Allstate (ALL) 10-K risk factor changes: FY2022 vs FY2021

[removed: These risks may increase in the future as threats become more sophisticated and we continue to expand internet and mobile strategies, develop] additional remote connectivity solutions to serve our employees and customers, develop and expand products and services designed to protect customers’ digital footprint, and build and maintain an integrated digital enterprise.

[removed: ] [added: ] See the Regulation section, Privacy Regulation and Data Security, for additional information.

The occurrence of a disaster, such as a natural catastrophe, pandemic, industrial accident, blackout, terrorist attack, war, cyberattack, computer virus, insider threat, unanticipated problems with our disaster recovery processes, or a support failure from external providers, could have an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those [added: events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data.]

Our investment portfolio is also subject to the effects of climate change as economic shifts alter the return dynamic of long-term investments and [removed: reduce valuations.][added: increase valuation risk.]

[removed: Many of our affiliates] [added: We largely] operate in the highly regulated insurance and broader financial services [removed: sector] [added: sectors] and are subject to extensive laws and regulations that are complex and subject to change.

- Federal agencies including the SEC, the Financial Industry Regulatory Authority, the Department of [removed: Labor, the U.S. Department of Justice and the National Labor Relations Board]

There is risk that one regulator’s or enforcement authority’s interpretation of a legal issue may change [added: to our detriment.]

[removed: 2021] [added: 2022] Form 10-K *Part I - Item 1A.

*A regulatory environment that requires rate increases to be approved, can dictate underwriting practices and mandate participation in loss sharing [removed: arrangements] [added: arrangements,] may adversely affect results of operations and financial condition*

Regulatory challenges to rate [removed: increases] [added: increases, especially during inflationary periods with more significant rate changes,] may restrict rate changes that may be required to achieve targeted levels of profitability and returns on equity.

[added: As part of a larger effort to strengthen the] regulation of the financial services market, certain reforms are applicable to the insurance industry.

The Federal Insurance Office [removed: (“FIO”)] and Financial Stability Oversight Council have been established, and the federal government may enact reforms that affect the state insurance regulatory framework.

We have business process and information technology operations in Canada, [removed: India and] [added: India,] the United Kingdom [added: and Mexico] that are subject to operating, regulatory and political risks in those countries.

We are involved in various legal actions, including class-action litigation challenging a range of company practices and [removed: coverage] [added: coverages] provided by our insurance products, some of which involve claims for substantial or indeterminate amounts.

[removed: ] [added: ] See Note [removed: 15] [added: 13] of the consolidated financial statements.

Risk Factors and Other Disclosures* [removed: 2021] [added: 2022] Form 10-K

[removed: ] [added: ] See MD&A, Application of Critical Accounting Estimates and Note 2 of the consolidated financial statements for further details.

*Loss of key vendor [removed: relationships] [added: relationships, disruptions to the provision of products] or [added: services by a vendor, or] failure of a vendor to [added: provide and] protect [removed: our] [added: reliable] data, [removed: confidential] and proprietary information, or personal information of our customers, claimants or employees could adversely affect our operations*

If [removed: any] [added: we are not successful transitioning work to a] vendor [added: or a key vendor] becomes unable to continue to provide products or services, [added: fails to meet service level standards,] or [added: if any vendor] fails to protect our confidential, proprietary, and other information, [added: or if our business continuity plans do not sufficiently address a vendor-related business interruption,] we may suffer operational impairments and financial losses.

Competition [removed: from within the insurance industry and from other industries, including the technology sector,] for qualified employees with highly specialized knowledge in areas such as underwriting, data and analytics, technology and e-commerce, [removed: has often been] [added: is] intense and we have experienced increased competition in hiring and retaining employees.

The company and the insurance industry are [removed: inherently] susceptible to past and future misconduct [added: or fraudulent activities by employees, representative agents, vendors, customers and other third parties.]

A downgrade in our ratings could have an adverse effect on our sales, competitiveness, customer retention, the marketability of our product offerings, liquidity, access to and cost of borrowing, results of operations and financial condition.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

|  | | | Business, strategy and operations | | |

*We operate in markets that are highly competitive and may be impacted by new or changing technologies*

Markets in which we operate are highly competitive, and we must continually allocate resources to refine and improve products and services to remain competitive.

If we are unsuccessful in generating new business, retaining customers or renewing contracts, our ability to maintain or increase premiums written or the ability to sell our products could be adversely impacted.

Determining competitive position is complicated in the auto and homeowners insurance business as companies use different underwriting standards to accept new customers and quotes and close rates can fluctuate across companies and locations.

Pricing of products is driven by multiple factors, including loss expectations, expense structure and dissimilar return targets.

Additionally, sophisticated pricing algorithms make it difficult to determine what price potential customers would pay across competitors.

There is also significant competition for producers, such as exclusive and independent agents and their licensed sales professionals.

Growth and retention may be materially affected if we are unable to attract and retain effective producers or if those producers are unable to attract and retain their licensed sales professionals or customers.

Similarly, growth and retention may be impacted if customer preferences change and we are unable to effectively adapt our business model and processes.

Our business could also be affected by technological changes, such as autonomous or partially autonomous vehicles or technologies that facilitate ride, car or home sharing.

Such changes could disrupt the demand for products from current customers, create coverage issues, impact the frequency or severity of losses, or reduce the size of the automobile insurance market causing our auto insurance business to decline.

Since auto insurance constitutes a significant portion of our overall business, we may be more sensitive than other insurers and more adversely affected by trends that could decrease auto insurance rates or reduce demand for auto insurance over time.

Technological advancements and innovation are occurring in distribution, underwriting, claims and operations at a rapid pace that may continue to accelerate.

Nontraditional competitors could enter the insurance market and further accelerate these trends.

Our competitive position could be impacted if we are unable to deploy, in a cost effective and competitive manner, technology such as artificial intelligence and machine learning that collects and analyzes data to

inform underwriting or other decisions, or if our competitors collect and use data which we do not have the ability to access or use.

Innovations must be implemented in compliance with applicable insurance regulations and may require extensive modifications to our systems and processes and extensive coordination with and reliance on the systems and operations of third parties.

If we are unable to adapt to or bring such advancements and innovations to market, the quality of our products, our relationships with customers and agents, competitive position and business prospects may be materially affected.

Changes in technology related to collection and application of data regarding customers could expose us to regulatory or legal actions and may have a material adverse effect on our business, reputation, results of operations and financial condition.

Technology and customer preference changes may impact the ways in which we interact, do business with our customers and design our products.

We may not be able to respond effectively to these changes, which could have a material effect on our results of operations and financial condition.

Our ability to adequately and effectively price our products and services is affected by the evolving nature of consumer needs and preferences, market and regulatory dynamics, broader use of telematics-based rate segmentation and potential reduction in consumer demand.

Many voluntary benefits contracts are renewed annually.

There is a risk that employers may be able to obtain more favorable terms from competitors than they could by renewing coverage with us.

These competitive pressures may adversely affect the renewal of these contracts, as well as our ability to sell products.

*Transformative Growth strategy implementation may not be effective*

The Transformative Growth strategy is to accelerate growth by improving customer value, expanding customer access, increasing customer acquisition sophistication and investment, modernizing the technology ecosystem and driving organizational transformation.

The strategy encompasses all aspects of Allstate’s customer experience and business model, spanning product distribution and sales, operations and servicing, and claims processing.

If the strategy is not implemented effectively, customer retention and policy growth objectives could be adversely impacted.

Lost business opportunities may result due to slower than anticipated speed to market.

External forces including competitor actions or regulatory changes may also have an adverse effect on the value generated from the transformation.

*Our catastrophe management strategy may adversely affect premium growth*

Catastrophe risk management actions have led us to reduce the size of our homeowners business, including customers with auto and other personal lines products and may negatively impact future sales.

Adjustments to our business structure, size and

The Allstate Corporation 25

underwriting practices in markets with significant severe weather and catastrophe risk exposure could adversely impact premium growth rates and retention.

events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data.

to our detriment.

In addition, increasing governmental and societal attention to environmental, social, and governance matters, including expanding mandatory and voluntary reporting, diligence, and disclosure on topics such as climate change, human capital, labor, and risk oversight, could expand the nature, scope, and complexity of matters that we are required to control, assess, and report.

As part of a larger effort to strengthen the

or fraudulent activities by employees, representative agents, vendors, customers and other third parties.

| [removed: [Property-Liability](#i758fad00129c4da99333595dd79d1a32_88)] [added: [Property-Liability](#iaed309263e8248a1815643bf682b39e1_82)] Operations | | | | | | | | | [removed: [38](#i758fad00129c4da99333595dd79d1a32_88)] [added: [40](#iaed309263e8248a1815643bf682b39e1_82)] | | |

| [Allstate [removed: Protection](#i758fad00129c4da99333595dd79d1a32_91)] [added: Protection](#iaed309263e8248a1815643bf682b39e1_85)] | | | | | | | | | [removed: [40](#i758fad00129c4da99333595dd79d1a32_91)] [added: [42](#iaed309263e8248a1815643bf682b39e1_85)] | | |

| [removed: [Run-off Property-Liability](#i758fad00129c4da99333595dd79d1a32_94)] [added: Run-off Property-Liability] | | | | | | [added: 50] | | | [removed: [48](#i758fad00129c4da99333595dd79d1a32_94)] | | | [added: 60 | | | | | | 75 | | | | | |]

| [removed: [Protection Services](#i758fad00129c4da99333595dd79d1a32_97)] [added: Protection Services] | | | | | | [added: 38] | | | [removed: [51](#i758fad00129c4da99333595dd79d1a32_97)] | | | [added: 36 | | | | | | 33 | | |]

[removed: | [Claims] [added: Property] and [added: Casualty Insurance] Claims [added: and Claims] Expense [removed: Reserves](#i758fad00129c4da99333595dd79d1a32_103) | | | | | | | | | [53](#i758fad00129c4da99333595dd79d1a32_103) | | |][added: Reserves]

| [removed: [Allstate] [added: Allstate] Health and [removed: Benefits](#i758fad00129c4da99333595dd79d1a32_109)] [added: Benefits] | | | | | | [added: 69] | | | [removed: [60](#i758fad00129c4da99333595dd79d1a32_109)] | | | [added: 74 | | | | | | 78 | | |]

| [Capital Resources and [removed: Liquidity](#i758fad00129c4da99333595dd79d1a32_121)] [added: Liquidity](#iaed309263e8248a1815643bf682b39e1_109)] | | | | | | | | | [removed: [75](#i758fad00129c4da99333595dd79d1a32_121)] [added: [77](#iaed309263e8248a1815643bf682b39e1_109)] | | |

| [Enterprise Risk and Return [removed: Management](#i758fad00129c4da99333595dd79d1a32_127)] [added: Management](#iaed309263e8248a1815643bf682b39e1_112)] | | | | | | | | | [removed: [80](#i758fad00129c4da99333595dd79d1a32_127)] [added: [82](#iaed309263e8248a1815643bf682b39e1_112)] | | |

| [Application of Critical Accounting [removed: Estimates](#i758fad00129c4da99333595dd79d1a32_130)] [added: Estimates](#iaed309263e8248a1815643bf682b39e1_115)] | | | | | | | | | [removed: [83](#i758fad00129c4da99333595dd79d1a32_130)] [added: [85](#iaed309263e8248a1815643bf682b39e1_115)] | | |

| [Regulation and Legal [removed: Proceedings](#i758fad00129c4da99333595dd79d1a32_133)] [added: Proceedings](#iaed309263e8248a1815643bf682b39e1_118)] | | | | | | | | | [removed: [94](#i758fad00129c4da99333595dd79d1a32_133)] [added: [96](#iaed309263e8248a1815643bf682b39e1_118)] | | |

| [Pending Accounting [removed: Standards](#i758fad00129c4da99333595dd79d1a32_136)] [added: Standards](#iaed309263e8248a1815643bf682b39e1_121)] | | | | | | | | | [removed: [94](#i758fad00129c4da99333595dd79d1a32_136)] [added: [96](#iaed309263e8248a1815643bf682b39e1_121)] | | |

[removed: 32] [added: 94] www.allstate.com

This section of this Form 10-K generally discusses [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] results and year-to-year comparisons between [removed: 2021] [added: 2022] and [removed: 2020.][added: 2021.]

Discussions of [removed: 2019] [added: 2020] results and year-to-year comparisons between [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] that are not included in this Form 10-K can be found in Management’s Discussion and Analysis (“MD&A”) in Part II, Item 7 of our annual report on Form 10-K for [removed: 2020,] [added: 2021,] filed February [removed: 19, 2021.][added: 18, 2022.]

*•Allstate Protection*: premium, policies in force (“PIF”), new business sales, policy retention, price changes, claim frequency and severity, catastrophes, loss ratio, expenses, underwriting results, [added: combined ratio] and relative competitive [removed: position.][added: position]

*•Protection Services*: revenues, premium written, PIF and adjusted net [removed: income.][added: income]

*•Allstate Health and Benefits*: premiums, new business sales, PIF, benefit ratio, expenses and adjusted net [removed: income.][added: income]

*•Investments*: exposure to market risk, asset allocation, credit [removed: quality/experience,] [added: quality,] total return, net investment income, cash flows, net gains and losses on investments and [removed: derivative instruments,] [added: derivatives,] unrealized capital gains and losses, long-term [removed: returns,] [added: returns] and asset [removed: and liability duration.][added: duration]

*•Financial condition*: liquidity, parent holding company deployable assets, financial strength ratings, operating leverage, debt levels, book value per share and return on [removed: equity.][added: equity]

The Allstate Corporation [removed: 33][added: 95]

*Discontinued operations and held for sale* [removed: During the first quarter of] [added: On October 1,] 2021, we [removed: announced] [added: closed] the [removed: pending sales] [added: sale] of Allstate Life Insurance Company [removed: (“ALIC”), Allstate Life Insurance Company] of New York (“ALNY”) [removed: and certain affiliates.][added: to Wilton Reassurance Company for $400 million.]

On November 1, 2021, we closed the sale of [removed: ALIC] [added: Allstate Life Insurance Company (“ALIC”)] and certain affiliates to entities managed by Blackstone for total proceeds of $4 billion, including a pre-close dividend of $1.25 billion paid by ALIC.

[removed: Beginning in the first quarter of] [added: In] 2021, the assets and liabilities of the [removed: business] [added: businesses] were reclassified as held for sale and results are presented as discontinued operations.

