Raymond James Annual Institutional Investors Conference 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 2022 Form 10-K, Form 10-Q for September 30, 2022, 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

Strategic Priorities

• Retuauto insurance profitability to historical levels
• Grow Property-Liability market share
• Expand customer base through broad distribution and innovative protection
• Exceptional capital management

Long-term Target Retuon Equity(1):

14 - 17%

Auto insurance profit improvement will be driven by:

Actions taken and planned:

• Implemented Allstate brand rate increases of16.9% in 2022

Increases

Expense

Focus

Underwriting Actions

•Future cost reductions from digitization, sourcing and operating efficiency and distribution model

Claims Excellence

• Modifying claims practices to manage loss costs

• Leverage scale withstrategic partnerships and parts procurement
• Predictive modeling to enable fair and fast resolution and liability determination early in process

Impact of rate actions already implemented and yet to be fully earned(1) expected to increase future premiums and improve margins

Prospective rate and other actions need to offset future loss cost increases to achieve long-term target