AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Evidence
The Allstate brand is widely known through the “You’re In Good Hands With Allstate®” slogan.
Business: brand recognition · Filed 20/02/2026
A proprietary database of underwriting and loss experience enables sophisticated pricing algorithms and methodologies to accurately price risks while seeking to attract and retain customers in multiple risk segments.
Allstate Protection: proprietary underwriting and loss database · Filed 20/02/2026
Comparison quotes and sales of Allstate, National General and non-proprietary protection insurance products
Distribution
Exclusive agency channel
In the U.S., we offer products through over 27,400 Allstate exclusive agents and
Products and distribution: exclusive agency channel · Filed 20/02/2026
In Canada, and on a limited basis in the U.S., we offer Allstate brand products through approximately 700 employee sales agents
Independent agency channel
In the U.S., we distribute our products through approximately 58,700 independent
agent locations
We offer products through approximately 2,200 sales representatives in contact centers and online.
Products and distribution: independent agency and direct channels · Filed 20/02/2026
Personal lines new business 2019 2025 — Broadest distribution in industry à 5.5 million — 2x higher à 11.6 million Exclusive agent Independent agent Direct Protection is Expanding Protection Services has over 170 million policies in force protecting electronics, mobile devices, appliances, auto breakdowns and identities.
Shareholder letter: personal-lines new business and distribution · Filed 10/04/2026
•Protection Plans extended contracts with Walmart, Home Depot and Costco, and expanded in Europe and Asia.
Protection Services: retail contract extensions · Filed 10/04/2026
Transformative Growth Improve Customer Value Seeking to be a low cost provider through cost reductions and new products, identifying savings opportunities for customers through proactive protection reviews and increasing pricing sophistication Broadening the benefits of being connected with the Allstate Mobile app and expanded use of telematics pricing sophistication Improving customer interactions and reducing customer effort Increasing Allstate agent efficiency and productivity, positioning them to deliver greater value to customers at lower costs Expand Customer Access Growing National General by expanding product offerings and independent agency relationships and leveraging Allstate pricing and product capabilities Increasing direct channel distribution through improved customer experiences, marketing and expanding sales capacity Increase Sophistication and Investment in Customer Acquisition Improving the effectiveness of customer acquisition by centralizing lead management and using data and advanced computing capabilities Optimizing marketing spend in geographic areas based on opportunity and target margin Deploy New Technology Ecosystem Deploying an advanced technology ecosystem to deliver affordable, simple, and connected experiences and products at a lower cost Using generative and agentic artificial intelligence to improve customer value Drive Organizational Transformation Improve effectiveness and efficiency by empowering talent with decision clarity, agile business processes, measurement science and advanced technology The Allstate Corporation 5 2025 Form 10-K Item 1.
Transformative Growth: low-cost ambitions and technology strategy · Filed 20/02/2026
Execute Transformative Growth
Improve Customer Value
Enterprise Net Promoter Score, which measures how likely customers are to recommend Allstate, finished below the prior year, reflecting the impact of substantial price increases necessary to offset higher loss costs.
2024 operating priorities: customer sentiment following price increases · Filed 24/02/2025
There is also significant competition for producers, such as exclusive and independent agents and their licensed sales professionals.
Risk factors: competition for producers · Filed 20/02/2026
Adjusted net income decreased 11.7% or $7 million in the second quarter of 2026 and decreased 13.0% or $15 million in the first six months of 2026 compared to the same periods of 2025, primarily reflecting lower margins on major appliances at Protection Plans.
Protection Services: lower adjusted income and appliance margins · Filed 05/08/2026
states and Canadian provinces. From time to time, regulatory authorities or legislative bodies seek to influence and restrict premium rates, require premium refunds to policyholders, require reinstatement of terminated policies, prescribe rules or guidelines on how affiliates compete in the marketplace, restrict the ability of insurers to cancel or non-renew policies, require insurers to continue to write new policies or limit their ability to write new
Second Quarter 2026 Form 10-Q 37
policies, limit insurers’ ability to change coverage terms or to impose underwriting standards, impose additional regulations regarding agency and broker compensation, regulate the nature of and amount of investments, impose fines and penalties for unintended errors or mistakes, impose additional regulations regarding cybersecurity and privacy, restrict the use of advanced technologies, non-traditional data sources, or large language models and otherwise expand overall regulation of insurance products and the insurance industry.
