Allstate : Q1 2019 The Allstate Corporation Earnings Conference Call

®

The Allstate Corporation

First Quarter 2019 Earnings Presentation May 2, 2019

Forward-Looking Statements and Non-GAAP Financial Information

Company Participants

Tom Wilson, Chair, President and Chief Executive Officer

Steve Shebik, Vice Chair

Mario Rizzo, Chief Financial Officer

Glenn Shapiro, President of Allstate Personal Lines

Don Civgin, President of Service Businesses

Jess Merten, Chief Risk Officer

John Dugenske, Chief Investment and Corporate Strategy Officer

Mary Jane Fortin, President of Allstate Financial Businesses

Eric Ferren, Controller and Chief Accounting Officer

John Griek, Director of Investor Relations

This presentation contains forward-looking statements and information. Additional information on factors that could cause results to differ materially from those projected in this presentation is available in the 2018 Form 10-K, in 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.

This presentation also contains some 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 or investor supplement. These materials are available on our website, www.allstateinvestors.com, under the "Financials" link.

Allstate Earnings Conference Call Presentation: May 2, 2019	1

Allstate Protecting People from Life's Uncertainties

Grow Personal Property-Liability Market Share

 4 Customer Segments

Differentiated Products and Brands

Analytical Expertise

Telematics

Integrated Digital Enterprise

Brands, Customers, Investment

Expertise, Distribution, Claims

and Capital

Expand Protection Businesses

 Life Insurance

Workplace Benefits (Allstate Benefits)

Protection Plans (SquareTrade)

Transportation Network Companies (Allstate Business Insurance)

Identity Protection (InfoArmor)

Shareholder Value

Customer Satisfaction

Unit Growth

Attractive Returns on Capital

Sustainable Profitability

Diversified Business Platform

Allstate Earnings Conference Call Presentation: May 2, 2019	2

Allstate's Strategy Drives Growth and Attractive Returns

Progress on all 2019 Operating Priorities

Policies in force increased in the first quarter of 2019

― Allstate brand (Property-Liability)	+2.3%
― Esurance brand	+10.9%
― SquareTrade	+86.3%

Property-Liabilityunderlying combined ratio* of 84.2

Total return on investment portfolio increased but reported income declined

Adjusted net income return on equity* of 13.5% in the first quarter of 2019

			Three months ended
				March 31,
($ in millions, except per share data and ratios)	2019	2018	Change
Total revenues	$10,990	$9,770	12.5%
Total revenues (excl. realized capital gains and losses)	10,328	9,904	4.3%
Property-Liability insurance premiums	8,507	8,019	6.1%
Net investment income	648	786	(17.6)%
Realized capital gains and losses	662	(134)	NM
Income applicable to common shareholders:
Net income		1,261	977	29.1%
per diluted common share		3.74	2.71	38.0%
Adjusted net income*		776	1,108	(30.0)%
per diluted common share*		2.30	3.08	(25.3)%
Return on common shareholders' equity (trailing twelve months)
Net income applicable to common shareholders	10.8%	17.9%	(7.1) pts
Adjusted net income*	13.5%	16.2%	(2.7) pts

NM = not meaningful	3
Allstate Earnings Conference Call Presentation: May 2, 2019

Allstate Delivering on 2019 Operating Priorities

Better Serve

Customers

Achieve Target

Economic Returns

on Capital

Grow Customer

Base

Proactively

Manage

Investments

Build Long-Term Growth Platforms

Enterprise Net Promoter Score increased as customer satisfaction improved

Renewal ratio improved across Allstate, Esurance and Encompass brands

Adjusted net income return on equity* of 13.5% in the first quarter

Policy growth in Allstate and Esurance brands

SquareTrade policies grew to 77.9 million

Total return of 4.7% for the latest 12 months

Net investment income impacted by lower performance-based results

Expanded transportation network company from 4 states to 15

Growing telematics usage

SquareTrade adding capabilities, expanding markets and achieving acquisition goals

Allstate Earnings Conference Call Presentation: May 2, 2019	4