Raymond James Institutional Investors Conference Presentation (2b4eda)

The Allstate Corporation

3.2.2026

Allstate Strategy Creates Shareholder Value

Allstate's Strategy To Create Shareholder Value

Increase Personal

Property-Liability Market Share

Leveraging Allstate brand,

customer base and capabilities

Expand Protection

Services

The Allstate Corporation 2026 PAGE 2

Operational Excellence Generated Strong Results In 2025

(In millions, except per share data and ratios)

Full Year Results

Twelve months ended December 31,

Change from

Total

revenues:

$67,685

(+5.6% to

prior year)

- Property-Liability policies in force

2025

prior year

38.3 2.0%

Return on Allstate common shareholders' equity

Net income 42.3% 16.5 pts

Adjusted net income* 38.3% 11.5 pts

The Allstate Corporation 2026 PAGE 3

Allstate Is Focused On Improving Auto And Homeowners Insurance Affordability To Accelerate Profitable Growth

Allstate is taking action to improve affordability

• Customer renewal processes used to optimize coverage and discounts

• Rolled out Allstate-branded Affordable, Simple, Connected (ASC) insurance products

• Expanded direct purchase options

  Operational excellence

• Reduced adjusted expense ratio*(1)

• Enhanced claims processes

  Regulatory environment

• Advocating for tort reform to reduce litigation costs driving injury inflation

• Supporting enforcement of mandatory coverage laws and limit increases to address uninsured and underinsured motorist costs

(1) Includes Property-Liability adjusted underwriting and claims expense ratios which incorporates unallocated claims expenses; ratio excludes amortization and impairment of purchased intangibles, restructuring, Coronavirus-related and advertising expenses and allocated claims expenses and catastrophes

The Allstate Corporation 2026 PAGE 4

Transformative Growth Has Significantly Enhanced Allstate's Go-To-Market Model

• Reduced adjusted expense ratio* by 6.6 points since 2018

• Improved auto and homeowners insurance pricing models

  Expand Distribution

• Acquired National General with independent agent distribution

• Increased direct sales utilizing Allstate brand at 7-8% lower prices

• Improved Allstate agent productivity

  New Products

• Expanded non-standard auto insurance offerings

• Introduced Allstate ASC auto and homeowners insurance products to 44 and 35 states, respectively(1)

• Launched standard auto and homeowners insurance products for independent agents in 38 states(1)

  Sophisticated Marketing

• Increased marketing investments to $2.1 billion in 2025;

$0.9 billion in 2019

Personal lines new business Personal lines policies in force

2019 2025 2019 2025

Broadest distribution in industry

Larger and more balanced customer base

5.5 million

2x higher

11.6 million

33.5 million 38.1 million

Exclusive agent Independent agent Direct

(1) As-of March 2, 2026 The Allstate Corporation 2026 PAGE 5

Prior year

variance

As of January 31

(in thousands)

Allstate's Strategy Is Delivering Property-Liability Growth

38

states

The Allstate Corporation 2026 PAGE 6

Allstate Is Accelerating And Broadening Auto Insurance Growth

Allstate Protection auto - distribution of policy in force growth(1)

% of countrywide premiums written

2024 variance to 2023 2025 variance to 2024

% of countrywide premiums written

45%

40%

35%

30%

Countrywide decrease of 1.4%

45%

40%

35%

30%

Countrywide

increase of 2.3%

25% 25%

20% 20%

15% 15%

10% 10%

5% 5%

0%

More than

-10%

-10% to

-4%

-4% to 0% 0% to 4% 4% to 10% Greater

than 10%

0%

More than

-10%

-10% to

-4%

-4% to 0% 0% to 4% 4% to 10% Greater

than 10%

State count

Policy in force % variance to prior year Policy in force % variance to prior year

State count

Not growing Growing

(1) Distribution of year-over-year policy in force growth by state and written premium totals