Notes: regulatory restrictions on rates, coverage and underwriting · Filed 05/08/2026
Customer satisfaction increased by improving interactions, including helping 7.8 million auto and homeowners insurance customers reduce their premiums by an average of 17%.
Shareholder letter: customer premium reductions and satisfaction · Filed 10/04/2026
Policies in force grew by 3% in 2025, including a return to growth in property-liability policies.
Shareholder letter: 2025 policy growth · Filed 10/04/2026
Increased advertising and reduced underwriting restrictions as higher average premium outpaced increased loss costs per policy.
2024 operating priorities: average premium outpacing loss costs · Filed 24/02/2025
Financial Information Item 1. Financial Statements The Allstate Corporation and Subsidiaries Condensed Consolidated Statements of Operations (unaudited) (In millions, except per share data) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenues Property and casualty insurance premiums $ 15,670 $ 15,041 $ 31,223 $ 29,739 Accident and health insurance premiums and contract charges 134 235 270 722 Other revenue 728 747 1,447 1,509 Net investment income 1,009 754 1,947 1,608 Net gains (losses) on investments and derivatives 1,055 (144) 650 (493) Total revenues 18,596 16,633 35,537 33,085 Costs and expenses Property and casualty insurance claims and claims expense 9,862 10,249 19,047 21,064 Accident, health and other policy benefits 72 188 148 521 Amortization of deferred policy acquisition costs 2,202 2,076 4,380 4,163 Operating costs and expenses 2,315 2,135 4,540 4,380 Pension and other postretirement remeasurement (gains) losses (146) — (127) 78 Restructuring and related charges 7 15 12 31 Amortization of purchased intangibles 46 57 93 116 Interest expense 96 100 194 200 Total costs and expenses 14,454 14,820 28,287 30,553 Gain on disposition of operations — 890 — 890 Income from operations before income tax expense 4,142 2,703 7,250 3,422 Income tax expense 871 604 1,521 727 Net income 3,271 2,099 5,729 2,695 Less: Net income (loss) attributable to noncontrolling interest — (10) 1 (9) Net income attributable to Allstate 3,271 2,109 5,728 2,704 Less: Preferred stock dividends 30 30 59 59 Net income applicable to common shareholders $ 3,241 $ 2,079 $ 5,669 $ 2,645 Earnings per common share: Net income applicable to common shareholders per common share - Basic $ 12.66 $ 7.86 $ 22.00 $ 9.98 Weighted average common shares - Basic 256.0 264.6 257.7 264.9 Net income applicable to common shareholders per common share - Diluted $ 12.51 $ 7.76 $ 21.73 $ 9.85 Weighted average common shares - Diluted 259.1 267.9 260.9 268.4 See notes to condensed consolidated financial statements.
