ Allstate is delivering excellent operating and financial results – Property-Liability policy growth of 3.3% – Auto insurance recorded combined ratio of 83.2 and adjusted underlying combined ratio*(1) of 91.4 – Homeowners insurance recorded combined ratio of 89.5 and adjusted underlying combined ratio*(1) of 61.9 – Net income of $2.1 billion and adjusted net income* of $2.5 billion ($9.76 per share) ➢ Successfully executing Transformative Growth ➢ Allstate is continuously transforming to create the future of protection – Scaling generative artificial intelligence across the enterprise – Building Allstate’s Large Language Intelligent Ecosystem (ALLIE) Increase Personal Property-Liability Market Share Expand Protection Services Leveraging Allstate brand, customer base and capabilities (1) Adjusted underlying combined ratio* reflects the latest estimate of losses and loss adjustment expenses in each period as of 9/30/2026
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The Allstate Corporation 2026 PAGE 3 Improve Customer Value • Reduced adjusted expense ratio*(1) • Introduced new Affordable, Simple and Connected products Expand Customer Access Increase Sophistication and Investment in Customer Acquisition • Marketing investment of $2.2 billion(1), with improved return on advertising spend Deploy New Technology Ecosystem • Built new microservice-based tech platform, including an orchestration layer Drive Organizational Transformation Transformative Growth Enhances Allstate’s Business Model (1) Last 12-month basis compared to pre-Transformative Growth Improve customer value Expand customer access Deploy new technology ecosystem Drive organizational transformation Increase sophistication and investment in customer acquisition $ 2019 5.5M 12.4M Exclusive agent Independent agent Direct 2026(1) 125% increase Personal lines new business
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The Allstate Corporation 2026 PAGE 4 Artificial Intelligence Is Improving Customer Value and Enables Allstate’s Large Language Intelligent Ecosystem (ALLIE) AI is creating value across the enterprise today Technology, Claims and Service AI solutions being scaled 12 million Lines of code written or changed in the third quarter, up 3.6x from the first quarter 10 million Outbound claims emails created or reviewed by AI annually 1 million ASC customers(1) have engaged with AI premium explanations since April 2025 15% Of ASC service chat volume handled by the Ask Allstate agent through September 88% Of customers responded that Ask Allstate met their needs Ask Allstate AI Agent Available since July for ASC auto insurance customers(1) Expanding to include voice experiences for billing and payment applications and non-ASC products Ask Allstate Expansion Supports customers with roadside assistance, rental reservations, claim filing and next steps Claim Initiation Upcoming ALLIE Deployments Provides answers and proactive updates related to claim status Claim Status (1) ASC policies represent approximately 24% and 15% of total auto and homeowners insurance policies, respectively 1 million Calls have been handled with conversational AI Smart Concierge Agentic AI platform for Allstate Protection Plans Supporting customers with digital-first journeys including conversational AI, claim initiation/status and self-service troubleshooting Protection Plans
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The Allstate Corporation 2026 PAGE 5 ALLIE Personal Agentic Assistant Launching in Early 2027 Allstate and National General Allstate’s capabilities • Sophisticated pricing • Broadest distribution in the industry • Technology ecosystem built to enable straight-through processing • Brand and marketing expertise being utilized to engage large language models Exclusive Agents Independent AgentsDirect Allstate’s Personal Agentic Assistant Other Insurance Carriers Consumers Artificial intelligence-enabled Personal agentic protection assistant value proposition • Accurate pricing • Consumer context • Straight-through processing • Lower compute costs for third-party PAAs • Insurers can target customers and risks Brand Sensitive Choice Preferred $504M of premium(1) (1) Written premium sourced through Answer Financial on a last 12 -month basis