The [added: Novel] Coronavirus [added: Pandemic or COVID-19 (“Coronavirus”)] resulted in governments worldwide enacting emergency measures to combat the spread of the virus, including travel restrictions, government-imposed shelter-in-place orders, quarantine periods, social distancing, and restrictions on large gatherings.

Currently, it is not possible to reliably estimate the [added: continuing] impact to [removed: our] operations, but the effects have been and could be material.

Certain growth and profitability comparisons to the prior year were impacted, in part, by the effects the [removed: Coronavirus had on our prior year results.]

Beginning in March 2020, when shelter-in-place orders and other restrictions were initiated, and throughout [removed: 2020,] [added: 2021,] we experienced lower [added: auto] accident claim frequency and different claim patterns than historically experienced.

[removed: Claim] [added: Total auto claim] frequency [removed: increased in 2021,] [added: has since increased,] but remains below pre-pandemic levels.

The Coronavirus has affected [removed: our] operations and may continue to significantly affect [removed: our] results of operations, financial condition and liquidity.

The impact from the pandemic should be considered when comparing the current year to the prior [removed: year,] [added: years,] including:

Risk Factors’’, including the risk factors titled “*A large-scale pandemic, the occurrence of terrorism, military actions, social unrest or other actions may have an adverse effect on our business*” and “*Conditions in the global economy and capital markets could [added: continue to] adversely affect our business and results of operations*”.

Within the MD&A we have included further disclosures related to [removed: the] [added: macroeconomic] impacts [removed: of the Coronavirus] on our [removed: 2021] [added: 2022] results.

| Allstate Delivered on [removed: 2021] [added: 2022] Operating Priorities (1) | | | | | | | | | | | | | | | | | |

| [added: Better Service Customers] | | | [added: | | |] Enterprise Net Promoter Score, which measures how likely customers are to recommend us, finished [removed: slightly] below the prior [removed: year. | | |] [added: year, reflecting substantial price increases necessary to offset higher loss costs.] | | | | | | | | | | | |

| Grow Customer Base | | | | | | Consolidated policies in force reached [removed: 190.9] [added: 189.1] million, a [removed: 9.8% increase] [added: 1.0% decrease] from prior year. Property-Liability policies in force increased by [removed: 13.7%] [added: 0.7%] compared to the prior [removed: year driven by expanded customer access from the acquisition of] [added: year, as continued growth at] National General [removed: and] [added: was substantially offset by the] Allstate brand [removed: growth.] [added: as new business was limited in many states.] | | | | | | | | | | | |

| Proactively Manage Investments | | | | | | Net investment income of [removed: $3.3] [added: $2.40] billion in [removed: 2021 exceeded] [added: 2022 was $890 million below] prior year [added: as higher market-based investment income was more than offset] by [removed: $1.7 billion due to strong] [added: lower] performance-based results. | | | | | | | | | | | |

[removed: ][added: ]

| *Consolidated net [removed: income] [added: loss] applicable to common shareholders* [removed: decreased 72.8% or $3.98] [added: was $1.42] billion [added: in 2022 compared] to [added: net income of] $1.49 billion in [removed: 2021 compared to 2020,] [added: 2021,] primarily due to [removed: a loss from discontinued operations and higher non-catastrophe losses. Partially offsetting were higher property] [added: an underwriting loss, equity valuation decreases] and [removed: casualty insurance premiums, net] [added: losses on] investment [removed: income, and pension] [added: sales, partially offset by the absence of the 2021 loss on sale of the life] and [removed: other postretirement gains.] [added: annuities business.] For the twelve months ended December 31, [removed: 2021,] [added: 2022,] return on [added: Allstate] common shareholders’ equity was [removed: 5.8%] [added: (7.3)%] compared to [removed: 21.0%] [added: 5.8%] for the twelve months ended December 31, [removed: 2020.] [added: 2021.] | | |

[removed: ][added: ]

[removed: ][added: ]

| 2022 [Highlights](#iaed309263e8248a1815643bf682b39e1_79) | | | | | | | | | [35](#iaed309263e8248a1815643bf682b39e1_79) | | |

| [Property and Casualty](#iaed309263e8248a1815643bf682b39e1_97) [Insurance](#iaed309263e8248a1815643bf682b39e1_97) [Claims and Claims Expense Reserves](#iaed309263e8248a1815643bf682b39e1_97) | | | | | | | | | [55](#iaed309263e8248a1815643bf682b39e1_97) | | |

| [Investments](#iaed309263e8248a1815643bf682b39e1_103) | | | | | | | | | [65](#iaed309263e8248a1815643bf682b39e1_103) | | |

| [Market Risk](#iaed309263e8248a1815643bf682b39e1_106) | | | | | | | | | [74](#iaed309263e8248a1815643bf682b39e1_106) | | |

2022 Form 10-K

2022 Highlights

Certain amounts have been reclassified to conform to current year presentation.

| • | | | Net gains and losses on investments and derivatives | | |

| | | | | | |

| • | | | Gain or loss on disposition | | |

2022 Form 10-K

Sale of Headquarters

On October 18, 2022, Allstate closed the sale of its headquarters for $232 million resulting in a gain of approximately $99 million, pre-tax in the fourth quarter of 2022.

$16 million of the gain was classified in Property-Liability net gains and losses on investments and derivatives and $83 million was classified as other revenue within the Corporate and Other segment.

The sale reduces real estate expenses and further advances Allstate’s multi-year Transformative Growth initiative.

In connection with the sale of ALIC and certain affiliates in 2021, the sale agreement includes a provision related to contingent consideration that may be earned over a ten-year period with the first potential payment date commencing on January 1, 2026 and a final potential payment date of January 1, 2035.

The contingent consideration is determined annually based on the average ten-year Treasury rate over the preceding three-year period compared to a designated rate.

The contingent consideration meets the definition of a derivative and is accounted for on a fair value basis with periodic changes in fair value reflected in earnings.

Macroeconomic Impacts

These measures have moderated significantly, but new variants of the Coronavirus could result in further economic volatility.

Coronavirus had on prior year results.

- Rate changes and average gross premiums

As inflation continued to remain elevated, the Federal Reserve significantly increased interest rates and credit spreads widened reflecting ongoing recession concerns.

These factors along with other ongoing impacts from the pandemic create significant economic uncertainty and the resulting market volatility may continue to impact our investment valuations and returns.

Russia/Ukraine Conflict

The Russia-Ukraine war and related sanctions imposed as a result of this conflict have increased global economic and political uncertainty, including inflationary pressures and an increased risk of cybersecurity incidents.

Allstate does not have operations or direct investments in Russia, Belarus or Ukraine, but we could experience significant indirect impacts on the investment portfolio, financial position, or results of operations.

2022 Form 10-K

| | | | Protection Services policies in force declined 1.4%, primarily due to expiring low average premium policies from a major retail account that ended in 2019. | | | | | | | | | | | | | | |

| Achieve Target Economic Returns on Capital | | | | | | Return on average Allstate common shareholders’ equity was (7.3)% in 2022. | | | | | | | | | | | |

| | | | The Property-Liability combined ratio of 106.6 for the full year increased compared to the prior year primarily driven by higher auto losses. We continued to reduce expenses by lowering direct sales and advertising spend and are reducing exposure in states with unacceptable auto and home insurance margins through underwriting restrictions. Our claims organization is executing a plan to manage the impacts of a higher loss cost environment. | | | | | | | | | | | | | | |

| | | | Total return on the $61.83 billion investment portfolio was (4.0)% in 2022 and compares favorably to full year 2022 performance of the S&P 500 of (18.1)% and the Bloomberg Intermediate Bond return of (9.4)%. Proactive portfolio actions to reduce inflation and economic risk by shortening fixed income duration mitigated portfolio losses by approximately $2 billion this year. | | | | | | | | | | | | | | |

| Build Long-Term Growth Platforms | | | | | | Allstate made substantial progress in advancing Transformative Growth initiatives in 2022, including continued cost reductions, deploying a new property-liability technology platform and a new Affordable, Simple and Connected auto insurance offering in two states. | | | | | | | | | | | |

| | | | National General is meeting or exceeding acquisition performance targets with the objective of building a strong competitive position in independent agent distribution. | | | | | | | | | | | | | | |

| | | | Protection Services has increased revenues, particularly Allstate Protection Plans. Arity continued to expand its data acquisition platform with more than one trillion miles of traffic data and launched Arity IQ, a product to improve new business profitability for auto insurers. | | | | | | | | | | | | | | |

(1)2023 operating priorities will remain mostly consistent with the 2022 priorities, with “Building Long-Term Growth Platforms” expanding to “Execute Transformative Growth” to fully integrate Transformative Growth goals.

| *Total revenue* increased 1.6% to $51.41 billion in 2022 compared to 2021, primarily due to an 8.7% increase in property and casualty insurance premiums earned, partially offset by net losses on investments and derivatives in 2022 compared to net gains in 2021 and a decrease in net investment income. | | |

2022 Form 10-K

| Accident, health and other policy benefits | | | | | | (1,061) | | | | | | (1,049) | | | | | | (549) | | |

*Allstate Protection* underwriting loss was $2.78 billion in 2022 compared to income of $1.79 billion in 2021, primarily due to higher auto insurance losses and unfavorable reserve reestimates, both excluding catastrophes, partially offset by increased premiums earned.

| 2021 [Highlights](#i758fad00129c4da99333595dd79d1a32_85) | | | | | | | | | [33](#i758fad00129c4da99333595dd79d1a32_85) | | |

| [Investments](#i758fad00129c4da99333595dd79d1a32_115) | | | | | | | | | [63](#i758fad00129c4da99333595dd79d1a32_115) | | |

| [Market Risk](#i758fad00129c4da99333595dd79d1a32_118) | | | | | | | | | [72](#i758fad00129c4da99333595dd79d1a32_118) | | |

2021 Form 10-K

2021 Highlights

| • | | | Net gains and losses on investments and derivatives except for periodic settlements and accruals on non-hedge derivative instruments, which are reported with net gains and losses on investments and derivatives but included in adjusted net income | | |

The transaction increased our market share in personal property-liability by over one percentage point and enhanced our independent agent-facing technology.

On June 1, 2021, we announced an agreement to acquire Safe Auto Insurance Group, Inc. (“SafeAuto”), a non-standard auto insurance carrier.

On October 1, 2021, we completed the acquisition for $262 million in cash.

On October 1, 2021, we closed the sale of ALNY to Wilton Reassurance Company for $400 million.

In 2021, the loss on disposition was $4.09 billion, after-tax, and reflects purchase price adjustments associated with certain pre-close transactions specified in the stock purchase agreements, changes in statutory capital and surplus prior to the closing dates and the closing date equity of the sold entities determined under GAAP, excluding accumulated other comprehensive income (“AOCI”) derecognized related to the dispositions.

The Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”)

These measures moderated in 2021 as vaccines have become more widely available in the United States and Canada.

There is no way of predicting with certainty how long the pandemic might last.

| Better Serve Customers | | | | | | Allstate made substantial progress in advancing Transformative Growth initiatives in 2021, which includes improving the competitive price position in auto insurance through continued cost reductions. | | | | | | | | | | | |

| | | | Protection Services policies in force grew to 148.4 million, an 8.9% increase to the prior year, driven by continued expansion in Allstate Protection Plans. | | | | | | | | | | | | | | |

| Achieve Target Returns on Capital | | | | | | Return on average common shareholders’ equity was 5.8% in 2021, primarily driven by the loss on the dispositions of ALIC, ALNY and certain affiliates, partially offset by increased net investment income from strong performance-based results. | | | | | | | | | | | |

| | | | The Property-Liability combined ratio of 95.9 for the full year increased compared to the prior year primarily driven by higher auto losses. Allstate responded quickly to address the impact of higher severity through rate increases, continued commitment to cost reductions and claims loss cost management. | | | | | | | | | | | | | | |

| | | | Total return on the $64.7 billion investment portfolio was 4.4% in 2021 reflecting higher performance-based income and equity returns, partially offset by fixed income valuation declines. | | | | | | | | | | | | | | |

| Build Long-Term Growth Platforms | | | | | | Allstate’s personal property-liability market share increased by approximately one percentage point primarily through the acquisition of National General, which, consistent with our Transformative Growth objectives, expanded customer access and our strategic positioning in the independent agent channel. | | | | | | | | | | | |

| | | | Allstate closed on the sale of lower growth and return life and annuity businesses. Protection Services increased its customer base and total addressable market through an expanded network of products and partners. | | | | | | | | | | | | | | |

(1)2022 operating priorities will remain consistent with the 2021 priorities.

| *Total revenue* increased 20.7% to $50.59 billion in 2021 compared to 2020, driven by a 13.9% increase in property and casualty insurance premiums earned and higher net investment income. Insurance premiums increased in both Property-Liability, primarily due to the acquisition of National General, and Protection Services (Allstate Protection Plans, Allstate Dealer Services and Allstate Roadside). | | |

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Accident and health insurance policy benefits | | | | | | (1,015) | | | | | | (516) | | | | | | (601) | | |

| Interest credited to contractholder funds | | | | | | (34) | | | | | | (33) | | | | | | (34) | | |

| Impairment of purchased intangibles | | | | | | — | | | | | | — | | | | | | (106) | | |

*Allstate Protection* underwriting income totaled $1.79 billion in 2021, a 60.9% decrease from $4.57 billion in 2020, primarily due to higher auto and homeowners non-catastrophe and catastrophe losses and increased underwriting expenses, partially offset by increased premiums earned in Allstate brand and lower Shelter-in-Place Payback expense.

Premiums and other revenues increased 24.5% or $417 million to $2.12 billion in 2021 from $1.70 billion in 2020 primarily due to Allstate Protection Plan’s growth through its U.S. retail and international channels and the addition of LeadCloud and Transparent.ly, which were acquired as part of the National General acquisition.

Premiums and contract charges totaled $1.82 billion in 2021, an increase of 66.5% from $1.09 billion in 2020.

*Shareholders’ equity* As of December 31, 2021, shareholders’ equity was $25.18 billion.

| Impairment of purchased intangibles | | | | | | — | | | | | | — | | | | | | (51) | | |

| Effect of impairment of purchased intangibles on combined ratio | | | | | | — | | | | | | — | | | | | | 0.2 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

- Increased new issued applications in the Allstate brand driven by increased advertising and higher close rates

- Decreased Allstate brand average premium driven by rate decreases taken late in 2020 and the first half of 2021 partially offset by rate increases in the second half of 2021

- Rate increases are being implemented broadly to improve underwriting results given the higher inflationary trends adversely impacting loss costs; new rates become effective at the beginning of the

next policy term and are earned over the coverage period

[removed: 94] [added: 96] www.allstate.com

2022 Form 10-K

2021 Form 10-K

[removed: 2021] [added: 2022] Form 10-K *Item 1.

