Allstate : Q1 2021 Earnings News Release

Exhibit 99.1

FOR IMMEDIATE RELEASE
Contacts:
Greg Burns	Mark Nogal
Media Relations	Investor Relations
[phone]	[phone]

Allstate's Strategic Actions Increase Growth and Returns

NORTHBROOK, Ill., May 5, 2021 - The Allstate Corporation (NYSE: ALL) today reported financial results for the first quarter of 2021.

The Allstate Corporation Consolidated Highlights

	Three months ended March 31,
($ in millions, except per share data and ratios)	2021	2020	% / pts
	Change
Consolidated revenues	$12,451	$ 9,866	26.2
Net (loss) income applicable to common shareholders	(1,408)	513	NM
per diluted common share	(4.60)	1.59	NM
Adjusted net income*	1,871	1,202	55.7
per diluted common share*	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)
Adjusted net income*	23.2 %	17.5 %	5.7
Book value per common share	81.08	69.67	16.4
Property-Liability combined ratio
Recorded	83.3	84.8	(1.5)
Underlying combined ratio*	77.1	82.1	(5.0)
Catastrophe losses	590	211	179.6
Total policies in force (in thousands)	182,912	151,622	20.6

• Measures used in this release that are not based on accounting principles generally accepted in the United States of America ("non- GAAP") are denoted with an asterisk and defined and reconciled to the most directly comparable GAAP measure in the "Definitions of Non-GAAP Measures" section of this document.

NM = not meaningful

"Allstate increased our customer base and generated excellent returns this quarter, reflecting strong operating results, the acquisition of National General and divestitures of the life and annuity businesses," said Tom Wilson, Chair, President and CEO of The Allstate Corporation. "Personal property-liability premiums earned and policies in force increased by 11.4% and 12.1% from the prior year, respectively. Revenues from the Protection Services segment increased by 21.6% from 2020, reflecting continued expansion of Allstate Protection Plans. The announced divestitures of the life and annuity businesses generated a $4.0 billion loss, which resulted in a net loss for the quarter of $1.4 billion. Adjusted net income*, however, was $1.9 billion, or $6.11 per common share, for the quarter, representing a 23.2% return on equity over the last twelve months.

"Our long-term approach to investing, reinsurance and building a digital insurer is creating shareholder value and positively impacted results this quarter," continued Wilson. "Total investment income increased by 188% ($708 million) as performance-based income rebounded from last year's first quarter loss. Gross catastrophe losses of $1.67 billion for the quarter were nearly eight times greater than 2020 but were offset by $1.08 billion of reinsurance and subrogation recoveries. The Transformative Growth plan to increase property-liability market share is also

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progressing, with higher new business sales in the Allstate brand, driven by the direct channel. Last year's cost reductions also enabled us to improve customer value while achieving an 83.3 combined ratio for the quarter," concluded Wilson.

First Quarter 2021 Results

• Total revenues of $12.5 billion in the first quarter of 2021 increased 26.2% compared to the prior year quarter, primarily reflecting the acquisition of National General. Higher earned premiums from Protection Services, increased performance-based investment income and net realized capital gains also contributed to revenue growth in the quarter.
• Net loss applicable to common shareholders was $1.4 billion in the first quarter of 2021, compared to net income of $513 million in the first quarter of 2020. This was driven by the previously announced agreements to sell Allstate Life Insurance Company and Allstate Life Insurance Company of New York, which generated an aggregate net loss of approximately $4 billion in the quarter.
• Adjusted net income* of $1.9 billion, or $6.11 per diluted share, increased $669 million compared to the prior year quarter, reflecting increased underwriting income and higher net investment income.

Property-Liability Results

		Three months ended March 31,
($ in millions, except ratios)		2021		2020	% / pts
			Change
Premiums written	$	9,768	$	8,592	13.7 %
Allstate Brand		8,421		8,370	0.6
National General		1,347		222	NM
Underwriting income		1,657		1,348	22.9
Allstate Brand		1,515		1,336	13.4
National General		138		14	NM
Recorded combined ratio		83.3		84.8	(1.5)
Allstate Protection auto		80.5		89.3	(8.8)
Allstate Protection homeowners		88.8		71.5	17.3
Underlying combined ratio*		77.1		82.1	(5.0)
Allstate Protection auto		80.1		88.7	(8.6)
Allstate Protection homeowners		67.7		62.4	5.3

