Allstate (ALL) 10-K risk factor changes: FY2024 vs FY2023

If some of these risk factors occur, they may cause the emergence of or exacerbate the impact of other risk factors, which could materially increase the severity of the impact of these risks on [removed: our] [added: the] business, results of operations, financial condition or liquidity.

| [removed: ] [added: ] | | | *Insurance and financial services* | | | | | | [removed: ] [added: ] | | | *Business, strategy and operations* | | | | | | [removed: ] [added: ] | | | *Macro, regulatory* *and risk environment* | | |

| • Loss cost estimates are complex and losses are unknown at the time policies are sold • Claim frequency and severity volatility • Catastrophes and severe weather [added: •Ability to obtain approval for rate increases] • Investment results are subject to market volatility and valuation judgments | | | | | | | | | • Highly competitive industry • Changing consumer preferences • New or changing technologies •Ineffective Transformative Growth strategy [removed: implementation] • Ability to maintain catastrophe reinsurance programs and limits • Fluctuations in financial strength and ratings • Loss of key business relationships • Ability to attract, develop and retain talent | | | | | | | | | • Adverse changes in economic and capital market conditions • Large-scale [removed: pandemic] [added: disruptive or destabilizing] events • Cybersecurity and privacy events • Changing climate conditions • Evolving environmental, social and governance expectations and standards • Regulatory and political changes | | | | | |

The Allstate Corporation Board of Directors (“Allstate Board”) has overall responsibility for oversight of Management’s design and implementation of our Enterprise Risk and Return Management (“ERRM”) framework that manages the business on an integrated basis following [removed: our] risk and return principles.

[removed: ] [added: ] See Management’s Discussion and Analysis (“MD&A”), Enterprise Risk and Return Management for further details.

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

[removed: Our] [added: The] reserving methodology may be impacted by the following:

[removed: coverage,] [added: coverage or an unexpected increase in the number, size or types of claims,] regulatory requirements, changes in driving patterns, delays in reporting of claims and economic conditions, [added: the imposition and impact of tariffs,] supply chain disruptions and labor shortages

[removed: -] The ultimate cost of losses, or [removed: our] current estimates, have and may continue to vary materially from recorded reserves and such variance may adversely affect [removed: our] [added: the] results of operations and financial condition as the reserves and amounts due from reinsurers are [removed: reestimated][added: reestimated.]

[removed:  See] [added:  For further details, see] MD&A, Application of Critical Accounting [removed: Estimates for further details.][added: Estimates.]

A significant increase in claim frequency could adversely affect [removed: our] [added: the] results of operations and financial condition.

Changes in mix of business, miles driven, [removed: weather,] [added: weather patterns,] driving behaviors or other factors can lead to changes in claim frequency.

[removed: We may experience volatility in claim frequency, and short-term] trends may not be predictive of future losses over the longer term.

Increases in claim severity can arise from numerous causes that are inherently difficult to [added: predict.]

[removed: 2023] [added: 2024] Form 10-K *Part I - Item 1A.

- Vehicle physical damage — inflation, supply chain [removed: disruptions and] [added: disruptions,] labor shortages [added: and the imposition of tariffs] impacting used vehicle and parts prices, labor rates, length of claim resolution, delays in the receipt of third-party carrier claims, and a higher mix of total losses

- Homeowners — inflation in the construction industry, building materials and home furnishings, changes in the mix of loss type, [added: changes in building codes] and other economic and environmental factors, including short-term supply imbalances for [removed: services and] [added: services,] supplies in areas affected by catastrophes [added: and the imposition of tariffs]

Also, [removed: our] liquidity could be constrained by a catastrophe, or multiple catastrophes, which could result in extraordinary losses, sales of investments or a downgrade of our debt or financial strength ratings.

Catastrophic losses are caused by wind and hail, wildfires, tornadoes, hurricanes, tropical storms, earthquakes, severe freeze events, volcanic eruptions, terrorism, [removed: cyber-attacks,] [added: cyberattacks,] civil unrest, industrial accidents and other such events.

Property and casualty businesses are subject to claims arising from severe weather events such as [added: wildfires,] winter storms, rain, hail and high winds.

Increases in the insured values of covered property, geographic concentration and the number of policyholders exposed to certain events [removed: could increase the severity of claims from catastrophic and severe weather events.]

*Limitations in analytical models used to assess and predict the exposure to catastrophe losses may adversely affect [removed: our] [added: the] results of operations and financial condition*

*Price competition and changes in regulation and underwriting standards in property and casualty businesses may adversely affect [removed: our] [added: the] results of operations and financial condition*

Competitors can alter underwriting standards, lower [removed: prices] [added: prices, have more sophisticated pricing models] and increase advertising, which could result in lower [removed: growth or] [added: growth,] profitability [removed: for Allstate.][added: or decrease our competitive position.]

A decline in the growth or profitability of the property and casualty businesses could have a material effect on [removed: our] [added: the] results of operations and financial condition.

*Our investment portfolios are subject to market risk and declines in credit quality which may adversely affect or create volatility in [removed: our] investment income and cause realized and unrealized losses*

[removed: Our investments] [added: Investments] are subject to risks associated with economic and capital market conditions and factors that may be unique to our portfolio, including:

- Increases in market interest rates, credit spreads or a decrease in liquidity could have an adverse effect on the value of [removed: our] fixed income securities that form a substantial majority of our investment portfolios

- Weak performance of general and joint venture partners and underlying investments unrelated to general market or economic conditions could lead to declines in investment income and cause realized losses in [removed: our] limited partnership interests

The amount and timing of net investment income, capital contributions and distributions from [removed: our] performance-based investments, which primarily include limited partnership interests that are recorded on a lag, can fluctuate significantly due to the underlying investments’ performance or changes in market or economic conditions.

Additionally, these investments are less liquid than similar, [removed: publicly-traded] [added: publicly traded] investments and a decline in market liquidity could impact our ability to sell them at their current carrying values.

Declines in interest rates could cause the funding ratio to decline and the value of the obligations for [removed: our] pension and postretirement plans to increase.

These factors could decrease the funded status of [removed: our] [added: the] pension and postretirement plans, increasing the likelihood or magnitude of future benefit expense and contributions.

*Determination of the fair value and amount of credit losses for investments includes subjective judgments and could materially impact [removed: our] [added: the] results of operations and financial condition*

The valuation of the portfolio [removed: is subjective,] [added: includes subjective risk factors] and the value of assets may differ from the actual amount received upon the sale of an asset.

- The use of different valuation assumptions may [added: have a material effect on the assets’ fair values]

[removed: The] [added: Additionally, the] determination of the amount of credit losses varies by investment type and is based on ongoing evaluation and assessment of known and inherent risks associated with the respective asset class or investment.

We update our evaluations regularly and reflect changes in credit losses in [removed: our] [added: the] results of operations.

[removed: *Our participation] [added: *Participation] in indemnification programs subjects us to the risk that reimbursement for qualifying claims and claims expenses may not be received*

Participation in state-based industry pools, facilities and associations may have a material, adverse effect on [removed: our] [added: the] results of operations and financial condition.

We may experience volatility in claim frequency, and short-term

The Allstate Corporation 21

could increase the severity of claims from catastrophic and severe weather events.

2024 Form 10-K *Part I - Item 1A.

insurance department.

- Adverse changes in foreign currency exchange rates

- Changes in U.S. and foreign tax laws

- Imposition of new or increased tariffs

The approaches we use to actively manage exposure to market risk, including rebalancing existing asset or liability portfolios, changing the type of investments purchased in the future, and use of derivative instruments to modify the market risk

characteristics of existing assets and liabilities or assets expected to be purchased may not perform as intended or expected, resulting in higher than expected realized and unrealized losses.

