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Q4 2022 Investor Supplement

The Allstate Corporation

Investor Supplement

Fourth Quarter 2022

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 - Fourth Quarter 2022

Table of Contents

Consolidated Operations

Protection Services

Condensed Consolidated Statements of Operations

1

Segment Results

13

Contribution to Income

2

Book Value per Common Share and Debt to Capital

3

Allstate Health and Benefits

Retuon Allstate Common Shareholders' Equity

4

Segment Results and Other Statistics

14

Policies in Force

5

Corporate and Other

Property-Liability

Segment Results

15

Results

6

Investments

Allstate Protection

Profitability Measures

7

Investment Position and Results

16

Impact of Net Rate Changes Implemented on Premiums Written

8

Investment Position and Results by Strategy

17

Auto Profitability Measures

9

Auto Statistics

10

Definitions of Non-GAAP Measures

18,19

Allstate Brand Auto State Profitability

11

Homeowners Profitability Measures

12

Glossary

20

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

($ in millions, except per share data)

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 Shelter-in-Place Payback 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) from continuing operations

Income (loss) from discontinued operations, net of tax

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

Basic

Continuing operations

Discontinued operations

Total

Diluted

Continuing operations

Discontinued operations

Total

Weighted average common shares - Basic

Weighted average common shares - Diluted

Cash dividends declared per common share

The Allstate Corporation

Condensed Consolidated Statements of Operations

Three months ended

Twelve months ended

Sept. 30,

June 30,

March 31,

Sept. 30,

June 30,

March 31,

Dec. 31,

Dec. 31,

Dec. 31,

Dec. 31,

2022

2022

2022

2022

2021

2021

2021

2021

2022

2021

$

11,900

$

11,661

$

11,362

$

10,981

$

10,852

$

10,615

$

10,444

$

10,307

$

45,904

$

42,218

435

463

466

469

459

460

447

455

1,833

1,821

660

561

563

560

587

536

494

555

2,344

2,172

557

690

562

594

847

764

974

708

2,403

3,293

95

(167)

(733)

(267)

266

105

287

426

(1,072)

1,084

13,647

13,208

12,220

12,337

13,011

12,480

12,646

12,451

51,412

50,588

10,002

10,073

9,367

7,822

7,804

8,264

7,207

6,043

37,264

29,318

-

-

-

-

-

-

29

-

-

29

260

263

269

269

278

277

252

242

1,061

1,049

1,731

1,682

1,619

1,612

1,602

1,582

1,545

1,523

6,644

6,252

1,852

1,842

1,850

1,902

1,956

1,890

1,683

1,731

7,446

7,260

25

79

259

(247)

(240)

40

(134)

(310)

116

(644)

24

14

1

12

25

23

71

51

51

170

89

90

87

87

109

109

105

53

353

376

84

85

83

83

84

69

91

86

335

330

14,067

14,128

13,535

11,540

11,618

12,254

10,849

9,419

53,270

44,140

(420)

(920)

(1,315)

797

1,393

226

1,797

3,032

(1,858)

6,448

(117)

(237)

(291)

151

281

20

362

626

(494)

1,289

(303)

(683)

(1,024)

646

1,112

206

1,435

2,406

(1,364)

5,159

-

-

-

-

(321)

325

196

(3,793)

-

(3,593)

(303)

(683)

(1,024)

646

791

531

1,631

(1,387)

(1,364)

1,566

(19)

(15)

(9)

(10)

(26)

(7)

6

(6)

(53)

(33)

(284)

(668)

(1,015)

656

817

538

1,625

(1,381)

(1,311)

1,599

26

26

27

26

27

30

30

27

105

114

$

(310)

$

(694)

$

(1,042)

$

630

$

790

$

508

$

1,595

$

(1,408)

$

(1,416)

$

1,485

$

(1.17)

$

(2.58)

$

(3.81)

$

2.27

$

3.90

$

0.62

$

4.68

$

7.88

$

(5.22)

$

17.23

-

-

-

-

(1.13)

1.11

0.66

(12.53)

-

(12.19)

$

(1.17)

$

(2.58)

$

(3.81)

$

2.27

$

2.77

$

1.73

$

5.34

$

(4.65)

$

(5.22)

$

5.04

$

(1.17) (1)

$

(2.58) (2)

$

(3.81) (3)

$

2.24

$

3.84

$

0.62

$

4.61

$

7.78

$

(5.22) (1)

$

16.98

-

-

-

-

(1.11)

1.09

0.65

(12.38)

-

(12.02)

$

(1.17)

$

(2.58)

$

(3.81)

$

2.24

$

2.73

$

1.71

$

5.26

$

(4.60)

$

(5.22)

$

4.96

264.4

268.7

273.8

278.1

285.0

293.1

298.8

302.5

271.2

294.8

264.4 (1)

268.7 (2)

273.8 (3)

281.8

289.0

297.9

303.3

306.4

271.2 (1)

299.1

$

0.85

$

0.85

$

0.85

$

0.85

$

0.81

$

0.81

$

0.81

$

0.81

$

3.40

$

3.24
  1. Due to a net loss reported for the three and twelve months ended December 31, 2022, calculation uses weighted average shares of 264.4 million and 271.2 million, which excludes weighted average diluted shares of 3.1 million and 3.1 million, respectively.
  2. 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.
  3. 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 Q422 Supplement

1

($ in millions, except per share data)

