Q4 2022 Reinsurance Update

Catastrophe Reinsurance Programs

Northbrook, IL, February 1, 2023 - Our Nationwide Excess Catastrophe Reinsurance Program (1) provides reinsurance protection to the Allstate Protection businesses of The Allstate Corporation (NYSE: ALL). In the fourth quarter of 2022, we increased coverage $100 million for the Program through the issuance of a catastrophe bond. The Florida Excess Catastrophe Program, National General Lender Services Program and National General Reciprocal Excess Catastrophe Program placed in the second quarter of 2022 remain unchanged.

The catastrophe reinsurance program is part of our catastrophe management strategy, which is intended to provide our shareholders with an acceptable retuon the risks assumed in our personal lines business, reduce earnings variability, and provide protection to our customers. Our current catastrophe reinsurance program supports our risk tolerance framework which utilizes a modeled 1-in-100 annual aggregate limit for catastrophe losses from hurricanes, earthquakes and wildfires of $2.50 billion, net of reinsurance.

Allstate's catastrophe reinsurance program materially reduces our exposure to wind, earthquake, and wildfire losses. We employ a multi-year approach to placing reinsurance coverage to lessen the amount of reinsurance being placed in the market in any one year. Claim adjustment fees are indemnified as a percentage of ultimate net loss and are included within each contract's reinsurance limit.

The reinsurance agreements have been placed in the traditional reinsurance and Insurance-Linked Securities ("ILS") markets. In doing so, we consider a number of factors including coverage, cost, terms, and the period of protection. All reinsurers participating on our program have an A.M. Best insurance financial strength rating of A- or better, except one, that is not rated by A.M. Best. Additionally, all reinsurance agreements placed in the ILS markets are collateralized.

The total cost of our property catastrophe reinsurance programs, excluding reinstatement premiums, during 2022 was $788 million compared to $556 million during 2021.

The following pages summarize our reinsurance program which includes:

• Nationwide Excess Catastrophe Reinsurance Program
• Florida Excess Catastrophe Reinsurance Program
• National General Lender Services Standalone Program
• National General Reciprocal Excess Catastrophe Reinsurance Contract
• Kentucky Earthquake Excess Catastrophe Reinsurance Contract
• Excess & Surplus Earthquake Contract
• Canada Catastrophe Excess of Loss Reinsurance Contract

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1. A reinsurance program comprises one or more reinsurance agreements and a reinsurance agreement comprises one or more reinsurance contracts

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Nationwide Excess Catastrophe Reinsurance Program

The Nationwide Excess Catastrophe Reinsurance Program (the "Nationwide Program") provides coverage for events up to $7.01 billion of loss less a $500 million retention and is subject to the percentage of reinsurance placed in each of its agreements. The agreements comprising the Nationwide Program are described below.

Per Occurrence and Aggregate Excess Agreements

The Nationwide Program includes occurrence coverage in contracts from both the traditional reinsurance and ILS markets, while annual aggregate protection is included in four contracts supported by the ILS market. The agreements provide multi-line catastrophe coverage in every state except Florida, where coverage is only provided for personal lines automobile.

The Nationwide Program includes multi-year agreements providing coverage up to $3.75 billion in excess of a $500.0 million retention, where 1/3 of the capacity is placed in any one year. The Program also provides reinsurance capacity above $4.25 billion through a combination of contracts placed with traditional market reinsurers and catastrophe bonds issued in the ILS market by Sanders Re.

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Traditional Reinsurance Market Multi-Year Per Occurrence Excess Agreements

The multi-yearPer Occurrence Excess Agreements placed in the traditional reinsurance market in 2022 consist of four contracts providing coverage up to $3.75 billion in excess of a $500.0 million retention and exhausting at $4.25 billion per loss occurrence and two eight-year term contracts providing coverage in excess of a $4.25 billion retention.

$3.75 billion in excess of a $500 million retention contracts

• Reinsure personal lines property and automobile losses arising out of multiple perils including, but not limited to, hurricane, windstorm, hail, tornado, earthquake, fires following earthquakes and wildfires in all states, excluding personal lines property in the state of Florida
• Include coverage for commercial lines property and automobile (physical damage only) in all states, excluding commercial lines property in the state of Florida
• Consist of multi-year contracts, each providing one-third of 95% of the total limit
• • Existing contracts effective June 1, 2020 consist of four layers and expires May 31, 2023
  • Existing contracts effective June 1, 2021 consist of four layers and expires May 31, 2024
• New contracts effective June 1, 2022 consist of four layers and are structured with a first event retention of $750.0 million and subsequent event retention of $500.0 million
• • Three layers expiring May 31, 2025
  • One layer consisting of multi-year contracts effective June 1, 2022 and expiring May 31, 2023, May 31, 2024 and May 31, 2025
• Includes one reinstatement of limits per year, with premium required
• Reinsurance premiums are subject to adjustment for exposure changes on an annual basis

Eight-Year Term Contracts

• Contain comparable contract terms and conditions as the $3.75 billion in excess of a $500.0 million retention contracts
• Provide a $210.0 million limit in excess of a minimum $4.25 billion retention and a $137.9 million limit in excess of a minimum $5.04 billion retention, are 95% placed and expire March 31, 2029
• Contain a variable reset option, which the ceding entities may elect to invoke at each anniversary, and which allows for the annual adjustment of each contract's attachment and exhaustion levels within specified limits
• Contain one reinstatement of limits over its eight-year term with premium required. Reinsurance premiums are subject to adjustment for exposure changes on an annual basis