Condensed consolidated statements of operations: earnings, claims, interest and shares · Filed 05/08/2026
($ in millions)
Return on Allstate common shareholders’ equity
Numerator:
Net income (loss) applicable to common shareholders
10,165
4,550
(316)
Denominator:
Beginning Allstate common shareholders’ equity
19,441
15,769
15,518
Ending Allstate common shareholders’ equity (1)
28,609
19,441
15,769
Average Allstate common shareholders’ equity
24,025
17,605
15,644
Return on Allstate common shareholders’ equity
42.3
25.8
(2.0
%)
Adjusted net income return on Allstate common shareholders’ equity
Numerator:
Adjusted net income*
9,304
4,906
251
Denominator:
Beginning Allstate common shareholders’ equity
19,441
15,769
15,518
Less: Unrealized net capital gains and losses
(771)
(604)
(2,255)
Adjusted beginning Allstate common shareholders’ equity
20,212
16,373
17,773
Ending Allstate common shareholders’ equity (1)
28,609
19,441
15,769
Less: Unrealized net capital gains and losses
297
(771)
(604)
Adjusted ending Allstate common shareholders’ equity
Non-GAAP reconciliations: GAAP common-equity returns and denominators · Filed 10/04/2026
4 www.allstate.com Condensed Consolidated Financial Statements The Allstate Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (unaudited) ($ in millions) Six months ended June 30, 2026 2025 Cash flows from operating activities Net income $ 5,729 $ 2,695 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and other non-cash items 187 259 Net (gains) losses on investments and derivatives (650) 493 Pension and other postretirement remeasurement (gains) losses (127) 78 Gain on disposition of operations — (890) Changes in: Claims and claims expense and other insurance reserves (22) 2,139 Unearned premiums 350 1,040 Deferred policy acquisition costs 12 (132) Premium installment receivables, net (417) (625) Reinsurance and indemnification recoverables, net 619 (708) Income taxes 355 (437) Other operating assets and liabilities 160 (75) Net cash provided by operating activities 6,196 3,837 Cash flows from investing activities Proceeds from sales Fixed income securities 41,555 32,392 Equity securities 9,412 4,608 Limited partnership interests 702 607 Other investments 75 1 Investment collections Fixed income securities 436 355 Mortgage loans 82 53 Other investments 46 15 Investment purchases Fixed income securities (43,019) (33,166) Equity securities (11,632) (2,660) Limited partnership interests (743) (690) Mortgage loans (47) (75) Other investments (152) (180) Change in short-term and other investments, net (420) (5,555) Purchases of property and equipment, net (83) (91) Proceeds from disposition of operations, net of cash transferred — 1,885 Net cash used in investing activities (3,788) (2,501) Cash flows from financing activities Contractholder fund deposits — 30 Contractholder fund withdrawals — (15) Dividends paid on common stock (541) (509) Dividends paid on preferred stock (59) (59) Treasury stock purchases (1,665) (439) Shares reissued under equity incentive plans, net 41 26 Other (22) 12 Net cash used in financing activities (2,246) (954) Net increase in cash 162 382 Cash at beginning of period 678 704 Less: Cash classified as assets held for sale at end of period — 91 Cash at end of period $ 840 $ 995 See notes to condensed consolidated financial statements.
Condensed consolidated cash flows: cash generation, investment and distributions · Filed 05/08/2026
Second Quarter 2026 Form 10-Q 3 Condensed Consolidated Financial Statements The Allstate Corporation and Subsidiaries Condensed Consolidated Statements of Shareholders’ Equity (unaudited) ($ in millions, except per share data) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Preferred stock par value $ — $ — $ — $ — Preferred stock additional capital paid-in 2,001 2,001 2,001 2,001 Common stock par value 9 9 9 9 Common stock additional capital paid-in Balance, beginning of period 4,169 4,048 4,158 4,029 Equity incentive plans activity, net 50 36 61 55 Balance, end of period 4,219 4,084 4,219 4,084 Retained income Balance, beginning of period 64,540 53,586 62,393 53,288 Net income 3,271 2,109 5,728 2,704 Dividends on common stock (declared per share of $1.08, $1.00, $2.16, and $2.00) (277) (265) (558) (533) Dividends on preferred stock (30) (30) (59) (59) Balance, end of period 67,504 55,400 67,504 55,400 Treasury stock Balance, beginning of period (38,820) (37,080) (38,206) (36,996) Shares acquired (1,054) (344) (1,680) (449) Shares reissued under equity incentive plans, net 32 6 44 27 Balance, end of period (39,842) (37,418) (39,842) (37,418) Accumulated other comprehensive income (loss) Balance, beginning of period (292) (509) 255 (889) Change in unrealized net capital gains and losses 142 387 (376) 807 Change in unrealized foreign currency translation adjustments (43) 84 (71) 39 Change in unamortized pension and other postretirement prior service credit — — (1) — Change in discount rate for reserve for future policy benefits — (19) — (14) Balance, end of period (193) (57) (193) (57) Total Allstate shareholders’ equity 33,698 24,019 33,698 24,019 Noncontrolling interest Balance, beginning of period (20) (3) (21) (75) Change in unrealized net capital gains and losses — (1) — 3 Noncontrolling income (loss) — (10) 1 (9) Capital transactions for noncontrolling interest — — — 67 Balance, end of period (20) (14) (20) (14) Total equity $ 33,678 $ 24,005 $ 33,678 $ 24,005 See notes to condensed consolidated financial statements.
