ALLSTATE CORP 10-K

Item 1. Business The Allstate Corporation was incorporated under the laws of the State of Delaware on November 5, 1992, to serve as the holding company for Allstate Insurance Company. Its business is conducted principally through Allstate Insurance Company and other subsidiaries (collectively, including The Allstate Corporation, “Allstate”). The Allstate Corporation is one of the largest publicly held personal lines insurers in the United States. Allstate’s strategy is to increase market share in personal property-liability and broaden protection offerings. The Allstate brand is widely known through the “You’re In Good Hands With Allstate®” slogan. The Allstate Corporation 1 2025 Form 10-K Item 1. Business Allstate at a Glance We empower customers with protection to help them achieve their hopes and dreams We provide affordable, simple and connected protection solutions We create opportunity for our team, economic value for our shareholders and improve communities 211 million policies in force (“PIF”) 53,000 employees 3rd largest personal property and casualty insurer in the United States (1) $83.24 billion investment portfolio What we do • Auto, homeowners and other personal lines insurance • Consumer product protection plans • Select commercial property and casualty coverages • Automotive protection and insurance products • Investment portfolio management • Roadside assistance • Identity protection • Mobility intelligence services and analytic solutions using automotive telematics information • Individual health insurance (1) Based on 2024 statutory direct premiums written according to A.M. Best Reportable segments Allstate Protection (1) Offers private passenger auto, homeowners, other personal lines and commercial insurance through exclusive agents, independent agents, contact centers and online under the Allstate, National General, Direct Auto and Answer Financial brands Run-off Property- Liability (1) Relates to property and casualty insurance policies written from the 1960s through the mid-1980s with exposure to asbestos, environmental and other claims in run-off Protection Services Protection Plans, Roadside, Dealer Services, Identity Protection and Arity provide consumer product protection plans, roadside assistance, automotive protection and insurance products, identity protection and restoration, and mobility intelligence services and analytic solutions using automotive telematics information Corporate Includes holding company activities and certain non-insurance operations (1)  Allstate Protection and Run-off Property-Liability segments comprise Property-Liability. In this Annual Report on Form 10-K, we occasionally refer to statutory financial information. All domestic United States insurance companies are required to prepare statutory-basis financial statements. As a result, industry data is available that enables comparisons between insurance companies, including competitors that are not required to prepare financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). We frequently use industry publications containing statutory financial information to assess our competitive position. 2 www.allstate.com 2025 Form 10-K Item 1. Business Our Shared Purpose, Strategy and Segment Information Established Our Shared Purpose in 2007 to articulate Allstate’s purpose and obligations to key stakeholders: customers, shareholders, employees and communities. The strategy to achieve those objectives is linked to operational execution by articulating values, operating standards and behaviors. Our Shared Purpose As the Good Hands... We empower customers with protection to help them achieve their hopes and dreams We provide affordable, simple and connected protection solutions We create economic value for our shareholders, opportunity for our team and improve communities Our Values • Integrity is non-negotiable • Inclusive Diversity leverages differences • Collective Success prioritizes enterprise outcomes Our Operating Standards • Focus on Customers by exceeding service expectations at low costs • Be the Best at serving customers, developing talent and running our businesses • Be Bold with original ideas using speed and conviction • Earn Attractive Returns by providing customer value and accepting risk Our Behaviors • Collaborate to implement comprehensive solutions • Challenge Ideas to evaluate multiple alternatives • Provide Clarity for expected outcomes, authority and accountability • Give Feedback that is candid and actionable The Allstate Corporation 3 2025 Form 10-K Item 1. Business Our strategy has two components: increase personal property-liability market share and expand protection offerings by leveraging the Allstate brand, customer base and capabilities. Allstate Protection’s strategy is to be a low cost digital provider that offers Affordable, Simple and Connected products. Allstate Protection will increase personal lines market share through Transformative Growth. Transformative Growth is about creating a business model, capabilities and culture that continually transform to better serve customers. This is achieved through our multi-channel distribution strategy, which leverages our exclusive agency, independent agency and direct channels to deliver affordable, simple and connected protection. Transformative Growth enhanced our direct sales capabilities and successfully repositioned distribution, driving new business growth in all channels. The ultimate objective is to enhance customer value and grow all businesses by: • Improving customer value by providing low cost affordable, simple and connected protection solutions • Expanding customer access to Allstate and National General products and services through a wide variety of distribution channels • Increasing sophistication and investment in customer acquisition • Deploying new technology ecosystems that are more flexible and enable a digital customer experience • Driving organizational transformation Protection Services’ strategy is to better serve and connect to customers by innovating new products and services, expand distribution and provide affordable, simple and connected protection solutions. Protection Plans Expand distribution and product breadth of consumer protection plans through new and existing retailers and mobile operators across North America, Europe and Asia. Roadside Modernize the roadside assistance business through technology and enhanced digital capabilities to deliver a superior customer experience. Dealer Services Expand distribution of Allstate branded protection and insurance products through auto dealerships, business partnerships and direct to consumer. Identity Protection Create a leading position in the identity protection and restoration market, offering full-service identity protection and expand partnership and direct to consumer distribution channels. Arity Provide industry-leading telematics and mobility insights to insurance companies, retailers, mapping and traffic companies, public sector and consumer mobile apps. 4 www.allstate.com 2025 Form 10-K Item 1. Business Allstate Protection Segment Our Allstate Protection segment accounted for 93.9% of Allstate’s 2025 consolidated insurance premiums and contract charges and 18.1% of Allstate’s December 31, 2025 PIF. This segment includes private passenger auto, homeowners and other personal lines products. We serve our customers through three distribution channels: exclusive agency, independent agency and direct channels primarily under the Allstate and National General (including Direct Auto) brands. Our products and services are tailored to meet different customer needs and distribution preferences. 