Q3 2022 Investor Supplement

($ in millions, except per share data)

Three months ended

Nine months ended

June 30,

March 31,

Dec. 31,

June 30,

March 31,

Sept. 30,

Sept. 30,

Sept. 30,

Sept. 30,

2022

2022

2022

2021

2021

2021

2021

2022

2021

Revenues

Property and casualty insurance premiums ^

$

11,661

$

11,362

$

10,981

$

10,852

$

10,615

$

10,444

$

10,307

$

34,004

$

31,366

Accident and health insurance premiums and contract charges ^

463

466

469

459

460

447

455

1,398

1,362

Other revenue ^

561

563

560

587

536

494

555

1,684

1,585

Net investment income

690

562

594

847

764

974

708

1,846

2,446

Net gains (losses) on investments and derivatives

(167)

(733)

(267)

266

105

287

426

(1,167)

818

Total revenues

13,208

12,220

12,337

13,011

12,480

12,646

12,451

37,765

37,577

Costs and expenses

Property and casualty insurance claims and claims expense

10,073

9,367

7,822

7,804

8,264

7,207

6,043

27,262

21,514

Shelter-in-Place Payback expense

-

-

-

-

-

29

-

-

29

Accident, health and other policy benefits

263

269

269

278

277

252

242

801

771

Amortization of deferred policy acquisition costs

1,682

1,619

1,612

1,602

1,582

1,545

1,523

4,913

4,650

Operating costs and expenses

1,842

1,850

1,902

1,956

1,890

1,683

1,731

5,594

5,304

Pension and other postretirement remeasurement (gains) losses

79

259

(247)

(240)

40

(134)

(310)

91

(404)

Restructuring and related charges

14

1

12

25

23

71

51

27

145

Amortization of purchased intangibles

90

87

87

109

109

105

53

264

267

Interest expense

85

83

83

84

69

91

86

251

246

Total costs and expenses

14,128

13,535

11,540

11,618

12,254

10,849

9,419

39,203

32,522

Income (loss) from operations before income tax expense

(920)

(1,315)

797

1,393

226

1,797

3,032

(1,438)

5,055

Income tax expense (benefit)

(237)

(291)

151

281

20

362

626

(377)

1,008

Net income (loss) from continuing operations

(683)

(1,024)

646

1,112

206

1,435

2,406

(1,061)

4,047

Income (loss) from discontinued operations, net of tax

-

-

-

(321)

325

196

(3,793)

-

(3,272)

Net income (loss)

(683)

(1,024)

646

791

531

1,631

(1,387)

(1,061)

775

Less: Net income (loss) attributable to noncontrolling interest

(15)

(9)

(10)

(26)

(7)

6

(6)

(34)

(7)

Net income (loss) attributable to Allstate

(668)

(1,015)

656

817

538

1,625

(1,381)

(1,027)

782

Less: Preferred stock dividends

26

27

26

27

30

30

27

79

87

Net income (loss) applicable to common shareholders

$

(694)

$

(1,042)

$

630

$

790

$

508

$

1,595

$

(1,408)

$

(1,106)

$

695

Earnings per common share

Basic

Continuing operations

$

(2.58)

$

(3.81)

$

2.27

$

3.90

$

0.62

$

4.68

$

7.88

$

(4.04)

$

13.31

Discontinued operations

-

-

-

(1.13)

1.11

0.66

(12.53)

-

(10.98)

Total

$

(2.58)

$

(3.81)

$

2.27

$

2.77

$

1.73

$

5.34

$

(4.65)

$

(4.04)

$

2.33

Diluted

(2.58) (1)

(3.81) (2)

(4.04) (1)

Continuing operations

$

$

$

2.24

$

3.84

$

0.62

$

4.61

$

7.78

$

$

13.11

Discontinued operations

-

-

-

(1.11)

1.09

0.65

(12.38)

-

(10.81)

Total

$

(2.58)

$

(3.81)

$

2.24

$

2.73

$

1.71

$

5.26

$

(4.60)

$

(4.04)

$

2.30

Weighted average common shares - Basic

268.7

273.8

278.1

285.0

293.1

298.8

302.5

273.5

298.1

Weighted average common shares - Diluted

268.7 (1)

273.8 (2)

281.8

289.0

297.9

303.3

306.4

273.5 (1)

302.6

Cash dividends declared per common share

$

0.85

$

0.85

$

0.85

$

0.81

$

0.81

$

0.81

$

0.81

$

2.55

$

2.43

The Allstate Corporation 3Q22 Supplement

1

($ in millions, except per share data)

Three months ended

Nine months ended

Weighted average common shares - Diluted

268.7 (1)

273.8 (2)

281.8

289.0

297.9

303.3

306.4

276.8

302.6

The Allstate Corporation 3Q22 Supplement

2

($ in millions, except per share data)

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

June 30,

March 31,

Book value per common share

2022

2022

2022

2021

2021

2021

2021

Numerator:

Allstate common shareholders' equity (1)

$

15,703

$

18,145

$

21,242

$

23,209

$

24,759

$

26,037

$

24,649

Denominator:

Common shares outstanding and dilutive potential

common shares outstanding (2)

269.1

274.3

279.7

284.7

292.6

301.6

304.0

Book value per common share

$

58.35

$

66.15

$

75.95

$

81.52

$

84.62

$

86.33

$

81.08

Book value per common share, excluding the impact of

unrealized net capital gains and losses on fixed income

securities

Numerator:

$

15,703

$

18,145

$

21,242

$

23,209

$

24,759

$

26,037

$

24,649

Allstate common shareholders' equity

Less: Unrealized net capital gains and losses on

(2,931)

(2,141)

(995)

601

1,830

2,167

1,680

fixed income securities

Adjusted Allstate common shareholders' equity

$

18,634

$

20,286

$

22,237

$

22,608

$

22,929

$

23,870

$

22,969

Denominator:

Common shares outstanding and dilutive potential

269.1

274.3

279.7

284.7

292.6

301.6

304.0

common shares outstanding

Book value per common share, excluding the impact of

unrealized net capital gains and losses on fixed income

$

69.25

$

73.96

$

79.50

$

79.41

$

78.36

$

79.14

$

75.56

securities *

Total debt

$

7,967

$

7,970

$

7,973

$

7,976

$

7,980

$

7,996

$

7,996

Total capital resources

$

25,640

$

28,085

$

31,185

$

33,155

$

34,709

$

36,203

$

34,815

Ratio of debt to Allstate shareholders' equity

45.1 %

39.6 %

34.3 %

31.7 %

29.9 %

28.3 %

29.8 %

Ratio of debt to capital resources

31.1 %

28.4 %

25.6 %

24.1 %

23.0 %

22.1 %

23.0 %

The Allstate Corporation 3Q22 Supplement

3