Condensed consolidated shareholders' equity: income, distributions and equity activity · Filed 05/08/2026
For the year ended December 31, ($ in millions) 2025 2024 2023 Compensation expense $ 123 $ 125 $ 73 Income tax benefits 17 18 12 The Company records compensation expense related to awards under these plans over the shorter of the period in which the requisite service is rendered or retirement eligibility is attained.
Equity incentive plans: compensation expense · Filed 20/02/2026
Companies that do not maintain adjusted statutory capital and surplus at a level in excess of the company action level RBC, which is two times authorized control level RBC, are required to notify and file a RBC remediation plan to the domiciliary regulator and provide a copy of the remediation plan to state insurance regulators in which the insurer is authorized to do business.
Statutory financial information: company action level versus authorized control level RBC · Filed 20/02/2026
Total adjusted statutory capital and surplus and authorized control level RBC of AIC were estimated to be $20.75 billion and $4.23 billion, respectively, as of December 31, 2025.
Statutory financial information: AIC adjusted capital and authorized control level RBC · Filed 20/02/2026
As of June 30, 2026, we held $28.47 billion of cash, U.S.
Capital Resources and Liquidity: liquid asset amount · Filed 05/08/2026
government and agencies fixed income securities, public equity securities and short-term investments, which we would expect to be able to liquidate within one week.
Capital Resources and Liquidity: liquid asset composition and expected liquidation period · Filed 05/08/2026
Parent company capital capacity At the parent holding company level, we have deployable assets totaling $9.45 billion as of June 30, 2026, primarily comprised of cash and short-term, fixed income and equity securities that are generally saleable within one quarter.
Parent company capital capacity: deployable assets · Filed 05/08/2026
Based on the greater of 2025 statutory net income or 10% of actual December 31, 2025 statutory surplus, the maximum amount of dividends that AIC will be able to pay, without prior Illinois Department of Insurance approval, at a given point in time through February 2027, is $7.98 billion, less dividends paid during the preceding twelve months measured at that point in time.
Parent company capital capacity: AIC ordinary dividend limitation · Filed 05/08/2026
During the first six months of 2026, $4.00 billion of dividends have been paid.
Parent company capital capacity: dividends received from AIC · Filed 05/08/2026
58 www.allstate.com Investments Investments Portfolio composition and strategy (1) June 30, 2026 ($ in millions) Property-Liability Protection Services Corporate and all other Total Fixed income securities (2) $ 51,476 $ 1,707 $ 7,626 $ 60,809 Equity securities (3) 9,324 500 1,335 11,159 Mortgage loans, net 842 — — 842 Limited partnership interests 8,961 — 6 8,967 Short-term investments (4) 3,551 321 1,000 4,872 Other investments, net 1,153 — — 1,153 Total $ 75,307 $ 2,528 $ 9,967 $ 87,802 Percent to total 85.8 % 2.9 % 11.3 % 100.0 % Market-based $ 65,617 $ 2,488 $ 9,925 $ 78,030 Performance-based 9,690 40 42 9,772 Total $ 75,307 $ 2,528 $ 9,967 $ 87,802 (1) Balances reflect the elimination of related-party investments between segments.