[removed: ][added: ]

[removed: ][added: |  | | | Insurance and financial services | | |]

Business* [removed: 2021] [added: 2022] Form 10-K

[removed: ] [added: ] For a discussion of [removed: regulatory contingencies,] [added: these items] see Note 15 of the consolidated financial statements.

[removed: 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 [removed: non-][added: non-domestic insurer if certain conditions exist, such as undue market concentration.]

- Prior approval — Regulators must approve a rate before the insurer may use it [removed: (20] [added: (21] states)

- 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 [removed: (19] [added: (20] states)

- Use-and-file — Requires an insurer to file rates within a certain period of time after the insurer begins using them [removed: (10] [added: (9] states)

[removed: In those states] that [removed: 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 [added: expense of providing the insurance.]

In those states that significantly restrict an insurer’s ability to charge a rate that reflects the cost and expense of providing the insurance, the insurer [removed: can] [added: may be able to] manage its risk of loss by being more selective in the type of business it underwrites.

[removed: ] [added: ] For a discussion of these items see Note [removed: 15] [added: 11] of the consolidated financial statements.

–Allowing insureds to choose levels of personal injury protection coverage, including the option [added: to opt-out of personal injury protection coverage in certain circumstances.]

[removed: ] [added: ] For [removed: a] [added: further] discussion of these [removed: items] [added: items,] see [added: Regulation section, Indemnification Programs and] Note 11 of the consolidated financial statements.

[removed: *Broker-Dealers] [added: *Broker-Dealer] and Investment Advisers* The Allstate entities that operate as [removed: broker-dealers] [added: a broker-dealer] and registered investment advisers are subject to regulation and supervision by the Securities and Exchange Commission (“SEC”), Financial Institution [removed: Regulatory Authority (“FINRA”) and/or, in some cases, state securities administrators.]

Such standards could impact products provided by Allstate agents and Allstate’s [removed: broker-dealers,] [added: broker-dealer,] their sales [added: processes, sales volume, and producer compensation arrangements.]

*Dodd-Frank: Covered Agreement* The Secretary of the Treasury (operating through FIO) and the Office of the U.S. Trade Representative (“USTR”) are jointly authorized, pursuant to [removed: the] Dodd-Frank, to negotiate Covered Agreements.

The U.S. [removed: has] [added: had] five years from the date of signing to amend its credit for reinsurance laws and regulations to conform with the requirements of the Covered Agreement or face federal preemption determinations by the FIO.

To address the requirements of the Covered Agreement, the NAIC [removed: has] formally adopted revisions to its existing credit for reinsurance model law and model regulation to conform with the requirements of the Covered Agreement with the expectation that states [removed: will] [added: would] adopt and implement the modified model law and regulation by September 2022.

The statute can also be used for sale [added: to a third party or to manage risks associated with indemnification programs.]

Congress, state legislatures, and regulatory authorities are [removed: expected to consider] [added: currently considering] additional regulation relating to privacy and other aspects of consumer information.

For example, the California Consumer Privacy Act, which took effect in January 2020, [added: as amended by the California Privacy Rights Act, which took effect in January 2023, as well as similar laws in Virginia and Connecticut,] adopted significant compliance requirements for businesses [removed: that collect personal information on California residents.][added: in those states.]

[removed: Further,] [added: In another example,] the New York State Department of Financial Services cybersecurity regulation and the NAIC Insurance Data Security Model Law, which has been adopted in some form by several states, establish standards for data [removed: security and for] [added: security, including] the investigation of and notification to insurance commissioners of cybersecurity events.

We cannot predict the impact on our business of possible future legislative [added: or regulatory] measures regarding privacy or cybersecurity.

[added: Key coverage issues include whether the] Superfund response, investigation, and clean-up costs are considered damages under the policies; whether coverage has been triggered; whether any pollution exclusion applies; whether there has been proper notice of claims; whether administrative liability triggers the duty to defend; whether there is an appropriate allocation of liability among potentially responsible insurers; and whether the liability in question falls within the definition of an “occurrence.” Identical coverage issues exist for clean-up and waste sites not covered under the Superfund.

In May 2017, the Environmental Protection Agency created a Superfund Task Force that issued proposed reforms in [removed: a July 2018 report.]

We cannot predict which, if any, of these reforms will be [removed: enacted.][added: enacted or, if enacted, what their impact may be.]

As of December 31, [removed: 2021,] [added: 2022,] Allstate had approximately [removed: 54,300] [added: 54,000] full-time employees and [removed: 400] [added: 500] part-time employees.

| U.S. workforce diversity as of December 31, [removed: 2021] [added: 2022] | | | | | | | | |

Beginning in [removed: 2021] [added: 2021,] we also [removed: disclosed] [added: disclose] our EEO-1 data.

[removed: Officers] [added: –Officers] from across the enterprise leverage their time, networks and resources to support the [removed: ERGs] [added: EIGs] and positively impact employee engagement and feelings of belonging at Allstate.

- In [removed: 2021,] [added: 2022,] employees completed more than [removed: 106,000] [added: 31,000] IDE [removed: courses, more than triple the number completed in 2020.][added: courses.]

–Continued to drive skills-based hiring without [added: 4-year] degree requirements on job postings.

- Allstate [removed: established and continues to utilize] [added: utilized] strong guiding principles to drive our response to the pandemic.

These principles [removed: include] [added: included] complying with regulations, relying on expert medical advice, adapting our approach to individual circumstances, and keeping our employees, agents, and customers safe.

Over [removed: 39,000] [added: 40,000] employees have taken this wellness workshop since 2010.

- The [removed: ERGs] [added: EIGs] provided multiple forums in [removed: 2021] [added: 2022] to share wellness resources and support for their members.

This [removed: remote-first strategy] has enabled us to recruit a more geographically dispersed and diverse talent pool, as well as to [removed: reevaluate] [added: reduce] our facilities footprint.

–Employees completed over [removed: 154,000] [added: 1.1 million] hours in formal learning opportunities.

[removed: –734] [added: –Over 700] employees participated in Allstate’s tuition reimbursement program, with [removed: $2.9] [added: $2.6] million paid in tuition reimbursement.

In those states that significantly restrict an insurer’s discretion in selecting the business

States may limit the ability of insurers to include variables in their rating plans even though they are indicative of risk.

Regulatory Authority and/or, in some cases, state securities administrators.

*Inflation Reduction Act of 2022* The Inflation Reduction Act of 2022 (“Act”), which contains several tax-related provisions, was signed into law in August 2022.

The Act creates a 15% corporate alternative minimum tax (“CAMT”) on certain large corporations and an excise tax of 1% on stock repurchases by publicly traded U.S. corporations, both effective after December 31, 2022.

The excise tax on common stock repurchases will be classified as an additional cost of the stock acquired included in treasury stock in shareholders' equity.

The Company has determined that it is considered an “applicable corporation” under the rules of CAMT, and as such, it is expected to perform the CAMT computation starting January 1, 2023; however, a reasonable estimate cannot be made as of the filing date.

*Climate disclosures* In March 2022, the SEC released its climate-related proposed regulation, requiring registrants to provide certain climate-related information in their registration statements and annual reports.

The proposed rule would require information about a registrant’s climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition.

The required information about climate-related risks would also include disclosure of a registrant’s greenhouse gas emissions, which have become a commonly used metric to assess a registrant’s exposure to such risks.

In addition, under the proposed rule, certain climate-related financial metrics would be required in a registrant’s audited financial statements.

The Company is evaluating the anticipated impacts of the proposed guidance to its disclosures.

*Cybersecurity risk management* The SEC issued a proposed rule in March 2022 to mandate cybersecurity disclosures, including information such as: management's and the board’s role and oversight of cybersecurity risks, policies and procedures and how risks and incidents are likely to impact the financial statements.

Additionally, certain incidents would have mandatory reporting on a Form 8-K.

The Company is evaluating the anticipated impacts of the proposed guidance to its disclosures.

A sufficient number of states adopted the model and/or regulation to avoid federal preemption.

Allstate Insurance Company and certain affiliate insurance companies utilized the division statute to form three Illinois domiciled insurance companies that retained assets and liabilities for certain Michigan automobile insurance policies with catastrophic personal injury claims that are ceded to the MCCA.

Among other things, the California Privacy Rights Act expanded consumer privacy rights and established a new privacy regulatory agency.

2022 Form 10-K *Item 1.

its 2019 final report.

Business* 2022 Form 10-K

| Women | | | | | | 58% | | |

- Allstate’s Employee Impact Groups (“EIG”) help advance IDE.

–In 2022, Allstate rebranded “Employee Resource Groups” to “Employee Impact Groups” to focus on impact and integration into the business.

Allstate supports and funds ten EIGs.

–EIGs are diverse communities that enhance the employee experience through engagement, development and collaboration.

They bring value to participants and impact Allstate through cultural education and awareness, market and community outreach, professional development, recruiting, retention, and customer engagement.

In 2022, we:

–As a member of the OneTen Initiative, launched Apprenticeship Program, Internship Program and Entry Level Rotational Program.

–Launched a new education strategy with offerings to build intercultural competence and an inclusive culture, and established metrics to measure the impact of course offerings on employees and the business.

–Implemented an IDE Talent Scorecard to drive leadership accountability for developing a workforce that mirrors the diversity of the communities and customers Allstate serves.

–Launched Allstate IDE A.C.T. (Accountability, Clarity, Transparency) Framework, integrating IDE strategy, goals, and collaboration across Allstate.

This model drives accountability and reduces complexity by clarifying roles.

2022 Form 10-K *Item 1.

- In 2022:

Business* 2022 Form 10-K

2022 Form 10-K *Item 1.

| Robert Toohey | | | | | | 55 | | | | | | Executive Vice President and Chief Human Resources Officer of AIC (March 2022 to present); Self-Employed Talent and Operations Advisor/Consultant (August 2021 to March 2022); President of Pymetrics (May 2019 to August 2021); Chief People Officer of Verizon Media (August 2016 to September 2018). | | | | | | 2022 | | |

| Terrance Williams | | | | | | 54 | | | | | | President, Protection Products and Services of AIC (May 2022 to present); Executive Vice President, Allstate Sales and Distribution of AIC (November 2021 to May 2022); General Manager, Allstate Agency (January 2020 to November 2021); President of Emerging Businesses and EVP, Chief Marketing Officer of Nationwide Mutual Insurance Company (May 2017 to October 2019). | | | | | | 2020 | | |

Business* 2022 Form 10-K

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”).

Allstate protects people from life’s uncertainties with a wide array of protection for autos, homes and personal property.

Allstate is primarily engaged in the property and casualty insurance business in the United States and Canada.

Additionally, Allstate provides customers other protection solutions such as accident and health insurance, protection plans that cover consumer electronics, mobile phones and appliances and personal identity protection.

The Allstate Corporation is one of the largest publicly held personal lines insurers in the United States.

Allstate’s personal property-liability strategy is to increase market share by offering consumers a broad suite of protection solutions and a competitive value proposition across distribution channels.

The Allstate brand is widely known through the “You’re In Good Hands With Allstate®” slogan.

Allstate is the second largest personal property and casualty insurer in the United States on the basis of 2020 statutory direct premiums written according to A.M. Best, including the acquisition of National General Holdings Corp. (“National General”).

Allstate also has strong market positions in other protection solutions.

Allstate Health and Benefits provides accident, health and life insurance through employers, independent agents and direct-to-consumer, and is one of the top voluntary benefits carriers in the market.

Allstate Protection Plans provides protection on a wide variety of consumer goods such as cell phones, tablets, computers, furniture and appliances, and has a leading position in distribution through major retailers.

Allstate Identity Protection has a leading position in identity protection through worksite distribution.

In total, Allstate had 190.9 million policies in force (“PIF”) as of December 31, 2021.

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.

*Acquisitions and Dispositions* On January 4, 2021, Allstate completed the acquisition of National General, expanding its independent agent channel business.

During the fourth quarter of 2021, Allstate completed the sales of Allstate Life Insurance Company (“ALIC”), Allstate Life Insurance Company of New York (“ALNY”) and certain affiliates.

For additional information, see Part II, Item 8 - Note 3 of the consolidated financial statements of this report.

The Allstate Corporation 1

Business*

Strategy, Transformative Growth, Our Shared Purpose and Segment Information

Our strategy has two components: increase personal property-liability market share (see Allstate Protection segment) and expand protection offerings by leveraging the Allstate brand, customer base and capabilities.

*Transformative Growth* is about creating a business model, capabilities and culture that continually transform to better serve customers.

This is done by providing affordable, simple and connected protection through multiple distribution partners.

The ultimate objective is to create continuous transformative growth in all businesses.

We are expanding protection businesses utilizing enterprise capabilities and resources such as distribution, analytics, claims, investment expertise, talent and capital.

Using innovative growth platforms (such as telematics and identity protection) and broad distribution including: Allstate exclusive agents, independent agents, contact centers, online, retailers, workplace benefits brokers, auto dealers, original equipment manufacturers and telecom providers further enhance our customer value proposition.

2 www.allstate.com

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Our Shared Purpose | | | | | | | | | | | | | | | | | | | | | | | |

| As the good hands... | | | | | | our values | | | | | | our operating standards | | | | | | our behaviors | | | | | |

| •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. | | | | | | •Integrity is non-negotiable. •Inclusive Diversity & Equity values and leverages unique identities with equitable opportunity and rewards. •Collective Success is achieved through empathy and prioritizing enterprise outcomes ahead of individuals. | | | | | | •Focus on Customers by anticipating and exceeding service expectations at low costs. •Be the Best at protecting customers, developing talent and running our businesses. •Be Bold with original ideas using speed and conviction to beat the competition. •Earn Attractive Returns by providing customer value, proactively accepting risk and using analytics. | | | | | | •Collaborate early and often to develop and implement comprehensive solutions and share learnings. •Challenge Ideas to leverage collective expertise, evaluate multiple alternatives and create the best path forward. •Provide Clarity for expected outcomes, decision authority and accountability. •Provide Feedback that is candid, actionable, independent of hierarchy and safe. | | | | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Reportable segments | | | | | | | | |

| Allstate Protection (1) | | | | | | Includes the Allstate brand, National General and Answer Financial. Offers private passenger auto, homeowners, other personal lines and commercial insurance through agents, contact centers and online. The Encompass brand was combined into National General beginning in the first quarter of 2021 and results prior to 2021 reflect Encompass brand results only. | | |

For the fiscal year ended December 31, [removed: 2021][added: 2022]

[removed: ][added: ]

[removed: 2775] [added: 3100] Sanders Road, Northbrook, Illinois 60062

The aggregate market value of the common stock held by non-affiliates of the registrant, computed by reference to the closing price as of the last business day of the registrant’s most recently completed second fiscal quarter, June 30, [removed: 2021,] [added: 2022,] was approximately [removed: $38.21] [added: $33.85] billion.

