Q1 2024 Earnings Call Presentation

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 2023 Form 10-K, Form 10-Q for March 31, 2024, 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.

Increase Personal

Property-Liability Market Share

Leveraging Allstate brand,

customer base and capabilities

Expand Protection

Services

First quarter 2024 highlights

• Net income of $1.2 billion in the first quarter

1. Successfully executing auto insurance profit improvement plan

1. Homeowners insurance generating attractive returns; first quarter benefited from fewer catastrophe losses

1. Increased investment income reflects 2022- 2023 duration extensions and higher fixed income yields

• 1. Profitable growth in Protection Services
• Taking broad approach to increasing shareholder value
• 1. Improved auto insurance profitability

1. Growth in auto and homeowners insurance policies in force

1. Proactive risk and retumanagement of the investment portfolio

1. Expand Protection Services

1. Sale of Health and Benefits businesses

Retuon Allstate common shareholders' equity (trailing twelve months) Net income (loss) applicable to common shareholders

Adjusted net income (loss)*

Reflects improved Property-Liability underlying

profitability and lower catastrophe losses

7.6% (13.0)% 20.6 pts

11.3% (6.7)% 18.0 pts

Property-Liability statistics

($ in millions)

Property-Liability combined ratio components

Premiums Earned

Policies in Force (in thousands)

Catastrophe Losses

Underwriting Income (Loss)

(% to premiums earned)

Loss Ratio

Expense Ratio

Three months ended

March 31

1. (960)

1. 1,899

72.4 (15.1) pts

20.6 (0.5) pts

92.0

7.3

-0.3

85.0

87.6

7.9

79.4

0.3

95.9

8.3

1.4

86.2

106.6

7.1

4.4

95.1

104.5

11.6

1.7

91.2

108.6

14.5

93.0

0.8

5.7 0.4

93.3

86.9

Combined Ratio

Catastrophe Loss Ratio

Underlying Combined Ratio*

93.0 (15.6) pts

5.7 (8.8) pts

86.9 (6.4) pts

Lower catastrophe losses due to mild weather

conditions in the quarter - 1.4 points below the 10-year

average from 2014-2023

Underlying combined ratio* improvement reflects higher average

premium, moderating loss costs and improved efficiency

Allstate Protection auto underlying combined ratio* - adjusted 2022 and 2023 quarterly results(1) for each respective year-end severity level

103.2 104.2 103.2 103.9

101.0 100.7 99.9

98.2

95.1

Allstate Protection auto premium and underlying loss and expense* per policy

Underlying Combined Ratio* - as reported

Combined Ratio

2022 and 2023 Underlying combined ratio* (at full year average severity level) 2024 Underlying combined ratio*

Annualized Avg. Premium Avg. Underlying Loss and Expense(1)*

Continuing to pursue and implement

necessary rate increases

Allstate brand auto - Implemented rate increases

(1) Reflects 50 U.S. states plus District of Columbia for Allstate brand auto, excluding Esurance and Canada

Allstate brand auto countrywide premium distribution by underlying combined ratio* segment(1)

Proportion of premium from states achieving or approaching targeted

underlying margins nearly doubled compared to year-end 2023

Allstate Protection auto policies in force

(in millions)

-2.0%

-5.2%

Allstate brand auto renewal ratio

• Renewal ratio of 86.0 increased 0.3 points in the first quarter compared to the prior year

Allstate brand auto new issued applications

• New business increased 7% to prior year quarter driven by advertising investments in rate adequate states and increased Allstate agent productivity and direct sales

National General growth

• Non-standardauto insurance and Custom360SM

Key Growth Levers:

Near-Term Focus Areas:

Improve Customer Retention

Reduce New Business Restrictions

Increase Advertising

Transformative Growth

• Auto and homeowners insurance renewal ratios stabilizing following decline due to significant price increases in 2022-2023
• Unwound auto underwriting restrictions in states representing about 75% of Allstate brand auto countrywide premium
• Significant increases in Allstate brand advertising investment
• Improved competitive price position due to expense reductions
• Expand customer access

1. Increase Allstate exclusive agent productivity

• 1. Enhanced Allstate direct distribution capabilitieso Expand independent agent product offering
• New affordable, simple and connected auto and homeowners insurance offerings
• New technology ecosystem improves customer quoting experience