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Financials · Property & Casualty Insurance · NYSE

ALLAllstate

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The 10-K against last year's

348 changes: 50 added, 95 removed, 200 reworded, 3 quiet changes

10-K Feb 20, 2026 vs Feb 24, 2025
Risk FactorsRedline ↓
17.0%
of the text changed · 7,537 words now
23.7%
of the text changed · 24,819 words now
Legal ProceedingsRedline ↓
28.6%
of the text changed · 5,523 words now
Accounting PoliciesRedline ↓
34.8%
of the text changed · 5,555 words now

10-K 0000899051-26-000031 (2026-02-20) vs 10-K 0000899051-25-000015 (2025-02-24)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 190 words changed in this paragraph; it is 33% similar to last year's version.
Upon acquisition, the purchase price of the acquired business is assumed to be its fair value. Subsequently, we estimate the fair value of our businesses in each goodwill reporting unit, utilizing a combination of widely accepted valuation techniques including a stock price and market capitalization analysis, discounted cash flow (“DCF”) calculations and an estimate of a business’s fair value using market to book multiples derived from peer company analysis. The stock •Stock price and market capitalization analysis take into consideration the quoted market price of our outstanding common stock and includes a control premium, derived from relevant historical acquisition activity, in determining the estimated fair value of the consolidated entity before allocating that fair value to individual reporting units. The DCF analysis utilizes long term assumptions for revenues, investment income, benefits, claims, other operating expenses and income taxes to produce projections of both income and cash flows available for dividends that are present valued using the weighted average cost of capital. Market to book multiples represent the mean market to book multiple for selected peer companies with operations similar to each goodwill reporting unit to which the multiple is applied. The outputs from these methods are weighted based on the nature of the business and the relative amount of market observable assumptions supporting the estimates. The computed values are then weighted to reflect the fair value estimate based on the specific attributes of each goodwill reporting unit.

Source: Item 7, 10-K 0000899051-26-000031 vs Item 7, 10-K 0000899051-25-000015

Legal Proceedings 152 words changed in this paragraph; it is 61% similar to last year's version.
The Company is subject to extensive laws, regulations, administrative directives, individual U.S. states and regulatory actions. Canadian provinces. From time to time, regulatory authorities or legislative bodies seek to influence and restrict premium rates, require premium refunds to policyholders, require reinstatement of terminated policies, prescribe rules or guidelines on how affiliates compete in the marketplace, restrict the ability of insurers to cancel or non-renew policies, require insurers to continue to write new policies or limit their ability to write new policies, limit insurers’ ability to change coverage terms or to impose underwriting standards, impose additional regulations regarding agency and broker compensation, regulate the nature of and amount of investments, impose fines and penalties for unintended errors or mistakes, impose additional regulations regarding cybersecurity and privacy, and otherwise expand overall regulation of insurance products and the insurance industry. In addition, the Company is subject to laws and regulations administered and enforced by federal agencies, international agencies, and other organizations, including but not limited to the SEC, the Financial Industry Regulatory Authority, the U.S. Equal Employment Opportunity Commission, and the U.S. Department of Justice. The Company has established procedures and policies to facilitate compliance with laws and regulations, to foster prudent business operations, and to support financial reporting. The Company routinely reviews its practices to validate compliance with laws and regulations and with internal procedures and policies. As a result of these reviews, from time to time the Company may decide to modify some of its procedures and policies. Such modifications, and the reviews that led to them, may be accompanied by payments being made and costs being incurred. The ultimate changes and eventual

Source: Item 3, via Note 14 – Commitments, Guarantees and Contingent Liabilities, 10-K 0000899051-26-000031 vs Item 3, via Note 16 – Commitments, Guarantees and Contingent Liabilities, 10-K 0000899051-25-000015

Risk Factors 89 words changed in this paragraph; it is 60% similar to last year's version.
Business practices Stakeholder expectations on environmental and disclosures are evaluated against ESG standards which social issues are continually evolving and not always well defined or readily measurable today. ESG-related expectations may also reflect contrasting or conflicting values or agendas. measurable. Our practices may not change in meet the particular ways expectations of stakeholders or at the rate stakeholders expect. We we may fail to meet our commitments or targets. Our policies and processes to evaluate and manage ESG priorities in coordination with other business priorities may not prove completely effective or fully satisfy our stakeholders. Customers commitments. Existing and potential customers and business partners may choose not to do business with us and potential applicants and employees may choose not to work for us based on ESG practices and related our business practices, policies and actions. We may face adverse regulatory, investor, media, political or public other scrutiny leading to business, reputational, reputational or legal challenges.