As of January 31, [removed: 2022,] [added: 2023,] the registrant had [removed: 278,346,060] [added: 263,329,700] shares of common stock outstanding.

Part III of this Form 10-K incorporates by reference certain information from the registrant’s definitive proxy statement for its annual stockholders meeting to be held on May [removed: 24, 2022,] [added: 23, 2023,] (the “Proxy Statement”) to be filed not later than 120 days after the end of the fiscal year covered by this Form 10-K.

| [Item [removed: 1.](#i758fad00129c4da99333595dd79d1a32_13)] [added: 1.](#iaed309263e8248a1815643bf682b39e1_13)] | | | | | | [removed: [Business](#i758fad00129c4da99333595dd79d1a32_13)] [added: [Business](#iaed309263e8248a1815643bf682b39e1_13)] | | | | | | [removed: [1](#i758fad00129c4da99333595dd79d1a32_13)] [added: [1](#iaed309263e8248a1815643bf682b39e1_13)] | | |

| | | | | | | • Strategy and Segment Information | | | | | | [removed: [2](#i758fad00129c4da99333595dd79d1a32_19)] [added: [2](#iaed309263e8248a1815643bf682b39e1_19)] | | |

| | | | | | | – [Allstate [removed: Protection](#i758fad00129c4da99333595dd79d1a32_22)] [added: Protection](#iaed309263e8248a1815643bf682b39e1_22)] | | | | | | [removed: [4](#i758fad00129c4da99333595dd79d1a32_22)] [added: [4](#iaed309263e8248a1815643bf682b39e1_22)] | | |

| | | | | | | [removed: [–](#i758fad00129c4da99333595dd79d1a32_25) [](#i758fad00129c4da99333595dd79d1a32_25)[Protection Services](#i758fad00129c4da99333595dd79d1a32_25)] [added: [– Protection Services](#iaed309263e8248a1815643bf682b39e1_25)] | | | | | | [removed: [9](#i758fad00129c4da99333595dd79d1a32_25)] [added: [9](#iaed309263e8248a1815643bf682b39e1_25)] | | |

| | | | | | | [removed: [–](#i758fad00129c4da99333595dd79d1a32_28) [](#i758fad00129c4da99333595dd79d1a32_28)[Allstate](#i758fad00129c4da99333595dd79d1a32_28) [Health and](#i758fad00129c4da99333595dd79d1a32_28) [Benefits](#i758fad00129c4da99333595dd79d1a32_28)] [added: [– Allstate Health and Benefits](#iaed309263e8248a1815643bf682b39e1_28)] | | | | | | [removed: [10](#i758fad00129c4da99333595dd79d1a32_28)] [added: [10](#iaed309263e8248a1815643bf682b39e1_28)] | | |

[removed: | | | | | | | – [Other] [added: Other] Business [removed: Segments](#i758fad00129c4da99333595dd79d1a32_37) | | | | | | [10](#i758fad00129c4da99333595dd79d1a32_37) | | |][added: Segments]

[removed: | | | | | | | • [Regulation](#i758fad00129c4da99333595dd79d1a32_40) | | | | | | [12](#i758fad00129c4da99333595dd79d1a32_40) | | |][added: Regulation]

| | | | | | | • [Human [removed: Capital](#i758fad00129c4da99333595dd79d1a32_43)] [added: Capital](#iaed309263e8248a1815643bf682b39e1_37)] | | | | | | [removed: [16](#i758fad00129c4da99333595dd79d1a32_43)] [added: [17](#iaed309263e8248a1815643bf682b39e1_37)] | | |

| | | | | | | • [Other Information About [removed: Allstate](#i758fad00129c4da99333595dd79d1a32_49)] [added: Allstate](#iaed309263e8248a1815643bf682b39e1_43)] | | | | | | [removed: [18](#i758fad00129c4da99333595dd79d1a32_49)] [added: [19](#iaed309263e8248a1815643bf682b39e1_43)] | | |

| | | | | | | • Information about our [Executive [removed: Officers](#i758fad00129c4da99333595dd79d1a32_52)] [added: Officers](#iaed309263e8248a1815643bf682b39e1_46)] | | | | | | [removed: [19](#i758fad00129c4da99333595dd79d1a32_52)] [added: [20](#iaed309263e8248a1815643bf682b39e1_46)] | | |

| | | | | | | [Forward-Looking [removed: Statements](#i758fad00129c4da99333595dd79d1a32_55)] [added: Statements](#iaed309263e8248a1815643bf682b39e1_49)] | | | | | | [removed: [20](#i758fad00129c4da99333595dd79d1a32_55)] [added: [21](#iaed309263e8248a1815643bf682b39e1_49)] | | |

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| [Item [removed: 1B.](#i758fad00129c4da99333595dd79d1a32_61)] [added: 1B.](#iaed309263e8248a1815643bf682b39e1_55)] | | | | | | [Unresolved Staff [removed: Comments](#i758fad00129c4da99333595dd79d1a32_61)] [added: Comments](#iaed309263e8248a1815643bf682b39e1_55)] | | | | | | [removed: [29](#i758fad00129c4da99333595dd79d1a32_61)] [added: [31](#iaed309263e8248a1815643bf682b39e1_55)] | | |

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| [Item [removed: 4.](#i758fad00129c4da99333595dd79d1a32_70)] [added: 4.](#iaed309263e8248a1815643bf682b39e1_70)] | | | | | | [Mine Safety [removed: Disclosures](#i758fad00129c4da99333595dd79d1a32_70)] [added: Disclosures](#iaed309263e8248a1815643bf682b39e1_70)] | | | | | | [removed: [29](#i758fad00129c4da99333595dd79d1a32_70)] [added: [31](#iaed309263e8248a1815643bf682b39e1_70)] | | |

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| [Item [removed: 6.](#i758fad00129c4da99333595dd79d1a32_79)] [added: 6.](#iaed309263e8248a1815643bf682b39e1_73)] | | | | | | [removed: [\[Reserved\]](#i758fad00129c4da99333595dd79d1a32_79)] [added: [\[Reserved\]](#iaed309263e8248a1815643bf682b39e1_73)] | | | | | | [removed: [31](#i758fad00129c4da99333595dd79d1a32_79)] [added: [33](#iaed309263e8248a1815643bf682b39e1_73)] | | |

| [Item [removed: 7.](#i758fad00129c4da99333595dd79d1a32_82)] [added: 7.](#iaed309263e8248a1815643bf682b39e1_76)] | | | | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i758fad00129c4da99333595dd79d1a32_82)] [added: Operations](#iaed309263e8248a1815643bf682b39e1_76)] | | | | | | [removed: [32](#i758fad00129c4da99333595dd79d1a32_82)] [added: [34](#iaed309263e8248a1815643bf682b39e1_76)] | | |

| [Item [removed: 7A.](#i758fad00129c4da99333595dd79d1a32_139)] [added: 7A.](#iaed309263e8248a1815643bf682b39e1_124)] | | | | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i758fad00129c4da99333595dd79d1a32_139)] [added: Risk](#iaed309263e8248a1815643bf682b39e1_124)] | | | | | | [removed: [94](#i758fad00129c4da99333595dd79d1a32_139)] [added: [96](#iaed309263e8248a1815643bf682b39e1_124)] | | |

| [Item [removed: 8.](#i758fad00129c4da99333595dd79d1a32_142)] [added: 8.](#iaed309263e8248a1815643bf682b39e1_127)] | | | | | | [Financial Statements and Supplementary [removed: Data](#i758fad00129c4da99333595dd79d1a32_142)] [added: Data](#iaed309263e8248a1815643bf682b39e1_127)] | | | | | | [removed: [95](#i758fad00129c4da99333595dd79d1a32_142)] [added: [97](#iaed309263e8248a1815643bf682b39e1_127)] | | |

| [Item [removed: 9.](#i758fad00129c4da99333595dd79d1a32_238)] [added: 9.](#iaed309263e8248a1815643bf682b39e1_223)] | | | | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i758fad00129c4da99333595dd79d1a32_238)] [added: Disclosure](#iaed309263e8248a1815643bf682b39e1_223)] | | | | | | [removed: [185](#i758fad00129c4da99333595dd79d1a32_238)] [added: [184](#iaed309263e8248a1815643bf682b39e1_223)] | | |

| [Item [removed: 9A.](#i758fad00129c4da99333595dd79d1a32_241)] [added: 9A.](#iaed309263e8248a1815643bf682b39e1_226)] | | | | | | [Controls and [removed: Procedures](#i758fad00129c4da99333595dd79d1a32_241)] [added: Procedures](#iaed309263e8248a1815643bf682b39e1_226)] | | | | | | [removed: [185](#i758fad00129c4da99333595dd79d1a32_241)] [added: [184](#iaed309263e8248a1815643bf682b39e1_226)] | | |

| [Item [removed: 9B.](#i758fad00129c4da99333595dd79d1a32_244)] [added: 9B.](#iaed309263e8248a1815643bf682b39e1_229)] | | | | | | [Other [removed: Information](#i758fad00129c4da99333595dd79d1a32_244)] [added: Information](#iaed309263e8248a1815643bf682b39e1_229)] | | | | | | [removed: [185](#i758fad00129c4da99333595dd79d1a32_244)] [added: [184](#iaed309263e8248a1815643bf682b39e1_229)] | | |

| Item 9C. | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i758fad00129c4da99333595dd79d1a32_1099511630505)] [added: Inspections](#iaed309263e8248a1815643bf682b39e1_232)] | | | | | | [removed: [185](#i758fad00129c4da99333595dd79d1a32_1099511630505)] [added: [184](#iaed309263e8248a1815643bf682b39e1_232)] | | |

| [Item [removed: 10.](#i758fad00129c4da99333595dd79d1a32_250)] [added: 10.](#iaed309263e8248a1815643bf682b39e1_238)] | | | | | | [Directors, Executive Officers and Corporate [removed: Governance](#i758fad00129c4da99333595dd79d1a32_250)] [added: Governance](#iaed309263e8248a1815643bf682b39e1_238)] | | | | | | [removed: [186](#i758fad00129c4da99333595dd79d1a32_250)] [added: [185](#iaed309263e8248a1815643bf682b39e1_238)] | | |

| [Item [removed: 11.](#i758fad00129c4da99333595dd79d1a32_253)] [added: 11.](#iaed309263e8248a1815643bf682b39e1_241)] | | | | | | [Executive [removed: Compensation](#i758fad00129c4da99333595dd79d1a32_253)] [added: Compensation](#iaed309263e8248a1815643bf682b39e1_241)] | | | | | | [removed: [186](#i758fad00129c4da99333595dd79d1a32_253)] [added: [185](#iaed309263e8248a1815643bf682b39e1_241)] | | |

| [Item [removed: 12.](#i758fad00129c4da99333595dd79d1a32_256)] [added: 12.](#iaed309263e8248a1815643bf682b39e1_244)] | | | | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i758fad00129c4da99333595dd79d1a32_256)] [added: Matters](#iaed309263e8248a1815643bf682b39e1_244)] | | | | | | [removed: [187](#i758fad00129c4da99333595dd79d1a32_256)] [added: [186](#iaed309263e8248a1815643bf682b39e1_244)] | | |

| [Item [removed: 13.](#i758fad00129c4da99333595dd79d1a32_259)] [added: 13.](#iaed309263e8248a1815643bf682b39e1_247)] | | | | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i758fad00129c4da99333595dd79d1a32_259)] [added: Independence](#iaed309263e8248a1815643bf682b39e1_247)] | | | | | | [removed: [187](#i758fad00129c4da99333595dd79d1a32_259)] [added: [186](#iaed309263e8248a1815643bf682b39e1_247)] | | |

| [Item [removed: 14.](#i758fad00129c4da99333595dd79d1a32_262)] [added: 14.](#iaed309263e8248a1815643bf682b39e1_250)] | | | | | | [Principal Accounting Fees and [removed: Services](#i758fad00129c4da99333595dd79d1a32_262)] [added: Services](#iaed309263e8248a1815643bf682b39e1_250)] | | | | | | [removed: [187](#i758fad00129c4da99333595dd79d1a32_262)] [added: [186](#iaed309263e8248a1815643bf682b39e1_250)] | | |

| [Item [removed: 15.](#i758fad00129c4da99333595dd79d1a32_268)] [added: 15.](#iaed309263e8248a1815643bf682b39e1_256)] | | | | | | [Exhibits and Financial Statement [removed: Schedules](#i758fad00129c4da99333595dd79d1a32_268)] [added: Schedules](#iaed309263e8248a1815643bf682b39e1_256)] | | | | | | [removed: [188](#i758fad00129c4da99333595dd79d1a32_268)] [added: [187](#iaed309263e8248a1815643bf682b39e1_256)] | | |

| [Item [removed: 16.](#i758fad00129c4da99333595dd79d1a32_271)] [added: 16.](#iaed309263e8248a1815643bf682b39e1_259)] | | | | | | [Form 10-K [removed: Summary](#i758fad00129c4da99333595dd79d1a32_271)] [added: Summary](#iaed309263e8248a1815643bf682b39e1_259)] | | | | | | [removed: [191](#i758fad00129c4da99333595dd79d1a32_271)] [added: [190](#iaed309263e8248a1815643bf682b39e1_259)] | | |

| [Financial Statement [removed: Schedules](#i758fad00129c4da99333595dd79d1a32_277)] [added: Schedules](#iaed309263e8248a1815643bf682b39e1_265)] | | | | | | | | | | | | [removed: S-[1](#i758fad00129c4da99333595dd79d1a32_277)] [added: S-[1](#iaed309263e8248a1815643bf682b39e1_265)] | | |

[removed: 2021] [added: 2022] Form 10-K *Item 1.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

| | | | | | | • Overview | | | | | | [1](#iaed309263e8248a1815643bf682b39e1_16) | | |

| | | | | | | – [Other Business Segments](#iaed309263e8248a1815643bf682b39e1_31) | | | | | | [11](#iaed309263e8248a1815643bf682b39e1_31) | | |

| | | | | | | • [Regulation](#iaed309263e8248a1815643bf682b39e1_34) | | | | | | [12](#iaed309263e8248a1815643bf682b39e1_34) | | |

| | | | | | | • [Website](#iaed309263e8248a1815643bf682b39e1_40) | | | | | | [19](#iaed309263e8248a1815643bf682b39e1_40) | | |

| [Signatures](#iaed309263e8248a1815643bf682b39e1_262) | | | | | | | | | | | | [191](#iaed309263e8248a1815643bf682b39e1_262) | | |

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”).