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. Business Products and distribution Allstate Protection differentiates itself by offering a comprehensive range of affordable, simple and connected protection solutions across distribution channels for specific consumer segments. Protection Products Insurance Products Auto Homeowners Specialty auto (motorcycle, trailer, motor home and off-road vehicle) Other personal lines (renters, condominium, landlord, boat, umbrella, manufactured home, scheduled personal property and valuable item protection) Commercial lines Other business lines includes commissions earned from brokered property and casualty and life and annuity products, and lender-placed products Answer Financial 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 licensed sales professionals. We also have 600 exclusive financial specialists who offer non-proprietary life and annuity insurance and investment products. 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 Direct channel We offer products through approximately 2,200 sales representatives in contact centers and online. Direct Auto products are also available through employees in approximately 500 retail stores Strategy updates and additional information Allstate exclusive agents and direct channel Our Affordable, Simple and Connected auto and homeowners insurance products are available in 43 and 31 states, respectively, with rollout completion targeted for 2026. This includes a simplified shopping and customer experience and enhanced pricing sophistication that provides a seamless experience for customers. Independent Agents Our Custom360® middle market standard and preferred auto and homeowners insurance products were rolled out to 36 states at the end of 2025. 6 www.allstate.com 2025 Form 10-K Item 1. Business Allstate Protection pricing and risk management strategies Our pricing and underwriting strategies and decisions are designed to generate sustainable profitable growth while providing affordable solutions to customers. 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. • For auto insurance, risk evaluation factors can include, but are not limited to: vehicle make, model and year; driver age and marital status; territory; years licensed; loss history; years insured with prior carrier; prior liability limits; prior lapse in coverage; and insurance scoring utilizing telematics data and other consumer information. • For property insurance, risk evaluation factors can include, but are not limited to: geographic location of the property; loss history; age, condition and construction characteristics of the property; insurance scoring utilizing other consumer information; and the amount of insurance purchased. The pricing strategy involves local marketplace pricing and underwriting decisions based on risk evaluation factors to the extent permissible by applicable law and an evaluation of competitors. Pricing of property products is intended to generate risk-adjusted returns that are acceptable over a long-term period. Rate increases and decreases are pursued to keep pace with loss cost trends including the impacts of inflation and losses from catastrophic events and those that are weather related (such as wind, hail, lightning and freeze not meeting our criteria to be declared a catastrophe). We also take into consideration potential customer disruption, the impact on our ability to market our products, regulatory limitations, our competitive position and profitability. In any reporting period, loss experience from catastrophic events and weather-related losses may contribute to negative or positive underwriting performance relative to the expectations incorporated into product pricing. Property catastrophe exposure is managed with the goal of providing shareholders an acceptable return on the risks assumed, managing variability of earnings, while providing protection to our customers. Catastrophe exposure management includes purchasing reinsurance to provide coverage for known exposure to hurricanes, earthquakes and fires following earthquakes, wildfires and other catastrophes. Our current catastrophe reinsurance program utilizes the Company’s risk and return framework which incorporates a robust economic capital model and is informed by catastrophe risk models including hurricanes, earthquakes and wildfires. We monitor risk both in aggregate and by peril, while also evaluating model performance relative to experience and expectations of catastrophe risk trends. 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. We continually review aggregate risk appetite and the cost and availability of reinsurance to optimize the risk and return profile of this exposure. The use of different assumptions and updates to industry models and to our risk transfer program could materially change the projected loss. Growth strategies include areas where we believe diversification can be enhanced and an appropriate return can be earned for the risk. As a result, our modeled exposure may increase. In addition, we have exposure to other severe weather events, which impact catastrophe losses. We are promoting measures to prevent and mitigate losses that are increasing due to climate change and increased severe weather including making homes and communities more resilient, enforcement of stronger building codes, adoption of sensible land use policies, expanded disaster response capabilities and creation of public risk sharing mechanisms. Commercial lines strategy The commercial lines strategy is focused on growing National General commercial auto product lines sold through exclusive and independent agents. We are expanding offerings geographically and increasing product lines, including brokered solutions to meet diverse customer needs. We no longer offer Allstate brand commercial policies. The Allstate Corporation 7 2025 Form 10-K Item 1. Business Other business lines Allstate, through Ivantage Insurance Agency, collaborates with select carriers to provide complementary products in areas where Allstate has limited risk appetite, enabling us to meet a broader range of customer needs. We also offer non-proprietary life and annuity products