Q1 2024 Investor Supplement

The Allstate Corporation

Investor Supplement

First Quarter 2024

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 2024

Table of Contents

Consolidated Operations		Protection Services
Condensed Consolidated Statements of Operations	1	Segment Results	11
Contribution to Income	2	Allstate Health and Benefits
Book Value per Common Share and Debt to Capital	3
Retuon Allstate Common Shareholders' Equity	4	Segment Results and Other Statistics	12
Policies in Force	5	Corporate and Other
Property-Liability
	Segment Results	13
Results	6
Allstate Protection		Investments
Profitability Measures	7	Investment Position and Results	14
Impact of Net Rate Changes Implemented on Premiums Written	8	Investment Position and Results by Strategy	15
Auto Profitability Measures and Statistics	9	Definitions of Non-GAAP Measures
Homeowners Profitability Measures and Statistics	10	16,17
		Glossary	18
		Items included in the glossary are denoted with a caret (^) the first time used.

The Allstate Corporation

Condensed Consolidated Statements of Operations

(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 (1)

Weighted average common shares - Diluted (1)

March 31,

2024

$ 13,512 478 669 764 (164)

15,259

9,501

296

1,939

1,885

(2)

13,795

1,464

266

1,198

(20)

1,218

$ 1,189

$ 4.51 263.5

$ 4.46 266.5

	Dec. 31,			Sept. 30,			June 30,
	2023			2023			2023
$	13,188	$	12,839	$	12,470
	467			463			453
	650			592			597
	604			689			610
	(77)			(86)			(151)
	14,832			14,497			13,979
	8,780			10,237			11,727
	286			262			258
	1,904			1,841			1,789
	1,864			1,771			1,786
	(47)			149			(40)
	28			87			27
	83			83			82
	107			88			98
	13,005			14,518			15,727
	1,827			(21)			(1,748)
	340			(17)			(373)
	1,487			(4)			(1,375)
	(2)			1			(23)
	1,489			(5)			(1,352)
	29			36			37
$	1,460		$	(41)		$	(1,389)

$	5.57	$	(0.16)	$	(5.29)
	262.2			261.8			262.6
$	5.52	$	(0.16)	$	(5.29)
	264.7			261.8			262.6

March 31,

2023

$ 12,173 463 561 575 14

13,786

10,326

265

1,744

1,716

(53)

14,192

(406)

(85)

(321)

(1)

(320)

$ (346)

$ (1.31) 263.5

Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)

Cash dividends declared per common share

	-		-		1.5		1.7		2.6
$	0.92	$	0.89	$	0.89	$	0.89	$	0.89

In periods where a net loss is reported, weighted average shares for basic earnings per share is used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation.

The Allstate Corporation 1Q24 Supplement

The Allstate Corporation Contribution to Income

(In millions, except per share data)

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 Non-recurring costs Income tax benefit

Adjusted net income (loss) *

Income per common share - Diluted

Net income (loss) applicable to common shareholders (1)

Net (gains) losses on investments and derivatives

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

(Gain) loss on disposition Non-recurring costs Income tax benefit

March 31,

2024

$ 1,189

164

(2)

(4)

(49)

$ 1,367

$ 4.46

0.62

(0.01)

0.26

(0.02)

(0.18)

	Dec. 31,			Sept. 30,			June 30,
	2023			2023			2023
$	1,460	$	(41)	$	(1,389)
	77			86			151
	(47)			149			(40)
	83			83			82
	(8)			5			8	(2)
	-			-			90
	(24)			(68)			(64)
$	1,541		$	214		$	(1,162)

$	5.52	$	(0.16)	$	(5.29)
	0.29			0.33			0.58
	(0.18)			0.57			(0.15)
	0.31			0.31			0.31
	(0.03)			0.02			0.03
	-			-			0.34
	(0.09)			(0.26)			(0.24)

March 31,

2023

$ (346)

(14)

(53)

(9)

(1)

$ (342)

$ (1.31)

(0.05)

(0.20)

0.31

(0.04)

(0.01)

Adjusted net income (loss) * (1)

Weighted average common shares - Diluted (1)

Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)

$	5.13	$	5.82	$	0.81	$	(4.42)	$	(1.30)

	266.5			264.7			263.3			262.6	263.5
	-			-			1.5			1.7	2.6

In periods where a net loss or adjusted net loss is reported, weighted average shares for basic earnings per share is used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation.
Relates to settlement costs for non-recurring litigation that is outside of the ordinary course of business.