Allstate protects people from life’s uncertainties with a wide array of protection for autos, homes and personal property.

Allstate is primarily engaged in the property and casualty insurance business in the United States and Canada.

Additionally, Allstate provides customers other protection solutions such as accident and health insurance, protection plans that cover consumer electronics, mobile phones and appliances and personal identity protection.

The Allstate Corporation is one of the largest publicly held personal lines insurers in the United States.

Allstate’s personal property-liability strategy is to increase market share by offering consumers a broad suite of protection solutions and a competitive value proposition across distribution channels.

The Allstate brand is widely known through the “You’re In Good Hands With Allstate®” slogan.

Allstate is the third largest personal property and casualty insurer in the United States on the basis of 2021 statutory direct premiums written according to A.M. Best.

Allstate also has strong market positions in other protection solutions.

Allstate Health and Benefits provides accident, health and life insurance through employers, independent agents and direct-to-consumer, and is one of the top voluntary benefits carriers in the market.

Allstate Protection Plans provides protection on a wide variety of consumer goods such as cell phones, tablets, computers, furniture and appliances, and has a leading position in distribution through major retailers.

Allstate Identity Protection has a leading position in identity protection through worksite distribution.

In total, Allstate had 189.1 million policies in force (“PIF”) as of December 31, 2022.

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.

The Allstate Corporation 1

2022 Form 10-K *Item 1.

Business*

Strategy, Transformative Growth, Our Shared Purpose and Segment Information

Our strategy has two components: increase personal property-liability market share (see Allstate Protection segment) and expand protection offerings by leveraging the Allstate brand, customer base and capabilities.

*Transformative Growth* is about creating a business model, capabilities and culture that continually transform to better serve customers.

This is done by providing affordable, simple and connected protection through multiple distribution partners.

The ultimate objective is to create continuous transformative growth in all businesses.

We are expanding protection services businesses utilizing enterprise capabilities and resources such as distribution, analytics, claims, investment expertise, talent and capital.

Using innovative growth platforms (such as telematics and identity protection) and broad distribution including: Allstate exclusive agents, independent agents, contact centers, online, retailers, workplace benefits brokers, auto dealers, original equipment manufacturers and telecom providers further enhance our customer value proposition.


2 www.allstate.com

2022 Form 10-K *Item 1.

| | | | | | | • Overview | | | | | | [1](#i758fad00129c4da99333595dd79d1a32_16) | | |

| | | | | | | • [Website](#i758fad00129c4da99333595dd79d1a32_46) | | | | | | [18](#i758fad00129c4da99333595dd79d1a32_46) | | |

| [Signatures](#i758fad00129c4da99333595dd79d1a32_274) | | | | | | | | | | | | [192](#i758fad00129c4da99333595dd79d1a32_274) | | |

[removed: We also] [added: In North America, we] operate from approximately [removed: 955] [added: 862 retail stores,] administrative, data processing, claims handling and other support facilities [removed: in North America.][added: that total 1.1 million square feet owned and 5.0 million square feet leased.]

Outside North America, we own one and lease [removed: three] [added: two] properties in Northern Ireland comprising approximately [removed: 223] [added: 198] thousand square feet.

We also have two leased facilities in India for approximately 441 thousand square [removed: feet and] [added: feet,] two leased facilities in London for seven thousand square [removed: feet.][added: feet and approximately two thousand square feet in other international locations.]

On October 18, 2022, Allstate closed the sale of its headquarters in Northbrook, Illinois.

The sale will reduce real estate expenses and further advance Allstate’s multi-year Transformative Growth strategy.

In Illinois, the Company has 49 locations totaling 609 thousand square feet of office space.

Our home office complex is owned and located in Northbrook, Illinois.

As of December 31, 2021, the home office campus consists of several buildings totaling 1.9 million square feet of office space on a 186-acre site.

On November 26, 2021, Allstate entered into a definitive Purchase and Sale Agreement with DPIF3 Acquisition Co LLC, an affiliate of Dermody Properties, to sell Allstate’s home office complex for $232 million.

The sale is expected to be completed in 2022, subject to (i) the completion of due diligence, (ii) a purchaser contingency relating to governmental approvals with respect to the entitlements for the property and certain economic or tax incentives, and (iii) satisfaction of customary closing conditions.

In addition to our home office facilities, 842 thousand square feet are owned and 6.5 million square feet are leased.

The Allstate Corporation [removed: 29][added: 31]

2022 Form 10-K

2021 Form 10-K

As of January 31, [removed: 2022,] [added: 2023,] there were [removed: 61,841] [added: 59,597] holders of record of The Allstate Corporation’s common stock.

The following performance graph compares the cumulative total shareholder return on Allstate common stock for a five-year period (December 31, [removed: 2016] [added: 2017] to December 31, [removed: 2021)] [added: 2022)] with the cumulative total return of the S&P Property and Casualty Insurance Index (S&P P/C) and the [removed: S&P’s] [added: S&P] 500 stock index.

[removed: ][added: ]

| Value at each year-end of $100 initial investment made on December 31, [removed: 2016] [added: 2017] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | [removed: 12/31/2016] [added: 12/31/2017] | | | | | | [removed: 12/31/2017] [added: 12/31/2018] | | | | | | [removed: 12/31/2018] [added: 12/31/2019] | | | | | | [removed: 12/31/2019] [added: 12/31/2020] | | | | | | [removed: 12/31/2020] [added: 12/31/2021] | | | | | | [removed: 12/31/2021] [added: 12/31/2022] | | |

[removed: 30] [added: 32] www.allstate.com

(3)In August 2021, we announced the approval of a common share repurchase program for $5 billion which is expected to be completed by [removed: the end of March] [added: September 30,] 2023.

| Allstate | | | | | | $ | 100.00 | | | | | $ | 80.48 | | | | | $ | 111.72 | | | | | $ | 111.59 | | | | | $ | 122.61 | | | | | $ | 145.10 | |

| S&P P/C | | | | | | $ | 100.00 | | | | | $ | 95.31 | | | | | $ | 119.96 | | | | | $ | 127.56 | | | | | $ | 149.89 | | | | | $ | 178.18 | |

| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 95.61 | | | | | $ | 125.70 | | | | | $ | 148.81 | | | | | $ | 191.48 | | | | | $ | 156.77 | |

2022 Form 10-K

| October 1, 2022 - October 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Purchases | | | | | | 1,645,463 | | | | | | $ | 128.65 | | | | | 1,644,936 | | | | | | | | |

| November 1, 2022 - November 30, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Purchases | | | | | | 693,860 | | | | | | $ | 128.40 | | | | | 692,907 | | | | | | | | |

| December 1, 2022 - December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Purchases | | | | | | 400,465 | | | | | | $ | 132.26 | | | | | 399,500 | | | | | | | | |

| Total | | | | | | 2,739,788 | | | | | | $ | 129.11 | | | | | 2,737,343 | | | | | | $ | 802 | million |

October: 527

November: 953

December: 965

The Inflation Reduction Act, enacted in August 2022, imposes a 1% excise tax on stock repurchases occurring after December 31, 2022.

The excise tax on common stock repurchases will be classified as an additional cost of the stock acquired included in treasury stock in shareholders’ equity*.*

| Allstate | | | | | | $ | 100.00 | | | | | $ | 143.62 | | | | | $ | 115.58 | | | | | $ | 160.45 | | | | | $ | 160.26 | | | | | $ | 176.09 | |

| S&P P/C | | | | | | $ | 100.00 | | | | | $ | 122.39 | | | | | $ | 116.64 | | | | | $ | 146.82 | | | | | $ | 156.11 | | | | | $ | 183.45 | |

| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 121.82 | | | | | $ | 116.47 | | | | | $ | 153.13 | | | | | $ | 181.29 | | | | | $ | 233.28 | |

2021 Form 10-K

| October 1, 2021 - October 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Purchases | | | | | | 1,662,426 | | | | | | $ | 127.11 | | | | | 1,657,457 | | | | | | | | |

| November 1, 2021 - November 30, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Purchases | | | | | | 2,440,864 | | | | | | $ | 115.36 | | | | | 2,439,045 | | | | | | | | |

| December 1, 2021 - December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Purchases | | | | | | 3,392,587 | | | | | | $ | 112.15 | | | | | 3,392,456 | | | | | | | | |

| Total | | | | | | 7,495,877 | | | | | | $ | 116.51 | | | | | 7,488,958 | | | | | | $ | 3.30 | billion |

October: 4,969

November: 1,819

December: 131

The Allstate Corporation [removed: 31][added: 33]

2022 Form 10-K

2021 Form 10-K

| [Consolidated Statements of [removed: Operations](#i758fad00129c4da99333595dd79d1a32_145)] [added: Operations](#iaed309263e8248a1815643bf682b39e1_130)] | | | | | | | | | [removed: [96](#i758fad00129c4da99333595dd79d1a32_145)] [added: [98](#iaed309263e8248a1815643bf682b39e1_130)] | | |

[removed: | [Consolidated] [added: Consolidated] Statements of Comprehensive [removed: Income](#i758fad00129c4da99333595dd79d1a32_148) | | | | | | | | | [97](#i758fad00129c4da99333595dd79d1a32_148) | | |][added: Income (Loss)]

| [Consolidated Statements of Financial [removed: Position](#i758fad00129c4da99333595dd79d1a32_151)] [added: Position](#iaed309263e8248a1815643bf682b39e1_136)] | | | | | | | | | [removed: [98](#i758fad00129c4da99333595dd79d1a32_151)] [added: [100](#iaed309263e8248a1815643bf682b39e1_136)] | | |

| Consolidated Statements of Shareholders’ Equity | | | | | | | | | [removed: [99](#i758fad00129c4da99333595dd79d1a32_154)] [added: [101](#iaed309263e8248a1815643bf682b39e1_139)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i758fad00129c4da99333595dd79d1a32_157)] [added: Flows](#iaed309263e8248a1815643bf682b39e1_142)] | | | | | | | | | [removed: [100](#i758fad00129c4da99333595dd79d1a32_157)] [added: [102](#iaed309263e8248a1815643bf682b39e1_142)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i758fad00129c4da99333595dd79d1a32_160)] [added: Statements](#iaed309263e8248a1815643bf682b39e1_145)] | | | | | | | | | | | |

| Note 2 | | | Summary of Significant Accounting Policies | | | | | | [removed: [102](#i758fad00129c4da99333595dd79d1a32_166)] [added: [104](#iaed309263e8248a1815643bf682b39e1_151)] | | |

| Note 3 | | | Acquisitions and Dispositions | | | | | | [removed: [113](#i758fad00129c4da99333595dd79d1a32_169)] [added: [114](#iaed309263e8248a1815643bf682b39e1_154)] | | |

| Note 6 | | | Fair Value of Assets and Liabilities | | | | | | [removed: [129](#i758fad00129c4da99333595dd79d1a32_178)] [added: [131](#iaed309263e8248a1815643bf682b39e1_166)] | | |

| Note 7 | | | Derivative Financial Instruments and Off-balance Sheet Financial Instruments | | | | | | [removed: [137](#i758fad00129c4da99333595dd79d1a32_181)] [added: [139](#iaed309263e8248a1815643bf682b39e1_169)] | | |

| Note 8 | | | Variable Interest Entities | | | | | | [removed: [143](#i758fad00129c4da99333595dd79d1a32_184)] [added: [145](#iaed309263e8248a1815643bf682b39e1_172)] | | |

| Note 9 | | | Reserve for Property and Casualty Insurance Claims and Claims Expense | | | | | | [removed: [143](#i758fad00129c4da99333595dd79d1a32_187)] [added: [145](#iaed309263e8248a1815643bf682b39e1_175)] | | |

| Note 10 | | | Reserve for Future Policy Benefits and Contractholder Funds | | | | | | [removed: [149](#i758fad00129c4da99333595dd79d1a32_190)] [added: [151](#iaed309263e8248a1815643bf682b39e1_178)] | | |

| Note 11 | | | Reinsurance and Indemnification | | | | | | [removed: [152](#i758fad00129c4da99333595dd79d1a32_193)] [added: [153](#iaed309263e8248a1815643bf682b39e1_181)] | | |

| [removed: Note 12] [added: Deferred policy acquisition costs] | | | [removed: Deferred Policy Acquisition Costs] | | | [added: 15] | | | [removed: [157](#i758fad00129c4da99333595dd79d1a32_202)] | | | [added: 15 | | |]

| Note 15 | | | Commitments, Guarantees and Contingent Liabilities | | | | | | [removed: [161](#i758fad00129c4da99333595dd79d1a32_211)] [added: [163](#iaed309263e8248a1815643bf682b39e1_196)] | | |

| Note 16 | | | Income Taxes | | | | | | [removed: [168](#i758fad00129c4da99333595dd79d1a32_214)] [added: [168](#iaed309263e8248a1815643bf682b39e1_199)] | | |

| Note 17 | | | Statutory Financial Information and Dividend Limitations | | | | | | [removed: [170](#i758fad00129c4da99333595dd79d1a32_217)] [added: [170](#iaed309263e8248a1815643bf682b39e1_202)] | | |

| Note 18 | | | Benefit Plans | | | | | | [removed: [171](#i758fad00129c4da99333595dd79d1a32_220)] [added: [171](#iaed309263e8248a1815643bf682b39e1_205)] | | |

| Note 19 | | | Equity Incentive Plans | | | | | | [removed: [178](#i758fad00129c4da99333595dd79d1a32_223)] [added: [177](#iaed309263e8248a1815643bf682b39e1_208)] | | |

| Note 20 | | | Supplemental Cash Flow Information | | | | | | [removed: [180](#i758fad00129c4da99333595dd79d1a32_226)] [added: [179](#iaed309263e8248a1815643bf682b39e1_211)] | | |

| [removed: Note 21] [added: Note 21] | | | [removed: Other] [added: Other] Comprehensive Income [removed: | | | | | | [181](#i758fad00129c4da99333595dd79d1a32_229)] [added: (Loss)] | | |

| Note 22 | | | Quarterly Results (unaudited) | | | | | | [removed: [181](#i758fad00129c4da99333595dd79d1a32_232)] [added: [181](#iaed309263e8248a1815643bf682b39e1_217)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i758fad00129c4da99333595dd79d1a32_235)] [added: Firm](#iaed309263e8248a1815643bf682b39e1_220)] | | | | | | | | | [removed: [182](#i758fad00129c4da99333595dd79d1a32_235)] [added: [182](#iaed309263e8248a1815643bf682b39e1_220)] | | |

