ALLSTATE CORP 10-K

Item 9A. Controls and Procedures Evaluation of disclosure controls and procedures We maintain disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based upon this evaluation, the principal executive officer and the principal financial officer concluded that our disclosure controls and procedures are effective in providing reasonable assurance that material information required to be disclosed in our reports filed with or submitted to the Securities and Exchange Commission under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Securities Exchange Act and made known to management, including the principal executive officer and the principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Management’s report on internal control over financial reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2025 based on the criteria related to internal control over financial reporting described in “Internal Control – Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2025. Deloitte & Touche LLP, the independent registered public accounting firm that audited the consolidated financial statements included in this Form 10-K, has issued their attestation report on the Company’s internal control over financial reporting, which is included herein. Changes in internal control over financial reporting There have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the fourth quarter of 2025. Item 9B. Other Information On November 7, 2025 , Jesse E. Merten , President, Property-Liability, Allstate Insurance Company , adopted a Rule 10b5-1 trading plan. The Rule 10b5-1 plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. Mr. Merten’s Rule 10b5-1 plan provides for the sale of up to 33,986 shares of the Company’s common stock. The Rule 10b5-1 plan expires on November 6, 2026 , or upon the earlier completion of all authorized transactions thereunder. During the three months ended December 31, 2025, no other director or officer of the Company who is required to file reports under Section 16 of the Securities Exchange Act adopted , modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 170 www.allstate.com 2025 Form 10-K Part III Item 10. Directors, Executive Officers and Corporate Governance Information regarding directors of The Allstate Corporation standing for election at the 2026 annual stockholders meeting is incorporated in this Item 10 by reference to the descriptions in the Proxy Statement under the caption “Corporate Governance – Our Director Nominees.” Information regarding our audit committee and audit committee financial experts is incorporated in this Item 10 by reference to the information under the caption “Corporate Governance – The Board and its Committees” in the Proxy Statement. Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 is incorporated in this Item 10 by reference to “Stock Ownership Information – Section 16(a) Beneficial Ownership Reporting Compliance” in the Proxy Statement. Information regarding executive officers of The Allstate Corporation is incorporated in this Item 10 by reference to Part I, Item 1 of this report under the caption “Information about our Executive Officers.” We have adopted a Global Code of Business Conduct that applies to all of our directors and employees, including our principal executive officer, principal financial officer and controller and principal accounting officer. The text of our Global Code of Business Conduct is posted on our website, www.allstateinvestors.com. We intend to satisfy the disclosure requirements regarding amendments to, and waiver from, the provisions of our Global Code of Business Conduct by posting such information on the same website pursuant to applicable NYSE and SEC rules. We have adopted an Insider Trading Policy governing the purchase, sale or other disposition of the Company’s securities that applies to the Company and all of our directors, officers, and employees. The Insider Trading Policy is designed to promote compliance with applicable insider trading laws, rules, regulations and listing