offered by third-party providers. In addition, we provide lender-placed insurance products to customers through agreements with lenders and general agents. Answer Financial strategy Answer Financial is an insurance agency that sells Allstate and other insurance companies’ products directly to customers. Our strategy as a technology-enabled insurance agency is to provide comparison shopping and related services for consumers, offering choice, convenience and ease of use. Compensation structure Exclusive agent Allstate exclusive agents are rewarded for customer value, profitable growth and household penetration. Compensation includes a monthly base commission as a percentage of eligible written premium, variable pay for new customer acquisition and product bundling and monthly and annual bonuses based on profitable customer growth. Independent agent Independent agents are rewarded for profitable growth and profit targets. Agents receive a monthly base commission as a percentage of their total eligible written premium. Annual profit share opportunity is based upon achieving premium growth and profit targets. Additional annual incentives are offered to key agency partners to reach specific growth targets. Direct channel employee agents Direct channel employee agents receive a base salary as well as variable compensation for selling a variety of products. Employee agents sell products through contact centers and offer Direct Auto products through retail stores. 8 www.allstate.com 2025 Form 10-K Item 1. Business Product offerings and features Affordable, Simple, Connected Enhanced insurance experience and products, making them affordable, simple and connected. Examples include fewer questions for customers to answer before getting a quote, easy-to-understand coverage descriptions and customized coverage offers and an industry-leading rating plan. Offered through the exclusive agency and direct channels in 43 states for auto, 30 states for renters and 31 states for both homeowners and valuable item protection as of December 31, 2025. Product suite includes feature options for qualified customers similar to Your Choice Auto®, such as Accident Forgiveness and Auto Replacement Protection and features such as more flexible transportation expense and expanded household composition options. Allstate House and Home® Featured options include Claim RateGuard®, Claim-Free Bonus, Deductible Rewards® and flexibility in options and coverages, including graduated roof coverage and pricing based on roof type and age for damage related to wind and hail events. Offered through the exclusive agency and direct channels. Bundling Benefits Auto customers with a qualifying property policy are provided an auto renewal guarantee and a deductible waiver (when the same event, with the same covered cause of loss, damages both auto and property). Offered in 47 states and District of Columbia (“D.C.”) as of December 31, 2025, through the exclusive agency and direct channels. Auto Replacement Protection Replaces a qualifying customer’s vehicle involved in a total loss accident with a newer vehicle or higher-valued vehicle. Offered in 48 states and D.C. as of December 31, 2025, through the exclusive agency and direct channels. Custom360® Endorsements and coverage amounts can be scaled up or down to create a custom, needs-based insurance solution for customers at all stages in life. Leverages Allstate analytics and rating plans adapted to the independent agency channel. Offered in 36 states as of December 31, 2025. Telematics-based solutions Drivewise® Telematics-based program, available in 48 states and D.C. as of December 31, 2025, offered through the exclusive agency and direct channels, that uses a mobile application or an in-vehicle device to capture driving behaviors and encourage safe driving. It provides customers with information, tools and more accurate individual pricing. Milewise® Usage-based insurance product, available in 21 states and D.C. as of December 31, 2025, through the exclusive agency and direct channels, that gives customers flexibility to customize their insurance and pay based on the number of miles they drive. DynamicDrive® Mobile-based telematics application, available in 44 states as of December 31, 2025, offered through the independent agency and direct channels, used to capture driving behaviors and to more accurately rate customers. The Allstate Corporation 9 2025 Form 10-K Item 1. Business Competition The personal lines insurance markets, including private passenger auto and homeowners insurance, are highly competitive. The following charts provide Allstate Protection’s combined market share compared to our principal U.S. competitors using statutory direct written premium for the year ended December 31, 2024, according to A.M. Best. Personal lines insurance Private passenger auto insurance Homeowners insurance Geographic markets We primarily operate in the U.S. (all 50 states and D.C.) and Canada. Our top geographic markets based on 2025 statutory direct premiums are reflected below. Personal lines insurance Private passenger auto insurance Homeowners insurance 10 www.allstate.com 2025 Form 10-K Item 1. Business Protection Services Segment Our Protection Services segment accounted for 5.0% of Allstate’s 2025 consolidated total revenue and 81.6% of Allstate’s December 31, 2025 PIF. Protection Services includes Protection Plans, Roadside, Dealer Services, Identity Protection and Arity, which offer a broad range of products and services that expand and enhance customer value propositions. Products and distribution Products and services Protection Plans Consumer protection plans and related technical support for mobile phones, consumer electronics and major appliances which provide customers protection from mechanical or electrical failure, and in certain cases, accidental damage. Also provides coverage for accidental damage on furniture Roadside Towing, jump-start, lockout, fuel delivery and tire change services Dealer Services Protection and insurance products, including vehicle service contracts, guaranteed asset protection waivers, road hazard tire and wheel, and paint and fabric protection Identity Protection Identity protection and restoration, consumer cybersecurity, privacy and family digital safety services Arity Telematics-enabled mobility insights and services created from data collected, normalized and analyzed by the Arity platform, including automotive telematics information. Product suite includes on-demand risk scoring (Arity IQ), marketing lead generation and sales, services related to leads, digital advertising, data integration, traditional telematics and data-as-a-service solutions Distribution channels Protection Plans Retailers and mobile operators, in-store or online Roadside Allstate exclusive agents, direct to consumer, wholesale partners, affinity groups and on-demand mobile application service Dealer Services Independent