 For further discussion of these items, see MD&A, Market Risk.

2024 Form 10-K *Part I - Item 1A.

Negative publicity or other negative events could harm our reputation and brand perception, adversely impacting customer, employee and other relationships.

Pricing increases could adversely impact customer retention and ability to attract new business.

2024 Form 10-K *Part I - Item 1A.

and allowing consumers to interact with us how they choose.

Some competitors may offer a broader array of products than we do, or a more favorable customer experience.

*Our ability to successfully deploy new technologies may adversely impact our business*

The maturity and effectiveness of currently available generative artificial intelligence technology is uncertain.

The use of artificial intelligence may present ethical and reputational risks.

Regulatory restrictions on the use of artificial intelligence may impose additional compliance or reporting obligations and may materially adversely affect our operations or ability to write business profitably in one or more jurisdictions.

We may not be

2024 Form 10-K *Part I - Item 1A.

- Asbestos, environmental and other run-off lines of business reinsurance counterparties may have increased credit risk and may not provide the level of coverage or collateral that we expect

Additionally, reinsurance protects up to a certain loss for each event and events that exceed coverages could subject us to higher than anticipated losses.

2024 Form 10-K *Part I - Item 1A.

Additionally, if plans to restore and recover critical systems, data and

operations along with vendor contingencies do not sufficiently address a vendor-related business interruption, we may suffer operational impairments and financial losses.

The increased prevalence of remote-working arrangements may contribute to higher turnover or lower employee engagement.

- Physical workspaces and return to office requirements

- Protectionist trade policy actions, such as tariffs and quotas

2024 Form 10-K *Part I - Item 1A.

Declines in consumer confidence and spending, including internationally, and periods of high unemployment or labor shortages could change consumer behaviors and impact the sales of our consumer protection plan products and other products and services we sell.

We use technology, artificial intelligence and data to perform necessary business functions.

The risk of cyberattacks could be exacerbated by geopolitical tensions, including hostile actions taken by state-sponsored and terrorist organizations.

*The failure of our or third-party vendors’ business continuity plans to restore operations in a timely manner could result in business disruption and a financial impact*

2024 Form 10-K *Part I - Item 1A.

*Evolving privacy and data security regulations and increased focus on enforcement could impact our business, increase costs and any violations could subject us to regulatory fines and reputational impact*

well as contractual commitments.

*The failure to identify, measure and manage risk effectively, or the failure to restore business operations after a cybersecurity event, could have a material impact on our financial condition or results of operations*

predict.

Inflation has been and continues to remain elevated, which has led to volatility of interest rates.

The U.S. Federal Reserve and other central banks have responded to inflationary pressure, generally through more restrictive monetary policy, including increasing target interest rates.

These actions could create significant economic uncertainty.

Market volatility resulting from these factors has and may continue to impact our investment valuations and returns and impact our results of operations and financial condition.

have a material effect on the assets’ fair values

These competitive pressures may adversely

Implementation is focused on the property-liability businesses and impacts all aspects of Allstate’s customer experience and business model, spanning product distribution and sales, operations and servicing, and claims processing.

Our inability to recover from a reinsurer could have a material effect on our results of operations and financial condition.

An

The increased prevalence of remote-working arrangements that do not require employees to relocate to take a new job could contribute to higher turnover.

capital expenditures or acquisitions may be limited, and the cost of any such capital may be significant.

While most of the risks related to the Coronavirus have moderated, some longer-term impacts remain, such as supply chain disruptions, labor shortages, and other macroeconomic factors that have increased inflation and asset values.

These factors have affected our operations and may continue to significantly affect our results of operations, financial condition and liquidity and should be considered when comparing the current period to prior periods.

 See MD&A, Highlights for a summary of the impacts on our operations, each of our segments and investments that may continue, emerge, evolve or accelerate into 2024.

We depend heavily on computer systems, mathematical algorithms and data to perform necessary business functions.

Third parties to whom we outsource certain functions are also subject to cybersecurity risks.

event of a disaster, our ability to effectively conduct business could be severely compromised.

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

We also outsource certain business functions to vendors located in foreign countries, including India, Mexico, Colombia, South Africa and the Philippines, that are subject to operating, regulatory and political risks in those countries.

Political events and positions can affect the insurance market, including efforts to suppress rates to a level that may not allow us to reach targeted levels of profitability.

Regulatory challenges to rate increases, especially during inflationary periods with more

We are also

| [removed: [Property-Liability](#i39dbfa9ac90e49538bf4b8541eb75161_82)] [added: [Property-Liability](#i6bfbd41c4e984319aea05b97650e64a4_85)] Operations | | | | | | | | | [removed: [41](#i39dbfa9ac90e49538bf4b8541eb75161_82)] [added: [39](#i6bfbd41c4e984319aea05b97650e64a4_85)] | | |

| [Allstate [removed: Protection](#i39dbfa9ac90e49538bf4b8541eb75161_85)] [added: Protection](#i6bfbd41c4e984319aea05b97650e64a4_88)] | | | | | | | | | [removed: [43](#i39dbfa9ac90e49538bf4b8541eb75161_85)] [added: [41](#i6bfbd41c4e984319aea05b97650e64a4_88)] | | |

| [removed: [Run-off Property-Liability](#i39dbfa9ac90e49538bf4b8541eb75161_88)] [added: Run-off Property-Liability] | | | | | | [added: 68] | | | [removed: [51](#i39dbfa9ac90e49538bf4b8541eb75161_88)] | | | [added: — | | | | | | — | | | | | | — | | | | | | — | | | | | | 68 | | |]

| [removed: [Protection Services](#i39dbfa9ac90e49538bf4b8541eb75161_91)] [added: Protection Services] | | | | | | [added: 55] | | | [removed: [54](#i39dbfa9ac90e49538bf4b8541eb75161_91)] | | | [added: 49 | | | | | | 38 | | |]

[removed: | [Property] [added: Reserve for Property] and Casualty Insurance Claims and Claims [removed: Expense Reserves](#i39dbfa9ac90e49538bf4b8541eb75161_94) | | | | | | | | | [56](#i39dbfa9ac90e49538bf4b8541eb75161_94) | | |][added: Expense]

| [removed: [Allstate] [added: Allstate] Health and [removed: Benefits](#i39dbfa9ac90e49538bf4b8541eb75161_97)] [added: Benefits] | | | | | | [added: (4)] | | | [removed: [63](#i39dbfa9ac90e49538bf4b8541eb75161_97)] | | | [added: 2 | | | | | | (35) | | |]

| [Capital Resources and [removed: Liquidity](#i39dbfa9ac90e49538bf4b8541eb75161_106)] [added: Liquidity](#i6bfbd41c4e984319aea05b97650e64a4_109)] | | | | | | | | | [removed: [77](#i39dbfa9ac90e49538bf4b8541eb75161_106)] [added: [73](#i6bfbd41c4e984319aea05b97650e64a4_109)] | | |

| [Enterprise Risk and Return [removed: Management](#i39dbfa9ac90e49538bf4b8541eb75161_109)] [added: Management](#i6bfbd41c4e984319aea05b97650e64a4_112)] | | | | | | | | | [removed: [82](#i39dbfa9ac90e49538bf4b8541eb75161_109)] [added: [78](#i6bfbd41c4e984319aea05b97650e64a4_112)] | | |

| [Application of Critical Accounting [removed: Estimates](#i39dbfa9ac90e49538bf4b8541eb75161_112)] [added: Estimates](#i6bfbd41c4e984319aea05b97650e64a4_115)] | | | | | | | | | [removed: [85](#i39dbfa9ac90e49538bf4b8541eb75161_112)] [added: [81](#i6bfbd41c4e984319aea05b97650e64a4_115)] | | |

| [Regulation and Legal [removed: Proceedings](#i39dbfa9ac90e49538bf4b8541eb75161_115)] [added: Proceedings](#i6bfbd41c4e984319aea05b97650e64a4_118)] | | | | | | | | | [removed: [96](#i39dbfa9ac90e49538bf4b8541eb75161_115)] [added: [91](#i6bfbd41c4e984319aea05b97650e64a4_118)] | | |

| [Pending Accounting [removed: Standards](#i39dbfa9ac90e49538bf4b8541eb75161_118)] [added: Standards](#i6bfbd41c4e984319aea05b97650e64a4_121)] | | | | | | | | | [removed: [96](#i39dbfa9ac90e49538bf4b8541eb75161_118)] [added: [91](#i6bfbd41c4e984319aea05b97650e64a4_121)] | | |