standards. Item 11. Executive Compensation Information required for Item 11 is incorporated by reference to the sections of the Proxy Statement with the following captions: • Corporate Governance – Director Compensation • Executive Compensation The Allstate Corporation 171 2025 Form 10-K Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Information regarding security ownership of certain beneficial owners and management is incorporated in this Item 12 by reference to the sections of the Proxy Statement with the following captions: • Stock Ownership Information – Security Ownership of Directors and Executive Officers • Stock Ownership Information – Security Ownership of Certain Beneficial Owners The following table includes information as of December 31, 2025, with respect to The Allstate Corporation’s equity compensation plans: Equity compensation plan information Plan category Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (a) (b) (c) Equity compensation plans approved by security holders (1) 7,620,498 (2) $ 120.21 (3) 8,808,871 (4) Total 7,620,498 (2) $ 120.21 (3) 8,808,871 (4) (1) Consists of the 2019 Equity Incentive Plan, which amended and restated the 2013 Equity Incentive Plan; the 2017 Equity Compensation Plan for Non-Employee Directors; the 2006 Equity Compensation Plan for Non-Employee Directors; and the Equity Incentive Plan for Non-Employee Directors (the equity plan for non-employee directors prior to 2006). The Corporation does not maintain any equity compensation plans not approved by stockholders. (2) As of December 31, 2025, 5,734,605 stock options, 765,852 restricted stock units (“RSUs”) and 1,120,041 performance stock awards (“PSAs”) were outstanding. PSAs are reported at the maximum potential amount awarded for incomplete performance periods and the amount earned for the 2023 PSA grant, reduced for forfeitures. For incomplete performance periods, the actual number of shares earned may be less and are based upon measures achieved at the end of the three-year performance period for those PSAs granted in 2024 and 2025. (3) The weighted-average exercise price of outstanding options, warrants, and rights does not take into account RSUs and PSAs, which have no exercise price. (4) Includes 8,554,963 shares that may be issued in the form of stock options, unrestricted stock, restricted stock, restricted stock units, stock appreciation rights, performance units, performance stock, and stock in lieu of cash under the 2019 Equity Incentive Plan; and 253,908 shares that may be issued in the form of stock options, unrestricted stock, restricted stock, restricted stock units, and stock in lieu of cash compensation under the 2017 Equity Compensation Plan for Non-Employee Directors. Item 13. Certain Relationships and Related Transactions, and Director Independence Information required for Item 13 is incorporated by reference to the material in the Proxy Statement under the captions “Corporate Governance – Board and Nominee Independence Determinations" and “Other Information - Appendix B – Categorical Standards of Independence.” Item 14. Principal Accounting Fees and Services Information required for Item 14 is incorporated by reference to the material in the Proxy Statement under the caption “Audit Committee Matters – Ratification of Deloitte & Touche LLP as the Independent Registered Public Accountant for 2026.” 172 www.allstate.com 2025 Form 10-K Part IV Item 15. (a) (1) Exhibits and Financial Statement Schedules. The following consolidated financial statements, notes thereto and related information of The Allstate Corporation (the “Company”) are included in Item 8. • Consolidated Statements of Operations • Consolidated Statements of Comprehensive Income (Loss) • Consolidated Statements of Financial Position • Consolidated Statements of Shareholders’ Equity • Consolidated Statements of Cash Flows • Notes to the Consolidated Financial Statements • Report of Independent Registered Public Accounting Firm Item 15. (a) (2) The following additional financial statement schedules