• Property-Liabilitywritten premium of $9.8 billion increased 13.7% in the first quarter of 2021 compared to the prior year quarter, primarily driven by the acquisition of National General. Allstate brand written premium increased 0.6% to $8.4 billion. The recorded combined ratio of 83.3 in the first quarter of 2021 generated underwriting income of $1.7 billion, an increase of $309 million compared to the prior year quarter. Income increased primarily due to the addition of National General results and lower auto insurance losses in the Allstate brand, partially offset by higher catastrophe losses.
• • The underlying combined ratio* of 77.1 for the first quarter of 2021 was 5.0 points below the prior year quarter, reflecting lower non-catastrophe losses and an improved underwriting expense ratio.
  • The expense ratio of 23.2 decreased 2.5 points compared to the prior year quarter, due to the absence of Shelter-in-Place payments made in 2020 and cost reductions to improve customer value, partially offset by increased advertising. The expense ratio excluding Coronavirus-related expenses, restructuring charges and the amortization of purchased intangibles associated with the acquisition of National General was 22.8, an improvement of 0.5 points compared to the prior year quarter.
  • Allstate Protection auto insurance net written premium increased 12.9% and policies in force increased 14.1% compared to the prior year quarter, driven by the acquisition of National General. Allstate brand net written premium declined slightly, primarily due to lower average premiums from approved rate

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decreases. This more than offset new issued applications growth, primarily in the direct channel, driven by increased advertising and higher conversion rates.

The recorded combined ratio of 80.5 in the first quarter of 2021 was 8.8 points below the prior year quarter, and the underlying combined ratio* of 80.1 was 8.6 points below the prior year quarter, primarily due to decreased accident frequency and a lower expense ratio, partially offset by higher claim severity.

• Allstate Protection homeowners insurance net written premium grew 20.3% and policies in force increased 7.6% compared to the first quarter of 2020, due to the acquisition of National General and growth of Allstate brand policies. Allstate brand net written premium increased 5.0% compared to the prior year quarter, driven by higher average premiums and new issued application growth.
  The recorded combined ratio of 88.8 in the first quarter of 2021 was 17.3 points higher than the first quarter of 2020, primarily driven by increased catastrophe losses, partially offset by favorable prior year catastrophe reserve reestimates from reinsurance and subrogation recoveries, and increased premiums earned. The underlying combined ratio* of 67.7 was 5.3 points higher than the prior year quarter, reflecting the inclusion of National General's results and higher non-catastrophe losses.

Protection Services Results

		Three months ended March 31,
($ in millions)		2021		2020		% / $
				Change
Total revenues (1)	$	552	$	454		21.6 %
Allstate Protection Plans		275		219		25.6
Allstate Dealer Services		123		117		5.1
Allstate Roadside		59		60		(1.7)
Arity		64		30		113.3
Allstate Identity Protection		31		28		10.7
Adjusted net income (loss)	$	49	$	37	$	12
Allstate Protection Plans		45		34		11
Allstate Dealer Services		8		7		1
Allstate Roadside		4		2		2
Arity		2		(3)		5
Allstate Identity Protection		(10)		(3)		(7)

1. Excludes realized capital gains and losses

• Protection Services revenues increased to $552 million in the first quarter of 2021, 21.6% higher than the prior year quarter. Adjusted net income of $49 million increased by $12 million compared to the prior year quarter, primarily due to profitable growth at Allstate Protection Plans.
• • Allstate Protection Plans revenue of $275 million increased $56 million, or 25.6%, compared to the prior year quarter, reflecting increased policies in force. Adjusted net income of $45 million in the first quarter of 2021 was $11 million higher than the prior year quarter, driven by higher revenue from new business.
  • Allstate Dealer Services revenue of $123 million was 5.1% higher than the first quarter of 2020, driven by higher earned premium. Adjusted net income of $8 million in the first quarter was $1 million higher than the prior year quarter.
  • Allstate Roadside revenue of $59 million in the first quarter of 2021 decreased 1.7% compared to the first quarter of 2020. Adjusted net income of $4 million in the first quarter was $2 million favorable to the prior year quarter.
  • Arity revenue of $64 million was $34 million higher than the first quarter of 2020, primarily driven by the inclusion of Transparent.ly and LeadCloud as a result of the National General acquisition. Adjusted net income of $2 million in the first quarter of 2021 improved $5 million compared to the prior year quarter.