This section of this Form 10-K generally discusses [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] results and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

Discussions of [removed: 2021] [added: 2022] results and year-to-year comparisons between [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] 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: 2022,] [added: 2023,] filed February [removed: 16, 2023.][added: 21, 2024.]

The most important factors we monitor to evaluate the financial condition and performance for [removed: our reportable segments and] the Company include:

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

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

*Underwriting [removed: income*] [added: income (loss)*] is calculated as premiums earned and other revenue, less claims and claims expense (“losses”), [removed: Shelter-in-Place Payback expense,] amortization of deferred policy acquisition costs (“DAC”), operating costs and expenses, amortization or impairment of purchased intangibles, and restructuring and related charges, as determined using accounting principles generally accepted in the United States of America (“GAAP”).

[removed: We] use this measure in our evaluation of results of operations to analyze profitability.

*Adjusted net [removed: income*] [added: income (loss)*] is net income (loss) applicable to common shareholders, excluding:

| • | | | [removed: Business combination expenses and the amortization] [added: Amortization] or impairment of purchased intangibles | | |

Macroeconomic factors have and may continue to impact the results of our operations, financial condition and liquidity, such as U.S. government fiscal and monetary policies, [removed: banking system instability, the Russia/Ukraine and Israel/Hamas conflicts and] [added: conflict in] the [removed: remaining impacts of] [added: Middle East,] the [removed: Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”), such as] [added: Russia/Ukraine conflict,] supply chain disruptions, labor shortages and [removed: other macroeconomic factors that have increased inflation.][added: potential trade policy actions, such as tariffs and quotas.]

These factors [removed: have affected our operations and may continue to significantly affect our results of operations, financial condition and liquidity and] should be considered when comparing the current period to prior periods.

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

Within the MD&A, we have included further disclosures related to macroeconomic impacts on our [removed: 2023] [added: 2024] results.

[removed: 2023] [added: 2024] Operating [removed: Priorities] [added: priorities] and [removed: Results][added: results]

Allstate continued to focus on its operating priorities while [added: successfully] executing a comprehensive plan to improve auto insurance [removed: profitability.][added: profitability and making substantial progress in advancing Transformative Growth.]

The table below summarizes the results of our [removed: 2023] [added: 2024] Operating Priorities.

| [removed: 2023] [added: 2024] Operating [removed: Priorities] [added: priorities] (1) | | | | | | | | | | | | | | | | | | [added: | | | | | |]

| [added: Execute Transformative Growth | | | | | |] Improve Customer Value | | | | | | Enterprise Net Promoter Score, which measures how likely customers are to recommend Allstate, finished below the prior year, reflecting the impact of substantial price increases necessary to offset higher loss costs. | | | | | | | | | | | |

| Grow Customer Base | | | | | | [added: Achieve 2024 Plan Growth Objectives | | | | | |] Consolidated policies in force reached [removed: 194] [added: 208] million, a [removed: 2.8%] [added: 7.2%] increase from prior year. [removed: Property-Liability] [added: Allstate Protection] policies in force decreased by [removed: 2.0%] [added: 0.6%] compared to the prior year, as continued growth [removed: at National General] [added: in the homeowners insurance business] was more than offset by [removed: the Allstate brand and renewals declined] [added: declines] in the auto insurance business. | | | | | | | | | | | |

| | | | [added: | | |] Protection Services policies in force [added: and revenue] increased [removed: 4.3%,] [added: 9.3% and 16.7%, respectively,] primarily due to growth at Allstate Protection [removed: Plans.] [added: Plans through expanding distribution relationships and protection offerings.] | | | | | | | | | | | | | | | [added: | | |]

| Achieve Target Economic Returns on Capital | | | | | | [added: Achieve 2024 Plan Returns | | | | | |] Return on average Allstate common shareholders’ equity was [removed: (2.0)%] [added: 25.8%] in [removed: 2023.] [added: 2024.] | | | | | | | | | | | |

| | | | [added: | | |] The Property-Liability combined ratio of [removed: 104.5] [added: 94.3] for the full year decreased compared to the prior year primarily reflecting [removed: increased premiums earned, partially offsetting continued high loss costs. A] [added: successful execution of the Company’s] comprehensive [added: auto insurance] profitability plan [removed: is being executed.] [added: and lower catastrophe losses.] | | | | | | | | | | | | | | | [added: | | |]

| | | | [added: | | |] Total return on the [removed: $66.68] [added: $72.61] billion investment portfolio was [removed: 6.7%] [added: 3.8%] in [removed: 2023.] [added: 2024.] Proactive portfolio management repositioned the fixed income portfolio into longer duration and higher-yielding assets [removed: that sustainably] [added: to] increase income. | | | | | | | | | | | | | | | [added: | | |]

| | | | [removed: Build] [added: | | | Continued to build] a digital enterprise by expanding utilization of machine-based learning and artificial intelligence. | | | | | | | | | | | | | | | [added: | | |]

[removed: (1)2024] [added: (1)2025] operating priorities will remain mostly consistent with the [removed: 2023] [added: 2024] priorities.

[removed: ][added: ]

| *Consolidated net [removed: loss] [added: income] applicable to common shareholders* was [removed: $316 million] [added: $4.55 billion] in [removed: 2023] [added: 2024] compared to net loss of [removed: $1.39 billion] [added: $316 million] in [removed: 2022,] [added: 2023,] primarily due to improved underwriting results [added: from increased earned premium] and [removed: net gains on equity valuations compared to losses in 2022.] [added: improved loss trends.] For the twelve months ended December 31, [removed: 2023,] [added: 2024,] return on [added: average] Allstate common shareholders’ equity was [removed: (2.0)%] [added: 25.8%] compared to [removed: (7.2)%] [added: (2.0)%] for the twelve months ended December 31, [removed: 2022.] [added: 2023.] | | |

[removed: ][added: ]

[removed: ][added: ]

| 2024 [Highlights](#i6bfbd41c4e984319aea05b97650e64a4_82) | | | | | | | | | [35](#i6bfbd41c4e984319aea05b97650e64a4_82) | | |

| [Investments](#i6bfbd41c4e984319aea05b97650e64a4_103) | | | | | | | | | [62](#i6bfbd41c4e984319aea05b97650e64a4_103) | | |

| [Market Risk](#i6bfbd41c4e984319aea05b97650e64a4_106) | | | | | | | | | [71](#i6bfbd41c4e984319aea05b97650e64a4_106) | | |

2024 Form 10-K

2024 Highlights

We

| | | | | | |

Dispositions

On August 13, 2024, we entered into a share purchase agreement with StanCorp Financial Group, Inc. to sell American Heritage Life Insurance Company and American Heritage Service Company, comprising our employer voluntary benefits business for approximately $2.0 billion in cash.