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The Allstate Corporation 2026 PAGE 6 Three months ended September 30, 2026 Change from prior year Growth Total revenues $17,348 0.5% Property-Liability net premiums written $16,020 2.5% Policies in force 217.6 3.9% – Property-Liability policies in force 39.3 3.3% – Protection Services policies in force 177.8 4.0% Earnings Net investment income $1,177 24.0% Property-Liability combined ratio 86.6 6.5 pts Property-Liability underlying combined ratio* 80.5 1.8 pts Net income applicable to common shareholders $2,050 (44.8%) Adjusted net income* $2,493 (16.2%) Per diluted common share – Net income $8.03 (42.4%) – Adjusted net income* $9.76 (12.6%) Return on Allstate common shareholders’ equity – Net income 41.3% 4.1 pts – Adjusted net income* 39.7% 5.0 pts Allstate Is Delivering Sustained Growth and Attractive Returns In millions, except per share data and ratios • Modest decrease in auto insurance average premiums and higher homeowners insurance average premiums • Policies in force growth resulted in increased Property-Liability market share • Increased investment income due to higher yields and premiums • Underlying combined ratio approaching target margins • Higher catastrophe losses in the quarter, but broadly consistent with prior year on a last 12-month basis • Prior year net income benefited from the sales of the Employer Voluntary Benefits and Group Health businesses in Q2 and Q3 of 2025, respectively 12-month trends
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The Allstate Corporation 2026 PAGE 7 Property-Liability Generated Strong Results (In millions, except ratios) Third quarter, 2026 Change from prior year quarter Auto insurance Homeowners insurance Property- Liability Auto insurance Homeowners insurance Property- Liability Policies in force 26.2 7.9 39.3 3.4% 3.3% 3.3% Premiums written $9,884 $4,950 $16,020 0.2% 7.4% 2.5% Premiums earned $9,654 $4,325 $15,086 0.6% 11.5% 3.8% Combined ratio 83.2 89.5 86.6 1.2 pts 18.0 pts 6.5 pts Effect of catastrophe losses (2.2) (30.8) (10.9) (1.5 pts) (18.5 pts) (7.1 pts) Effect of prior year reserve reestimates, excluding catastrophes 9.1 1.6 5.1 4.1 pts 0.6 pts 2.4 pts Underlying combined ratio* 89.8 60.1 80.5 3.8 pts 0.3 pts 1.8 pts Underwriting income $1,623 $452 $2,022 (6.0%) (59.2%) (30.1%)
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The Allstate Corporation 2026 PAGE 8 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 Policies in force growth -2.9% 0.8% -1.5% 2.5% 1.3% 2.1% 3.4% 3.3% Auto Homeowners Q3 '23 Q3 '24 Q3 '25 Q3 '26 (% variance to prior year) $638 $1,863 $2,100 $2,217 2023 2024 2025 2026 LTM ($ in millions) Advancements across the customer- acquisition engine improve economics Advertising spend (In thousands) 5,944 9,444 Q3 '23 LTM Q3 '26 LTM Exclusive Agent Independent Agent Direct Auto insurance new business by channel 1,096 1,521 Q3 '23 LTM Q3 '26 LTM Exclusive Agent Independent Agent Direct Homeowners insurance new business by channel (1) (1) (1) (1) (1) (1) Last 12-month basis
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The Allstate Corporation 2026 PAGE 9 Allstate Has Improved Affordability While Maintaining Strong Margins $1,515 $1,474 $1,294 $1,347 $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 Q3 Recorded combined ratio 95.4 110.1 103.4 95.0 91.3 86.0 82.0 80.8 81.9 83.3 83.2 Underlying combined ratio* as reported 92.5 103.6 99.9 93.4 91.2 87.8 86.0 87.6 89.5 87.6 89.8 Underlying combined ratio* as adjusted(1) 94.8 102.2 94.8 88.7 85.8 84.7 85.4 88.3 86.3 89.2 91.4 Allstate Protection auto premium and adjusted underlying loss and expense* per policy(1) (1) The third quarter benefited from 1.6 points of favorable development for claims reported in the first half of 2026 (1) Adjusted underlying combined ratio* and adjusted underlying loss (incurred pure premium) and expense* reflect the latest estimate of losses and loss adjustment expenses in each period as of 9/30/2026
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The Allstate Corporation 2026 PAGE 10 Allstate Is Focused on Improving Cost Structure While Investing in Technology Increasing investment in technology • Investing in ALLIE • Cybersecurity advancements • Higher software and computing costs • Cost reductions from retirement of legacy technologies Lowering cost structure to improve customer value • Eliminating, outsourcing and digitizing work • Reduced real estate footprint • Distribution expenses aligned with customer value • Increased operating efficiencies across the business
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The Allstate Corporation 2026 PAGE 11 Protection Services Continues Profitable Growth Adjusted net income(1): $221M Protection Services segment is growing profitably Policies in force: 178M Premiums earned and other revenue(1): $3.5B (+7.5% to prior year) (+4.7% to prior year)(+4.0% to prior year) Protection Services businesses provide customer value beyond traditional insurance Protection Services is generating profitable growth $2.1 $2.3 $2.6 $3.0 $3.3 $3.5 148 146 153 167 172 178 2021 2022 2023 2024 2025 2026 LTM Premiums earned and other revenue ($ in billions) Policies in force (in millions) Adjusted net income $ in millions $179 $169 $106 $217 $218 $221 (1) Last 12-month basis (2) The acquisition of Replica is expected to close before the end of 2026, subject to customary closing conditions Consumer protection plans to support and repair mobile phones, electronics, major appliances and furniture Vehicle service contracts, guaranteed asset protection waivers, road hazard tire & wheel and paint & fabric protection Towing, jump-start, lockout, fuel delivery and tire change services Telematics-enabled mobility insights and services, enhanced by the acquisitions of INRIX and Replica(2) Identity protection and restoration, consumer cybersecurity, privacy and family digital safety services (1)