[removed: 2021] [added: 2022] Form 10-K *Financial Statements*

| ($ in millions, except per share data) | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Property and casualty insurance premiums (net of reinsurance ceded and indemnification programs of [removed: $1,904, $1,141] [added: $1,869, $1,904] and [removed: $1,122)] [added: $1,141)] | | | | | | $ | [removed: 42,218] [added: 45,904] | | | | | $ | [removed: 37,073] [added: 42,218] | | | | | $ | [removed: 36,076] [added: 37,073] | |

| Accident and health insurance premiums and contract charges (net of reinsurance ceded of [removed: $78, $13] [added: $38, $78] and [removed: $14)] [added: $13)] | | | | | | [removed: 1,821] [added: 1,833] | | | | | | [removed: 1,094] [added: 1,821] | | | | | | [removed: 1,145] [added: 1,094] | | |

| Other revenue | | | | | | [removed: 2,172] [added: 2,344] | | | | | | [removed: 1,065] [added: 2,172] | | | | | | [removed: 1,054] [added: 1,065] | | |

| Net investment income | | | | | | [removed: 3,293] [added: 2,403] | | | | | | [removed: 1,590] [added: 3,293] | | | | | | [removed: 1,728] [added: 1,590] | | |

| Net gains (losses) on investments and derivatives | | | | | | [removed: 1,084] [added: (1,072)] | | | | | | [removed: 1,087] [added: 1,084] | | | | | | [removed: 1,538] [added: 1,087] | | |

| Total revenues | | | | | | [removed: 50,588] [added: 51,412] | | | | | | [removed: 41,909] [added: 50,588] | | | | | | [removed: 41,541] [added: 41,909] | | |

| Property and casualty insurance claims and claims expense (net of reinsurance ceded and indemnification programs of [removed: $3,484, $530] [added: $1,600, $3,484] and [removed: $524)] [added: $530)] | | | | | | [removed: 29,318] [added: 37,264] | | | | | | [removed: 22,001] [added: 29,318] | | | | | | [removed: 23,976] [added: 22,001] | | |

| Shelter-in-Place Payback expense | | | | | | [removed: 29] [added: —] | | | | | | [removed: 948] [added: 29] | | | | | | [removed: —] [added: 948] | | |

| [removed: Accident and] [added: Accident,] health [removed: insurance] [added: and other] policy benefits (net of reinsurance ceded of [removed: $85, $15] [added: $28, $86] and [removed: $12)] [added: $15)] | | | | | | [removed: 1,015] [added: 1,061] | | | | | | [removed: 516] [added: 1,049] | | | | | | [removed: 601] [added: 549] | | |

| Amortization of deferred policy acquisition costs | | | | | | [removed: 6,252] [added: 6,644] | | | | | | [removed: 5,477] [added: 6,252] | | | | | | [removed: 5,353] [added: 5,477] | | |

| Operating costs and expenses | | | | | | [removed: 7,260] [added: 7,446] | | | | | | [removed: 5,494] [added: 7,260] | | | | | | [removed: 5,422] [added: 5,494] | | |

| Pension and other postretirement remeasurement (gains) losses | | | | | | [removed: (644)] [added: 116] | | | | | | [removed: (51)] [added: (644)] | | | | | | [removed: 114] [added: (51)] | | |

| Restructuring and related charges | | | | | | [removed: 170] [added: 51] | | | | | | [removed: 253] [added: 170] | | | | | | [removed: 39] [added: 253] | | |

| Amortization of purchased intangibles | | | | | | [removed: 376] [added: 353] | | | | | | [removed: 118] [added: 376] | | | | | | [removed: 126] [added: 118] | | |

| Note 1 | | | General | | | | | | [103](#iaed309263e8248a1815643bf682b39e1_148) | | |

| Note 4 | | | Reportable Segments | | | | | | [117](#iaed309263e8248a1815643bf682b39e1_160) | | |

| Note 5 | | | Investments | | | | | | [121](#iaed309263e8248a1815643bf682b39e1_163) | | |

| Note 13 | | | Capital Structure | | | | | | [159](#iaed309263e8248a1815643bf682b39e1_190) | | |

| Note 14 | | | Company Restructuring | | | | | | [162](#iaed309263e8248a1815643bf682b39e1_193) | | |

2022 Form 10-K *Financial Statements*

*Financial Statements* 2022 Form 10-K

2022 Form 10-K *Financial Statements*

| Accident, health and other policy benefits | | | | | | 4,503 | | | | | | 2,432 | | | | | | (44) | | |

| Proceeds from sale of property and equipment | | | | | | 209 | | | | | | — | | | | | | — | | |

Certain amounts have been reclassified to conform to current year presentation.

These measures have moderated significantly, but new variants of the Coronavirus could result in further economic volatility.

Certain growth and profitability comparisons to the prior year were impacted, in part, by the effects the Coronavirus had on prior year results.

Throughout 2021 the Company experienced lower auto accident claim frequency and different claim patterns than historically experienced.

Total auto claim frequency has since increased, but remains below pre-pandemic levels.

The Coronavirus has affected operations and may continue to significantly affect results of operations, financial condition and liquidity.

The impact from the pandemic should be considered when comparing the current year to the prior years, including:

- Sales of new and retention of existing policies

- Rate changes and average gross premiums

- Supply chain disruptions and labor shortages impacts on the cost of settling claims

- Premium for transportation network products

- Driving behavior and auto accident frequency

- Hospital and outpatient claim costs

- Investment valuations and returns

- Bad debt and credit allowance exposure

- Consumer utilization of Milewise®, the Company’s pay-per-mile insurance product

- Retail sales in Allstate Protection Plans

This list is not inclusive of all potential impacts and should not be treated as such.

Investments in limited partnership interests are primarily accounted for in accordance with the equity

*Notes to Consolidated Financial Statements* 2022 Form 10-K

to be collected, is written off through net investment income.

| ($ in millions) | | | | | | 2022 | | | | | | 2021 | | |

2022 Form 10-K *Notes to Consolidated Financial Statements*

The Company utilizes historical internal data

| ($ in millions) | | | | | | 2022 | | | | | | 2021 | | |

The Company collects service fees in the form of commission and general agent fees by selling policies issued by third-party insurance companies.

Company recognizes Medicare-related and other accident and health commission revenues equal to the estimated life-time value of the revenues at the time when the policy is sold, net of an allowance for estimated policy cancellations, as no further performance obligations exist.

The allowance for estimated third-party cancellations is periodically evaluated and adjusted as necessary.

If actual experience and current assumptions are adverse compared to the

*Notes to Consolidated Financial Statements* 2022 Form 10-K

| Note 1 | | | General | | | | | | [101](#i758fad00129c4da99333595dd79d1a32_163) | | |

| Note 4 | | | Reportable Segments | | | | | | [116](#i758fad00129c4da99333595dd79d1a32_172) | | |

| Note 5 | | | Investments | | | | | | [119](#i758fad00129c4da99333595dd79d1a32_175) | | |

| Note 13 | | | Capital Structure | | | | | | [157](#i758fad00129c4da99333595dd79d1a32_205) | | |

| Note 14 | | | Company Restructuring | | | | | | [160](#i758fad00129c4da99333595dd79d1a32_208) | | |

The Allstate Corporation 95

| | | | | | | | | | | | | | | | | | | | | |

| Interest credited to contractholder funds (net of reinsurance ceded of $1, zero and zero) | | | | | | 34 | | | | | | 33 | | | | | | 34 | | |

| Impairment of purchased intangibles | | | | | | — | | | | | | — | | | | | | 106 | | |

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Preferred stock issuance, net of issuance costs | | | | | | — | | | | | | — | | | | | | 1,414 | | |

| Deferred employee stock ownership plan (“ESOP”) expense | | | | | | | | | | | | | | | | | | | | |

| Payments | | | | | | — | | | | | | — | | | | | | 3 | | |

| Policy benefits and other insurance reserves | | | | | | 1,984 | | | | | | (682) | | | | | | (508) | | |

| Proceeds from issuance of preferred stock | | | | | | — | | | | | | — | | | | | | (1,132) | | |

The Allstate Corporation 100

These measures moderated in 2021 as vaccines have become more widely available in the United States and Canada.

There is no way of predicting with certainty how long the pandemic might last.

ABS includes mortgage-backed securities (“MBS”) that were previously disclosed separately.

balances are expected to be collected.

The Company

As disclosed in Note 3, the Company completed the sales of Allstate Life Insurance Company (“ALIC”) and certain affiliates and Allstate Life Insurance Company of New York (“ALNY”) involving business in both the Allstate Life and Allstate Annuities segments.

As a result of these transactions, the Company’s goodwill was reduced by $175 million in 2021.

Intangible assets are carried at cost less accumulated amortization.

| 2022 | | | | | | | | | | | | $ | 342 | |

| 2023 | | | | | | | | | | | | 291 | | |

An impairment is recognized if the carrying amount of the asset exceeds its estimated fair value.

| Customers relationships | | | | | | $ | 909 | | | | | $ | 322 | |

During second quarter 2019, the Company made the decision to phase-out the use of the SquareTrade trade name in the United States and sell consumer protection plans under the Allstate Protection Plans name.

The SquareTrade trade name will continue to be used outside of the United States.

The change required an impairment evaluation of the indefinite-lived intangible asset recognized in the Protection Services segment for SquareTrade’s trade name recorded when SquareTrade was acquired in 2017.

During fourth quarter 2019, the Company made the decision to integrate Esurance into the Allstate brand as part of Transformative Growth.

This required an impairment evaluation of the indefinite-lived intangible asset recognized in the Allstate Protection segment for the Esurance trade name recorded when Esurance was acquired in 2011.

As a result of these actions, the Company recognized total impairment charges of $106 million pre-tax during 2019.

unreported claims.

Future average severities are projected from historical trends,

Contractholder funds also include reserves for secondary guarantees on interest-sensitive life insurance.

The pension and

cancellable by the Company.

*Evaluation of Disclosure Controls and [removed: Procedures.*] [added: Procedures*] We maintain disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934.

*Management’s Report on Internal Control over Financial [removed: Reporting.*] [added: 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, [removed: 2021] [added: 2022] 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, [removed: 2021.][added: 2022.]

[removed: Other than the integration of National General and divestitures of ALIC, ALNY and certain affiliates, there] [added: *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 fiscal year ended December 31, [removed: 2021.][added: 2022.]

*Changes in Internal Control over Financial Reporting.* On January 4, 2021, Allstate completed the acquisition of National General.

We integrated all material policies, processes, technology and operations for the company as it relates to our internal control over financial reporting framework.

During the fourth quarter of 2021, Allstate completed the sales of ALIC, ALNY and certain affiliates.

184 www.allstate.com

2022 Form 10-K

The Allstate Corporation 185

2021 Form 10-K

Information regarding directors of The Allstate Corporation standing for election at the [removed: 2022] [added: 2023] annual stockholders meeting is incorporated in this Item 10 by reference to the descriptions in the Proxy Statement under the caption “Corporate Governance – Director Nominees.”

The Allstate Corporation 185

2022 Form 10-K

186 www.allstate.com

2021 Form 10-K

| The following table includes information as of December 31, [removed: 2021,] [added: 2022,] with respect to The Allstate Corporation’s equity compensation plans: | | | | | | | | | | | | | | | | | | | | | | | |

(2)As of December 31, [removed: 2021, 1,038,343] [added: 2022, 928,978] restricted stock units (“RSUs”) and [removed: 1,891,555] [added: 1,544,109] 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 [removed: 2019] [added: 2020] 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 [removed: 2020] [added: 2021] and [removed: 2021.][added: 2022.]

(4)Includes [removed: 14,708,292] [added: 12,259,668] 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 [removed: 319,507] [added: 303,340] 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.

State Street Corp. manages an investment portfolio of [removed: $5.47] [added: $4.52] billion on behalf of participants in Allstate’s 401(k) Savings Plan and [removed: $2.42 billion] [added: $745 million] on behalf of the Allstate domestic qualified pension plan.

| Equity Compensation Plans Approved by Security Holders (1) | | | | | | 11,426,705 | | | (2) | | | $ | 95.72 | | (3) | | | 12,563,008 | | | (4) | | |

| Total | | | | | | 11,426,705 | | | (2) | | | $ | 95.72 | | (3) | | | 12,563,008 | | | (4) | | |

| Equity Compensation Plans Approved by Security Holders (1) | | | | | | 12,784,333 | | | (2) | | | $ | 88.84 | | (3) | | | 15,027,799 | | | (4) | | |

| Total | | | | | | 12,784,333 | | | (2) | | | $ | 88.84 | | (3) | | | 15,027,799 | | | (4) | | |

Information required for Item 13 is incorporated by reference to the material in the Proxy Statement under the captions “Corporate Governance – Board [removed: Independence] and [removed: Related Person Transactions -] Nominee Independence [removed: Determinations," “Corporate Governance – Board Independence and Related Person Transactions - Related Person Transactions”] [added: Determinations"] and “Other Information - Appendix B – Categorical Standards of Independence.”

Information required for Item 14 is incorporated by reference to the material in the Proxy Statement under the caption “Audit Committee Matters – Proposal 3 Ratification of Deloitte & Touche LLP (PCAOB ID No. 34) as the Independent Registered Public Accountant for [removed: 2022.”][added: 2023.”]