The Allstate Corporation 1Q24 Supplement

The Allstate Corporation

Book Value per Common Share and Debt to Capital

($ in millions, except per share data)

Book value per common share

Numerator:

Allstate common shareholders' equity (1)

Denominator:

Common shares outstanding and dilutive potential common shares outstanding (2)

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 (1)

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 (2)

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,

2024

$ 16,638

267.2

$ 62.27

$ 16,638

(813)

$ 17,451

267.2

$ 65.31

$ 7,938

$ 26,577

42.6%

29.9%

	Dec. 31,			Sept. 30,		June 30,
	2023			2023		2023
$	15,769	$	12,592	$	13,516
	265.5			263.5		263.5
$	59.39	$	47.79	$	51.29

$	15,769	$	12,592	$	13,516
	(597)			(2,509)			(1,843)
$	16,366		$	15,101		$	15,359
	265.5			263.5			263.5
$	61.64	$	57.31	$	58.29
$	7,942	$	7,946	$	7,949
$	25,712	$	22,539	$	23,466
	44.7%			54.5%			51.2%
	30.9%			35.3%			33.9%

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%

Excludes equity related to preferred stock of $2,001 million as of March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023 and $1,970 million as of March 31, 2023.
Common shares outstanding were 263,876,180 and 262,496,775 as of March 31, 2024 and December 31, 2023, respectively.

The Allstate Corporation 1Q24 Supplement

The Allstate Corporation

Retuon Allstate Common Shareholders' Equity

($ in millions)

Twelve months ended

Retuon Allstate common shareholders' equity

Numerator:

Net income (loss) applicable to common shareholders (1)

Denominator:

Beginning Allstate common shareholders' equity

Ending Allstate common shareholders' equity (2)

Average Allstate common shareholders' equity ^

Retuon Allstate common shareholders' equity

Adjusted net income (loss) retuon Allstate common shareholders' equity

Numerator:

Adjusted net income (loss) * (1)

Denominator:

Beginning Allstate common shareholders' equity

Less: Unrealized net capital gains and losses

Adjusted beginning Allstate common shareholders' equity

Ending Allstate common shareholders' equity (2)

Less: Unrealized net capital gains and losses

Adjusted ending Allstate common shareholders' equity

Average adjusted Allstate common shareholders' equity ^

March 31,

2024

$ 1,219

$ 15,524 16,638

$ 16,081

7.6 %

$ 1,960

$ 15,524 (1,573)

17,097

16,638

(819)

17,457

$ 17,277

	Dec. 31,	Sept. 30,		June 30,
	2023		2023			2023
$	(316)	$	(2,079)		$	(2,723)
$	15,518	$	15,713		$	18,094
	15,769		12,592			13,516
$	15,644	$	14,153		$	15,805
	(2.0) %	(14.7) %		(17.2) %
$	251	$	(1,641)		$	(2,266)
$	15,518	$	15,713		$	18,094
	(2,255)		(2,929)			(2,140)
	17,773		18,642			20,234
	15,769		12,592			13,516
	(604)		(2,512)			(1,845)
	16,373		15,104			15,361
$	17,073	$	16,873		$	17,798

March 31,

2023

$ (2,374)

$ 21,105 15,524

$ 18,315

(13.0) %

$ (1,311)

$ 21,105 (996)

22,101

15,524

(1,573)

17,097

$ 19,599

Adjusted net income (loss) retuon Allstate common shareholders' equity *

11.3 %

1.5 %

(9.7) %

(12.7) %

(6.7) %

Net income (loss) applicable to common shareholders and adjusted net income (loss) reflect a trailing twelve-month period.
Excludes equity related to preferred stock of $2,001 million as of March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023 and $1,970 million as of March 31, 2023.