The employer voluntary benefits business is reported in the Allstate Health and Benefits segment, and beginning in the third quarter of 2024, the assets and liabilities of the business were classified as held for sale.

The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.

On January 30, 2025, Allstate entered into an agreement with Nationwide Life Insurance Company to sell Direct General Life Insurance Company, NSM Sales Corporation and The Association Benefits Solution, LLC, comprising the group health business for approximately $1.25 billion in cash, adjusted for the closing balance sheet.

The group health business is reported in the Allstate Health and Benefits segment, and beginning in the first quarter of 2025, the assets

2024 Form 10-K

and liabilities of the business will be classified as held for sale.

The transaction is expected to close during 2025, subject to regulatory approvals and other customary closing conditions.

The individual health business will either be retained or divested.

The transaction prices less costs to sell exceeds the carrying value of the net assets of both transactions, resulting in an expected gain that will be recognized at closing of each transaction.

The ultimate amount of the anticipated gain on the sales will be impacted by purchase price adjustments associated with certain pre-close transactions, changes in the carrying value of net assets, changes in accumulated other comprehensive income and the related tax effects.

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

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

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

| | | | | | | Improved over 25 million customer interactions. | | | | | | | | | | | | | | | | | |

| | | | Expand Customer Access | | | | | | Increased auto insurance new issued applications in all channels. | | | | | | | | | | | | | | |

| | | | | | | National General continues to build a strong competitive position in independent agent distribution with successful expansion on non-standard auto sales and roll-out of our auto and home Custom360 product now available in 30 states. | | | | | | | | | | | | | | | | | |

| | | | Increase Sophistication and Investment in Customer Acquisition | | | | | | Increased advertising and reduced underwriting restrictions as higher average premium outpaced increased loss costs per policy. | | | | | | | | | | | | | | |

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

| | | | Deploy New Technology Ecosystems | | | | | | Continued roll-out of Affordable, Simple and Connected auto insurance offering now available in 31 states for auto, 28 states for renters and Affordable, Simple and Connected homeowners insurance offering now available in 4 states. | | | | | | | | | | | | | | |

| | | | Drive Organizational Transformation | | | | | | Streamlined the organization by reducing bureaucracy, risk aversion and organizational silos. | | | | | | | | | | | | | | |

2024 Form 10-K

| *Total revenue* increased 12.3% to $64.11 billion in 2024 compared to 2023, primarily due to premium rate increases and higher net investment income. | | |

The increase is primarily due to net income, partially offset by dividends to shareholders.

2024 Form 10-K

The decrease was primarily due to increased benefit utilization across all lines of business.

For the year ended December 31, 2024, we reported an effective tax rate of 20.2% based on total income tax expense of $1.16 billion on total income from operations before income tax expense of $5.76 billion.

The effective rate in 2024 is lower than the federal statutory rate of 21%, primarily due to tax benefits derived from tax credits, tax-exempt interest income, and share-based payments, offset by state income tax expense.

2024 Form 10-K *Property-Liability*

(1)Restructuring and related charges in 2024 primarily relate to the organizational transformation component of the Transformative Growth plan.

| Premiums written | | | | | | $ | 55,926 | | | | | $ | 50,347 | | | | | $ | 45,787 | |

| Premiums earned | | | | | | $ | 53,866 | | | | | $ | 48,427 | | | | | $ | 43,909 | |

| 2023 [Highlights](#i39dbfa9ac90e49538bf4b8541eb75161_79) | | | | | | | | | [36](#i39dbfa9ac90e49538bf4b8541eb75161_79) | | |

| [Investments](#i39dbfa9ac90e49538bf4b8541eb75161_100) | | | | | | | | | [65](#i39dbfa9ac90e49538bf4b8541eb75161_100) | | |

| [Market Risk](#i39dbfa9ac90e49538bf4b8541eb75161_103) | | | | | | | | | [74](#i39dbfa9ac90e49538bf4b8541eb75161_103) | | |

2023 Form 10-K

2023 Highlights

Certain amounts have been reclassified or recast to reflect the application of the new guidance to all in-scope long-duration insurance contracts and to conform to current year presentation.

| • | | | Income or loss from discontinued operations | | |

Inflation continues to remain elevated, which led to increases in interest rates by the Federal Reserve and many foreign governmental authorities and central banks.

These actions could create significant economic uncertainty.

Market volatility resulting from these factors and from disruptions in the banking industry have and may continue to impact our investment valuations and returns.

*of operations*”.

Israel/Hamas Conflict

As of December 31, 2023, we have approximately $47 million investment exposure in the Middle East, of which approximately $43 million is held in Israel, which is primarily indirect exposure through funds managed by external asset managers.

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.

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

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

| Proactively Manage Investments | | | | | | Net investment income of $2.48 billion in 2023 was $75 million higher than prior year as higher market-based investment income was partially offset by lower performance-based results. | | | | | | | | | | | |

| Execute Transformative Growth | | | | | | Allstate made substantial progress in advancing Transformative Growth in 2023, including continued cost reductions, deploying a new property-liability technology platform and a new Affordable, Simple and Connected auto insurance offering in seven states. | | | | | | | | | | | |

| | | | National General is building a strong competitive position in independent agent distribution. | | | | | | | | | | | | | | |

| *Total revenue* increased 11.1% to $57.09 billion in 2023 compared to 2022, primarily due to a 10.4% increase in property and casualty insurance premiums earned and net gains on equity valuations in 2023 compared to losses in 2022. | | |

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

| Shelter-in-Place Payback expense | | | | | | — | | | | | | — | | | | | | (29) | | |

| Loss from discontinued operations, net of tax | | | | | | — | | | | | | — | | | | | | (3,593) | | |

| Net (loss) income | | | | | | (213) | | | | | | (1,342) | | | | | | 1,581 | | |

The decrease was primarily due to a decline in employer voluntary benefits, partially offset by increases in individual and group health.

In addition, in 2023, the Company recorded an additional tax benefit arising from the liquidation of a foreign subsidiary and the remeasurement of state deferred income taxes.

The

impact of the state deferred income taxes was not material to the consolidated results of operations but resulted in a tax expense to Protection Services and a tax benefit to Allstate Protection.

Adopted accounting standard

*Accounting for Long-Duration Insurance Contracts* Effective January 1, 2023, the Company adopted the Financial Accounting Standards Board (”FASB”) guidance revising the accounting for certain long-duration insurance contracts using the modified retrospective approach to the transition date of January 1, 2021.

Under the new guidance, measurement assumptions, including those for mortality, morbidity and policy lapses, are required to be reviewed at least annually, and updated as appropriate.

In addition, reserves under the new guidance are required to be discounted using an upper-medium grade fixed income instrument yield that is updated through other comprehensive income (“OCI”) at each reporting date.

Additionally, deferred policy acquisition costs (“DAC”) for all long-duration products are amortized on a simplified basis.

Also, the Company’s reserve for future policy benefits and DAC are subject to new disclosure guidance.

In addition, the Company met the conditions included in Accounting Standards Update No. 2022-05, *Transition for Sold Contracts*, and elected to not apply the new guidance for contracts that were part of the 2021 sales of Allstate Life Insurance Company (“ALIC”) and Allstate Life Insurance Company of New York (“ALNY”).

| After-tax cumulative effect of change in accounting principle on transition date | | | | | | | | | | | | | | | | | | | | |

| ($ in millions) | | | | | | | | | | | | | | | | | | January 1, 2021 | | |

| Decrease in retained income | | | | | | | | | | | | | | | | | | $ | 21 | |

The Allstate Corporation 91

2024 Form 10-K

96 www.allstate.com

2023 Form 10-K

Allstate’s [removed: personal property-liability] strategy is to increase market share [removed: by offering consumers a broad suite of protection solutions] [added: in personal property-liability] and [removed: a competitive value proposition across distribution channels.][added: broaden protection offerings.]

