The Allstate Corporation

Investor Supplement

Historical Results Updated to Reflect Divestitures and Acquisition

The condensed consolidated financial statements and financial exhibits included herein are unaudited. These condensed consolidated financial statements and exhibits 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

Historical Results Updated to Reflect Divestitures and Acquisition

In the first quarter of 2021, we completed the acquisition of National General Holdings Corp. We also announced the sale of Allstate Life Insurance Company and certain subsidiaries, and Allstate Life Insurance Company of New York.

These changes are reflected in the following reportable segments: Allstate Protection, Run-offProperty-Liability Business (previously Discontinued Lines and Coverages), Protection Services, Allstate Health and Benefits (previously Allstate Benefits) and Corporate and Other.

Exec Summary

The Allstate Corporation

Table of Contents

Consolidated Operations

Allstate Health and Benefits (Previously Allstate Benefits)

Condensed Consolidated Statements of Operations

1

Segment Results and Other Statistics

11

Contribution to Income

2

Book Value per Common Share and Debt to Capital

3

Corporate and Other

Return on Allstate Common Shareholders' Equity

4

Segment Results

12

Policies in Force and Other Statistics

5

Investments

Property-Liability

Investment Position and Results

13

Results

6

Investment Position and Results by Strategy

14

Allstate Protection

Definitions of Non-GAAP Measures

Allstate Protection Profitability Measures

7

15,16

Auto Profitability Measures

8

Glossary

Homeowners Profitability Measures

9

17

Protection Services

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

Segment Results

10

The Allstate Corporation

Condensed Consolidated Statements of Operations

($ in millions, except per share data)

Three months ended

Dec. 31,

Sept. 30,

June 30,

March 31,

2020

2020

2020

2020

Revenues

Property and casualty insurance premiums ^

$

9,279

$

9,336

$

9,223

$

9,235

Accident and health insurance premiums and contract charges ^

262

287

263

282

Other revenue ^

271

272

257

265

Net investment income

660

464

220

246

Realized capital gains (losses)

490

319

440

(162)

Total revenues

10,962

10,678

10,403

9,866

Costs and expenses

5,366

6,072

5,222

5,341

Property and casualty insurance claims and claims expense

Shelter-in-Place Payback expense

-

-

738

210

Accident and health insurance policy benefits

124

128

123

141

Interest credited to contractholder funds

7

8

9

9

Amortization of deferred policy acquisition costs

1,382

1,386

1,344

1,365

Operating costs and expenses

1,440

1,322

1,394

1,338

Pension and other postretirement remeasurement (gains) losses

(371)

(71)

73

318

Restructuring and related charges

40

196

13

4

Amortization of purchased intangibles

30

31

29

28

Interest expense

80

78

79

81

Total costs and expenses

8,098

9,150

9,024

8,835

Income from operations before income tax expense

2,864

1,528

1,379

1,031

Income tax expense

594

312

273

194

Net income from continuing operations

2,270

1,216

1,106

837

Income (loss) from discontinued operations, net of tax

354

(63)

144

(288)

Net income (loss)

2,624

1,153

1,250

549

Net loss attributable to noncontrolling interest

-

-

-

-

Net income (loss) attributable to Allstate

2,624

1,153

1,250

549

Preferred stock dividends

26

27

26

36

Net income (loss) applicable to common shareholders

$

2,598

$

1,126

$

1,224

$

513

Earnings per common share

Basic

Continuing operations

$

7.38

$

3.82

$

3.44

$

2.52

Discontinued operations

1.16

(0.20)

0.46

(0.90)

Total

$

8.54

$

3.62

$

3.90

$

1.62

Diluted

Continuing operations

$

7.30

$

3.78

$

3.41

$

2.48

Discontinued operations

1.15

(0.20)

0.45

(0.89)

Total

$

8.45

$

3.58

$

3.86

$

1.59

Weighted average common shares - Basic

304.3

311.2

313.7

317.4

Weighted average common shares - Diluted

307.6

314.1

317.0

322.4

Cash dividends declared per common share

$

0.54

$

0.54

$

0.54

$

0.54

The Allstate Corporation 2020 Historical Results

1

The Allstate Corporation

Contribution to Income

($ in millions, except per share data)

Three months ended

Dec. 31,

Sept. 30,

June 30,

March 31,

2020

2020

2020

2020

Contribution to income

Net income (loss) applicable to common shareholders

$

2,598

$

1,126

$

1,224

$

513

Realized capital (gains) losses

(490)

(319)

(440)

162

Pension and other postretirement remeasurement (gains) losses

(371)

(71)

73

318

Curtailment (gains) losses

-

(8)

-

-

Reclassification of periodic settlements and accruals on non-

hedge derivative instruments

(1)

1

-

-

Business combination expenses and the amortization of

purchased intangibles

30

31

29

28

(Income) loss from discontinued operations

(446)

86

(167)

370

Income tax expense (benefit)

272

54

97

(189)

Adjusted net income *

$

1,592

$

900

$

816

$

1,202

Income per common share - Diluted

Net income (loss) applicable to common shareholders

$

8.45

$

3.58

$

3.86

$

1.59

Realized capital (gains) losses

(1.59)

(1.01)

(1.39)

0.50

Pension and other postretirement remeasurement (gains) losses

(1.21)

(0.22)

0.23

0.99

Curtailment (gains) losses

-

(0.02)

-

-

Reclassification of periodic settlements and accruals on non-

hedge derivative instruments

-

-

-

-

Business combination expenses and the amortization of

purchased intangibles

0.10

0.10

0.09

0.09

(Income) loss from discontinued operations

(1.45)

0.27

(0.52)

1.15

Income tax expense (benefit)

0.88

0.17

0.31

(0.59)

Adjusted net income *

$

5.18

$

2.87

$

2.58

$

3.73

Weighted average common shares - Diluted

307.6

314.1

317.0

322.4

The Allstate Corporation 2020 Historical Results

2

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The Allstate Corporation published this content on 03 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2021 22:36:05 UTC.