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• Allstate Identity Protection revenue of $31 million in the first quarter of 2021 increased 10.7% compared to the prior year quarter. Adjusted net loss of $10 million in the first quarter of 2021 was $7 million below the prior year quarter, primarily due to restructuring charges related to a facility closure.

Allstate Health and Benefits Results

	Three months ended March 31,
($ in millions)	2021	2020	% Change
Premiums and contract charges	455	282	61.3
Employer voluntary benefits	263	282	(6.7)
Group health	83	-	NM
Individual accident and health	109	-	NM
Adjusted net income	65	24	170.8

• Allstate Health and Benefits premiums and contract charges increased 61.3% compared to the prior year quarter, primarily due to the addition of group health and individual accident and health businesses following the acquisition of National General. Employer voluntary benefits premiums and contract charges declined 6.7%, driven by lower premiums primarily due to economic impacts from the Coronavirus and a reduction in policies in force. Adjusted net income of $65 million in the first quarter of 2021 increased by $41 million compared to the first quarter of 2020, primarily due to the addition of National General.

Allstate Investment Results

		Three months ended March 31,
($ in millions, except ratios)		2021		2020	$ / pts
			Change
Net investment income	$	708	$	246	462
Market-based investment income (1)		354		360	(6)
Performance-based investment income (1)		378		(86)	464
Realized capital gains (losses)		426		(162)	588
Change in unrealized net capital gains and losses, pre-tax		(1,374)		(1,125)	NM
Total return on investment portfolio		(0.2)%		(2.1)%	1.9
Total return on investment portfolio (trailing twelve months)		8.8 %		3.9 %	4.9

1. Investment expenses are not allocated between market-based and performance-based portfolios with the exception of investee level expenses.

• Allstate Investments $60.1 billion portfolio generated net investment income of $708 million in the first quarter of 2021, an increase of $462 million from the prior year quarter, driven by higher performance-based income.
• • Market-basedinvestment income totaled $354 million in the first quarter of 2021, a decrease of $6 million, or 1.7%, compared to the prior year quarter due to lower interest-bearing reinvestment yields, partially offset by higher average invested assets.
  • Performance-basedinvestment income totaled $378 million in the first quarter of 2021, an increase of $464 million compared to the prior year quarter. The increase primarily reflects higher private equity investment valuations and sales of underlying investments in the quarter.
  • Net realized capital gains were $426 million in the first quarter of 2021, compared to losses of $162 million in the prior year quarter, primarily due to gains on sales of fixed income securities and real estate and higher equity valuations.
  • Unrealized net capital gains decreased $1.4 billion from the prior year-end as increases in rates resulted in lower fixed income valuations.
  • Total return on the investment portfolio was (0.2%) for the first quarter of 2021.
• In the first quarter of 2021, the assets and liabilities of Allstate Life Insurance Company and Allstate Life Insurance Company of New York were reclassified as held for sale with results presented as discontinued operations. This

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includes $36.8 billion of assets and $33.4 billion of liabilities. Discontinued operations generated $205 million of income in the first quarter, excluding the $4 billion loss on disposition, primarily driven by higher performance- based income.

Proactive Capital Management

"Allstate continues to generate strong returns on capital, invest in growth and return significant cash to shareholders," said Mario Rizzo, Chief Financial Officer. "Adjusted net income return on equity* of 23.2% for the last 12 months improved 5.7 points compared to the prior year quarter due to excellent operating results and the divestitures of Allstate Life Insurance Company and Allstate Life Insurance Company of New York. In the first quarter, Allstate returned $765 million to shareholders through a combination of $601 million in share repurchases and $164 million in common share dividends. In February, we announced a quarterly dividend of $0.81, an increase of 50%, reflecting our growth strategy and sustainable earnings potential," concluded Rizzo.

Visit www.allstateinvestors.comfor additional information about Allstate's results, including a webcast of its quarterly conference call and the call presentation. The conference call will be at 9 a.m. ET on Thursday, May 6. Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.

Forward-Looking Statements

This news release 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. These 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. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could 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 may be found in our filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" section in our most recent annual report on Form 10-K.Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.

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