agents selling through auto dealerships in the U.S. in conjunction with the purchase of a new or used vehicle and direct to dealers and consumers Identity Protection Workplace benefit programs, partnerships with financial institutions and direct to consumer delivered through enterprise partnerships, online and mobile application sales and direct to Allstate customers Arity Strategic partnerships to both affiliate and non-affiliate customers Geographic markets Protection Services primarily operates in the U.S. and Canada, with Protection Plans also offering services in Europe and Asia. Competition We compete on a variety of factors, including product offerings, brand recognition, financial strength, price and customer experience. The market for these services is highly competitive. The Allstate Corporation 11 2025 Form 10-K Item 1. Business Run-off Property-Liability Segment Our Run-off Property-Liability segment includes results from property and casualty insurance coverage that primarily relates to policies written from the 1960s through the mid-1980s. Management of this segment has been assigned to a designated group of professionals with expertise in claims handling, policy coverage interpretation, exposure identification, litigation and reinsurance collection. We may pursue settlement agreements including policy buybacks on direct excess commercial business when appropriate to improve the certainty of the liabilities. Settlement agreements are negotiated contracts between Allstate and third parties that generally set forth the rights and obligations of the parties, including terms of payment for claims. At the end of 2025, 66% of the gross case reserves, excluding incurred but not reported, on the run-off direct excess commercial business were attributable to settlement agreements. This group also manages other direct commercial and assumed reinsurance business in run-off and engages in reinsurance ceded and assumed commutations as required or when considered economically advantageous. Changes in the reserves established for asbestos, environmental and other run-off lines losses have occurred and may continue. Reserve changes can be caused by new information relating to new and additional claims, new exposures or the impact of resolving unsettled claims based on unanticipated events such as arbitrations, litigation, legislative, judicial or regulatory actions. Environmental losses may also increase as the result of additional funding for environmental site clean-up. Challenges related to the concentration of insurance and reinsurance claims from companies who specialize in this business continue to be addressed. Corporate Our Corporate segment is comprised of holding company activities and certain non-insurance operations, including expenses associated with strategic initiatives. 12 www.allstate.com 2025 Form 10-K Item 1. Business Regulation Allstate is subject to extensive regulation, primarily at the U.S. state level. The method, extent and substance of such regulation vary by state but generally have their source in statutes that establish standards and requirements for conducting the business of insurance and that also delegate regulatory authority to a state agency. These rules have a substantial effect on our business and relate to a wide variety of matters, including insurer solvency and statutory surplus sufficiency, reserve adequacy, insurance company licensing and examination, agent and adjuster licensing, agent and broker compensation, policy forms, rate setting, the nature and amount of investments, claims practices, participation in shared markets and guaranty funds, transactions with affiliates, the payment of dividends, underwriting standards, statutory accounting methods, trade practices, privacy regulation and data security, corporate governance and risk management. In addition, state legislators and insurance regulators continue to examine the appropriate nature and scope of state insurance regulation. For a discussion of regulatory contingencies, see Note 14 of the consolidated financial statements. Note 14 and Note 16 are incorporated in this Part I, Item 1 by reference. For a discussion of statutory financial information, see Note 16 of the consolidated financial statements. Allstate is also subject to regulation at the U.S. Federal level and by governments, regulators, and agencies in jurisdictions outside of the U.S. in which we conduct business. The Dodd-Frank Wall Street Reform and Consumer Protection Act created the Federal Insurance Office (“FIO”) within the U.S. Department of the Treasury (“U.S. Treasury”). The FIO monitors the insurance industry, provides advice to the Financial Stability Oversight Council (“FSOC”), represents the U.S. on international insurance matters, and studies the current regulatory system. Additional regulations or new requirements may emerge from the activities of various regulatory entities, including the Federal Reserve Board, FIO, FSOC, the National Association of Insurance Commissioners (“NAIC”), and the International Association of Insurance Supervisors, that are evaluating solvency and capital standards for insurance company groups. Most states have adopted substantially similar versions of the NAIC Insurance Holding Company System Model Act and the Insurance Holding Company System Model Regulation. Other states, including New York and Massachusetts, have adopted modified versions of the model act, although the supporting regulation is substantially similar to the model regulation. We cannot predict whether any specific state or federal measures will be adopted to change the nature or scope of the regulation of insurance or what effect any such measures would have on Allstate. We are working for changes in the regulatory environment to make insurance more available and affordable for customers, encourage market innovation, improve driving safety, strengthen cybersecurity and promote better catastrophe preparedness and loss mitigation. Limitations on dividends by insurance subsidiaries As a holding company with most business operations conducted by subsidiaries, The Allstate Corporation relies on dividends from Allstate Insurance Company as one of the principal sources of cash to pay dividends and to meet its obligations, including the payment of principal and interest on debt or to fund non-insurance-related businesses. Allstate Insurance Company is regulated as an insurance company in Illinois, and its ability to pay dividends is restricted by Illinois law. The laws of the other jurisdictions that generally govern our other insurance subsidiaries contain similar limitations on the payment of dividends. However, such laws in some jurisdictions may be more restrictive. For additional information regarding limitations, see Part II, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations, Capital Resources and Liquidity of this report. In addition, the NAIC adopted a