Sanders Re Catastrophe Bonds Agreements

The Sanders Re Per Occurrence Excess Catastrophe Reinsurance Contracts

• Reinsures excess catastrophe losses caused by named storms, earthquakes and fire following earthquakes, severe weather, wildfires, and other naturally occurring or man-made events declared to be a catastrophe by Allstate
• Reinsure personal lines property and automobile excess catastrophe losses in 49 states and the District of Columbia, excluding the state of Florida
• Reinsure business located in the covered territory and arising out of covered events
• Contain a variable reset option, which the ceding entities may invoke for risk periods subsequent to the first risk period and which allows for the annual adjustment of the contract's attachment and exhaustion levels within specified limits
• Contracts do not include a reinstatement of limits

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The Sanders Re Per Occurrence & Aggregate Excess Catastrophe Reinsurance Contracts and Sanders

Re Aggregate Excess Catastrophe Reinsurance Contract

• Contain comparable contract terms and conditions as the Sanders Re Per Occurrence Excess Catastrophe Reinsurance Contracts
• For each annual period beginning April 1, Allstate declared catastrophes occurring during such annual period can be aggregated to erode the aggregate retention and qualify for coverage under the aggregate limit
• Reinsurance recoveries from the Nationwide Per Occurrence Excess Contract inure to the benefit of the annual aggregate layer
• Reinsurance recoveries collected under the per occurrence limit of each contract are not eligible for cession under the annual aggregate limit of that contract
• Reinsurance recoveries for all loss occurrences and annual aggregate losses qualifying for coverage during each contract's four-year risk period are limited to our ultimate net loss from covered events and subject to the contract's limit

2022-3 Excess Catastrophe Reinsurance Contract

• Placed with Sanders Re III Ltd. which obtained funding from the ILS market to collateralize the contract's limit
• Risk period began December 1, 2022, and terminates on March 31, 2027
• Provides a $100.0 million per occurrence limit in excess of a minimum $3.75 billion retention. While inuring layers are fully intact, the contract would begin to pay subject losses in excess of $6.61 billion

2022-1 Excess Catastrophe Reinsurance Contract

• Placed with Sanders Re III Ltd. which obtained funding from the ILS market to collateralize the contract's limit
• Risk period began April 1, 2022, and terminates on March 31, 2026
• Consists of three tranches
• • Class A (Per Occurrence) provides a $200.0 million limit in excess of a minimum $3.75 billion retention. While inuring layers are fully intact, the contract would begin to pay subject losses in excess of $4.46 billion
  • Class B (Per Occurrence & Aggregate) provides one limit of $175 million for catastrophe loss events in excess of a $50.0 million event deductible, during its four-year term which can be used on a per occurrence or an annual aggregate basis
  • • For a qualifying loss occurrence, the contract provides $175.0 million in reinsurance limits in excess of a minimum $3.75 billion retention. While inuring layers are fully intact, the contract would begin to pay subject losses in excess of $5.94 billion
    • Provides an annual aggregate limit of $175.0 million between a $3.00 billion to $3.50 billion layer subject to an annual retention of $3.00 billion
  • Class C (Aggregate) provides one limit of $175.0 million of placed limit for catastrophe loss events in excess of a $50.0 million event deductible

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2021-2 Excess Catastrophe Reinsurance Contracts

• Placed with Sanders Re II Ltd. which obtained funding from the ILS market to collateralize the contract's limit
• Risk period began December 1, 2021, and terminates on March 31, 2025
• Consist of two tranches
• • Class A (Per Occurrence) provides a $250.0 million limit in excess of a minimum $3.75 billion retention. While inuring layers are fully intact, the contract would begin to pay subject losses in excess of $5.33 billion
  • Class B (Per Occurrence & Aggregate) provides one limit of $150.0 million for catastrophe loss events in excess of a $50.0 million event deductible, during its four-year term which can be used on a per occurrence or an annual aggregate basis
  • • For a qualifying loss occurrence, the contract provides $150.0 million in reinsurance limits in excess of a minimum $3.75 billion retention. While inuring layers are fully intact, the contract would begin to pay subject losses in excess of $5.60 billion
    • Provides an annual aggregate limit of $150.0 million between a $2.71 billion to $3.21 billion layer subject to an annual retention of $2.71 billion

2021-1 Excess Catastrophe Reinsurance Contract

• Placed with Sanders Re II Ltd. which obtained funding from the ILS market to collateralize the contract's limit
• Risk period began June 1, 2021, and terminates on March 31, 2025
• Provides a $250 million per occurrence limit in excess of a minimum $3.75 billion retention. While inuring layers are fully intact, the contract would begin to pay subject losses in excess of $4.46 billion

2020-1 Excess Catastrophe Reinsurance Contracts

• Placed with Sanders Re II Ltd. which obtained funding from the ILS market to collateralize the contract's limit
• Risk period began April 1, 2020, and terminates on March 31, 2024
• Consist of two tranches
• • Class A (Per Occurrence) provides a $150 million limit in excess of a minimum $3.75 billion retention. While inuring layers are fully intact, the contract would begin to pay subject losses in excess of $5.18 billion
  • Class B (Per Occurrence & Aggregate) provides one limit of $100.0 million for catastrophe loss events in excess of $1.0 million franchise deductible during its four-year term which can be used on a per occurrence or an annual aggregate basis
  • • For a qualifying loss occurrence, the contract provides $100.0 million in reinsurance limits in excess of a minimum $3.75 billion retention. While inuring layers are fully intact, the contract would begin to pay subject losses in excess of $5.83 billion
    • Provides an annual aggregate limit of $100.0 million between a $4.40 billion to $4.50 billion layer subject to an annual retention of $4.40 billion

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