are furnished herewith pursuant to the requirements of Form 10-K. The Allstate Corporation Page Schedules required to be filed under the provisions of Regulation S-X Article 7: Schedule I Summary of Investments – Other than Investments in Related Parties S- 1 Schedule II Condensed Financial Information of Registrant (The Allstate Corporation) S- 2 Schedule III Supplementary Insurance Information S- 6 Schedule IV Reinsurance S- 7 Schedule V Valuation Allowances and Qualifying Accounts S- 8 All other schedules are omitted because they are not applicable, not required, or because the required information is included in the consolidated financial statements or notes thereto. Item 15. (a) (3) The following is a list of the exhibits filed as part of this Form 10-K. The exhibit numbers followed by an asterisk (*) indicate exhibits that are management contracts or compensatory plans or arrangements. Incorporated by Reference Exhibit Number Exhibit Description Form File Number Exhibit Filing Date Filed or Furnished Herewith 2.1 Stock Purchase Agreement, dated as of January 26, 2021, by and among Allstate Insurance Company, Allstate Financial Insurance Holdings Corporation, and Antelope US Holdings Company (certain schedules and exhibits to the Stock Purchase Agreement are omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish to the Securities and Exchange Commission, upon request, a copy of any omitted schedule or exhibit). 8-K 1-11840 2.1 January 27, 2021 3.1 Restated Certificate of Incorporation filed with the Secretary of State of Delaware on May 23, 2012 8-K 1-11840 3(i) May 23, 2012 3.2 Amended and Restated Bylaws of The Allstate Corporation as amended July 14, 2023 8-K 1-11840 3.1 July 17, 2023 3.3 Certificate of Designations with respect to the Preferred Stock, Series H of the Registrant, dated August 5, 2019 8-K 1-11840 3.1 August 5, 2019 3.4 Certificate of Designations with respect to the Preferred Stock, Series I of the Registrant, dated November 8, 2019 8-K 1-11840 3.1 November 8, 2019 3.5 Certificate of Elimination with respect to the Preferred Stock Series A, C, D, E and F of the Registrant, dated February 20, 2020 10-K 1-11840 3.6 February 21, 2020 3.6 Certificate of Elimination with respect to the Preferred Stock, Series G of the Registrant, dated May 1, 2023 10-Q 1-11840 3.6 May 3, 2023 3.7 Certificate of Designations with respect to the Preferred Stock, Series J of the Registrant, dated May 16, 2023 8-K 1-11840 3.1 May 18, 2023 The Allstate Corporation 173 2025 Form 10-K Incorporated by Reference Exhibit Number Exhibit Description Form File Number Exhibit Filing Date Filed or Furnished Herewith 4.1 The Allstate Corporation hereby agrees to furnish to the Commission, upon request, the instruments defining the rights of holders of each issue of its long-term debt and that of its consolidated subsidiaries 4.2 Description of Registrant’s Securities 10-K 1-11840 4.2 February 21, 2024 4.3 Deposit Agreement, dated August 8, 2019, among the Registrant, Equiniti Trust Company, as depositary, and the holders from time to time of the depositary receipts described therein (Series H) 8-K 1-11840 4.1 August 8, 2019 4.4 Form of Preferred Stock Certificate, Series H (included as Exhibit A to Exhibit 3.3 above) 8-K 1-11840 4.2 August 8, 2019 4.5 Form of Depositary Receipt, Series H (included as Exhibit A to Exhibit 4.3 above) 8-K 1-11840 4.3 August 8, 2019 4.6 Deposit Agreement, dated November 8, 2019, among the Registrant, Equiniti Trust Company, as depositary, and the holders from time to time of the depositary receipts described therein (Series I) 8-K 1-11840 4.1 November 8, 2019 4.7 Form of Preferred Stock Certificate, Series I (included as Exhibit A to Exhibit 3.4 above) 8-K 1-11840 4.2 November 8, 2019 4.8 Form of Depositary Receipt, Series I (included as Exhibit A to Exhibit 4.6 above) 8-K 1-11840 4.3 November 8, 2019 4.9 Deposit Agreement, dated May 18, 2023, among the Registrant, Equiniti Trust Company, as depositary, and the holders from time to time of the depositary receipts