The Allstate Corporation 2026 PAGE 7

Homeowners Insurance Continues To Generate Attractive Returns And Grow

Combined ratio

Allstate recorded 10-year combined ratio average of 92.0 while the industry recorded an underwriting loss(1)

(1) Industry information represents U.S. statutory results per S&P Global Market Intelligence. 2025 results are estimates based on statutory data available through the third quarter and internal assumptions

The Allstate Corporation 2026 PAGE 8

Comprehensive Approach To Increase Shareholder Value

Generate attractive returns

Investment expertise and capital utilization

Improving

affordability for customers

Industry-leading

homeowners capabilities

Executing

Transformative Growth

The Allstate Corporation 2026 PAGE 9

Forward-looking Statements

This presentation contains "forward-looking statements" that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like "plans," "seeks," "expects," "will," "should," "anticipates," "estimates," "intends," "believes," "likely," "targets" and other words with similar meanings. These statements may address, among other things, our strategy for growth, catastrophe exposure management, product development, investment results, regulatory approvals, market position, expenses, financial results, litigation and reserves. We believe that these statements are based on reasonable estimates, assumptions and plans. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements resulting from new information or future events or developments. In addition, forward-looking statements are subject to certain risks or uncertainties that could cause actual results to differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include risks related to:

• Insurance and Financial Services (1) actual claim costs exceeding current reserves; (2) unexpected increases in claim frequency or severity; (3) catastrophes and severe weather events; (4) limitations in analytical models used for loss cost estimates; (5) price competition and changes in regulation and underwriting standards; (6) regulatory limitations on rate increases and requirements to underwrite business and participate in loss sharing arrangements; (7) market risk and declines in credit quality of our investment portfolios; (8) economic and capital market conditions affecting investments; (9) subjective determination of fair value and amount of credit losses for investments; (10) participation in indemnification programs, including state industry pools and facilities; (11) inability to mitigate the impact associated with changes in capital requirements; (12) a downgrade in financial strength ratings;

• Business, Strategy and Operations (13) operations in markets that are

  highly competitive; (14) changing consumer preferences; (15) new or changing technologies impacting the business; (16) inability to successfully deploy new technologies; (17) Transformative Growth strategy; (18) catastrophe management strategy; (19) restrictions on our subsidiaries' ability to pay dividends; (20) restrictions under terms of some of our securities on the ability to pay dividends or repurchase stock; (21) the availability and cost of reinsurance; (22) counterparty risk related to reinsurance; (23) acquisitions and divestitures of businesses; (24) intellectual property infringement, misappropriation and third-party claims;

  (25) reliance on vendors for products, services or protection of data and information; (26) inability to attract, develop and retain talent;

• Macro, Regulatory and Risk Environment (27) conditions in the global economy and capital markets, including changes in U.S. trade and tariff policy, new or additional U.S. and responsive non-U.S. tariffs, and our ability to plan for and respond to the impact of those changes; (28) restrictions on liquidity or availability of credit on acceptable terms; (29) a large-scale pandemic, the occurrence of terrorism, military actions or political and social unrest or other disruptive or destabilizing events; (30) the failure in cyber or other information security controls; (31) failure of business continuity following a disaster or other event; (32) changing climate and weather conditions; (33) evolving environmental, social and governance standards and expectations; (34) evolving privacy and data security regulations and increased focus on enforcement; (35) failure to manage risk and to timely detect and mitigate a cybersecurity event; (36) restrictive regulations and uncertainty around the interpretation and implementation of regulations in the U.S. and internationally; (37) regulatory reforms and enforcement of existing regulations; (38) losses from legal and regulatory actions; (39) changes in or the application of accounting standards and changes in tax laws; and (40) misconduct or fraudulent acts by employees, agents and third parties.

Additional information concerning these and other factors may be found in our filings with the Securities and Exchange Commission, including the "Risk Factors" section in our most recent annual report on Form 10-K.

The Allstate Corporation 2026 PAGE 11