- Consolidated Statements of Comprehensive Income [added: (Loss)]

| [Schedule [removed: I](#i758fad00129c4da99333595dd79d1a32_277)] [added: I](#iaed309263e8248a1815643bf682b39e1_265)] | | | | | | [Summary of Investments – Other than Investments in Related [removed: Parties](#i758fad00129c4da99333595dd79d1a32_277)] [added: Parties](#iaed309263e8248a1815643bf682b39e1_265)] | | | | | | [removed: S-[1](#i758fad00129c4da99333595dd79d1a32_277)] [added: S-[1](#iaed309263e8248a1815643bf682b39e1_265)] | | |

| [Schedule [removed: II](#i758fad00129c4da99333595dd79d1a32_280)] [added: II](#iaed309263e8248a1815643bf682b39e1_268)] | | | | | | [Condensed Financial Information of Registrant (The Allstate [removed: Corporation)](#i758fad00129c4da99333595dd79d1a32_280)] [added: Corporation)](#iaed309263e8248a1815643bf682b39e1_268)] | | | | | | [removed: S-[2](#i758fad00129c4da99333595dd79d1a32_280)] [added: S-[2](#iaed309263e8248a1815643bf682b39e1_268)] | | |

| [Schedule [removed: III](#i758fad00129c4da99333595dd79d1a32_283)] [added: III](#iaed309263e8248a1815643bf682b39e1_271)] | | | | | | [Supplementary Insurance [removed: Information](#i758fad00129c4da99333595dd79d1a32_283)] [added: Information](#iaed309263e8248a1815643bf682b39e1_271)] | | | | | | [removed: S-[6](#i758fad00129c4da99333595dd79d1a32_283)] [added: S-[6](#iaed309263e8248a1815643bf682b39e1_271)] | | |

| [Schedule [removed: V](#i758fad00129c4da99333595dd79d1a32_289)] [added: V](#iaed309263e8248a1815643bf682b39e1_277)] | | | | | | [Valuation Allowances and Qualifying [removed: Accounts](#i758fad00129c4da99333595dd79d1a32_289)] [added: Accounts](#iaed309263e8248a1815643bf682b39e1_277)] | | | | | | [removed: S-[8](#i758fad00129c4da99333595dd79d1a32_289)] [added: S-[8](#iaed309263e8248a1815643bf682b39e1_277)] | | |

186 www.allstate.com

2022 Form 10-K

| [Schedule IV](#iaed309263e8248a1815643bf682b39e1_274) | | | | | | [Reinsurance](#iaed309263e8248a1815643bf682b39e1_274) | | | | | | S-[7](#iaed309263e8248a1815643bf682b39e1_274) | | |

The Allstate Corporation 187

2021 Form 10-K

| [Schedule IV](#i758fad00129c4da99333595dd79d1a32_286) | | | | | | [Reinsurance](#i758fad00129c4da99333595dd79d1a32_286) | | | | | | S-[7](#i758fad00129c4da99333595dd79d1a32_286) | | |

| 2.1 | | | [removed: [Agreement and Plan of Merger,] [added: [Stock Purchase Agreement,] dated as of [removed: July 7, 2020,] [added: January 26, 2021,] by and among [removed: the Registrant, Bluebird Acquisition Corp.] [added: Allstate Insurance Company, Allstate Financial Insurance Holdings Corporation,] and [removed: National General] [added: Antelope US] Holdings [removed: Corp.] [added: Company] (certain schedules and exhibits to the [added: Stock Purchase] Agreement [removed: and Plan of Merger] 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 [removed: exhibit).](https://www.sec.gov/Archives/edgar/data/899051/000110465920081933/tm2024343d1_ex2-1.htm)] [added: exhibit).](https://www.sec.gov/Archives/edgar/data/899051/000089905121000005/exhibit21-antelopespa.htm)] | | | 8-K | | | 1-11840 | | | 2.1 | | | [removed: July 8, 2020] [added: January 27, 2021] | | | | | |

| 2.2 | | | [Stock Purchase Agreement, dated as of [removed: January 26,] [added: March 29,] 2021, by and [removed: among] [added: between] Allstate [added: Life] Insurance Company, Allstate [added: Insurance Company, Allstate] Financial Insurance Holdings Corporation, [added: Allstate Insurance Holdings, LLC] and [removed: Antelope US Holdings] [added: Wilton Reassurance] 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 [removed: exhibit).](https://www.sec.gov/Archives/edgar/data/899051/000089905121000005/exhibit21-antelopespa.htm)] [added: exhibit).](https://www.sec.gov/Archives/edgar/data/0000899051/000089905121000019/exhibit21-alnyspa.htm)] | | | 8-K | | | 1-11840 | | | 2.1 | | | [removed: January 27,] [added: March 29,] 2021 | | | | | |

| 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 [added: its] long-term debt [removed: of it] and [added: that of] its consolidated subsidiaries | | | | | | | | | | | | | | | | | |

| 4.2 | | | [Description of Registrant’s [removed: Securities](https://www.sec.gov/Archives/edgar/data/899051/000089905122000015/exhibit42.htm)] [added: Securities](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit42allcorp123122.htm)] | | | | | | | | | | | | | | | X | | |

| 4.5 | | | [removed: Form] [added: [Form] of Depositary Receipt, Series G (included as Exhibit A to Exhibit 4.3 [removed: above)] [added: above)](https://www.sec.gov/Archives/edgar/data/899051/000110465918021324/a18-8953_3ex4d1.htm)] | | | 8-K | | | 1-11840 | | | 4.3 | | | March 29, 2018 | | | | | |

| 4.8 | | | [removed: Form] [added: [Form] of Depositary Receipt, Series H (included as Exhibit A to Exhibit 4.6 [removed: above)] [added: above)](https://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm)] | | | 8-K | | | 1-11840 | | | 4.3 | | | August 8, 2019 | | | | | |

| 4.10 | | | [Form of Preferred [removed: Stock,] [added: Stock](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm) [Certificate](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)[,] Series I (included as Exhibit A to Exhibit 3.5 above)](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm) | | | 8-K | | | 1-11840 | | | 4.2 | | | November 8, 2019 | | | | | |

| 4.11 | | | [removed: Form] [added: [Form] of Depositary Receipt, Series I (included as Exhibit A to Exhibit 4.9 [removed: above)] [added: above)](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm)] | | | 8-K | | | 1-11840 | | | 4.3 | | | November 8, 2019 | | | | | |

| [removed: 10.3*] [added: 10.4*] | | | [The Allstate Corporation Annual Executive Incentive Plan, as amended and restated effective November 17, 2020](http://www.sec.gov/Archives/edgar/data/899051/000089905121000011/exhibit102allcorp123120.htm) | | | 10-K | | | 1-11840 | | | 10.2 | | | February 22, 2021 | | | | | |

| [removed: 10.4*] [added: 10.5*] | | | [The Allstate Corporation Deferred Compensation Plan, as amended and restated effective January 1, 2019](https://www.sec.gov/Archives/edgar/data/899051/000110465918069416/a18-40137_1ex4.htm#Exhibit4_100258) | | | S-8 | | | 1-11840 | | | 4 | | | November 20, 2018 | | | | | |

| [removed: 10.5*] [added: 10.6*] | | | [The Allstate Corporation 2019 Equity Incentive Plan, as amended and restated effective February 19, 2020](https://www.sec.gov/Archives/edgar/data/899051/000089905120000029/exhibit101allcorp33120.htm) | | | 10-Q | | | 1-11840 | | | 10.1 | | | May 5, 2020 | | | | | |

| [removed: 10.6] [added: 10.7] | | | [The Allstate Corporation Clawback Policy, effective February 19, 2020](https://www.sec.gov/Archives/edgar/data/899051/000089905120000029/exhibit106allcorp33120.htm) | | | 10-Q | | | 1-11840 | | | 10.6 | | | May 5, 2020 | | | | | |

| [removed: 10.7*] [added: 10.8*] | | | [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](https://www.sec.gov/Archives/edgar/data/899051/000089905120000029/exhibit105allcorp33120.htm) | | | 10-Q | | | 1-11840 | | | 10.5 | | | May 5, 2020 | | | | | |

| [removed: 10.8*] [added: 10.9*] | | | [Form of Performance Stock Award Agreement for awards granted on or after April 13, 2018, under The Allstate Corporation 2013 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/899051/000089905118000017/exhibit102psaawardagreement.htm) | | | 10-Q | | | 1-11840 | | | 10.2 | | | May 1, 2018 | | | | | |

| [removed: 10.9*] [added: 10.10*] | | | [Form of Performance Stock Award Agreement for awards granted on or after March 6, 2012 and prior to April 13, 2018 under The Allstate Corporation 2009 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/899051/000110465912032030/a12-8030_1ex10d4.htm) | | | 10-Q | | | 1-11840 | | | 10.4 | | | May 2, 2012 | | | | | |

| [removed: 10.10*] [added: 10.11*] | | | [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](https://www.sec.gov/Archives/edgar/data/899051/000089905120000029/exhibit103allcorp33120.htm) | | | 10-Q | | | 1-11840 | | | 10.3 | | | May 5, 2020 | | | | | |

| [removed: 10.11*] [added: 10.12*] | | | [Form of Option Award Agreement for awards granted on or after April 13, 2018, under The Allstate Corporation 2013 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/899051/000089905118000017/exhibit103optionawardagree.htm) | | | 10-Q | | | 1-11840 | | | 10.3 | | | May 1, 2018 | | | | | |

| [removed: 10.12*] [added: 10.13*] | | | [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](http://www.sec.gov/Archives/edgar/data/899051/000110465912032030/a12-8030_1ex10d3.htm) | | | 10-Q | | | 1-11840 | | | 10.3 | | | May 2, 2012 | | | | | |

| [removed: 10.13*] [added: 10.14*] | | | [Form of Option Award Agreement for awards granted on or after December 30, 2011 and prior to February 21, 2012 under The Allstate Corporation 2009 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/899051/000110465911071444/a11-31874_1ex10d2.htm) | | | 8-K | | | 1-11840 | | | 10.2 | | | December 28, 2011 | | | | | |

| [removed: 10.14*] [added: 10.15*] | | | [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](https://www.sec.gov/Archives/edgar/data/899051/000089905120000029/exhibit104allcorp33120.htm) | | | 10-Q | | | 1-11840 | | | 10.4 | | | May 5, 2020 | | | | | |

| [removed: 10.15*] [added: 10.16*] | | | [Form of Restricted Stock Unit Award Agreement for awards granted on or after April 13, 2018, under The Allstate Corporation 2013 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/899051/000089905118000017/exhibit104rsuawardagreement.htm) | | | 10-Q | | | 1-11840 | | | 10.4 | | | May 1, 2018 | | | | | |

| [removed: 10.16*] [added: 10.17*] | | | [Form of Restricted Stock Unit 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](http://www.sec.gov/Archives/edgar/data/899051/000110465912032030/a12-8030_1ex10d2.htm) | | | 10-Q | | | 1-11840 | | | 10.2 | | | May 2, 2012 | | | | | |

| [removed: 10.17*] [added: 10.18*] | | | [Supplemental Retirement Income Plan, as amended and restated effective October 19, 2018](http://www.sec.gov/Archives/edgar/data/899051/000089905119000007/exhibit1016srip101918.htm) | | | 10-K | | | 1-11840 | | | 10.16 | | | February 15, 2019 | | | | | |

| [removed: 10.18*] [added: 10.19*] | | | [The Allstate Corporation Change in Control Severance Plan effective December 30, 2011](http://www.sec.gov/Archives/edgar/data/899051/000110465911071444/a11-31874_1ex10d1.htm) | | | 8-K | | | 1-11840 | | | 10.1 | | | December 28, 2011 | | | | | |

| [removed: 10.19*] [added: 10.20*] | | | [Amendment to The Allstate Corporation Change in Control Severance Plan effective March 1, 2021](https://www.sec.gov/Archives/edgar/data/899051/000089905121000013/exhibit101allcorp20210301.htm) | | | 8-K | | | 1-11840 | | | 10.1 | | | March 1, 2021 | | | | | |

| [removed: 10.20*] [added: 10.21*] | | | [The Allstate Corporation Deferred Compensation Plan for Non-Employee Directors, as amended and restated effective September 15, 2008](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d7.htm) | | | 8-K | | | 1-11840 | | | 10.7 | | | September 19, 2008 | | | | | |

| [removed: 10.21*] [added: 10.22*] | | | [The Allstate Corporation Equity Incentive Plan for Non-Employee Directors, as amended and restated effective September 15, 2008](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d5.htm) | | | 8-K | | | 1-11840 | | | 10.5 | | | September 19, 2008 | | | | | |

| [removed: 10.22*] [added: 10.23*] | | | [The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee Directors, as amended and restated effective September 15, 2008](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d6.htm) | | | 8-K | | | 1-11840 | | | 10.6 | | | September 19, 2008 | | | | | |

| [removed: 10.23*] [added: 10.24*] | | | [The Allstate Corporation 2017 Equity Compensation Plan for Non-Employee Directors](http://www.sec.gov/Archives/edgar/data/899051/000120677417001182/allstate3149221-def14a.htm#appendixd) | | | Proxy | | | 1-11840 | | | App. D | | | April 12, 2017 | | | | | |

| [removed: 10.24*] [added: 10.25*] | | | [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](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d8.htm) | | | 8-K | | | 1-11840 | | | 10.8 | | | September 19, 2008 | | | | | |

| [removed: 10.25*] [added: 10.26*] | | | [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](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d9.htm) | | | 8-K | | | 1-11840 | | | 10.9 | | | September 19, 2008 | | | | | |

| [removed: 10.26*] [added: 10.27*] | | | [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](http://www.sec.gov/Archives/edgar/data/899051/000089905116000070/exhibit102rsuawardforgrant.htm) | | | 10-Q | | | 1-11840 | | | 10.2 | | | August 3, 2016 | | | | | |

| [removed: 10.27*] [added: 10.28*] | | | [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](http://www.sec.gov/Archives/edgar/data/899051/000089905117000044/exhibit102rsuawardforgrant.htm) | | | 10-Q | | | 1-11840 | | | 10.2 | | | August 1, 2017 | | | | | |

| [removed: 10.28*] [added: 10.29*] | | | [Form of Indemnification Agreement between the Registrant and Director](http://www.sec.gov/Archives/edgar/data/899051/000110465907057980/a07-18721_1ex10d2.htm) | | | 10-Q | | | 1-11840 | | | 10.2 | | | August 1, 2007 | | | | | |

| [removed: 10.29*] [added: 10.30*] | | | [Resolutions regarding Non-Employee Director Compensation adopted November 18, 2016](https://www.sec.gov/Archives/edgar/data/899051/000089905117000005/exhibit1024resolutionsrega.htm) | | | 10-K | | | 1-11840 | | | 10.24 | | | February 17, 2017 | | | | | |

| [removed: 10.30*] [added: 10.31*] | | | [Resolutions regarding Non-Employee Director Compensation adopted November 16, 2018](https://www.sec.gov/Archives/edgar/data/899051/000089905119000007/exhibit1029resolutionsredi.htm) | | | 10-K | | | 1-11840 | | | 10.29 | | | February 15, 2019 | | | | | |

| [removed: 10.31*] [added: 10.32*] | | | [Resolutions regarding Non-Employee Director Compensation adopted November 19, 2021](https://www.sec.gov/Archives/edgar/data/899051/000089905122000015/exhibit1031.htm) | | | [added: 10-K] | | | [added: 1-11840] | | | [added: 10.31] | | | [added: February 18, 2022] | | | [removed: X] | | |

| [removed: 10.32] [added: 10.34] | | | [Purchase and Sale Agreement, dated November 26, 2021, by and between Allstate Insurance Company and DPIF3 Acquisition Co LLC](https://www.sec.gov/Archives/edgar/data/0000899051/000089905121000105/exhibit101.htm) | | | 8-K | | | 1-11840 | | | 10.1 | | | November 29, 2021 | | | | | |

| 21 | | | [Subsidiaries of The Allstate [removed: Corporation](https://www.sec.gov/Archives/edgar/data/899051/000089905122000015/exhibit21allcorp123121.htm)] [added: Corporation](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit21allcorp123122.htm)] | | | | | | | | | | | | | | | X | | |

| 23 | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/899051/000089905122000015/exhibit23allcorp123121.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit23allcorp123122.htm)] | | | | | | | | | | | | | | | X | | |