described therein (Series J) 8-K 1-11840 4.1 May 18, 2023 4.10 Form of Preferred Stock Certificate, Series J (included as Exhibit A to Exhibit 3.7 above) 8-K 1-11840 4.2 May 18, 2023 4.11 Form of Depositary Receipt (included as Exhibit A to Exhibit 4.9 above) 8-K 1-11840 4.3 May 18, 2023 10.1 Credit Agreement dated November 16, 2020, among The Allstate Corporation, Allstate Insurance Company, and Allstate Life Insurance Company, as Borrowers; the lenders party thereto, Wells Fargo Bank, National Association, as Syndication Agent; Bank of America, N.A., Barclays Bank PLC, Credit Suisse AG, New York Branch, Goldman Sachs Bank USA, Morgan Stanley MUFG Loan Partners, LLC, and U.S. Bank National Association, as Documentation Agents; and JPMorgan Chase Bank, N.A., as Administrative Agent 8-K 1-11840 10.1 November 17, 2020 10.2 Amendment No. 1 to Credit Agreement dated as of May 4, 2021 10-Q 1-11840 10.1 May 5, 2021 10.3 Amendment No. 2 to Credit Agreement dated as of November 16, 2022 10-K 1-11840 10.3 February 16, 2023 10.4* The Allstate Corporation Annual Executive Incentive Plan, as amended and restated effective November 17, 2020 10-K 1-11840 10.2 February 22, 2021 10.5* The Allstate Corporation Deferred Compensation Plan, as amended and restated effective January 1, 2019 S-8 1-11840 4 November 20, 2018 10.6* The Allstate Corporation 2019 Equity Incentive Plan, as amended and restated effective February 19, 2020 10-Q 1-11840 10.1 May 5, 2020 10.7* Form of Performance Stock Award Agreement for awards granted on or after February 19, 2020, under The Allstate Corporation 2019 Equity Incentive Plan to officers subject to reporting obligations under Section 16 of the Securities Exchange Act of 1934 or an executive vice president 10-Q 1-11840 10.5 May 5, 2020 10.8* Form of Option Award Agreement for awards granted on or after February 19, 2020, under The Allstate Corporation 2019 Equity Incentive Plan to officers subject to reporting obligations under Section 16 of the Securities Exchange Act of 1934 or an executive vice president 10-Q 1-11840 10.3 May 5, 2020 174 www.allstate.com 2025 Form 10-K Incorporated by Reference Exhibit Number Exhibit Description Form File Number Exhibit Filing Date Filed or Furnished Herewith 10.9* Form of Option Award Agreement for awards granted on or after April 13, 2018, under The Allstate Corporation 2013 Equity Incentive Plan 10-Q 1-11840 10.3 May 1, 2018 10.10* Form of Option Award Agreement for awards granted on or after February 21, 2012 and prior to April 13, 2018 under The Allstate Corporation 2009 Equity Incentive Plan 10-Q 1-11840 10.3 May 2, 2012 10.11* Form of Restricted Stock Unit Award Agreement for awards granted on or after February 19, 2020, under The Allstate Corporation 2019 Equity Incentive Plan to officers subject to reporting obligations under Section 16 of the Securities Exchange Act of 1934 or an executive vice president 10-Q 1-11840 10.4 May 5, 2020 10.12* Supplemental Retirement Income Plan, as amended and restated effective October 19, 2018 10-K 1-11840 10.16 February 15, 2019 10.13* The Allstate Corporation Change in Control Severance Plan effective December 30, 2011 8-K 1-11840 10.1 December 28, 2011 10.14* Amendment to The Allstate Corporation Change in Control Severance Plan effective March 1, 2021 8-K 1-11840 10.1 March 1, 2021 10.15* The Allstate Corporation Deferred Compensation Plan for Non-Employee Directors, as amended and restated effective September 15, 2008 8-K 1-11840 10.7 September 19, 2008 10.16* The Allstate Corporation Equity Incentive Plan for Non-Employee Directors, as amended and restated effective September 15, 2008 8-K 1-11840 10.5 September 19, 2008 10.17* The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee Directors, as amended and restated effective September 15, 2008 8-K 1-11840 10.6 September 19, 2008 10.18* The Allstate Corporation 2017 Equity Compensation Plan for Non-Employee Directors Proxy 1-11840 App. D April 12, 2017 10.19* Form of amended and restated Restricted Stock Unit Award Agreement with regards