Investments: portfolio composition · Filed 05/08/2026
Our catastrophe management strategy may adversely affect premium growth
Reserve reestimates
January 1 reserves
Reserve reestimates
Asbestos claims
774
804
811
Environmental claims
267
267
Other run-off lines
373
373
1,414
1,444
1,451
Underwriting loss
(154)
(73)
(94)
Reserve reestimates in 2025 primarily related to our annual reserve review based on new reported information for asbestos claims, new reported claims for environmental and other mass tort claims and increased projections for claims expenses.
Run-off Property-Liability: reserve reestimates and underwriting losses · Filed 20/02/2026
•The majority of the Company’s program comprises multi-year contracts, primarily placed in the traditional reinsurance market, such that generally one-third of the program is renewed every year.
Reinsurance: multi-year contracts and renewal structure · Filed 20/02/2026
As of December 31, 2025, the modeled 1-in-100 probable maximum loss for hurricane, earthquake and wildfire perils is approximately $3.1 billion, net of reinsurance.
Reinsurance: modeled probable maximum loss net of reinsurance · Filed 20/02/2026
Qualifying losses were $(28) million in 2025 due to a reduction in the expected recoveries for Hurricane Ian, $(1) million in 2024 including final settlements related to Hurricane Michael recoveries and $(6) million in 2023 including final settlements related to Hurricane Irma recoveries.
Reinsurance: reductions in expected FHCF recoveries · Filed 20/02/2026
In 2025, the Company paid $45 million toward the FAIR Plan’s $1 billion assessment and has received approval from the California Department of Insurance to recoup 50% of the amount paid.
Contingencies: FAIR Plan assessment paid and approved partial recoupment · Filed 20/02/2026
The accompanying cash flows are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, as follows: Second Quarter 2026 Form 10-Q 41 Notes to Condensed Consolidated Financial Statements ($ in millions) Six months ended June 30, 2026 2025 Cash flows from operating activities Net change in proceeds managed Net change in fixed income securities $ (566) $ (204) Net change in short-term investments 442 327 Operating cash flow (used) provided (124) 123 Net change in cash (1) — Net change in proceeds managed $ (125) $ 123 Net change in liabilities Liabilities for collateral, beginning of period $ (1,934) $ (2,041) Liabilities for collateral, end of period (2,059) (1,918) Operating cash flow provided (used) $ 125 $ (123) Note 14 Other Comprehensive Income (Loss) Components of other comprehensive income (loss) on a pre-tax and after-tax basis ($ in millions) Three months ended June 30, 2026 2025 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 77 $ (20) $ 57 $ 245 $ (54) $ 191 Less: reclassification adjustment of realized capital gains and losses (108) 23 (85) (248) 52 (196) Unrealized net capital gains and losses 185 (43) 142 493 (106) 387 Unrealized foreign currency translation adjustments (55) 12 (43) 106 (22) 84 Unamortized pension and other postretirement prior service credit (1) — — — — — — Discount rate for reserve for future policy benefits — — — (24) 5 (19) Other comprehensive income (loss) $ 130 $ (31) $ 99 $ 575 $ (123) $ 452 Six months ended June 30, 2026 2025 Pre-tax Tax After-tax Pre-tax Tax After-tax Unrealized net holding gains and losses arising during the period, net of related offsets $ (534) $ 115 $ (419) $ 629 $ (138) $ 491 Less: reclassification adjustment of realized capital gains and losses (55) 12 (43) (400) 84 (316) Unrealized net capital gains and losses (479) 103 (376) 1,029 (222) 807 Unrealized foreign currency translation adjustments (90) 19 (71) 49 (10) 39 Unamortized pension and other postretirement prior service credit (1) (1) — (1) — — — Discount rate for reserve for future policy benefits — — — (18) 4 (14) Other comprehensive (loss) income $ (570) $ 122 $ (448) $ 1,060 $ (228) $ 832 (1) Represents prior service credits reclassified out of other comprehensive income and amortized into operating costs and expenses.
