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Q1 2023 Investor Supplement

The Allstate Corporation

Investor Supplement

First Quarter 2023

The condensed consolidated financial statements and financial exhibits included herein are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The results of operations for interim periods should not be considered indicative of results to be expected for the full year.

Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*). These measures are defined on the pages "Definitions of Non-GAAP Measures" and are reconciled to the most directly comparable generally accepted accounting principles ("GAAP") measure herein.

The Allstate Corporation

Investor Supplement - First Quarter 2023

Table of Contents

Consolidated Operations

Condensed Consolidated Statements of Operations Contribution to Income

Book Value per Common Share and Debt to Capital Retuon Allstate Common Shareholders' Equity Policies in Force

Property-Liability

Results

Allstate Protection

Profitability Measures

Impact of Net Rate Changes Implemented on Premiums Written Auto Profitability Measures and Statistics

Homeowners Profitability Measures and Statistics

Protection Services

Segment Results

Allstate Health and Benefits

Corporate and Other

1

Segment Results

13

2

3 Investments

4

Investment Position and Results

14

5

Investment Position and Results by Strategy

15

Definitions of Non-GAAP Measures

16, 17

6

Glossary

18

7

8

Items included in the glossary are denoted with a caret (^) the first time used.

9

10 Appendices (1)

Historical Results Reflecting Adoption of Accounting Standard related to Long-Duration Insurance Contracts

11

Condensed Consolidated Financial Statements and Other Financial Information

App A, B

Segment Results and Other Statistics

12
  1. Effective January 1, 2023, we adopted the Financial Accounting Standards Board ("FASB") guidance revising the accounting for certain long-duration insurance contracts using the modified retrospective approach to the transition date of January 1, 2021. The pages provide a summary of the impacts of this change on previously reported periods, including our condensed consolidated financial statements.

The Allstate Corporation

Condensed Consolidated Statements of Operations (1)

($ in millions, except per share data)

Three months ended

Revenues

Property and casualty insurance premiums ^

Accident and health insurance premiums and contract charges ^ Other revenue ^

Net investment income

Net gains (losses) on investments and derivatives

Total revenues

Costs and expenses

Property and casualty insurance claims and claims expense Accident, health and other policy benefits

Amortization of deferred policy acquisition costs Operating costs and expenses

Pension and other postretirement remeasurement (gains) losses Restructuring and related charges

Amortization of purchased intangibles Interest expense

Total costs and expenses

Income (loss) from operations before income tax expense

Income tax expense (benefit)

Net income (loss)

Less: Net income (loss) attributable to noncontrolling interest

Net income (loss) attributable to Allstate

Less: Preferred stock dividends

Net income (loss) applicable to common shareholders

Earnings per common share

Net income (loss) applicable to common shareholders per common share - Basic

Weighted average common shares - Basic

Net income (loss) applicable to common shareholders per common share - Diluted

Weighted average common shares - Diluted

Cash dividends declared per common share

March 31,

2023

$

12,173

463

561

575

14

13,786

10,326

265

1,744

1,716

(53)

27

81

86

14,192

(406)

(85)

(321)

(1)

(320)

26

$

(346)

$

(1.31)

263.5

$

(1.31) (2)

263.5 (2)

$

0.89

Dec. 31,

Sept. 30,

June 30,

2022

2022

2022

$

11,900

$

11,661

$

11,362

436

463

465

660

561

563

557

690

562

95

(167)

(733)

13,648

13,208

12,219

10,002

10,073

9,367

257

252

265

1,725

1,683

1,618

1,852

1,842

1,850

25

79

259

24

14

1

89

90

87

84

85

83

14,058

14,118

13,530

(410)

(910)

(1,311)

(114)

(236)

(289)

(296)

(674)

(1,022)

(19)

(15)

(9)

(277)

(659)

(1,013)

26

26

27

$

(303)

$

(685)

$

(1,040)

$

(1.15)

$

(2.55)

$

(3.80)

264.4

268.7

273.8

$

(1.15) (3)

$

(2.55) (4)

$

(3.80) (5)

264.4 (3)

268.7 (4)

273.8 (5)

$

0.85

$

0.85

$

0.85

March 31,

2022

$

10,981

468

560

594

(267)

12,336

7,822

268

1,608

1,902

(247)

12

87

83

11,535

801

151

650

(10)

660

26

$

634

$

2.28

278.1

$

2.25

281.8

$

0.85
  1. Prior periods have been recast to reflect the impact of the adoption of FASB guidance revising the accounting for certain long-duration insurance contracts.
  2. Due to a net loss reported for the three months ended March 31, 2023, calculation uses weighted average shares of 263.5 million, which excludes weighted average diluted shares of 2.6 million.
  3. Due to a net loss reported for the three months ended December 31, 2022, calculation uses weighted average shares of 264.4 million, which excludes weighted average diluted shares of 3.1 million.
  4. Due to a net loss reported for the three months ended September 30, 2022, calculation uses weighted average shares of 268.7 million, which excludes weighted average diluted shares of 2.9 million.
  5. Due to a net loss reported for the three months ended June 30, 2022, calculation uses weighted average shares of 273.8 million, which excludes weighted average diluted shares of 3.2 million.