Source: Item 1A, 10-K 0000899051-26-000031 vs Item 1A, 10-K 0000899051-25-000015

Accounting Policies 84 words changed in this paragraph; it is 33% similar to last year's version.
Amortization expense Rollforward of intangible assets for deferred policy acquisition costs For the next five years and thereafter ended December 31, ($ in millions) 2025 2024 2023 Beginning balance $ 230 2026 161 2027 112 2028 67 2029 32 Thereafter 14 5,773 $ 5,940 $ 5,442 Acquisition costs deferred 8,784 8,393 7,776 Amortization charged to income (8,384) (8,022) (7,246) Experience adjustment (5) (17) (32) Reclassified to assets held for sale (1) (5) (521) — Ending balance $ 6,163 $ 5,773 $ 5,940 Allstate Protection $ 2,803 $ 2,548 $ 2,378 Protection Services 3,274 3,161 3,022 Allstate Health and Benefits — 1 497 All other 86 63 43 Total amortization $ 616 6,163 $ 5,773 $ 5,940

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0000899051-26-000031 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0000899051-25-000015

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of ALL's Risk Factors and MD&A, 10-K 2026-02-20 against 10-K 2025-02-24. Each links to the text at sec.gov.

RemovedRisk Factors
Many voluntary benefits contracts are renewed annually and consumer protection plan contracts are generally multi-year, but renewals occur on a rolling basis. There is a risk that employers and retailers may be able to obtain more favorable terms from competitors than they could by renewing coverage with us. These competitive pressures may adversely affect the renewal of these contracts, as well as our ability to sell products.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedRisk Factors
operations along with vendor contingencies do not sufficiently address a vendor-related business interruption, we may suffer operational impairments and financial losses.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedRisk Factors
The failure of our or third-party vendors’ business continuity plans to restore operations in a timely manner could result in business disruption and a financial impact

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedRisk Factors
Personal information is subject to an increasing number of federal, state, local and international laws and regulations regarding privacy and data security, as

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedRisk Factors
The failure to identify, measure and manage risk effectively, or the failure to restore business operations after a cybersecurity event, could have a material impact on our financial condition or results of operations

Read it in 10-K 2025-02-24 at sec.gov ↗

Show the other 10
RemovedMD&A
On August 13, 2024, we entered into a share purchase agreement with StanCorp Financial Group, Inc. to sell American Heritage Life Insurance Company and American Heritage Service Company, comprising our employer voluntary benefits business for approximately $2.0 billion in cash. The employer voluntary benefits business is reported in the Allstate Health and Benefits segment, and beginning in the third quarter of 2024, the assets and liabilities of the business were classified as held for sale. The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
and liabilities of the business will be classified as held for sale. The transaction is expected to close during 2025, subject to regulatory approvals and other customary closing conditions. The individual health business will either be retained or divested.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
The transaction prices less costs to sell exceeds the carrying value of the net assets of both transactions, resulting in an expected gain that will be recognized at closing of each transaction. The ultimate amount of the anticipated gain on the sales will be impacted by purchase price adjustments associated with certain pre-close transactions, changes in the carrying value of net assets, changes in accumulated other comprehensive income and the related tax effects.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
Allstate continued to focus on its operating priorities while successfully executing a comprehensive plan to improve auto insurance profitability and making substantial progress in advancing Transformative Growth. The table below summarizes the results of our 2024 Operating Priorities.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
Grow Customer Base Achieve 2024 Plan Growth Objectives Consolidated policies in force reached 208 million, a 7.2% increase from prior year. Allstate Protection policies in force decreased by 0.6% compared to the prior year, as continued growth in the homeowners insurance business was more than offset by declines in the auto insurance business.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
Protection Services policies in force and revenue increased 9.3% and 16.7%, respectively, primarily due to growth at Allstate Protection Plans through expanding distribution relationships and protection offerings.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
Total return on the $72.61 billion investment portfolio was 3.8% in 2024. Proactive portfolio management repositioned the fixed income portfolio into longer duration and higher-yielding assets to increase income.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
The Property-Liability combined ratio of 94.3 for the full year decreased compared to the prior year primarily reflecting successful execution of the Company’s comprehensive auto insurance profitability plan and lower catastrophe losses.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
Execute Transformative Growth Improve Customer Value Enterprise Net Promoter Score, which measures how likely customers are to recommend Allstate, finished below the prior year, reflecting the impact of substantial price increases necessary to offset higher loss costs.

Read it in 10-K 2025-02-24 at sec.gov ↗

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