group capital calculation covering all entities of the insurance company group for use in solvency monitoring activities by regulators. Any increase in the amount of capital or reserves our insurance subsidiaries are required to hold could reduce the amount of future dividends such subsidiaries are able to distribute to the holding company. Any reduction in the risk-based capital ratios of our insurance subsidiaries could also adversely affect their financial strength ratings as determined by statistical rating agencies. We have not experienced, and we do not expect to experience, any impact from the group capital calculation on our current dividend plans. Insurance holding company regulation – change of control The Allstate Corporation is a holding company and its insurance subsidiaries are subject to regulation in the jurisdictions in which they write business. In the U.S., these subsidiaries are organized under the insurance codes of Alabama, California, Florida, Illinois, Massachusetts, Mississippi, New Jersey, New York, North Carolina and Texas. Additionally, some of these subsidiaries are considered commercially domiciled in California, Florida, and Texas. Generally, the insurance codes in these states provide that the acquisition or change of “control” of a domestic or commercially domiciled insurer or of any person that controls such an insurer cannot be consummated without the prior approval of the relevant insurance regulator. In general, a presumption of “control” arises from the ownership, control, possession with the power to vote, or possession of proxies with respect to ten percent or more of the voting securities of an insurer or of a person who controls an insurer. In addition, certain state insurance laws require pre-acquisition notification to state agencies of a change in control with respect to a non- The Allstate Corporation 13 2025 Form 10-K Item 1. Business domestic insurance company licensed to do business in that state. While such pre-acquisition notification statutes do not authorize the state agency to disapprove the change of control, such statutes do authorize certain remedies, including the issuance of a cease-and-desist order with respect to the non-domestic insurer if certain conditions exist, such as undue market concentration. Thus, any transaction involving the acquisition of ten percent or more of The Allstate Corporation’s common stock would generally require prior approval by the state insurance departments in Alabama (where the threshold is five percent or more of The Allstate Corporation’s common stock), California, Florida, Illinois, Massachusetts, Mississippi, New Jersey, New York, North Carolina and Texas. Moreover, notification would be required in those other states that have adopted pre-acquisition notification provisions and where the insurance subsidiaries are admitted to transact business. Such approval requirements may deter, delay or prevent certain transactions affecting the ownership of The Allstate Corporation’s common stock. Rate regulation Nearly all states and D.C (collectively, “locations”) have insurance laws requiring personal property and casualty insurers to file rating plans, policy or coverage forms, and other information with the location’s regulatory authority. In many cases, such rating plans, policy forms, or both must be approved prior to use. The speed with which an insurer can change rates in response to competition or increasing costs depends on the location’s rating laws, which include the following categories: • Prior approval — Regulators must approve a rate before the insurer may use it (21 locations for auto and 20 locations for home). Some of these permit insurers to make rate changes without prior approval within a limited range • File-and-use — Insurers do not have to wait for the regulator’s approval to use a rate, but the rate must be filed with the regulatory authority prior to being used (20 locations for auto and 21 locations for home) • Use-and-file — Requires an insurer to file rates within a certain period of time after the insurer begins using them (9 locations for auto and home) • No filing or approval — One location for auto and home, with an immaterial amount of written premiums, does not require a filing to be submitted Under these rating laws, the regulator has the authority to disapprove a rate filing. An insurer’s ability to adjust its rates in response to competition or to changing costs is dependent on an insurer’s ability to demonstrate to the regulator that its rates or proposed rating plan meets the requirements of the rating laws. In those locations that significantly restrict an insurer’s discretion in selecting the business that it wants to underwrite, an insurer can manage its risk of loss by charging a rate that reflects the cost and expense of providing the insurance. In those locations that significantly restrict an insurer’s ability to charge a rate that reflects the cost and expense of providing the insurance, the insurer may be able to manage its risk of loss by being more selective in the type of business it underwrites. When a location significantly restricts both underwriting and pricing, it becomes more difficult for an insurer to maintain its targeted level of profitability. From time to time, the personal lines insurance industry comes under pressure from state regulators, legislators, and special-interest groups to reduce, freeze, or set rates at levels that do not correspond with underlying costs, catastrophe loss exposure, and expenses. We expect this kind of pressure to persist. Allstate and other insurers are using increasingly sophisticated pricing models and rating plans that are reviewed by regulators and special-interest groups. Regulators may limit the ability of insurers to include variables in their rating plans even though they are indicative of risk. Regulators may interpret existing law or rely on future legislation or regulations to impose new restrictions that adversely affect profitability or growth. We cannot predict the impact on our business of possible future legislative and regulatory measures regarding insurance rates. We are also subject to limitations for cancellations and non-renewals for certain periods of time due to catastrophe events. 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. Involuntary markets As a condition of maintaining our licenses to write personal property and casualty insurance in various states, we are required to participate in assigned risk plans, reinsurance facilities, and joint underwriting associations that provide various types of insurance coverage to individuals or entities that otherwise are unable to purchase such coverage from private insurers, including the California FAIR Plan Association. 