to awards outstanding on September 15, 2008 under The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee Directors 8-K 1-11840 10.8 September 19, 2008 10.20* Form of Restricted Stock Unit Award Agreement for awards granted on or after September 15, 2008, and prior to June 1, 2016, under The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee Directors 8-K 1-11840 10.9 September 19, 2008 10.21* Form of Restricted Stock Unit Award Agreement for awards granted on or after June 1, 2016, and prior to June 1, 2017, under The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee Directors 10-Q 1-11840 10.2 August 3, 2016 10.22* Form of Restricted Stock Unit Award Agreement for awards granted on or after June 1, 2017, under The Allstate Corporation 2017 Equity Compensation Plan for Non-Employee Directors 10-Q 1-11840 10.2 August 1, 2017 10.23* Form of Indemnification Agreement between the Registrant and Director 10-Q 1-11840 10.2 August 1, 2007 10.24* Resolutions regarding Non-Employee Director Compensation adopted November 19, 2021 10-K 1-11840 10.31 February 18, 2022 10.25* Resolutions regarding Non-Employee Director Compensation adopted November 18, 2022 10-K 1-11840 10.33 February 16, 2023 10.26* Resolutions regarding Non-Employee Director Compensation adopted November 13, 2024 10-K 1-11840 10.26 February 24, 2025 10.27* Form of Option Award Agreement for awards granted on or after February 24, 2025, under T he Allstate Corporation 2019 Equity Incentive Plan to officers subject to reporting obligations under Section 16 of the Securities Exchange Act of 1934 or an executive vice president 10-Q 1-11840 10.1 April 30, 2025 The Allstate Corporation 175 2025 Form 10-K Incorporated by Reference Exhibit Number Exhibit Description Form File Number Exhibit Filing Date Filed or Furnished Herewith 10.28* Form of Performance Stock Award Agreement for awards granted on or after February 24, 2025, under T he Allstate Corporation 2019 Equity Incentive Plan to officers subject to reporting obligations under Section 16 of the Securities Exchange Act of 1934 or an executive vice president 10-Q 1-11840 10.2 April 30, 2025 10.29* Form of Restricted Stock Unit Award Agreement for awards granted on or after February 24, 2025, under T he Allstate Corporation 2019 Equity Incentive Plan to officers subject to reporting obligations under Section 16 of the Securities Exchange Act of 1934 or an executive vice president 10-Q 1-11840 10.3 April 30, 2025 19 The Allstate Corporation Insider Trading Policy, effective July 1 5 , 20 2 5 X 21 Subsidiaries of The Allstate Corporation X 23 Consent of Independent Registered Public Accounting Firm X 31(i) Rule 13a-14(a) Certification of Principal Executive Officer X 31(i) Rule 13a-14(a) Certification of Principal Financial Officer X 32 Section 1350 Certifications X 97 The Allstate Corporation Clawback Policy, effective July 9, 2024 10-K 1-11840 97 February 24, 2025 101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document X 101.SCH Inline XBRL Taxonomy Extension Schema X 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase X 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase X 101.LAB Inline XBRL Taxonomy Extension Label Linkbase X 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase X 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) X Item 15. (b) The exhibits are listed in Item 15. (a)(3) above. Item 15. (c) The financial statement schedules are listed in Item 15. (a)(2) above. Item 16. None. 176 www.allstate.com 2025 Form 10-K Signatures Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. The Allstate Corporation (Registrant) /s/ Eric K. Ferren By: Eric K. Ferren Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) February 19, 2026 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signature Title Date /s/ Thomas J. Wilson Chairman of the Board, President, Chief Executive Officer and a Director (Principal Executive Officer) February 19, 2026 Thomas J. Wilson /s/ John E. Dugenske Chief Financial Officer (Principal Financial Officer) February 