The Allstate Corporation 187

2022 Form 10-K

| 10.3 | | | [Amendment No. 2 to Credit Agreement dated as of November 16, 2022](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit103allcorp123123.htm) | | | | | | | | | | | | | | | X | | |

2022 Form 10-K

2022 Form 10-K

| 10.33* | | | [Resolutions regarding Non-Employee Director Compensation adopted November 18, 2022](https://www.sec.gov/Archives/edgar/data/899051/000089905123000020/exhibit1033allcorp123122.htm) | | | | | | | | | | | | | | | X | | |

| 10.35 | | | [Voluntary Retirement Agreement, dated August 18, 2022, between Glenn T. Shapiro and Allstate Insurance Company](https://www.sec.gov/Archives/edgar/data/899051/000089905122000059/exhibit10.htm) | | | 8-K | | | 1-11840 | | | 10 | | | August 18, 2022 | | | | | |

| 2.3 | | | [Stock Purchase Agreement, dated as of March 29, 2021, by and between Allstate Life Insurance Company, Allstate Insurance Company, Allstate Financial Insurance Holdings Corporation, Allstate Insurance Holdings, LLC and Wilton Reassurance 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).](https://www.sec.gov/Archives/edgar/data/0000899051/000089905121000019/exhibit21-alnyspa.htm) | | | 8-K | | | 1-11840 | | | 2.1 | | | March 29, 2021 | | | | | |

2021 Form 10-K

190 www.allstate.com

[removed: 2021 Form 10-K][added: | 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| [added: 2022] | | | | | | [removed: February 18, 2022] | | | [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| /s/ Thomas J. Wilson | | | | | | Chairman of the Board, President, Chief Executive Officer and a Director (Principal Executive Officer) | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ [removed: Mario Rizzo] [added: Jesse E. Merten] | | | | | | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ John C. Pintozzi | | | | | | Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ Donald E. Brown | | | | | | Director | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ Kermit R. Crawford | | | | | | Director | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ Richard T. Hume | | | | | | Director | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ Margaret M. Keane | | | | | | Director | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ Siddharth N. Mehta | | | | | | Director | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ Jacques P. Perold | | | | | | Director | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ Andrea Redmond | | | | | | Director | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ Gregg M. Sherrill | | | | | | Lead Director | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ Judith A. Sprieser | | | | | | Director | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| /s/ Perry M. Traquina | | | | | | Director | | | | | | February [removed: 18, 2022] [added: 16, 2023] | | |

| United States government, government agencies and authorities | | | | | | $ | [removed: 6,287] [added: 8,123] | | | | | $ | [removed: 6,273] [added: 7,898] | | | | | $ | [removed: 6,273] [added: 7,898] | |

| States, municipalities and political subdivisions | | | | | | [removed: 6,130] [added: 6,500] | | | | | | [removed: 6,393] [added: 6,210] | | | | | | [removed: 6,393] [added: 6,210] | | |

| Public utilities | | | | | | [removed: 2,009] [added: 48] | | | | | | [removed: 2,024] [added: 60] | | | | | | [removed: 2,024] [added: 60] | | |

| All other corporate bonds | | | | | | [removed: 24,825] [added: 25,929] | | | | | | [removed: 25,306] [added: 23,826] | | | | | | [removed: 25,306] [added: 23,826] | | |

| Asset-backed securities | | | | | | [removed: 1,143] [added: 1,188] | | | | | | [removed: 1,155] [added: 1,157] | | | | | | [removed: 1,155] [added: 1,157] | | |

| Total fixed maturities | | | | | | [removed: 41,376] [added: 45,370] | | | | | | [removed: 42,136] [added: 42,485] | | | | | | [removed: 42,136] [added: 42,485] | | |

| Public utilities | | | | | | [removed: 99] [added: 2,633] | | | | | | [removed: 118] [added: 2,437] | | | | | | [removed: 118] [added: 2,437] | | |

| Banks, trusts and insurance companies | | | | | | [removed: 548] [added: 260] | | | | | | [removed: 653] [added: 340] | | | | | | [removed: 653] [added: 340] | | |

| Industrial, miscellaneous and all other | | | | | | [removed: 5,145] [added: 3,753] | | | | | | [removed: 5,954] [added: 3,938] | | | | | | [removed: 5,954] [added: 3,938] | | |

| Nonredeemable preferred stocks | | | | | | [removed: 224] [added: 192] | | | | | | [removed: 336] [added: 229] | | | | | | [removed: 336] [added: 229] | | |

| Total equity securities | | | | | | [removed: 6,016] [added: 4,253] | | | | | | [removed: 7,061] [added: 4,567] | | | | | | [removed: 7,061] [added: 4,567] | | |

| Mortgage loans on real estate | | | | | | [removed: 821] [added: 762] | | | | | | [removed: 853] [added: 700] | | | | | | [removed: 821] [added: 762] | | |

| Real estate (none acquired in satisfaction of debt) | | | | | | [removed: 809] [added: 813] | | | | | | | | | | | | [removed: 809] [added: 813] | | |

| Policy loans | | | | | | [removed: 148] [added: 120] | | | | | | | | | | | | [removed: 148] [added: 120] | | |

| Derivative instruments | | | | | | [removed: 12] [added: 1] | | | | | | [removed: 12] [added: 1] | | | | | | [removed: 12] [added: 1] | | |

| Limited partnership interests | | | | | | [removed: 8,018] [added: 8,114] | | | | | | | | | | | | [removed: 8,018] [added: 8,114] | | |

| Other long-term investments | | | | | | [removed: 1,687] [added: 794] | | | | | | | | | | | | [removed: 1,687] [added: 794] | | |

| Short-term investments | | | | | | [removed: 4,009] [added: 4,174] | | | | | | [removed: 4,009] [added: 4,173] | | | | | | [removed: 4,009] [added: 4,173] | | |

| ($ in millions) | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Investment income, less investment expense | | | | | | $ | [removed: 13] [added: 59] | | | | | $ | [removed: 12] [added: 13] | | | | | $ | [removed: 35] [added: 12] | |

| Net gains (losses) on investments and derivatives | | | | | | [removed: 12] [added: (34)] | | | | | | [removed: 33] [added: 12] | | | | | | [removed: 9] [added: 33] | | |

| Total revenues | | | | | | 25 | | | | | | [removed: 45] [added: 25] | | | | | | [removed: 85] [added: 45] | | |

| Interest expense | | | | | | [removed: 328] [added: 351] | | | | | | 328 | | | | | | [removed: 355] [added: 328] | | |

| Pension and other postretirement remeasurement (gains) losses | | | | | | [removed: (611)] [added: 179] | | | | | | [removed: (73)] [added: (611)] | | | | | | [removed: 103] [added: (73)] | | |

| Pension and other postretirement (benefit) expense | | | | | | [removed: (218)] [added: (98)] | | | | | | [removed: (168)] [added: (218)] | | | | | | [removed: (122)] [added: (168)] | | |

190 www.allstate.com

2022 Form 10-K

| | | | | | | February 16, 2023 | | |

| Jesse E. Merten | | | | | | | | | | | | | | |

| | | | | | | Director | | | | | | | | |

| Monica Turner | | | | | | | | | | | | | | |

2022 Form 10-K

| | | | | | | As of December 31, 2022 | | | | | | | | | | | | | | |

| Foreign governments | | | | | | 997 | | | | | | 957 | | | | | | 957 | | |

| Total investments | | | | | | $ | 64,401 | | | | | | | | | | | $ | 61,829 | |

2022 Form 10-K

2022 Form 10-K

| Debt | | | | | | 7,588 | | | | | | 7,581 | | |

2022 Form 10-K

| ($ in millions) | | | | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

| Pension and other postretirement remeasurement (gains) losses | | | | | | 179 | | | | | | (611) | | | | | | (73) | | |

2022 Form 10-K

2022 Form 10-K

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Allstate Protection | | | | | | $ | 2,146 | | | | | $ | 35,537 | | | | | $ | 17,538 | | | | | $ | 43,909 | | | | | | | | | | | $ | 36,607 | | | | | $ | 5,570 | | | | | $ | 5,930 | | | | | $ | 45,787 | | | | |

| Total Property-Liability | | | | | | 2,146 | | | | | | 37,492 | | | | | | 17,538 | | | | | | 43,909 | | | | | | $ | 2,190 | | | | | 36,732 | | | | | | 5,570 | | | | | | 5,934 | | | | | | 45,787 | | | | | |

| Protection Services (2) | | | | | | 2,768 | | | | | | 49 | | | | | | 4,745 | | | | | | 2,144 | | | | | | 48 | | | | | | 532 | | | | | | 928 | | | | | | 952 | | | | | | 2,699 | | | | | |

| Allstate Health and Benefits | | | | | | 504 | | | | | | 2,170 | | | | | | 28 | | | | | | 1,833 | | | | | | 69 | | | | | | 1,061 | | | | | | 146 | | | | | | 852 | | | | | | 1,594 | | | | | |

| Total | | | | | | $ | 5,418 | | | | | $ | 39,711 | | | | | $ | 22,311 | | | | | $ | 47,737 | | | | | $ | 2,403 | | | | | $ | 38,325 | | | | | $ | 6,644 | | | | | $ | 8,301 | | | | | $ | 50,080 | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Property-Liability | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Property-Liability | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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2022 Form 10-K

| Life insurance in force | | | | | | $ | 21,271 | | | | | $ | 614 | | | | | $ | 1,401 | | | | | $ | 22,058 | | | | | 6.4 | | % |

| Life insurance | | | | | | $ | 218 | | | | | $ | 7 | | | | | $ | 17 | | | | | $ | 228 | | | | | 7.5 | | % |

| Property and casualty insurance | | | | | | 47,552 | | | | | | 1,869 | | | | | | 221 | | | | | | 45,904 | | | | | | 0.5 | | |

| Total premiums and contract charges | | | | | | $ | 49,392 | | | | | $ | 1,907 | | | | | $ | 252 | | | | | $ | 47,737 | | | | | 0.5 | | |

2022 Form 10-K

| Year ended December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Mario Rizzo | | | | | | | | | | | | | | |

| /s/ Michael L. Eskew | | | | | | Director | | | | | | February 18, 2022 | | |

| Michael L. Eskew | | | | | | | | | | | | | | |

192 www.allstate.com

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| | | | | | | As of December 31, 2021 | | | | | | | | | | | | | | |

| Foreign governments | | | | | | 982 | | | | | | 985 | | | | | | 985 | | |

| Total investments | | | | | | $ | 62,896 | | | | | | | | | | | $ | 64,701 | |

| Other income | | | | | | — | | | | | | — | | | | | | 41 | | |

| Long-term debt | | | | | | 7,581 | | | | | | 7,825 | | |

| Payable to subsidiaries | | | | | | — | | | | | | — | | |

| Proceeds from issuance of preferred stock | | | | | | — | | | | | | — | | | | | | 1,414 | | |

On June 18, 2020, the Registrant repaid $1.00 billion to Kennett Capital Inc.

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Allstate Protection | | | | | | $ | 1,624 | | | | | $ | 25,843 | | | | | $ | 12,567 | | | | | $ | 34,843 | | | | | | | | | | | $ | 23,517 | | | | | $ | 4,649 | | | | | $ | 4,622 | | | | | $ | 35,419 | |

| Total Property-Liability | | | | | | 1,624 | | | | | | 27,661 | | | | | | 12,567 | | | | | | 34,843 | | | | | | $ | 1,533 | | | | | 23,622 | | | | | | 4,649 | | | | | | 4,625 | | | | | | 35,419 | | |

| Protection Services (2) | | | | | | 1,449 | | | | | | 51 | | | | | | 2,765 | | | | | | 1,387 | | | | | | 42 | | | | | | 363 | | | | | | 543 | | | | | | 838 | | | | | | 1,535 | | |

| Allstate Health and Benefits | | | | | | 527 | | | | | | 1,950 | | | | | | 8 | | | | | | 1,145 | | | | | | 83 | | | | | | 635 | | | | | | 161 | | | | | | 285 | | | | | | 868 | | |

| Total | | | | | | $ | 3,600 | | | | | $ | 29,662 | | | | | $ | 15,340 | | | | | $ | 37,221 | | | | | $ | 1,728 | | | | | $ | 24,611 | | | | | $ | 5,353 | | | | | $ | 6,134 | | | | | $ | 37,822 | |

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| Life insurance in force | | | | | | $ | 18,575 | | | | | $ | 17,801 | | | | | $ | 1,062 | | | | | $ | 1,836 | | | | | 57.8 | | % |

| Life insurance | | | | | | $ | 151 | | | | | $ | 8 | | | | | $ | 14 | | | | | $ | 157 | | | | | 8.9 | | % |

| Property and casualty insurance | | | | | | 37,104 | | | | | | 1,122 | | | | | | 94 | | | | | | 36,076 | | | | | | 0.3 | | |

| Total premiums and contract charges | | | | | | $ | 38,249 | | | | | $ | 1,136 | | | | | $ | 108 | | | | | $ | 37,221 | | | | | 0.3 | | |

| Premium installment receivable | | | | | | 77 | | | | | | 137 | | | | | | — | | | | | | 124 | | | | | | 90 | | |

(1)Effective January 1, 2020, the Company adopted the measurement of credit losses on financial instruments accounting standard that primarily affected mortgage loans, bank loans and reinsurance recoverables.

After consideration of existing valuation allowances maintained prior to adopting the new guidance, the Company increased its valuation allowances for credit losses at January 1, 2020 to conform to the new requirements.