The Allstate Corporation 1Q24 Supplement

The Allstate Corporation

Policies in Force

Policies in force statistics (in thousands) (1) Allstate Protection

Auto

Homeowners

Other personal lines

Commercial lines

Total

Allstate brand

Auto

Homeowners

National General

Auto

Homeowners

Protection Services

Allstate Protection Plans

Allstate Dealer Services

Allstate Roadside

Allstate Identity Protection

Total

Allstate Health and Benefits

Total policies in force

March 31,

2024

25,207

7,364

4,849

273

37,693

20,038

6,681

5,169

683

148,086

3,758

565

3,031

155,440

4,193

197,326

Dec. 31,		Sept. 30,	June 30,
2023		2023	2023
25,283	25,376	25,520
7,338	7,297	7,268
4,863	4,884	4,890
284	296	307
37,768		37,853	37,985
20,326	20,546	20,821
6,652	6,627	6,614
4,957	4,830	4,699
686	670	654
145,292	140,648	138,172
3,776	3,813	3,825
553	554	545
2,884	2,965	3,222
152,505		147,980	145,764
4,143		4,256	4,273
194,416	190,089	188,022

March 31,

2023

25,733

7,262

4,913

307

38,215

21,142

6,621

4,591

641

136,591

3,839

536

3,206

144,172

4,339

186,726

Policy counts are based on items rather than customers.

A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy.
PIF does not reflect banking relationships for our lender-placed insurance products to customers including fire, home and flood products, as well as collateral protection insurance and guaranteed asset protection products for automobiles.
Commercial lines PIF for shared economy agreements reflect contracts that cover multiple drivers as opposed to individual drivers.
Allstate Roadside reflects memberships in force and do not include their wholesale partners as the customer relationship is managed by the wholesale partner.
Allstate Dealer Services reflects service contracts and other products sold in conjunction with auto lending and vehicle sales transactions and do not include their third party administrators ("TPAs") as the customer relationship is managed by the TPAs.
Allstate Protection Plans represents active consumer product protection plans.
Allstate Identity Protection reflects individual customer counts for identity protection products.
Allstate Health and Benefits reflects certificate counts as opposed to group counts.

The Allstate Corporation 1Q24 Supplement

($ in millions, except ratios)

The Allstate Corporation

Property-Liability Results

Three months ended

Premiums written

(Increase) decrease in unearned premiums Other

Premiums earned

Other revenue

Claims and claims expense

Amortization of deferred policy acquisition costs

Operating costs and expenses

Restructuring and related charges

Amortization of purchased intangibles

Underwriting income (loss)

Catastrophe losses

Claims expense excluding catastrophe expense ^

Operating ratios and reconciliations to underlying ratios

Loss ratio

Effect of catastrophe losses

Effect of non-catastrophe prior year reserve reestimates

Underlying loss ratio *

Expense ratio ^

Effect of amortization of purchased intangibles

Underlying expense ratio *

Effect of advertising expense

Effect of restructuring and related charges

Adjusted underwriting expense ratio *

Claims expense ratio excluding catastrophe expense ^

Adjusted expense ratio *

Combined ratio

Effect of catastrophe losses

Effect of non-catastrophe prior year reserve reestimates Effect of amortization of purchased intangibles

Underlying combined ratio *

Effect of Run-offProperty-Liability on combined ratio

Underwriting income (loss)Allstate brand
National General Answer Financial
Total underwriting income (loss) for Allstate Protection