Other comprehensive income: investment valuation changes · Filed 05/08/2026
Mix of Equity Incentives The CEO’s long‑term incentive awards are made up of: •70% performance share awards (PSAs) •30% stock options Other senior executives’ long‑term incentive awards are made up of: •60% performance share awards (PSAs) •20% stock options •20% restricted stock units (RSUs) PSAs and stock options are considered performance‑based pay because: •PSAs are earned only if specific performance goals are met •Stock options only have value if the company’s stock price increases 2025 CEO Equity Mix 2025 Other NEOs Equity Mix The Allstate Corporation | AllstateInvestors.com 57 Introduction Corporate Governance Executive Compensation Audit Matters Shareholder Proposal Stock Ownership Other Information Links and Resources Performance Stock Award Metrics and Purpose PSAs granted in 2025 Why Metric Was Chosen Average Performance Net Income ROE •Correlates to changes in long-term shareholder value.
Executive compensation: actual 2025 equity mix and performance metrics · Filed 10/04/2026
Carter
3,581
5,086
(1)The actual number of PSAs that will vest will vary from 0% to 200% of the target PSAs based on Average Performance Net Income ROE (60%) and Relative TSR (40%) for the measurement period.
2025 performance stock awards: payout range and metric weights · Filed 10/04/2026
Average performance net income is adjusted to reflect a maximum or minimum amount of after-tax catastrophe losses, if the average of actual after-tax catastrophe losses in the three-year cycle are more or less than those amounts, respectively.
Performance stock awards: catastrophe-loss adjustments · Filed 10/04/2026
Wilson, are independent according to applicable law, the NYSE Listing Standards and the Board’s Director Independence Standards •The nature of the relationships set forth in Appendix B (Categorical Standards of Independence) do not create a conflict of interest that would impair a director’s independence •The members of the Audit, Compensation and Human Capital, Nominating, Governance and Social Responsibility and Risk and Return Committees are independent according to applicable laws, the NYSE Listing Standards and the Board’s Director Independence Standards Director Nominee Independence 10 Independent Directors 91% of the board independent Additional Independence Considerations Directors with more than 12 years of service are subject to specific considerations to ensure an undiminished level of independence.
Corporate governance: director and committee independence · Filed 10/04/2026
Board of Directors Overall accountability of Allstate’s enterprise risk and return management Risk and Return Committee Audit Committee Compensation and Human Capital Committee Nominating, Governance and Social Responsibility Committee Review Frequency of Risk Areas Five times annually Four times annually Twice annually Twice annually Key Areas of Risk Oversight •ERRM Framework and risk-related decision making •Enterprise risk and return profile, including emerging risks •Enterprise resilience •AI governance •Risk and return perspective on strategic and operating plans •Extremely low frequency scenarios with potentially high impacts •System of internal controls over accounting and financial reporting and disclosures •External financial reporting •Effectiveness of ethics and compliance program and reporting •Cyber resilience and cyber security •Litigation and regulatory developments •Auditor independence •Executive compensation programs (design, performance measures and ranges in incentive plans), including review of the Chief Risk Officer’s assessment of incentive compensation programs •Senior executive succession planning •Human capital management, leadership and development, organizational health and pay equity •Corporate governance •Shareholder engagement •Political contributions and public policy activities, including review of the Chief Risk Officer’s assessment of political activities •Sustainability strategy, progress and reporting Reports From •Chief Risk Officer •Business unit chief risk officers •Senior business leaders •External experts •Chief Financial Officer, Chief Accounting Officer, Chief Audit Executive, Chief Risk Officer, Chief Ethics and Compliance Officer, Chief Information Security Officer, Deputy General Counsel, Global Litigation •Independent cybersecurity advisor •Independent registered public accountant •Chief Human Resources Officer •Chief Risk Officer •Independent compensation consultant •External and other internal experts •Deputy General Counsel, Corporate Law •SVP, Government Relations •Chief Risk Officer •External and other internal experts Management Management is responsible for the day-to-day implementation of the ERRM Framework.
Corporate governance: risk oversight responsibilities and review frequency · Filed 10/04/2026
•Shareholders have consistently demonstrated strong support for executive compensation programs, with 95% say-on-pay approval in 2025 and an average of 91% support over the past four years.