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The Allstate Corporation 2026 PAGE 12 Re-risked growth exposure and increased FI duration 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) Last 12-month basis (3) Reported net investment income, assuming a 21% tax rate, divided by weighted average common diluted shares outstanding Re-risked growth exposure and increased FI duration Growing net investment income 1,557 2,214 2,728 3,036 3,319 1,024 499 618 648 947 2022 2023 2024 2025 Q3 2026 LTM Market-based Performance-based Expense ex ILE 2,403 2,478 3,092 3,449 4,016 (1) (1) Effect of net investment income on adjusted net income* per diluted share $7.00 $7.46 $9.12 $10.20 $12.19 (3) (2) ($ in millions) Attractive returns across market cycles Total Portfolio Return Q3 1-Year 3-Year 5-Year 10-Year -2.1% 1.3% 4.9% 2.7% 3.9% 76% 11% Q3 2026 Investment Portfolio Allocation Market-based interest- bearing 80% Market-based equities 9% Private equity 8% Real estate 3% $87.4 billion (2)
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The Allstate Corporation 2026 PAGE 13 Broad Investment Capabilities Enable Strong Investment Performance Extended duration to lock in attractive yields (1) Peer comparisons are based on Allstate’s internal composite benchmark of like mandates managed by professional asset manageme nt firms across a 5-year horizon (2) Fixed income duration includes interest rate derivative positions (3) Public Equity includes LP and other alternatives and excludes Fixed Income ETFs (2) 1,034 3,654 6,891 8,021 8,186 7,632 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 Increased equity exposure to capture market upside $1,034 $3,653 $6,890 $8,022 $8,186 $7,632 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 Market Based Equity Allocation(3) Active Management in Action S&P 500 +23% since Q2 2025 Allstate Investment Engine Enterprise Edge Integrated capital allocation supports enterprise diversification and return on equity Differentiated Access Diversified strategies spanning private equity, real estate, opportunistic, fixed income and augmented by best-in- class external managers Analytical Depth Fundamental research, quantitative analytics and external insight inform decisions Fixed Income 1st & 2nd Private Equity 2nd Real Estate 1st Top Quartile Performance(1) ($ in millions) 0% 2% 4% 6% 0 2 4 6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 FI Earned Yield FI Duration Fixed Income Earned Yield Fixed Income Duration Adjusted duration
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The Allstate Corporation 2026 PAGE 14 Allstate Consistently Creates Value and Generates Attractive Returns Capital Allocation Framework Invest in Existing Capabilities Return Cash to Shareholders Cash returned to shareholders of $1.5 billion in Q3 2026 $4.4 $7.2 $12.7 5.7% 7.2% 17.0% 0% 5% 10% 15% 20% $0 $3 $6 $9 $12 $15 2026 LTM 3-year 5-year % of Shares Outstanding Repurchased Cash Returned ($ in billions) (1) • 47% increase in Property-Liability insurance premiums since 2021(1) • Protection Plans premiums have more than doubled since 2021(1) • Investment portfolio has grown to $87.4 billion Acquisitions & Divestitures Broaden protection offerings Strengthen Property- Liability independent agent platform RationaleAcquisitions Redeploy capital into higher returns Increased value with another owner Increased value with another owner RationaleDivestitures Life & Annuities Employer Voluntary Benefits Group Health Cash returned to shareholders Expand mobility intelligence solutions (1) Last 12-month basis (2) The acquisition of Replica is expected to close before the end of 2026, subject to customary closing conditions (2) (1)
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The Allstate Corporation 2026 PAGE 15 Allstate’s Objectives Allstate Is Creating the Future of Protection Shareholder value creation ➢ Allstate is delivering excellent operating results and shareholder value ➢ Successfully executing Transformative Growth and deploying ALLIE 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 17 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.