Contribution to income

Net income (loss) applicable to common shareholders

Net (gains) losses on investments and derivatives

Pension and other postretirement remeasurement (gains) losses

Reclassification of periodic settlements and accruals on non- hedge derivative instruments

Business combination expenses and the amortization of purchased intangibles

Business combination fair value adjustment (Gain) loss on disposition

(Income) loss from discontinued operations Income tax expense (benefit) and other

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

Reclassification of periodic settlements and accruals on non- hedge derivative instruments

Business combination expenses and the amortization of purchased intangibles

Business combination fair value adjustment (Gain) loss on disposition

(Income) loss from discontinued operations Income tax expense (benefit) and other

Adjusted net income (loss) *

Weighted average common shares - Diluted

The Allstate Corporation

Contribution to Income

Three months ended

Twelve months ended

Sept. 30,

June 30,

March 31,

Sept. 30,

June 30,

March 31,

Dec. 31,

Dec. 31,

Dec. 31,

Dec. 31,

2022

2022

2022

2022

2021

2021

2021

2021

2022

2021

$

(310)

$

(694)

$

(1,042)

$

630

$

790

$

508

$

1,595

$

(1,408)

$

(1,416)

$

1,485

(95)

167

733

267

(266)

(105)

(287)

(426)

1,072

(1,084)

25

79

259

(247)

(240)

40

(134)

(310)

116

(644)

-

-

-

-

(1)

-

-

1

-

-

89

90

87

87

109

109

105

75

353

398

-

-

-

-

-

-

(6)

-

-

(6)

(83) (1)

5

(27)

16

-

-

-

-

(89) (1)

-

-

-

-

-

177

(235)

(493)

4,163

-

3,612

15

(67)

(219)

(27)

227

(100)

369

(224)

(298)

272

$

(359)

$

(420)

$

(209)

$

726

$

796

$

217

$

1,149

$

1,871

$

(262)

$

4,033

$

(1.17)

(2)

$

(2.58)

(3)

$

(3.81)

(4)

$

2.24

$

2.73

$

1.71

$

5.26

$

(4.60)

$

(5.22)

(5)

$

4.96

(0.36)

0.62

2.68

0.95

(0.92)

(0.35)

(0.95)

(1.39)

3.95

(3.63)

0.09

0.29

0.95

(0.88)

(0.83)

0.13

(0.44)

(1.01)

0.43

(2.15)

-

-

-

-

-

-

-

-

-

-

0.34

0.34

0.32

0.31

0.38

0.37

0.35

0.25

1.30

1.33

-

-

-

-

-

-

(0.02)

-

-

(0.02)

(0.32)

0.02

(0.10)

0.06

-

-

-

-

(0.33)

-

-

-

-

-

0.61

(0.79)

(1.63)

13.59

-

12.08

0.06

(0.25)

(0.80)

(0.10)

0.78

(0.34)

1.22

(0.73)

(1.10)

0.91

$

(1.36)

(2)

$

(1.56)

(3)

$

(0.76)

(4)

$

2.58

$

2.75

$

0.73

$

3.79

$

6.11

$

(0.97)

(5)

$

13.48

264.4 (2)

268.7 (3)

273.8 (4)

281.8

289.0

297.9

303.3

306.4

271.2 (5)

299.1
  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. Due to a net loss reported for the twelve months ended December 31, 2022, calculation uses weighted average shares of 271.2 million, which excludes weighted average diluted shares of 3.1 million.

The Allstate Corporation Q422 Supplement

2

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

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

Dec. 31,

2022

$ 15,505

267.0

$ 58.07

$ 15,505 (2,252)

$ 17,757

267.0

$ 66.51

$ 7,964

$ 25,439

45.6 %

31.3 %

Sept. 30,

June 30,

March 31,

2022

2022

2022

$

15,703

$

18,145

$

21,242

269.1

274.3

279.7

$

58.35

$

66.15

$

75.95

$

15,703

$

18,145

$

21,242

(2,931)

(2,141)

(995)

$

18,634

$

20,286

$

22,237

269.1

274.3

279.7

$

69.25

$

73.96

$

79.50

$

7,967

$

7,970

$

7,973

$

25,640

$

28,085

$

31,185

45.1 %

39.6 %

34.3 %

31.1 %

28.4 %

25.6 %

Dec. 31,

2021

$ 23,209

284.7

$ 81.52

$ 23,209 601

$ 22,608

284.7

$ 79.41

$ 7,976

$ 33,155

31.7 %

24.1 %

Sept. 30,

June 30,

March 31,

2021

2021

2021

$

24,759

$

26,037

$

24,649

292.6

301.6

304.0

$

84.62

$

86.33

$

81.08

$

24,759

$

26,037

$

24,649

1,830

2,167

1,680

$

22,929

$

23,870

$

22,969

292.6

301.6

304.0

$

78.36

$

79.14

$

75.56

$

7,980

$

7,996

$

7,996

$

34,709

$

36,203

$

34,815

29.9 %

28.3 %

29.8 %

23.0 %

22.1 %

23.0 %
  1. Excludes equity related to preferred stock of $1,970 million at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021 and $2,170 million at June 30, 2021 and March 31, 2021.
  2. Common shares outstanding were 263,458,276 and 280,594,850 as of December 31, 2022 and December 31, 2021, respectively.

The Allstate Corporation Q422 Supplement

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

The Allstate Corporation published this content on 01 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2023 22:38:20 UTC.

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