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

[removed: 2023] [added: 2024] Form 10-K *Item 1.

[removed: Strategy, Transformative Growth, Our] [added: Our] Shared [removed: Purpose] [added: Purpose, Strategy] and Segment Information

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

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

The ultimate objective is to enhance customer value to drive growth in all [removed: businesses.][added: businesses by:]

[removed: ][added: ]

| Allstate Protection (1) | | | | | | [removed: Includes the Allstate brand, National General and Answer Financial.] Offers private passenger auto, homeowners, other personal lines and commercial insurance through [added: exclusive] agents, [added: independent agents,] contact centers and [removed: online.] [added: online under the Allstate, National General and Answer Financial brands.] | | |

| Allstate Health and Benefits | | | | | | Offers [removed: voluntary benefits and individual life] [added: self-funded stop-loss] and [added: fully insured group] health [removed: products, including life, accident, critical illness, short-term disability] [added: products to employers,] and [removed: other health insurance] [added: Medicare supplement, ancillary] products [added: and short-term medical insurance to individuals,] sold through independent agents, [added: owned agencies,] benefits brokers and Allstate exclusive agents. [removed: Also provides stop-loss and fully insured group health products to employers and short-term medical and medicare supplement insurance to individuals.] | | |

| Corporate and Other | | | | | | Includes [added: net investment income, net gains (losses) on investments, other revenue,] debt service, holding company activities and certain non-insurance operations. | | |

Our Allstate Protection segment accounted for [removed: 92.2%] [added: 92.4%] of Allstate’s [removed: 2023] [added: 2024] consolidated insurance premiums and contract charges and [removed: 19.4%] [added: 18.0%] of Allstate’s December 31, [removed: 2023] [added: 2024] PIF.

This segment includes private passenger auto, [removed: homeowners,] [added: homeowners and] other personal lines [removed: and commercial insurance] products offered through [added: Allstate branded exclusive agents, independent] agents and directly [removed: through contact centers and online.][added: to consumers.]

[removed: Strategy] Allstate [removed: Protection’s strategy is to] [added: Protection will] increase personal lines market share through Transformative [removed: Growth focusing on:][added: Growth.]

- Expanding customer access to Allstate and National General products and services through [removed: the methods] [added: a wide variety] of [removed: interaction customers want][added: distribution channels]

- Deploying new technology ecosystems that are more flexible and enable [removed: an enhanced] [added: a digital] customer experience

][added: OVAL.jpg](https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/all-20241231_g3.jpg)]

| | | | [removed: Expanding the use of telematics and broadening] [added: Broadening] the benefits of being connected with the Allstate Mobile app [added: and expanded use of telematics pricing sophistication] | | | | | | | | | | | | | | |

| | | | Growing National General by leveraging Allstate [removed: brand] [added: pricing and product] capabilities and [removed: data to expand] [added: expanding] product offerings and [removed: fully utilize our] independent agency relationships | | | | | | | | | | | | | | |

| Increase Sophistication and Investment in Customer Acquisition | | | | | | Improving the effectiveness of customer acquisition by [removed: expanding] [added: centralizing] lead [removed: management, building] [added: management and using] data [removed: capabilities] and [removed: utilizing household insights] [added: advanced computing capabilities] | | | | | | | | | | | |

| Deploy New Technology Ecosystem | | | | | | Deploying [removed: a new] [added: an advanced] technology ecosystem to deliver affordable, simple, and connected experiences and products at a lower [removed: cost. This effort will also lead to the retirement of legacy systems] [added: cost] | | | | | | | | | | | |

[removed: Additional Information] [added: Strategy updates] and [removed: Strategy Updates][added: additional information]

A proprietary database of underwriting and loss experience enables sophisticated pricing algorithms and methodologies to [removed: more] accurately price risks while [removed: also] seeking to attract and retain customers in multiple risk segments.

- For auto insurance, risk evaluation factors can include, but are not limited to: vehicle make, model and year; driver age and marital status; territory; years licensed; loss history; years insured with prior carrier; prior liability limits; prior lapse in [removed: coverage; and insurance scoring utilizing telematics data and other consumer information.]

- For property insurance, risk evaluation factors can include, but are not limited to: [removed: the amount of insurance purchased;] geographic location of the property; loss history; age, condition and construction characteristics of the property; [removed: and] insurance scoring utilizing other consumer [removed: information.][added: information; and the amount of insurance purchased.]

Property catastrophe exposure is managed with the goal of providing shareholders an acceptable return on the risks [removed: assumed in the property business, and reducing] [added: assumed, managing] variability of earnings, while providing protection to our customers.

Our current catastrophe reinsurance program [removed: supports] [added: utilizes] the Company’s risk and return framework which incorporates our robust economic capital model and is informed by catastrophe risk models including [added: hurricanes, earthquakes and wildfires.]

As of December 31, [removed: 2023,] [added: 2024,] the modeled 1-in-100 probable maximum loss for hurricane, [removed: wildfire and] earthquake [added: and wildfire] perils is approximately [removed: $2.5] [added: $3.5] billion, net of reinsurance.

[removed: *Commercial lines strategy* The Allstate brand] [added: In 2024, the] commercial insurance strategy [removed: is being] [added: was further] advanced through an equity investment and commercial partnership with NEXT Insurance, a high-growth, digital platform for small business insurance.

This partnership [removed: will expand] [added: expands] the availability of our commercial lines offerings via the NEXT product portfolio, which complements the [removed: Allstate] commercial auto [removed: product suite, across a wider distribution network.]

In 2023, [removed: Allstate brand] [added: we] began exiting [added: Allstate brand] traditional commercial insurance [removed: in five states, which] [added: and the run-off] is expected to be [removed: completed] [added: complete] by [removed: mid-year] [added: the end of] 2025.

*Answer Financial strategy* Answer Financial is an insurance agency that sells [added: Allstate and] other insurance companies’ products directly to customers.

Our strategy as a technology-enabled insurance agency is to provide comparison shopping and related services for [removed: businesses,] [added: consumers,] offering [removed: customers] choice, convenience and ease of use.

[removed: Products] [added: Other products] and distribution

| Insurance products (1) | | | [removed: ] [added: ] | | | Auto | | | | | | | | |

| [removed: ] [added: ] | | | Homeowners | | | | | | | | | | | |

| [removed: ] [added: ] | | | Specialty auto (motorcycle, trailer, motor home and off-road vehicle) | | | | | | | | | | | |

| [removed: ] [added: ] | | | Other personal lines (renters, condominium, landlord, boat, umbrella, manufactured [removed: home and] [added: home,] scheduled personal [removed: property)] [added: property and valuable item protection)] | | | | | | | | | | | |

| [removed: ] [added: ] | | | Commercial lines | | | | | | | | | | | |

| Answer Financial | | | [removed: ] [added: ] | | | Comparison quotes and sales of non-proprietary auto, homeowners and other personal lines (condominium, renters, motorcycle, recreational vehicle and boat) | | | | | | | | |

| | | | | | |

| 208 million policies in force (“PIF”) | | | 55,000 employees | | |

| | | | | | |

| 3rd largest personal property and casualty insurer in the United States (1) | | | $72.61 billion investment portfolio | | |

| | | | | | |

| | | | | | |

(1)Based on 2023 statutory direct premiums written according to A.M. Best

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.