Executive compensation: historical say-on-pay results · Filed 10/04/2026
•Roadside Services leveraged a “gig” fulfillment network and technology to improve response time and customer satisfaction at a lower cost.
Protection Services: reported roadside operating improvements · Filed 10/04/2026
•Arity provides crash detection to over 50 million drivers, enhanced analytical tools to insurance companies and expanded into mobility intelligence by acquiring 49% of Replica.
Protection Services: Arity reach and Replica investment · Filed 10/04/2026
The Allstate Corporation S-3 2025 Form 10-K The Allstate Corporation and Subsidiaries Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Cash Flows Years Ended December 31, ($ in millions) 2025 2024 2023 Cash flows from operating activities Net income (loss) $ 10,282 $ 4,667 $ (188) Adjustments to reconcile net income to net cash provided by operating activities: Equity in net income of subsidiaries (10,068) (4,954) (257) Dividends received from subsidiaries 3,038 130 250 Net (gains) losses on investments and derivatives (7) 9 28 Pension and other postretirement remeasurement (gains) losses (25) (21) 12 Gain on disposition of subsidiaries (716) — — Changes in: Pension and other postretirement benefits (11) (36) 55 Income taxes 48 29 (78) Operating assets and liabilities 75 109 43 Net cash provided by (used in) operating activities 2,616 (67) (135) Cash flows from investing activities Proceeds from sales of investments 2,596 411 1,427 Investment purchases (4,311) (405) (50) Investment collections 52 374 85 Capital contribution or return of capital from subsidiaries — 325 975 Disbursements for loans to subsidiaries (285) (380) — Proceeds from loans to subsidiaries 530 26 — Change in short-term investments, net (100) (209) (7) Proceeds from disposition of subsidiaries 1,927 — — Net cash provided by investing activities 409 142 2,430 Cash flows from financing activities Proceeds from borrowings from subsidiaries — 350 — Repayment of notes due to subsidiaries (88) — (1,000) Proceeds from issuance of debt — 495 743 Redemption of preferred stock — — (575) Redemption and repayment of debt (600) — (750) Proceeds from issuance of preferred stock — — 587 Dividends paid on common stock (1,036) (962) (925) Dividends paid on preferred stock (117) (117) (107) Treasury stock purchases (1,233) (2) (335) Shares reissued under equity incentive plans, net 48 163 73 Other — (1) (6) Net cash used in financing activities (3,026) (74) (2,295) Net (decrease) increase in cash (1) 1 — Cash at beginning of year 1 — — Cash at end of year $ — $ 1 $ — See accompanying notes to condensed financial information and notes to consolidated financial statements.
Schedule II: parent-only financing, subsidiary disposition and cash flows · Filed 20/02/2026
46 www.allstate.com
Underwriting results
($ in millions, except ratios)
Premiums written
15,431
15,047
30,056
In Florida, we are not writing new homeowners business and completed the non-renewal of certain policies during the second quarter of 2026.
Property-Liability operations: Florida homeowners new-business cessation and non-renewals · Filed 05/08/2026
Total revenue increased 11.8% to $18.60 billion in the second quarter of 2026 and increased 7.4% to $35.54 billion in the first six months of 2026 compared to the same periods of 2025, primarily due to higher auto and homeowners insurance policies in force and valuation gains on equity investments.
Financial highlights: revenue growth and auto/homeowners policies in force · Filed 05/08/2026
Property-Liability policies in force decreased by 2.0% compared to the prior year, as continued growth at National General was more than offset by the Allstate brand and renewals declined in the auto insurance business.
2023 operating priorities: property-liability contraction and declining auto renewals · Filed 21/02/2024
In January 2025, the California Insurance Commissioner issued a mandatory one-year moratorium on non-renewing or canceling residential insurance coverage in specific zip codes affected by the wildfires.