14 www.allstate.com 2025 Form 10-K Item 1. Business For a discussion of these items see Note 14 of the consolidated financial statements. Note 14 is incorporated in this Part I, Item 1 by reference. Indemnification programs We are a participant in state-based industry pools, facilities or associations, mandating participation by insurers offering certain coverage in their state, including the Michigan Catastrophic Claims Association (“MCCA”), the New Jersey Property-Liability Insurance Guaranty Association, the North Carolina Reinsurance Facility and the Florida Hurricane Catastrophe Fund. We also sell and service Federal Government National Flood Insurance Program (“NFIP”) flood policies as an agent of the Federal Emergency Management Agency (“FEMA”). For a discussion of these items see Note 11 of the consolidated financial statements and Part II, Item 7 - Management’s Discussion and Analysis of Reinsurance and indemnification programs. Note 11 is incorporated in this Part I, Item 1 by reference. Guaranty funds Under state insurance guaranty fund laws, insurers doing business in a state can be assessed, up to prescribed limits, in order to cover certain obligations of insolvent insurance companies. We do not anticipate any material adverse financial impact on Allstate from these assessments. For a discussion of these items see Note 14 of the consolidated financial statements. Note 14 is incorporated in this Part I, Item 1 by reference. Investment regulation Our insurance subsidiaries are subject to state regulation that specifies the types of investments that can be made and concentration limits of invested assets. Failure to comply with these rules leads to the treatment of non-conforming investments as non-admitted assets for purposes of measuring statutory surplus. Further, in some instances, these rules require divestiture of non-conforming investments. The NAIC periodically reviews the statutory accounting and risk-based capital (“RBC”) requirements for investments and makes changes from time to time. Exiting geographic markets; canceling and non-renewing policies Most states regulate an insurer’s ability to exit a market. For example, states may limit, to varying degrees, an insurer’s ability to cancel and non-renew policies. Some states restrict or prohibit an insurer from withdrawing one or more types of insurance business from the state, except pursuant to a plan that is approved by the state insurance department. Regulations that limit cancellation and non-renewal and that subject withdrawal plans to prior approval requirements may restrict an insurer’s ability to exit unprofitable markets. Broker-dealer and investment advisers The Allstate entities that operate as a broker-dealer and registered investment advisers are subject to regulation and supervision by the Securities and Exchange Commission (“SEC”), Financial Institution Regulatory Authority and/or, in some cases, state securities administrators. The SEC has proposed rules and amendments related to cybersecurity risk management and cybersecurity-related disclosure for broker-dealers, registered investment advisers, registered investment companies, and business development companies. The SEC has adopted a comprehensive set of rules and interpretations for broker-dealers and investment advisers, including Regulation Best Interest. In addition, individual states and their securities regulators have and may adopt their own enhanced conduct standards for broker-dealers that could impact products provided by Allstate agents and Allstate’s broker-dealer, their sales processes, sales volume, and producer compensation arrangements. Climate disclosures In October 2023, California enacted several climate disclosure bills. One of these is the Climate Corporate Data Accountability Act, which requires disclosure and assurance over greenhouse gas emissions using a phased reporting approach. The California Air Resources Board has issued proposed regulations with an initial reporting deadline of August 2026. Allstate has publicly reported its greenhouse gas inventory since 2010 and is well-positioned to comply with the new law, subject to the proposed regulations being finalized. We will continue evaluating the anticipated impacts and scope of the new laws on our reporting and disclosures. Privacy regulation and data security Federal law and the laws of many states require companies, including financial institutions, to protect the security and confidentiality of consumer information and to notify consumers about their policies and practices relating to collection, use, disclosure, and protection of consumer information. Federal law and the laws of many states also regulate disclosures and disposal of consumer information. Congress, state legislatures, and regulatory authorities continue to consider additional privacy regulation. In addition to laws and regulations specific to financial institutions, there are comprehensive privacy laws that apply across industries. For example, the California Consumer Privacy Act, as well as similar laws in Virginia, Connecticut, and many other states, impose significant compliance requirements for certain larger businesses in those states. Among other things, these privacy laws provide consumers with privacy rights such as the right to request access to or deletion of their personal information. The California Consumer Privacy Act also established a new privacy regulatory agency. In November 2023, the New York State Department of Financial Services amended its cybersecurity regulation, including both new and heightened requirements. Many states have now adopted some form of the NAIC Insurance Data Security Model Law, establishing standards for data security, including the investigation of and notification to insurance commissioners of cybersecurity events. Additional states are also likely to adopt similarly themed cybersecurity requirements in the future. We cannot predict the impact on our business of possible future legislative or regulatory measures regarding privacy or cybersecurity. The Allstate Corporation 15 2025 Form 10-K Item 1. Business Asbestos, environmental and other run-off lines Congress has repeatedly considered legislation to address asbestos claims and litigation in the past. We cannot predict the impact on our business of possible future legislative measures regarding asbestos. Environmental pollution and clean-up of polluted waste sites is the subject of federal and state regulation. The Comprehensive Environmental Response Compensation and Liability Act of 1980 and comparable state statutes (collectively, the “Environmental Clean-up Laws” or “ECLs”) govern the clean-up and restoration of waste sites by Potentially Responsible Parties (“PRPs”). The ECLs establish a mechanism to assign liability to PRPs or to fund the clean-up of waste sites if PRPs fail to do so. The extent of liability to be allocated to a PRP depends on a variety of factors. The insurance industry is involved in extensive litigation regarding coverage issues arising out of the clean-up of waste sites by insured PRPs and the insured parties’ alleged liability to third parties responsible for the clean-up. Allstate’s exposure to liability with regard to its insureds that have been, or may be, named as PRPs is uncertain. Developments in the insurance and reinsurance industries have fostered a movement to segregate asbestos, environmental and other run-off lines exposures into separate legal entities with dedicated capital. Regulatory bodies in certain cases have supported these actions. We are unable to determine the impact, if any, that these developments will have on the collectability of reinsurance recoverables in the future. 