The Allstate Corporation

First Quarter 2021 Earnings Presentation

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Forward-looking Statements and Non-GAAP Financial Information

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 or investor supplement.

Additional information on factors that could cause results to differ materially from this presentation is available in the 2020 Form 10-K, Form 10-Q for March 31, 2021, 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.

P A G E 1

Allstate's Strategy Drives Profitable Growth

Increase Personal

Property-Liability Market Share

Leveraging Allstate brand,

customer base and capabilities

Expand Protection

Services

First Quarter 2021 Highlights

  • Closed acquisition of National General
  • Announced sale of Allstate Life Insurance Company and Allstate Life Insurance Company of New York
  • Continued progress building a higher growth personal property-liability business model
  • Generated growth in revenues of 26.2% and policies in force of 20.6% over prior year
  • Long-termrisk and return approach to investing and reinsurance benefited quarterly results
  • Expanded Allstate Protection Plans distribution and total addressable market
  • Delivered excellent returns with adjusted net income* of $6.11 per share and return on equity* of 23.2%
  • Returned $765 million to shareholders

P A G E 2

Allstate Delivers Excellent Results in First Quarter

  • Total revenues of $12.5 billion in the first quarter increased 26.2% from the prior year, reflecting the acquisition of National General, higher investment income and realized capital gains
    1. Property-Liabilitypremiums earned and policies in force increased by 11.4% and 12.1% over prior year
    1. Performance-basedincome was $378 million in the quarter versus a loss in the prior year
  • Net loss of $1.4 billion in the first quarter driven by loss on disposition from pending sales of the life and annuity businesses
    1. Adjusted net income* of $1.9 billion ($6.11 per share)
  1. Return on common shareholders' equity* of 23.2% for the latest 12 months

Three months ended

March 31,

($ in millions, except per share data and ratios)

2021

2020

Change

Total revenues

$12,451

$9,866

26.2%

Property-Liability insurance premiums

9,896

8,881

11.4%

Accident and health insurance premiums and contract charges

455

282

61.3%

Net investment income

708

246

187.8%

Realized capital gains and losses

426

(162)

NM

Income applicable to common shareholders:

Net income (loss)

(1,408)

513

NM

Adjusted net income*

1,871

1,202

55.7%

Per diluted common share

Net income (loss)

(4.60)

1.59

NM

Adjusted net income*

6.11

3.73

63.8%

Return on Allstate common shareholders' equity (trailing twelve months)

Net income applicable to common shareholders

15.1%

18.0%

(2.9) pts

Adjusted net income*

23.2%

17.5%

5.7 pts

NM = not meaningful

P A G E 3

National General Acquisition Accelerates Profitable Growth

  • Acquired National General for $4 billion in January 2021
  1. Broad independent agent ("IA") distribution with over 42,000 National General appointments
  1. Expands product portfolio to include non-standard auto, lender-placed insurance, group health, individual accident and health, and digital marketing platforms
    1. Independent agent facing technology platform is scalable
  • Acquisition improves independent agent business, lowers costs and generates growth
    1. Allstate becomes a top 5 independent agent carrier with a broad portfolio of personal lines products
  1. Significant expense reductions by consolidating Encompass and Allstate Independent Agent businesses into National General
  1. The cost to acquire policies in force at the net acquisition price ($4 billion less statutory capital and value of other businesses) is comparable to organic methods

Measures of Success

Accretion to earnings

Achieve expense synergies

Grow IA channel policies in

force

  • Allstate Protection segment added $1.3 billion of premium and $138 million of underwriting income
  • Increased Allstate Health and Benefits adjusted net income by $35 million
  • Integrating Encompass onto National General platform
  • On-paceto achieve expected expense synergies
  • IA channel policies approximately 6x larger following acquisition
  • Introducing new standard auto and homeowners insurance products beginning in 2021

P A G E 4

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The Allstate Corporation published this content on 05 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2021 21:26:00 UTC.