What We Do

| | | | | | |

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

| | | | | | |

| | | | | | |

| Auto and homeowners insurance | | | Roadside assistance | | |

| Select commercial property and casualty coverages | | | Automotive protection and insurance products | | |

| Consumer product protection plans | | | Identity protection | | |

| Mobility data collection services and analytic solutions using automotive telematics information | | | Employer voluntary benefits, group health insurance and individual health insurance | | |

| | | | | | |

| Protection Services | | | | | | Provides consumer product protection plans, device and mobile data collection services and analytic solutions using automotive telematics information, roadside assistance, protection and insurance products and identity protection and restoration through Allstate Protection Plans, Allstate Dealer Services, Allstate Roadside, Arity and Allstate Identity Protection. | | |

On August 13, 2024, Allstate entered into an agreement with StanCorp Financial Group, Inc. to sell Allstate’s employer voluntary benefits business.

The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.

On January 30, 2025, Allstate entered into an agreement with Nationwide Life Insurance Company to sell the group health business.

The transaction is expected to close during 2025, subject to regulatory approvals and other customary closing conditions.

The individual health business will either be retained or divested.

Established Our Shared Purpose in 2007 to articulate Allstate’s purpose and obligations to key stakeholders: customers, shareholders, employees and communities.

The strategy to achieve those objectives is linked to operational execution by articulating values, operating standards and behaviors.

2024 Form 10-K *Item 1.

Allstate Protection’s strategy is to be a low cost digital provider that offers affordable, simple and connected products.

The acquisition of National General expanded our independent agent relationships and Transformative Growth has improved our direct sales capabilities.

The successful repositioning of distribution has increased new business in all channels.

- Improving customer value by providing low cost affordable, simple and connected protection solutions

2024 Form 10-K *Item 1.

| Improve Customer Value | | | | | | Seeking to be a low cost provider through cost reductions, identifying savings opportunities for customers through proactive protection reviews and increasing pricing sophistication | | | | | | | | | | | |

| | | | Improving customer interactions and reducing customer effort | | | | | | | | | | | | | | |

| Expand Customer Access | | | | | | Increasing Allstate agent efficiency and productivity, positioning them to deliver greater value to customers at lower costs | | | | | | | | | | | |

| | | | Increasing direct channel distribution through improved customer experiences, increasing marketing and expanding sales capacity | | | | | | | | | | | | | | |

| | | | Increasing marketing spend in geographic areas meeting target margins | | | | | | | | | | | | | | |

| | | | Using large language models to improve customer communications | | | | | | | | | | | | | | |

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 protection plans that cover consumer electronics, mobile phones and appliances, personal identity protection and accident and health insurance.

On November 1, 2023, we announced that we are pursuing the sale of the Health and Benefits business.

Allstate is the second largest personal property and casualty insurer in the United States on the basis of 2022 statutory direct premiums written according to A.M. Best.

Allstate also has strong market positions in other protection solutions.

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 workplace benefit programs.

In total, Allstate had 194 million policies in force (“PIF”) as of December 31, 2023.

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.

Business*

We are expanding protection services businesses utilizing enterprise capabilities and resources such as the Allstate brand, 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.

| Protection Services | | | | | | Includes Allstate Protection Plans, Allstate Dealer Services, Allstate Roadside, Arity and Allstate Identity Protection, which offer a broad range of solutions and services that expand and enhance our customer value propositions. | | |

Our strategy is to offer products that allow customers to interact with us when, where and how they want with affordable, simple and connected protection products.

- Improving customer value by making it easier to do business with us, providing competitive prices and differentiated products and experiences

We serve our customers using differentiated products, analytical expertise, telematics, claims capabilities and an integrated digital enterprise that leverages data and technology to execute processes with a focus on greater effectiveness and efficiency.

| Improve Customer Value | | | | | | Improving the competitive prices of products through lower costs, increased pricing sophistication and telematics | | | | | | | | | | | |

| | | | Providing additional protection solutions that enable simpler consumer-friendly experiences | | | | | | | | | | | | | | |

| Expand Customer Access | | | | | | Transforming our Allstate agent sales system to enable more growth at a lower cost, while expanding our distribution capacity through new agent models | | | | | | | | | | | |

| | | | Increasing direct channel distribution through improved online experience and data-driven insights to enhance call center sales | | | | | | | | | | | | | | |

| Drive Organizational Transformation | | | | | | Deliver an exceptional customer experience enabled by enhanced human resource tools and technology, an engaged and high performing global workforce, and organizational designs for efficiency | | | | | | | | | | | |

A combination of underwriting information, pricing and discounts are also used to achieve a more competitive position and growth.

hurricanes, earthquakes and wildfires and adjusts based on premium and insured value growth.

These reinsurance agreements are part of our capital models and our catastrophe risk management framework.

*Independent agent strategy* The acquisition of National General significantly enhanced our strategic position in the independent agency channel.

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

It also expanded our distribution footprint, and led us to be a top five personal lines carrier in the independent agency distribution channel.

National General provides personal and commercial automobile, homeowners, umbrella, recreational vehicle and motorcycle insurance, lender-placed products and other niche insurance products.

Auto insurance represents approximately 70% of premium with a significant presence in the non-standard risk auto market.

Allstate’s capabilities are being leveraged to create additional auto and homeowners insurance products to better serve middle market customers through independent agents.

As part of the acquisition, Allstate Independent Agency and Encompass organizations are being integrated into National General by:

- Migrating Encompass policyholders and business operations to National General and retiring the Encompass technology infrastructure

- Transitioning Encompass and Allstate-branded Independent Agent new business to National General as auto and homeowners insurance products roll out

Profit improvement actions continue for our Allstate brand traditional legacy commercial lines insurance products, emphasizing pricing, claims, operational improvements and non-renewal of policies where we are unable to meet our profit target.

These five states combined made up 36% of 2022 Allstate brand

commercial net written premium.

Additionally, as of the fourth quarter of 2022, coverage is no longer offered to transportation network companies unless the contracts utilize telematics-based pricing.

National General commercial auto product lines are expected to continue organic growth as well as expand to new geographies.

| National General (including Encompass) | | | Distributed through over 43,000 independent agent locations, approximately 520 retail stores, contact centers and online. | | |

Information required for Item 3 is incorporated by reference to the discussion under the heading “Regulation and compliance” and under the heading “Legal and regulatory proceedings and inquiries” in Note [removed: 15] [added: 16] of the consolidated financial statements.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

[removed: ][added: ]

Registrant’s telephone number, including area code: (847) [removed: 402-5000][added: 402-2800]

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: 2023,] [added: 2024,] was approximately [removed: $28.40] [added: $41.91] billion.