16 www.allstate.com 2025 Form 10-K Item 1. Business Human Capital Allstate’s success is highly dependent on human capital and a strong organizational culture. Allstate defines organizational culture as a self-sustaining system of values, expectations, practices, and beliefs that drive organizational priorities, decisions and outcomes. Allstate encourages employees to proactively manage their career so it is integrated into their personal purpose. This includes investing in and holding management accountable for employee development and maintaining a culture aligned with Our Shared Purpose at all levels. Our culture supports Allstate as we transform to become the lowest cost protection provider with an affordable, simple, connected experience. We invest in talent development and employee engagement, health, safety and well-being because this contributes to Allstate’s success. Allstate is one of 136 organizations spanning 19 countries and 44 industries to receive the World's Most Ethical Companies designation. In 2025, we are one of two honorees in the Property & Casualty industry. As of December 31, 2025, Allstate had approximately 53,000 full-time employees and 300 part-time employees. Allstate’s human capital management focuses on the following priorities: Talent development and employee engagement We strive to make Allstate a place where employees find purpose, growth, belonging and shared success. Our flexible work environment and focus on holistic support continue to strengthen talent attraction, retention and engagement. • Purpose-driven impact: Employees consistently report a strong sense of connection to Allstate’s purpose and the difference their work makes in people’s lives. Our engagement results remain well above industry benchmarks, reflecting pride in our mission and leadership. • Personal growth: We expanded opportunities for continuous learning, supporting career advancement through degree and certification programs, leadership development, and early career enrichment experiences that help new talent thrive. • Individuality and inclusion: We continue to foster an environment where people feel seen, heard, and respected. Feedback from global surveys shows employees value the flexibility to balance individual needs with enterprise priorities. • Attractive rewards: Competitive pay, recognition programs, and benefits continue to reinforce Allstate as an employer of choice, with many employees advancing into new roles within the company. • Winning team: Employees describe Allstate as a collaborative, high-performing culture where teams rally around shared goals to strive to outperform competitors and support one another’s success, core to how we deliver for our customers and each other. Employee well-being and safety We believe in a culture of well-being and take our responsibility to care for employees’ physical, mental and emotional health seriously. • We expanded our workplace well-being strategy based on employee feedback, offering greater flexibility in how, when and where work gets done, and tailoring programs through personalized well-being assessments that also help lower benefit costs. • Thrive 365 and other engagement initiatives bring well-being to life year-round through learning, connection, and access to holistic resources that support personal and collective wellness. • All full and part-time employees are eligible for paid family care leave from their first day, reinforcing our support for life outside of work. • Programs such as Coffee Connections and Leadership Connectivity Standards strengthen belonging and purposeful in-person engagement across teams. • A culture of recognition and openness is reinforced through our global peer-to-peer recognition program with more than 1 million recognitions in 2025 and our “Speak Up” process that encourages employees to raise concerns confidently. Organizational culture We strive for a workforce where our varied backgrounds and experiences make us a better company. We work to attract, nurture and retain a skilled workforce. Talent acquisition, development, retention and mobility practices support all employees in achieving their career aspirations. As part of our commitment to fair compensation practices, we complete pay equity analyses. Annually, we seek to identify potential pay gaps as well as identify policies or practices that may contribute to pay gaps. The external analyses found that Allstate’s results compared well to benchmarks for companies of similar size and scope. Allstate supports and funds voluntary, employee-led Employee Impact Groups (“EIGs”) and Business Impact Groups (“BIGs”) that are open to all employees. EIGs and BIGs make our company stronger by enhancing employee connection, belonging and engagement, resulting in better business results and service for our customers. EIGs help foster a sense of belonging by focusing on development, engagement and collaboration. BIGs focus on creating opportunities for employees to solve business problems and serve as an incubator for innovation, collaboration and professional development. Analysis from 2025 shows that EIG members at Allstate have a 15% lower turnover than non-members. In 2025, 28% of our Allstate U.S. workforce participated in at least one EIG. Officers from across the enterprise leverage their time, networks and resources to support the EIGs and BIGs, The Allstate Corporation 17 2025 Form 10-K Item 1. Business and positively impact employee engagement and retention at Allstate. Our early career programs, including apprenticeship, internship and development programs, are designed to build skills through on-the-job experiences, formal learning and peer learning. These programs attract a variety of backgrounds and experiences. Allstate continues to make significant progress on Allstate’s talent strategy, including a focus on skills-based hiring by eliminating degree requirements for jobs where having a degree is not required. Allstate also focuses on prioritizing internal hiring and developing, strengthening and retaining existing talent. In addition to the above discussion of our employees, please see information about Allstate agents under the captions “Allstate Protection Segment - Products and Distribution” and “Compensation Structure” in Part I, Item 1 of this report. Website Our website