Run-offProperty-Liability

Total underwriting income (loss) for Property-Liability

Other financial information

Net investment income

Income tax (expense) benefit on operations

Net income (loss) attributable to noncontrolling interest, after-tax Amortization of purchased intangibles

March 31,

2024

$ 13,183 (237)

(46)

12,900

430

(9,349)

(1,608)

(1,417)

(7)

(51)

$ 898

$ (731) (696)

72.4

(5.7)

(0.1)

66.6

20.6

(0.3)

20.3

(2.2)

(0.1)

18.0

5.4

23.4

93.0

(5.7)

(0.1)

(0.3)

86.9

$ 790 110 3

903

(5)

$ 898

$ 702 (308)

(20)

(51)

	Dec. 31,			Sept. 30,			June 30,
	2023			2023			2023
$	12,640	$	13,304	$	12,620
	(42)			(1,082)			(753)
	3			48			54
	12,601			12,270			11,921
	410			393			389
	(8,621)			(10,077)			(11,575)
	(1,589)			(1,533)			(1,496)
	(1,394)			(1,333)			(1,249)
	(22)			(74)			(26)
	(60)			(60)			(58)
$	1,325		$	(414)		$	(2,094)

$	(68)	$	(1,181)	$	(2,696)
	(735)			(707)			(687)
	68.4			82.2			97.1
	(0.5)			(9.6)			(22.6)
	(1.6)			(1.4)			(1.6)
	66.3			71.2			72.9

	21.1			21.2			20.5
	(0.5)			(0.5)			(0.5)
	20.6			20.7			20.0
	(1.5)			(1.4)			(0.9)
	(0.2)			(0.6)			(0.2)
	18.9			18.7			18.9
	5.8			5.8			5.8
	24.7			24.5			24.7

	89.5			103.4			117.6
	(0.5)			(9.6)			(22.6)
	(1.6)			(1.4)			(1.6)
	(0.5)			(0.5)			(0.5)
	86.9			91.9			92.9

	0.1			0.7			0.1
$	1,326	$	(168)	$	(1,847)
	3			(167)			(248)
	2			4			3
	1,331			(331)			(2,092)
	(6)			(83)			(2)
$	1,325		$	(414)		$	(2,094)

$	538	$	627	$	544
	(343)			(43)			320
	(2)			2			(23)
	(60)			(60)			(58)

March 31,

2023

$	11,783
	(127)
	(21)
	11,635
	353
	(10,180)
	(1,452)
	(1,279)
	(21)
	(57)
$	(1,001)

$	(1,691)
	(670)
	87.5
	(14.5)
	(0.3)
	72.7

	21.1
	(0.5)
	20.6
	(1.3)
	(0.2)
	19.1
	5.8
	24.9

	108.6
	(14.5)
	(0.3)
	(0.5)
	93.3

	-
$	(972)
	(28)
	2
	(998)
	(3)
$	(1,001)

$	509
	91
	(1)
	(57)

The Allstate Corporation 1Q24 Supplement

The Allstate Corporation

Allstate Protection Profitability Measures

($ in millions, except ratios)

Three months ended

Premiums written

Auto

Homeowners

Other personal lines

Commercial lines

Other business lines ^

Total

Net premiums earned

Auto

Homeowners

Other personal lines

Commercial lines

Other business lines

Total

Underwriting income (loss)

Auto

Homeowners

Other personal lines

Commercial lines

Other business lines

Answer Financial

Total

Claims expense excluding catastrophe expense

Operating ratios and reconciliations to underlying ratios

Loss ratio

Effect of catastrophe losses

Effect of non-catastrophe prior year reserve reestimates

Underlying loss ratio *

Expense ratio

Effect of amortization of purchased intangibles

Underlying expense ratio * Effect of advertising expense

Effect of restructuring and related charges

Adjusted underwriting expense ratio *

Combined ratio

Underlying combined ratio *

Claims expense ratio excluding catastrophe expense

March 31,

2024

$ 9,357 2,874 660 157 135

$ 13,183

$ 8,778 3,154 659 169 140

$ 12,900

$ 351 564 7 (70) 48 3

$ 903

$ 695

72.4

(5.7)