As of January 31, [removed: 2024,] [added: 2025,] the registrant had [removed: 263,067,415] [added: 265,026,048] 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: 14, 2024,] [added: 29, 2025,] (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.](#i39dbfa9ac90e49538bf4b8541eb75161_13)] [added: 1.](#i6bfbd41c4e984319aea05b97650e64a4_13)] | | | | | | [removed: [Business](#i39dbfa9ac90e49538bf4b8541eb75161_13)] [added: [Business](#i6bfbd41c4e984319aea05b97650e64a4_13)] | | | | | | [removed: [1](#i39dbfa9ac90e49538bf4b8541eb75161_13)] [added: [1](#i6bfbd41c4e984319aea05b97650e64a4_13)] | | |

| | | | | | | • [Strategy and Segment [removed: Information](#i39dbfa9ac90e49538bf4b8541eb75161_19)] [added: Information](#i6bfbd41c4e984319aea05b97650e64a4_19)] | | | | | | [removed: [2](#i39dbfa9ac90e49538bf4b8541eb75161_19)] [added: [2](#i6bfbd41c4e984319aea05b97650e64a4_19)] | | |

| | | | | | | – [Allstate [removed: Protection](#i39dbfa9ac90e49538bf4b8541eb75161_22)] [added: Protection](#i6bfbd41c4e984319aea05b97650e64a4_22)] | | | | | | [removed: [4](#i39dbfa9ac90e49538bf4b8541eb75161_22)] [added: [4](#i6bfbd41c4e984319aea05b97650e64a4_22)] | | |

| | | | | | | [– Protection [removed: Services](#i39dbfa9ac90e49538bf4b8541eb75161_25)] [added: Services](#i6bfbd41c4e984319aea05b97650e64a4_25)] | | | | | | [removed: [9](#i39dbfa9ac90e49538bf4b8541eb75161_25)] [added: [9](#i6bfbd41c4e984319aea05b97650e64a4_25)] | | |

| | | | | | | [– Allstate Health and [removed: Benefits](#i39dbfa9ac90e49538bf4b8541eb75161_28)] [added: Benefits](#i6bfbd41c4e984319aea05b97650e64a4_28)] | | | | | | [removed: [10](#i39dbfa9ac90e49538bf4b8541eb75161_28)] [added: [10](#i6bfbd41c4e984319aea05b97650e64a4_28)] | | |

| | | | | | | – [Other Business [removed: Segments](#i39dbfa9ac90e49538bf4b8541eb75161_31)] [added: Segments](#i6bfbd41c4e984319aea05b97650e64a4_31)] | | | | | | [removed: [11](#i39dbfa9ac90e49538bf4b8541eb75161_31)] [added: [11](#i6bfbd41c4e984319aea05b97650e64a4_31)] | | |

| | | | | | | • [Human [removed: Capital](#i39dbfa9ac90e49538bf4b8541eb75161_37)] [added: Capital](#i6bfbd41c4e984319aea05b97650e64a4_37)] | | | | | | [removed: [17](#i39dbfa9ac90e49538bf4b8541eb75161_37)] [added: [16](#i6bfbd41c4e984319aea05b97650e64a4_37)] | | |

| | | | | | | • [Other Information About [removed: Allstate](#i39dbfa9ac90e49538bf4b8541eb75161_43)] [added: Allstate](#i6bfbd41c4e984319aea05b97650e64a4_43)] | | | | | | [removed: [19](#i39dbfa9ac90e49538bf4b8541eb75161_43)] [added: [18](#i6bfbd41c4e984319aea05b97650e64a4_43)] | | |

| | | | | | | • Information about our [Executive [removed: Officers](#i39dbfa9ac90e49538bf4b8541eb75161_46)] [added: Officers](#i6bfbd41c4e984319aea05b97650e64a4_46)] | | | | | | [removed: [20](#i39dbfa9ac90e49538bf4b8541eb75161_46)] [added: [19](#i6bfbd41c4e984319aea05b97650e64a4_46)] | | |

| | | | | | | [Forward-Looking [removed: Statements](#i39dbfa9ac90e49538bf4b8541eb75161_49)] [added: Statements](#i6bfbd41c4e984319aea05b97650e64a4_49)] | | | | | | [removed: [21](#i39dbfa9ac90e49538bf4b8541eb75161_49)] [added: [20](#i6bfbd41c4e984319aea05b97650e64a4_49)] | | |

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| Item 9C. | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i39dbfa9ac90e49538bf4b8541eb75161_229)] [added: Inspections](#i6bfbd41c4e984319aea05b97650e64a4_232)] | | | | | | [removed: [191](#i39dbfa9ac90e49538bf4b8541eb75161_229)] [added: [178](#i6bfbd41c4e984319aea05b97650e64a4_232)] | | |

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[removed: 2023] [added: 2024] Form 10-K *Item 1.

| | | | | | | [• Overview](#i6bfbd41c4e984319aea05b97650e64a4_16) | | | | | | [1](#i6bfbd41c4e984319aea05b97650e64a4_16) | | |

| | | | | | | • [Regulation](#i6bfbd41c4e984319aea05b97650e64a4_34) | | | | | | [12](#i6bfbd41c4e984319aea05b97650e64a4_34) | | |

| | | | | | | • [Website](#i6bfbd41c4e984319aea05b97650e64a4_40) | | | | | | [18](#i6bfbd41c4e984319aea05b97650e64a4_40) | | |

| [Item 1C.](#i6bfbd41c4e984319aea05b97650e64a4_58) | | | | | | [Cybersecurity](#i6bfbd41c4e984319aea05b97650e64a4_58) | | | | | | [31](#i6bfbd41c4e984319aea05b97650e64a4_58) | | |

| [Signatures](#i6bfbd41c4e984319aea05b97650e64a4_262) | | | | | | | | | | | | [185](#i6bfbd41c4e984319aea05b97650e64a4_262) | | |

| | | | | | | [•](#i39dbfa9ac90e49538bf4b8541eb75161_16) [](#i39dbfa9ac90e49538bf4b8541eb75161_16)[Overview](#i39dbfa9ac90e49538bf4b8541eb75161_16) | | | | | | [1](#i39dbfa9ac90e49538bf4b8541eb75161_16) | | |

| | | | | | | • [Regulation](#i39dbfa9ac90e49538bf4b8541eb75161_34) | | | | | | [12](#i39dbfa9ac90e49538bf4b8541eb75161_34) | | |

| | | | | | | • [Website](#i39dbfa9ac90e49538bf4b8541eb75161_40) | | | | | | [19](#i39dbfa9ac90e49538bf4b8541eb75161_40) | | |

| [Item 1](#i39dbfa9ac90e49538bf4b8541eb75161_549755816395)[C](#i39dbfa9ac90e49538bf4b8541eb75161_549755816395)[.](#i39dbfa9ac90e49538bf4b8541eb75161_549755816395) | | | | | | [Cybersecurity](#i39dbfa9ac90e49538bf4b8541eb75161_549755816395) | | | | | | [31](#i39dbfa9ac90e49538bf4b8541eb75161_549755816395) | | |

| [Signatures](#i39dbfa9ac90e49538bf4b8541eb75161_259) | | | | | | | | | | | | [198](#i39dbfa9ac90e49538bf4b8541eb75161_259) | | |

The Audit Committee retains an external cybersecurity advisor to consult on cybersecurity matters and perform assessments of the Allstate Information Security [removed: Program.][added: Program (the “Program”).]

[removed: He] [added: Our CISO] is responsible for the development and execution of the security strategy which protects Allstate’s information from external and internal cybersecurity threats.

[removed: Mr. Wright] [added: He] has more than 20 years of information security leadership experience.

The Information Security Program is aligned with industry best practices and standards including the ISO 27001/27002 standards, the Control Objectives for Information and Related Technologies [added: Framework and the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”).]

The Company conducts [removed: these] [added: enterprise threat-based] risk assessments [removed: at] [added: for] multiple [removed: levels] [added: aspects] of [removed: scope,] [added: the business,] including applications, [removed: business processes, business units,] [added: infrastructure, environments] and [removed: enterprise.][added: business processes.]

Allstate documents the identified risks, tracking them based on potential impact and the likelihood [removed: that harm might occur.][added: of them occurring.]

[removed: These standards, policies] and procedures cover industry-standard information security domains, including risk assessment, third-party supplier risk management, vulnerability management, identity and access management, application security, network security, cybersecurity awareness training, encryption and incident management.