The Allstate Corporation 1Q23 Supplement

1

($ in millions, except per share data)

The Allstate Corporation

Contribution to Income (1)

Three months ended

Contribution to income

Net income (loss) applicable to common shareholders

Net (gains) losses on investments and derivatives

Pension and other postretirement remeasurement (gains) losses Amortization of purchased intangibles

(Gain) loss on disposition Income tax expense (benefit)

Adjusted net income (loss) *

Income per common share - Diluted

Net income (loss) applicable to common shareholders

Net (gains) losses on investments and derivatives

Pension and other postretirement remeasurement (gains) losses Amortization of purchased intangibles

(Gain) loss on disposition Income tax expense (benefit)

Adjusted net income (loss) *

Weighted average common shares - Diluted

March 31,

2023

$

(346)

(14)

(53)

81

(9)

(1)

$

(342)

$

(1.31)

(2)

(0.05)

(0.20)

0.31

(0.04)

(0.01)

$

(1.30)

(2)

(2)

263.5

Dec. 31,

2022

$(303)

(95)

25

89

(83)

16

$(351)

$ (1.15)

(0.36)

0.09

0.34

(0.32)

0.07

$ (1.33)

264.4

Sept. 30,

June 30,

2022

2022

$

(685)

$

(1,040)

167

733

79

259

90

87

(3)

5

(27)

(67)

(219)

$

(411)

$

(207)

(4)

$

(2.55) (5)

$

(3.80)

(6)

0.62

2.68

0.29

0.95

0.34

0.32

0.02

(0.10)

(0.25)

(0.80)

(4)

$

(1.53) (5)

$

(0.75)

(6)

(4)

268.7 (5)

273.8

(6)

March 31,

2022

$634

267

(247)

87

16

(27)

$730

$2.25

0.95

(0.88)

0.31

0.06

(0.10)

$2.59

281.8

  1. Prior periods have been recast to reflect the impact of the adoption of FASB guidance revising the accounting for certain long-duration insurance contracts.
  2. Due to a net loss reported for the three months ended March 31, 2023, calculation uses weighted average shares of 263.5 million, which excludes weighted average diluted shares of 2.6 million.
  3. Includes $83 million related to the gain on sale of headquarters in the fourth quarter of 2022 reported as other revenue in Corporate and Other segment.
  4. Due to a net loss reported for the three months ended December 31, 2022, calculation uses weighted average shares of 264.4 million, which excludes weighted average diluted shares of 3.1 million.
  5. Due to a net loss reported for the three months ended September 30, 2022, calculation uses weighted average shares of 268.7 million, which excludes weighted average diluted shares of 2.9 million.
  6. Due to a net loss reported for the three months ended June 30, 2022, calculation uses weighted average shares of 273.8 million, which excludes weighted average diluted shares of 3.2 million.

The Allstate Corporation 1Q23 Supplement

2

The Allstate Corporation

Book Value per Common Share and Debt to Capital (1)

($ in millions, except per share data)

Book value per common share

Numerator:

Allstate common shareholders' equity (2)

Denominator:

Common shares outstanding and dilutive potential common shares outstanding (3)

Book value per common share

Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities

Numerator:

Allstate common shareholders' equity

Less: Unrealized net capital gains and losses on fixed income securities

Adjusted Allstate common shareholders' equity

Denominator:

Common shares outstanding and dilutive potential common shares outstanding

Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities *

Total debt

Total capital resources

Ratio of debt to Allstate shareholders' equity

Ratio of debt to capital resources

March 31,

2023

$ 15,524

264.7

$ 58.65

$ 15,524

(1,575)

$ 17,099

264.7

$ 64.60

$ 8,452

$ 25,946

48.3 %

32.6 %

Dec. 31,

Sept. 30,

June 30,

2022

2022

2022

$

15,518

$

15,713

$

18,094

267.0

269.1

274.3

$

58.12

$

58.39

$

65.96

$

15,518

$

15,713

$

18,094

(2,254)

(2,933)

(2,143)

$

17,772

$

18,646

$

20,237

267.0

269.1

274.3

$

66.56

$

69.29

$

73.78

$

7,964

$

7,967

$

7,970

$

25,452

$

25,650

$

28,034

45.5 %

45.1 %

39.7 %

31.3 %

31.1 %

28.4 %

March 31,

2022

$ 21,105

279.7

$ 75.46

$

21,105

(996)

$

22,101

279.7

$

79.02

$

7,973

$

31,048

34.6 %

25.7 %
  1. Prior periods have been recast to reflect the impact of the adoption of FASB guidance revising the accounting for certain long-duration insurance contracts.
  2. Excludes equity related to preferred stock of $1,970 million for all periods shown.
  3. Common shares outstanding were 263,057,581 and 263,458,276 as of March 31, 2023 and December 31, 2022, respectively.

The Allstate Corporation 1Q23 Supplement

3

Disclaimer

The Allstate Corporation published this content on 04 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2023 00:29:53 UTC.

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