is www.allstate.com. The Allstate Corporation’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to such reports that we file or furnish pursuant to Section 13(a) of the Securities Exchange Act of 1934 are available on the Investor Relations section of our website (www.allstateinvestors.com), free of charge, as soon as reasonably practicable after they are electronically filed or furnished to the SEC and available at www.sec.gov. In addition, our Corporate Governance Guidelines, our Global Code of Business Conduct, and the charters of our Audit Committee, Compensation and Human Capital Committee, Executive Committee, Nominating, Governance and Social Responsibility Committee and Risk and Return Committee are available on the Investor Relations section of our website. The information found on our website is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document filed with the SEC. Other Information About Allstate • Allstate’s four reportable segments use shared services, including human resources, investment, finance, information technology and legal services, provided by Allstate Insurance Company and other affiliates. • Seasonal patterns of severe or inclement weather typically result in higher claim volumes and increased claims expense within the Allstate Protection segment. • “Allstate ® ” is a very well-recognized brand name in the United States. We use the “Allstate ®” , “National General ® ” and “Answer Financial ® ” brands extensively in our business. We also provide additional protection products and services through “Allstate ® Protection Plans”, “Allstate ® Dealer Services”, “Allstate ® Roadside ”, “Arity ® ”, “Allstate ® Identity Protection”, “Allstate ® Health Solutions”, and “Esurance ®” , among others. These brands, products and services are supported with the related service marks, logos, and slogans. Our rights in the United States to these names, service marks, logos and slogans continue as long as we continue to use them in commerce. Many service marks used by Allstate are the subject of renewable U.S. and/or foreign service mark registrations. We believe that these service marks are important to our business and we intend to maintain our rights to them. 18 www.allstate.com 2025 Form 10-K Item 1. Business Information about our Executive Officers The following table sets forth the names of our executive officers as of February 1, 2026, their ages, positions and business experience. “AIC” refers to Allstate Insurance Company. Each of the officers named below may be removed from office at any time, with or without cause, by the board of directors of the relevant company. Name Age Position with Allstate and Business Experience Thomas J. Wilson 68 Chairman of the Board (May 2008 to present), President (June 2005 to January 2015 and February 2018 to present), and Chief Executive Officer (January 2007 to present) of The Allstate Corporation and AIC. Elizabeth A. Brady 61 Executive Vice President, Chief Marketing, Customer and Communications Officer of AIC (January 2020 to present). Andréa M. Carter 56 Executive Vice President and Chief Human Resources Officer of AIC (May 2025 to present); Senior Executive Vice President and Chief Human Resources Officer of Global Payments, Inc. (July 2020 to March 2025). Christine M. DeBiase 57 Executive Vice President, Chief Legal Officer and General Counsel of The Allstate Corporation and AIC (May 2024 to present); Executive Vice President, Chief Legal Officer, General Counsel and Corporate Secretary of The Allstate Corporation and AIC (January 2023 to May 2024); Executive Vice President, Chief Administrative Officer and General Counsel of Brighthouse Financial (February 2018 to December 2022). John E. Dugenske 59 Chief Financial Officer of The Allstate Corporation (October 2025 to present), President, Investments and Corporate Strategy of AIC (September 2022 to present); President, Investments and Financial Products of AIC (January 2020 to September 2022); Executive Vice President and Chief Investment and Corporate Strategy Officer of AIC (January 2018 to January 2020). Eric K. Ferren 52 Senior Vice President, Controller and Chief Accounting Officer of The Allstate Corporation and AIC (May 2024 to present); Chief Financial Officer of Revantage (April 2024 to May 2024); Senior Vice President, Controller, and Chief Accounting Officer of The Allstate Corporation (May 2017 to September 2019) and Senior Vice President of AIC (May 2014 to April 2024). Suren Gupta 64 Executive Vice President, President, Protection Products & Enterprise Services of AIC (August 2023 to present); President, Enterprise Services (October 2022 to August 2023); Executive Vice President, Chief Information Technology and Enterprise Services Officer of AIC (January 2020 to October 2022). Zulfikar Jeevanjee 61 Executive Vice President and Chief Information Officer of AIC (October 2022 to present); Senior Vice President, Chief Technology Officer, CVS Health (February 2021 to September 2022); Senior Vice President, Chief Enterprise Architect of AIC (November 2018 to February 2021). Jesse E. Merten 51 Executive Vice President, President, Property-Liability of AIC (October 2025 to present); Executive Vice President and Chief Financial Officer of The Allstate Corporation and AIC (September 2022 to October 2025); President, Financial Products of AIC (May 2020 to September 2022). Mark Q. Prindiville 58 Executive Vice President and Chief Risk Officer of AIC (May 2020 to present). Mario Rizzo 59 Executive Vice President, Chief Operating Officer of AIC (October 2025 to present); Executive Vice President, President, Property-Liability of AIC (September 2022 to October 2025); Executive Vice President and Chief Financial Officer of The Allstate Corporation and AIC (January 2018 to September 2022). The Allstate Corporation 19 2025 Form 10-K Item 1. Business Forward-Looking Statements This report 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. 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. These statements may address, among other things, our strategy for growth, catastrophe exposure management, product development, investment results, regulatory approvals, market position, expenses, financial results, litigation and reserves. We believe that these statements are based on reasonable estimates, assumptions and plans. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements as a result of new information or future events or developments. In addition, forward-looking statements are subject to certain risks or uncertainties that could cause actual results to differ materially from those communicated in these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Part 1, “Item 1A. Risk Factors” and elsewhere in this report and those described from time to time in our other reports filed with the Securities and Exchange Commission. 20 www.allstate.com 2025 Form 10-K Part I - Item 1A. Risk Factors and Other Disclosures