ALLAllstate

Insurance and financial services Business, strategy and operations Macro, regulatory and risk environment Risks related to the insurance and financial services industries Risks related to Allstate’s business and operating model Risks that impact most companies • Loss Complexity and uncertainty of loss cost estimates are complex and losses are unknown at the time policies are sold reserves • Highly competitive industry • Adverse changes in economic and capital market conditions • Claim frequency and severity volatility • Changing consumer preferences • Large-scale disruptive or destabilizing events • Catastrophes and severe weather • New or changing technologies • Cybersecurity and privacy events Changing climate conditions •Ability to obtain approval for rate increases or new products •Ineffective Transformative Growth strategy • Changing climate conditions Evolving environmental and social expectations of stakeholders • Investment results are subject to market volatility and valuation judgments • Ability to maintain catastrophe reinsurance programs and limits • Evolving environmental, social Regulatory and governance expectations and standards political changes • Fluctuations in financial strength and ratings • Regulatory and political changes • Loss of key business relationships • Cybersecurity and privacy events • Ability to attract, develop and retain talent

The occurrence of a disaster or event that results Significant operational events may result in the shutdown, disruption, degradation or unavailability of one or more of our or third party systems or facilities, unanticipated problems with disaster recovery processes, or a support failure from external providers, could have an adverse effect on our ability to conduct business and on results of operations and financial condition, particularly if those events affect computer-based data processing, transmission, storage, and retrieval systems or destroy data. providers.

The occurrence Lack of operational resiliency or the failure to restore business operations after a disaster or significant operational event that results in the shutdown, disruption, degradation or unavailability of one or more of systems or facilities, unanticipated problems with disaster recovery processes, or a support failure from external providers, could have an adverse effect on our ability to conduct business business, reputation and on results of operations and financial condition, particularly if those events affect computer-based data processing, transmission, storage, and retrieval systems or destroy data.

Technological changes, Increasing adoption of newer technologies such as autonomous or partially advanced driver assistance systems and autonomous vehicles or technologies changes in business models that facilitate ride, increase ride or car or home sharing could disrupt the demand for products from current customers, products, create coverage issues, impact the frequency or severity of losses, or reduce the size of the automobile insurance market causing our auto insurance business to decline.

Integrated operational risk and return management processes and practices may not be sufficient to timely detect detect, mitigate and mitigate respond to cybersecurity operational risks, including those posed by the use of third-party service providers, that could have an adverse effect on our reputation services (e.g., cloud technology, software as a service) and business. artificial intelligence.

The approaches we use to actively manage exposure to market risk, including rebalancing existing asset or liability portfolios, changing the type of investments purchased in the future, future and use of derivative instruments to modify the market risk characteristics of existing assets and liabilities or assets expected to be purchased may not perform as intended or expected, resulting in higher than expected realized and unrealized losses.

Regulatory restrictions on the use or development of artificial intelligence may impose additional compliance or reporting obligations and may materially adversely affect our operations or ability to write business profitably in one or more jurisdictions. obligations, which

A regulatory environment that requires rate increases rates and products to be approved, can dictate underwriting practices and mandate participation in loss sharing arrangements, may increase the time to market of rate increases, new products or use of advanced technologies and adversely affect results of operations and financial condition

Some existing or potential investors, customers, employees, regulators, and other stakeholders evaluate business practices according to a variety of environmental, environmental and social and governance (“ESG”) standards and expectations, including those related to climate change, change and inclusive diversity and equity, data privacy, and the well-being of our employees. diversity.

Executing our strategy to advance and innovate technology technology, including leveraging artificial intelligence, has and may continue to impact our workforce as we require new and different skills, particularly those in areas such as digital, data and analytics and technology skills to achieve our strategic goals.

Additionally, if plans to restore and recover critical systems, data and operations along with vendor contingencies do not sufficiently address business interruptions, we may suffer operational impairments and financial losses.

Certain states may enact Additionally, future regulatory reforms regarding insurance rating that rating, modifications to profit caps, or enforcement practices may make it more difficult to obtain utilize rates that appropriately reflect the risk.