Regulation: actual California cancellation and non-renewal moratorium · Filed 20/02/2026
44 www.allstate.com Financial Highlights ($ in millions) Q1 Q2 Consolidated net income applicable to common shareholders increased $1.16 billion to $3.24 billion in the second quarter of 2026 and increased $3.02 billion to $5.67 billion in the first six months of 2026 compared to the same periods of 2025, primarily due to higher underwriting income and valuation gains on equity investments.
Financial highlights: underwriting income and equity valuation contributions · Filed 05/08/2026
American Financial Group, Inc.
Kemper Corp
Chubb Limited
The Progressive Corporation
Cincinnati Financial Corporation
The Selective Insurance Group, Inc.
Executive compensation: TSR peer companies · Filed 10/04/2026
The Allstate Corporation S-5 2025 Form 10-K The Allstate Corporation and Subsidiaries Schedule III — Supplementary Insurance Information ($ in millions) As of December 31, For the years ended December 31, Segment Deferred policy acquisition costs Reserves for claims and claims expense, contract benefits and contractholder funds Unearned premiums Premium revenue and contract charges Net investment income Claims and claims expense and accident, health and other policy benefits Amortization of deferred policy acquisition costs Other operating costs and expenses Premiums written (excluding life) 2025 Allstate Protection $ 2,803 $ 39,153 $ 23,464 $ 57,682 $ 36,626 $ 7,003 $ 7,410 $ 59,546 Run-off Property-Liability — 1,852 — — 151 — 3 — Allstate Protection and Run-off Property-Liability net investment income (2) $ 3,157 Protection Services (1) 3,274 74 5,605 2,958 99 699 1,328 1,273 3,006 Allstate Health and Benefits — — — 490 24 379 30 214 187 Corporate — — — — 160 — — 512 — All other 86 271 11 456 9 277 28 336 678 Intersegment Eliminations (1) — — — (137) — (22) — (115) — Total $ 6,163 $ 41,350 $ 29,080 $ 61,449 $ 3,449 $ 38,110 $ 8,389 $ 9,633 $ 63,417 2024 Allstate Protection $ 2,548 $ 39,964 $ 21,508 $ 53,866 $ 39,050 $ 6,676 $ 6,882 $ 55,926 Run-off Property-Liability — 1,883 — — 68 — 5 — Allstate Protection and Run-off Property-Liability net investment income (2) $ 2,810 Protection Services (1) 3,161 70 5,385 2,702 94 641 1,217 1,138 2,797 Allstate Health and Benefits 1 187 2 1,466 94 991 119 590 1,211 Corporate — — — — 88 — — 515 — All other 63 82 14 455 6 250 27 356 433 Intersegment Eliminations (1) — — — (180) — (24) — (156) — Total $ 5,773 $ 42,186 $ 26,909 $ 58,309 $ 3,092 $ 40,976 $ 8,039 $ 9,330 $ 60,367 2023 Allstate Protection $ 2,378 $ 37,852 $ 19,542 $ 48,427 $ 40,364 $ 6,070 $ 5,628 $ 50,347 Run-off Property-Liability — 1,942 — — 89 — 5 — Allstate Protection and Run-off Property-Liability net investment income (2) $ 2,218 Protection Services (1) 3,022 64 5,150 2,381 73 632 1,058 956 2,663 Allstate Health and Benefits 497 2,162 2 1,441 78 888 124 567 1,214 Corporate — — — — 105 — — 676 — All other 43 73 15 405 4 183 26 314 384 Intersegment Eliminations (1) — — — (138) — (15) — (123) — Total $ 5,940 $ 42,093 $ 24,709 $ 52,516 $ 2,478 $ 42,141 $ 7,278 $ 8,023 $ 54,608 (1)Includes intersegment premiums and service fees and the related incurred losses and expenses that are eliminated in the consolidated financial statements.
Supplementary insurance information: premiums, claims and expenses · Filed 20/02/2026
•The Corporation and AIC have access to a $750 million unsecured revolving credit facility that is available for short-term liquidity requirements.
Liquidity: unsecured revolving credit facility · Filed 05/08/2026