(0.1)

66.6

20.6

(0.3)

20.3

(2.2)

(0.1)

18.0

93.0

86.9

5.4

	Dec. 31,			Sept. 30,			June 30,
	2023			2023			2023
$	8,570	$	8,770	$	8,269
	3,144			3,525			3,381
	620			676			675
	153			140			200
	153			193			95
$	12,640		$	13,304		$	12,620

$	8,566	$	8,345	$	8,121
	3,077			2,969			2,883
	630			608			587
	183			194			202
	145			154			128
$	12,601		$	12,270		$	11,921

$	93	$	(178)	$	(678)
	1,169			(131)			(1,307)
	114			6			(70)
	(84)			(60)			(61)
	37			28			21
	2			4			3
$	1,331		$	(331)		$	(2,092)

$	733	$	703	$	685
	68.3			81.5			97.0
	(0.5)			(9.6)			(22.6)
	(1.5)			(0.7)			(1.5)
	66.3			71.2			72.9

	21.1			21.2			20.5
	(0.5)			(0.5)			(0.5)
	20.6			20.7			20.0
	(1.5)			(1.4)			(0.9)
	(0.2)			(0.6)			(0.2)
	18.9			18.7			18.9

	89.4			102.7			117.5
	86.9			91.9			92.9
	5.8			5.7			5.7

March 31,

2023

$ 8,349 2,534 548 227 125

$ 11,783

$ 7,908 2,810 562 232 123

$ 11,635

$ (346) (534)

(89)

(60)

$ (998)

$ 668

87.5

(14.5)

(0.3)

72.7

21.1

(0.5)

20.6

(1.3)

(0.2)

19.1

108.6

93.3

5.7

The Allstate Corporation 1Q24 Supplement

The Allstate Corporation

Allstate Protection Impact of Net Rate Changes Implemented on Premiums Written

			Three months ended					Three months ended
			March 31, 2024						December 31, 2023
	Number of				Location		Number of				Location
	locations (1)		Total brand (%) (2) (3)		specific (%) (4)		locations		Total brand (%) (3)	specific (%)
Allstate brand
Auto	27	2.4	8.4	33	6.9		13.5
Homeowners (5)	15	3.4	11.7	20	1.8		9.0
National General
Auto	27	4.1	9.6	39	4.0		10.2
Homeowners (5)	12	1.6	14.0	17	4.5		18.5
			Three months ended					Three months ended
			September 30, 2023						June 30, 2023
	Number of		Total brand (%) (3)		Location		Number of		Total brand (%) (3)	Location
	locations			specific (%)		locations		specific (%)
Allstate brand
Auto	25	2.0	5.9	34	5.8		10.0
Homeowners (5)	12	2.1	6.5	20	2.5		12.3
National General
Auto	33	3.3	6.2	27	3.6		13.9
Homeowners (5)	11	1.2	17.6	10	3.8		23.5

Refers to the number of U.S. states, the District of Columbia or Canadian provinces where rate changes have been implemented. Allstate brand operates in 50 states, the District of Columbia, and 5 Canadian provinces. National General operates in 50 states and the District of Columbia.
Represents the impact in the locations where rate changes were implemented during the period as a percentage of total brand prior year-end premiums written.
Total Allstate brand implemented auto insurance rate increases totaled $685 million in the first quarter of 2024, after implementing $1.81 billion, $517 million and $1.49 billion of rate increases in the fourth, third and second quarters of 2023, respectively.
Represents the impact in the locations where rate changes were implemented during the period as a percentage of its respective total prior year-end premiums written in those same locations.
Excludes the impact to average premium from inflation in insured home replacement costs and other aging factor adjustments.

The Allstate Corporation 1Q24 Supplement

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Disclaimer

The Allstate Corporation published this content on 01 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 10:39:50 UTC.

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