19, 2026 John E. Dugenske /s/ Eric K. Ferren Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) February 19, 2026 Eric K. Ferren /s/ Donald E. Brown Director February 19, 2026 Donald E. Brown /s/ Kermit R. Crawford Director February 19, 2026 Kermit R. Crawford /s/ Richard T. Hume Lead Director February 19, 2026 Richard T. Hume /s/ Margaret M. Keane Director February 19, 2026 Margaret M. Keane /s/ Siddharth N. Mehta Director February 19, 2026 Siddharth N. Mehta /s/ Maria R. Morris Director February 19, 2026 Maria R. Morris /s/ Jacques P. Perold Director February 19, 2026 Jacques P. Perold /s/ Andrea Redmond Director February 19, 2026 Andrea Redmond /s/ Judith A. Sprieser Director February 19, 2026 Judith A. Sprieser /s/ Perry M. Traquina Director February 19, 2026 Perry M. Traquina /s/ Monica J. Turner Director February 19, 2026 Monica J. Turner The Allstate Corporation 177 2025 Form 10-K The Allstate Corporation and Subsidiaries Schedule I — Summary of Investments Other than Investments in Related Parties As of December 31, 2025 ($ in millions) Cost/amortized cost, net Fair value (if applicable) Amount shown in the Balance Sheet Type of investment Fixed maturities: Bonds: United States government, government agencies and authorities $ 18,165 $ 18,133 $ 18,133 States, municipalities and political subdivisions 5,617 5,643 5,643 Foreign governments 1,464 1,460 1,460 Public utilities 4,465 4,542 4,542 All other corporate bonds 25,585 25,859 25,859 Asset-backed securities 1,348 1,352 1,352 Mortgage-backed securities 2,086 2,126 2,126 Total fixed maturities 58,730 59,115 59,115 Equity securities: Common stocks: Public utilities 150 143 143 Banks, trusts and insurance companies 587 622 622 Industrial, miscellaneous and all other 7,114 7,409 7,409 Nonredeemable preferred stocks 175 224 224 Total equity securities 8,026 8,398 8,398 Mortgage loans on real estate 879 868 879 Real estate 630 630 Derivative instruments 10 10 10 Limited partnership interests 8,844 8,844 Bank loans and other investments 474 488 474 Short-term investments 4,888 4,887 4,887 Total investments $ 82,481 $ 83,237 The Allstate Corporation S-1 2025 Form 10-K The Allstate Corporation and Subsidiaries Schedule II — Condensed Financial Information of Registrant Statement of Operations Year Ended December 31, ($ in millions) 2025 2024 2023 Revenues Investment income, less investment expense $ 102 $ 49 $ 45 Net gains (losses) on investments and derivatives 7 ( 9 ) ( 28 ) Total revenues 109 40 17 Expenses Interest expense 405 411 396 Pension and other postretirement remeasurement (gains) losses ( 25 ) ( 21 ) 12 Pension and other postretirement (benefit) expense ( 11 ) ( 36 ) 55 Other operating expenses 75 70 142 Total expenses 444 424 605 Gain on disposition of subsidiaries 716 — — Gain (loss) from operations before income tax benefit and equity in net income of subsidiaries 381 ( 384 ) ( 588 ) Income tax expense (benefit) 167 ( 97 ) ( 143 ) Gain (loss) before equity in net income of subsidiaries 214 ( 287 ) ( 445 ) Equity in net income of subsidiaries 10,068 4,954 257 Net income (loss) attributable to Allstate 10,282 4,667 ( 188 ) Preferred stock dividends 117 117 128 Net income (loss) applicable to common shareholders $ 10,165 $ 4,550 $ ( 316 ) Net income (loss) attributable to Allstate $ 10,282 $ 4,667 $ ( 188 ) Other comprehensive income (loss), after-tax Changes in: Unrealized net capital gains and losses 1,068 ( 167 ) 1,651 Unrealized foreign currency translation adjustments 90 ( 47 ) 67 Unamortized pension and other postretirement prior service credit — ( 2 ) ( 16 ) Discount rate for reserve for future policy benefits ( 14 ) 27 ( 10 ) Other comprehensive income (loss), after-tax 1,144 ( 189 ) 1,692 Less: change in unrealized net capital gains and losses related to noncontrolling interest 3 10 10 Comprehensive income $ 11,423 $ 4,468 $ 1,494 See accompanying notes to condensed financial information and notes to consolidated financial statements. S-2 www.allstate.com 2025 Form 10-K The Allstate Corporation and