The conditions that would may have the largest impact on our business include:

Summarized financial information For the years ended December 31, ($ in millions) 2025 2024 2023 2022 Premiums written $ 3,006 $ 2,797 $ 2,663 $ 2,699 Revenues Premiums $ 2,821 $ 2,522 $ 2,243 $ 1,995 Other revenue 489 441 319 347 Intersegment insurance premiums and service fees (1) 137 180 138 149 Net investment income 99 94 73 48 Costs and expenses Claims and claims expense (699) (641) (632) (532) Amortization of DAC (1,328) (1,217) (1,058) (928) Operating costs and expenses (1,233) (1,090) (889) (874) Restructuring and related charges (4) (2) (6) (2) Income tax expense on operations (65) (71) (83) (35) Less: noncontrolling interest (1) (1) (1) Adjusted net income $ 218 $ 217 $ 106 $ 169 Allstate Protection Plans $ 179 $ 157 $ 117 $ 150 Allstate Roadside 46 39 24 Dealer Services 21 21 (15) 35 Allstate Roadside 39 24 7 Identity Protection 6 8 (2) Arity (34) (8) (18) (11) Allstate Identity Protection 8 (2) (12) Adjusted net income $ 218 $ 217 $ 106 $ 169 Policies in force Allstate Protection Plans 164,650 159,761 145,292 138,726 Allstate Roadside 1,244 758 553 Dealer Services 3,663 3,710 3,776 3,865 Allstate Roadside 758 553 531 Allstate Identity Protection 2,626 2,511 2,884 3,112 Policies in force as of December 31 (in thousands) 172,183 166,740 152,505 146,234

Net investment income For the years ended December 31, ($ in millions) 2025 2024 2023 2022 Fixed income securities $ 2,509 $ 2,298 $ 1,761 $ 1,255 Equity securities 99 77 75 132 Mortgage loans 41 36 35 33 Limited partnership interests 634 600 499 985 Short-term investments 345 290 253 82 Other investments 119 106 169 162 Investment income, before expense 3,747 3,407 2,792 2,649 Investment expense Investee level expenses (63) (61) (79) (68) Securities lending expense (82) (103) (93) (30) Operating costs and expenses (153) (151) (142) (148) Total investment expense (298) (315) (314) (246) Net investment income $ 3,092 $ 2,478 $ 2,403 Property-Liability $ 2,810 $ 2,218 $ 2,190 Protection Services 94 73 48 Allstate Health and Benefits 100 82 69 Corporate and Other 88 105 96 Net investment income 3,449 $ 3,092 $ 2,478 Market-based $ 2,403 Market-based 3,036 $ 2,728 $ 2,219 $ 1,566 Performance-based 711 679 573 1,083 Investment income, before expense $ 3,747 $ 3,407 $ 2,792 $ 2,649

Underwriting results ($ in millions, except ratios) 2025 2024 2023 2022 Premiums written $ 59,546 $ 55,926 $ 50,347 $ 45,787 Premiums earned $ 57,682 $ 53,866 $ 48,427 $ 43,909 Other revenue 2,051 1,895 1,545 1,416 Claims and claims expense (36,777) (39,118) (40,453) (36,732) Amortization of DAC (7,003) (6,676) (6,070) (5,570) Other costs and expenses (7,176) (6,630) (5,255) (5,650) Restructuring and related charges (1) (54) (51) (143) (44) Amortization of purchased intangibles (183) (206) (235) (240) Underwriting income (loss) $ 8,540 $ 3,080 $ (2,184) $ (2,911) Catastrophe losses Catastrophe losses, excluding reserve reestimates $ 4,959 $ 5,334 $ 5,660 $ 3,094 Catastrophe reserve reestimates (2) (1) — (370) (24) 18 Total catastrophe losses $ 4,959 $ 4,964 $ 5,636 $ 3,112 Non-catastrophe reserve reestimates (2) (1) $ (1,810) $ 62 $ 574 $ 1,726 Prior year reserve reestimates (2) (1) (1,810) (308) 550 1,744 GAAP operating ratios Loss ratio 63.8 72.6 83.5 83.6 Expense ratio (3) (2) 21.4 21.7 21.0 23.0 Combined ratio 85.2 94.3 104.5 106.6 Effect of catastrophe losses on combined ratio 8.6 9.2 11.6 7.1 Effect of prior year reserve reestimates on combined ratio (3.1) (0.5) 1.2 3.9 Effect of catastrophe losses included in prior year reserve reestimates on combined ratio — (0.7) — — Effect of restructuring and related charges on combined ratio (1) 0.1 0.2 0.3 0.1 Effect of amortization of purchased intangibles on combined ratio 0.3 0.5 0.3 0.5 Effect of Run-off Property-Liability business on combined ratio 0.3 0.2 0.2 0.3