Subsidiaries Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Financial Position December 31, ($ in millions, except par value data) 2025 2024 Assets Investments in subsidiaries $ 32,423 $ 28,684 Fixed income securities, at fair value (amortized cost, net $ 5,261 and $ 639 ) 5,265 635 Equity securities, at fair value (cost $ 1 and $ 1 ) 1 1 Short-term investments, at fair value (amortized cost, net $ 606 and $ 507 ) 606 507 Cash — 1 Receivable from subsidiaries 528 748 Deferred income taxes 38 48 Other assets 155 149 Total assets 39,016 30,773 Liabilities Debt 7,490 8,085 Pension and other postretirement benefit obligations 126 170 Deferred compensation 379 360 Notes due to subsidiaries — 350 Dividends payable to shareholders 301 281 Other liabilities 110 85 Total liabilities 8,406 9,331 Shareholders’ equity Preferred stock and additional capital paid-in, $ 1 par value, 25 million shares authorized, 82.0 thousand shares issued and outstanding, $ 2,050 aggregate liquidation preference 2,001 2,001 Common stock, $ .01 par value, 2.0 billion shares authorized and 900 million issued, 260 million and 265 million shares outstanding 9 9 Additional capital paid-in 4,158 4,029 Retained income 62,393 53,288 Treasury stock, at cost ( 640 million and 635 million shares) ( 38,206 ) ( 36,996 ) Accumulated other comprehensive income: Unrealized net capital gains and losses 297 ( 771 ) Unrealized foreign currency translation adjustments ( 55 ) ( 145 ) Unamortized pension and other postretirement prior service credit 11 11 Discount rate for reserve for future policy benefits 2 16 Total accumulated other comprehensive income (loss) 255 ( 889 ) Total Allstate shareholders’ equity 30,610 21,442 Total liabilities and equity $ 39,016 $ 30,773 See accompanying notes to condensed financial information and notes to consolidated financial statements. 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. S-4 www.allstate.com 2025 Form 10-K The Allstate Corporation and Subsidiaries Schedule II (Continued) — Condensed Financial Information of Registrant Notes to Condensed Financial Information 1. General Pursuant to rules and regulations of the Securities and Exchange Commission, the unconsolidated condensed financial statements of the Parent Company do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP. Therefore, these condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes included in Item 8. The debt presented in Note 12 “Capital Structure” are direct obligations of or guaranteed by the Registrant. A majority of the pension and other postretirement benefits plans presented in Note 17 “Benefit Plans” are direct obligations of the Registrant. Participating subsidiaries fund the pension plans contributions under a master services cost sharing agreement. In addition, as a result of joint and several pension liability rules under the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, as amended, many liabilities that arise in connection with pension plans are joint and several across all members of a controlled group of entities. 2. Receivable from subsidiaries On December 24, 2025 National General Management Corp. issued $ 110 million notes, with a rate of 4.03 % due on December 24, 2026, to the Registrant. The proceeds of this issuance were used for cash management purposes. On May 14, 2025, National General Holdings Corp. (“NGHC”) issued $ 175 million notes, with a rate of 4.85 % due on May 14, 2026, to the Registrant. The proceeds of this issuance were used for cash management purposes. On July 1, 2025, NGHC repaid $ 175 million to the Registrant. On May 14, 2024, NGHC issued $ 350 million notes, with a rate of 5.68 % due on May 14, 2025, to the Registrant. The proceeds of this issuance were used for cash management purposes. On May 14, 2025, NGHC repaid $ 350 million to the Registrant. 3. Notes due to subsidiaries On May 14, 2024, the Registrant issued $ 350 million notes, with an initial rate of 5.57 % due on May 14, 2025, to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On May 14, 2025, the Registrant repaid $ 350 million to Kennett Capital Inc. On June 17, 2022, the Registrant issued $ 1.00 billion notes, with an initial rate of 1.63 % due on June 17, 2023, to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On June 9, 2023, the Registrant repaid $ 1.00 billion to Kennett Capital Inc. 4. Supplemental disclosures of cash flow information The Registrant paid $ 395 million, $ 395 million and $ 355 million of interest on debt in 2025, 2024 and 2023, respectively. In 2025, non-cash financing activities include $ 262 million of repayment of notes due to subsidiaries through transfer of securities. 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. (2) A single investment portfolio supports both Allstate Protection and Run-off Property-Liability segments. S-6 www.allstate.com 2025 Form 10-K The Allstate Corporation and Subsidiaries Schedule IV — Reinsurance ($ in millions) Gross amount Ceded to other companies Assumed from other companies Net amount Percentage of amount assumed to net Year ended December 31, 2025 Premiums and contract charges (1) : Accident and health insurance $ 1,188 $ 284 $ 42 $ 946 4.4 % Property and casualty insurance 62,511 2,397 389 60,503 0.6 Total premiums and contract charges $ 63,699 $ 2,681 $ 431 $ 61,449 0.7 Year ended December 31, 2024 Life insurance in force (2) $ 22,225 $ 295 $ 1,208 $ 23,138 5.2 % Premiums and contract charges: Life insurance $ 258 $ 5 $ 16 $ 269 5.9 % Accident and health insurance 1,687 45 10 1,652 0.6 Property and casualty insurance 58,221 2,210 377 56,388 0.7 Total premiums and contract charges $ 60,166 $ 2,260 $ 403 $ 58,309 0.7 Year ended December 31, 2023 Life insurance in force $ 21,788 $ 482 $ 1,301 $ 22,607 5.8 % Premiums and contract charges: Life insurance $ 226 $ 6 $ 16 $ 236 6.8 % Accident and health insurance 1,639 41 12 1,610 0.7 Property and casualty insurance 52,301 1,989 358 50,670 0.7 Total premiums and contract charges $ 54,166 $ 2,036 $ 386 $ 52,516 0.7 (1) In 2025, the Company’s remaining life insurance business was sold as part of the sale of the employer voluntary benefits business. (2) Includes results for assets classified as held for sale. The Allstate Corporation S-7 2025 Form 10-K The Allstate Corporation and Subsidiaries Schedule V — Valuation Allowances and Qualifying Accounts ($ in millions) Additions Description Balance as of beginning of period Charged to costs and expenses Other additions Deductions (1) Balance as of end of period Year ended December 31, 2025 Fixed income securities $ 17 $ 5 $ — $ 12 $ 10 Mortgage loans 12 2 — 4 10 Bank loans 10 12 — 5 17 Investments 39 19 — 21 37 Premium installment receivable 187 487 — 485 189 Reinsurance recoverables 63 1 — 10 54 Other assets 14 3 — 2 15 Assets 303 510 — 518 295 Commitments to fund line of credit, commercial mortgage loans and bank loans — 15 — 15 Liabilities — 15 — — 15 Total $ 303 $ 525 $ — $ 518 $ 310 Valuation allowance for deferred tax assets $ 69 $ — $ — $ 1 $ 68 Year ended December 31, 2024 Fixed income securities $ 36 $ 3 $ — $ 22 $ 17 Mortgage loans 11 1 — — 12 Bank loans 22 — — 12 10 Investments 69 4 — 34 39 Premium installment receivable 138 414 — 365 187 Reinsurance recoverables 65 1 — 3 63 Other assets 18 — — 4 14 Assets 290 419 — 406 303 Commitments to fund line of credit, commercial mortgage loans and bank loans 1 — — 1 — Liabilities 1 — — 1 — Total $ 291 $ 419 $ — $ 407 $ 303 Valuation allowance for deferred tax assets $ 69 $ — $ — $ — $ 69 Year ended December 31, 2023 Fixed income securities $ 13 $ 23 $ — $ — $ 36 Mortgage loans 7 4 — — 11 Bank loans 57 18 — 53 22 Investments 77 45 — 53 69 Premium installment receivable 132 348 — 342 138 Reinsurance recoverables 65 1 — 1 65 Other assets 19 — — 1 18 Assets 293 394 — 397 290 Commitments to fund mortgage loans and bank loans — 1 — — 1 Liabilities — 1 — — 1 Total $ 293 $ 395 $ — $ 397 $ 291 Valuation allowance for deferred tax assets $ 34 $ — $ 35 $ — $ 69 (1) Includes allowance for assets reclassified to held for sale for the year ended December 31, 2024. S-8 www.allstate.com