Portfolio composition by investment strategy As of December 31, 2024 2025 ($ in millions) Market- Performance-based Total based Fixed income securities $ 52,610 59,005 $ 137 110 $ 52,747 59,115 Equity securities 3,797 666 4,463 8,009 389 8,398 Mortgage loans, net 784 879 — 784 879 Limited partnership interests 285 8,970 9,255 146 8,698 8,844 Short-term investments 4,537 — 4,537 4,884 3 4,887 Other investments, net 137 687 824 468 646 1,114 Total $ 62,150 73,391 $ 10,460 9,846 $ 72,610 83,237 Percent to total 85.6 88.2 % 14.4 11.8 % 100.0 % Unrealized net capital gains and losses Fixed income securities $ (867) 385 $ (2) — $ (869) Limited partnership interests — — — 385 Short-term investments (2) (1) — (2) (1) Other investments (2) — (2) Total $ (871) 382 $ (2) — $ (873) 382

Effects of reinsurance ceded and indemnification programs on premiums earned and claims and claims expense For the years ended December 31, ($ in millions) 2025 2024 2023 2022 Allstate Protection - Premiums Indemnification programs State-based industry pool or facility programs NCRF $ 479 $ 441 $ 323 $ 300 MCCA 22 26 29 18 PLIGA 8 7 8 7 FHCF 18 23 28 24 Other 1 1 — 1 Federal Government - NFIP (1) 409 368 327 319 Catastrophe reinsurance 1,215 1,088 995 764 Other reinsurance programs 86 93 110 261 Total Allstate Protection 2,238 2,048 1,820 1,693 Run-off Property-Liability — — — Total Property-Liability 2,238 2,048 1,820 1,693 Protection Services 159 162 169 176 Total effect on premiums earned $ 2,397 $ 2,210 $ 1,989 $ 1,869 Allstate Protection - Claims Indemnification programs State-based industry pool or facility programs MCCA $ (530) $ 180 $ (185) $ 116 NCRF 439 425 379 294 PLIGA (8) 60 14 (24) FHCF (28) (1) (6) 74 Other — 1 1 — Federal Government - NFIP (1) 111 618 102 435 Catastrophe reinsurance 1,157 198 32 298 Other reinsurance programs 62 97 151 261 Total Allstate Protection 1,203 1,578 488 1,454 Run-off Property-Liability 8 2 29 50 Total Property-Liability 1,211 1,580 517 1,504 Protection Services 137 136 116 96 Total effect on claims and claims expense $ 1,348 $ 1,716 $ 633 $ 1,600

Activities for potential uses of funds Property- Property-Liability Protection Services Allstate Health Corporate and Benefits Corporate Liability and Other all other Payment of claims and related expenses ü ü Payment of contract benefits, surrenders and withdrawals ü Reinsurance cessions and indemnification program payments ü ü ü Operating costs and expenses ü ü ü ü Purchase of investments ü ü ü ü Repayment of securities lending, commercial paper and line of credit agreements ü ü Payment or repayment of intercompany loans ü ü ü ü Capital contributions to subsidiaries ü ü ü ü Dividends or return of capital to shareholders/parent company ü ü ü ü Tax payments/settlements ü ü ü Payments related to employee benefit plans ü ü Payments for acquisitions ü ü ü Payment of contract benefits ü Common share repurchases ü Debt service expenses and repayment ü Payments related to employee benefit plans ü ü ü ü Payments for acquisitions ü ü ü ü

Catastrophe losses by the type of event For the years ended December 31, ($ in millions) Number of events 2025 Number of events 2024 Number of events 2023 Number of events 2022 Hurricanes/tropical storms — $ — 5 $ 1,180 3 $ 66 2 $ 399 Tornadoes — — 2 85 4 189 4 192 Wind/hail 110 3,952 113 3,832 136 5,065 106 1,936 Wildfires 4 1,049 10 71 4 335 9 52 Freeze/other events 1 2 2 166 2 5 3 515 Prior year reserve reestimates (1) 60 (370) (24) 18 Prior year Nationwide aggregate reinsurance recoveries (60) — — Current year Nationwide aggregate reinsurance recoveries (44) — — Total catastrophe losses 115 $ 4,959 (2) 132 $ 4,964 149 $ 5,636 124 $ 3,112

Return on average Allstate common shareholders’ equity For the twelve months ended December 31, 2024, return on Allstate common shareholders’ equity was 25.8%, an increase of 27.8 points from (2.0)% for the twelve months ended December 31, 2023, primarily due to net income applicable to common shareholders. 2025, was 42.3%, an increase of 16.5 points from 25.8% for the twelve months ended December 31, 2024.

Net Components of net gains (losses) on performance-based investments and derivatives and the related tax effect For the years ended year December 31, ($ in millions) 2025 2024 2023 2022 Sales $ 33 (253) $ 76 (160) $ 29 (433) Credit losses (32) (68) (30) (1) (110) (146) (99) Valuation change of equity investments 48 58 (35) Valuation change and settlements of derivatives 33 (14) 47 Total performance-based $ 82 $ 52 $ 11 - appreciation (decline):

Reserves by type of exposure before and after the effects of reinsurance ($ in millions) December 31, 2024 2025 December 31, 2023 2024 Direct excess commercial insurance Gross reserves $ 1,063 $ 1,082 $ 1,114 Reinsurance (341) (363) (382) Net reserves 722 719 732 Assumed reinsurance coverage Gross reserves 584 581 603 Reinsurance (54) (54) Net reserves 530 527 549 Direct primary commercial insurance Gross reserves 98 133 140 Reinsurance (24) (51) (61) Net reserves 74 82 79 Other run-off business Gross reserves — 1 Reinsurance — — Net reserves — 1 Unallocated loss adjustment expenses Gross reserves 107 87 84 Reinsurance (1) (1) Net reserves 106 86 83 Total Gross reserves 1,852 1,883 1,942 Reinsurance (420) (469) (498) Net reserves $ 1,432 $ 1,414 $ 1,444

Impact of reserve reestimates on combined ratio and net income applicable to common shareholders (1) (2) 2025 2024 2023 2022 ($ in millions, except ratios) Reserve reestimates Effect on combined ratio Reserve reestimates Effect on combined ratio Reserve reestimates Effect on combined ratio Allstate Protection $ (1,961) (3.2) $ (376) (0.7) $ 461 0.9 $ 1,619 3.6 Run-off Property-Liability 151 0.2 68 0.2 89 0.2 125 0.3 Total Property-Liability (1,810) (3.0) (308) (0.5) 550 1.1 1,744 3.9 Protection Services 1 — — — (1) — (3) — Total $ (1,809) $ (308) $ 549 $ 1,741 Reserve reestimates, after-tax $ (1,429) $ (243) $ 434 $ 1,375 Consolidated net income (loss) income applicable to common shareholders $ 10,165 $ 4,550 $ (316) $ (1,394) Reserve reestimates as a % impact on consolidated net income (loss) applicable to common shareholders 14.1 % 5.3 % NM (98.6) % Property-Liability prior year reserve reestimates included in catastrophe losses $ — $ (370) $ (24) $ 18

Best financial strength rating (1) Reinsurance or indemnification recoverables on paid and unpaid claims, net ($ in millions) 2025 2024 2023 Indemnification programs State-based industry pool or facility programs MCCA (2) N/A N/A $ 5,831 $ 6,478 $ 6,424 North Carolina Reinsurance Facility (“NCRF”) N/A N/A 445 456 382 New Jersey Property-Liability Insurance Guaranty Association (“PLIGA”) N/A N/A 347 370 326 Florida Hurricane Catastrophe Fund (“FHCF”) N/A N/A 73 82 Other 34 32 Federal Government - NFIP N/A N/A 279 76 89 386 Subtotal 6,712 7,690 7,322 Catastrophe reinsurance recoverables Renaissance Reinsurance Limited A+ A+ 108 44 31 Sanders RE II Ltd.

While taking into consideration the investment portfolio in aggregate, management of the underlying portfolios is significantly influenced by the nature of each respective business and its corresponding liability profile.

Foreign government securities primarily consist of Canadian governmental and provincial securities (all of which are held by our Canadian companies).