[removed: The Company] [added: Allstate] performs [added: control effectiveness tests,] vulnerability scans and penetration tests to assess controls and proactively identify vulnerabilities for prioritization and remediation.

These standards, policies

Allstate conducts risk and control assessments to proactively identify cybersecurity threats impacting the organization’s business processes.

We also have a cybersecurity resiliency strategy that will enhance our ability to anticipate, withstand and recover from cybersecurity attacks and maintain the availability of our critical business operations.

Cybersecurity resiliency plans improve our recovery speed to protect Allstate and its customers against adverse impacts due to ransomware and other cybersecurity events.

In addition, the CISO provides updates to senior leadership, the Audit Committee and the Allstate Board, as appropriate.

Jeffrey Wright is senior vice president and CISO for Allstate.

Allstate evaluates candidates for information security positions based on experience and qualifications.

Senior leadership, team leads and subject matter experts conduct interviews to identify top candidates who represent the technical and behavioral acumen required of cybersecurity professionals at Allstate.

Allstate provides cybersecurity employees with continuing education associated with their roles and responsibilities.

The Allstate Corporation 31

2023 Form 10-K *Part I - Item 1A.

Risk Factors and Other Disclosures*

Framework and the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”).

Allstate conducts risk and control assessments to proactively identify and assess the likelihood and impact of specific information security risks using the NIST CSF.

The Company manages the risks in accordance with its Information Security Program.

Allstate conducts periodic assessments, designed to evaluate effectiveness of implemented controls.

In North America, we [removed: operate from] [added: occupy] approximately [removed: 780] [added: 685] retail stores, administrative, data processing, claims handling and other support facilities that total 710 thousand square feet owned and [removed: 4.3] [added: 3.9] million square feet leased.

Outside North America, we own 1 property in Northern Ireland and lease locations in India, the United Kingdom and Australia.

In Illinois, the Company has 11 locations totaling approximately 480 thousand square feet of office space.

Outside North America, we own one and lease two properties in Northern Ireland comprising approximately 200 thousand square feet.

We also have two leased facilities in India for approximately 500 thousand square feet and two leased facilities in London for approximately seven thousand square feet.

The Allstate Corporation 31

2024 Form 10-K

32 www.allstate.com

2023 Form 10-K

As of January 31, [removed: 2024,] [added: 2025,] there were [removed: 56,831] [added: 54,363] 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: 2018] [added: 2019] to December 31, [removed: 2023)] [added: 2024)] with the cumulative total return of the S&P Property and Casualty Insurance Index (S&P P/C) and the S&P 500 stock index.

[removed: ][added: ]

| Value at each year-end of $100 initial investment made on December 31, [removed: 2018] [added: 2019] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | [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: 12/31/2022] [added: 12/31/2023] | | | | | | [removed: 12/31/2023] [added: 12/31/2024] | | |

| Period | | | | | | Total number of shares (or units) purchased (1) | | | | | | Average price paid per share (or unit) | | | | | | Total number of shares (or units) purchased as part of publicly announced plans or programs | | | | | | Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs [removed: (2)] | | |

| Open Market Purchases | | | | | | [removed: 329] [added: 271] | | | | | | $ | [removed: 112.37] [added: 190.57] | | | | | — | | | | | | | | |

| Open Market Purchases | | | | | | [removed: 2,798] [added: 5,140] | | | | | | $ | [removed: 138.37] [added: 184.15] | | | | | — | | | | | | | | |

| Allstate | | | | | | $ | 100.00 | | | | | $ | 99.88 | | | | | $ | 109.75 | | | | | $ | 129.88 | | | | | $ | 138.11 | | | | | $ | 194.19 | |

| S&P P/C | | | | | | $ | 100.00 | | | | | $ | 106.33 | | | | | $ | 124.95 | | | | | $ | 148.53 | | | | | $ | 164.49 | | | | | $ | 222.43 | |

| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 118.39 | | | | | $ | 152.34 | | | | | $ | 124.73 | | | | | $ | 157.48 | | | | | $ | 196.85 | |

32 www.allstate.com

2024 Form 10-K

| October 1, 2024 - October 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| November 1, 2024 - November 30, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| December 1, 2024 - December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Purchases | | | | | | 2,908 | | | | | | $ | 204.01 | | | | | — | | | | | | | | |

| Total | | | | | | 8,319 | | | | | | $ | 191.30 | | | | | — | | | | | | $ | — | |

October: 271

November: 5,140

December: 2,908

| Allstate | | | | | | $ | 100.00 | | | | | $ | 138.82 | | | | | $ | 138.65 | | | | | $ | 152.35 | | | | | $ | 180.29 | | | | | $ | 191.72 | |

| S&P P/C | | | | | | $ | 100.00 | | | | | $ | 125.87 | | | | | $ | 133.84 | | | | | $ | 157.27 | | | | | $ | 186.95 | | | | | $ | 207.04 | |

| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 131.47 | | | | | $ | 155.65 | | | | | $ | 200.29 | | | | | $ | 163.98 | | | | | $ | 207.04 | |

The Allstate Corporation 33

2023 Form 10-K

| October 1, 2023 - October 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| November 1, 2023 - November 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Purchases | | | | | | 125,437 | | | | | | $ | 134.12 | | | | | — | | | | | | | | |

| December 1, 2023 - December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total | | | | | | 128,564 | | | | | | $ | 134.15 | | | | | — | | | | | | $ | 472 | million |

October: 329

November: 125,437

December: 2,798

(2)In August 2021, we announced the approval of a common share repurchase program for $5 billion.

In July 2023, we suspended repurchasing shares under the current authorization.

The authorization for the share repurchase program expires on March 31, 2024.

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 is classified as an additional cost of the stock acquired included in treasury stock in shareholders’ equity*.*

The Allstate Corporation 33

2024 Form 10-K

34 www.allstate.com

2023 Form 10-K

| [Consolidated Statements of [removed: Operations](#i39dbfa9ac90e49538bf4b8541eb75161_127)] [added: Operations](#i6bfbd41c4e984319aea05b97650e64a4_130)] | | | | | | | | | [removed: [98](#i39dbfa9ac90e49538bf4b8541eb75161_127)] [added: [93](#i6bfbd41c4e984319aea05b97650e64a4_130)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i39dbfa9ac90e49538bf4b8541eb75161_130)] [added: Income](#i6bfbd41c4e984319aea05b97650e64a4_133)] (Loss) | | | | | | | | | [removed: [99](#i39dbfa9ac90e49538bf4b8541eb75161_130)] [added: [94](#i6bfbd41c4e984319aea05b97650e64a4_133)] | | |

| [Consolidated Statements of Financial [removed: Position](#i39dbfa9ac90e49538bf4b8541eb75161_133)] [added: Position](#i6bfbd41c4e984319aea05b97650e64a4_136)] | | | | | | | | | [removed: [100](#i39dbfa9ac90e49538bf4b8541eb75161_133)] [added: [95](#i6bfbd41c4e984319aea05b97650e64a4_136)] | | |

| [Consolidated Statements of Shareholders’ [removed: Equity](#i39dbfa9ac90e49538bf4b8541eb75161_136)] [added: Equity](#i6bfbd41c4e984319aea05b97650e64a4_139)] | | | | | | | | | [removed: [101](#i39dbfa9ac90e49538bf4b8541eb75161_136)] [added: [96](#i6bfbd41c4e984319aea05b97650e64a4_139)] | | |

[removed: | [Consolidated] [added: Consolidated] Statements of Cash [removed: Flows](#i39dbfa9ac90e49538bf4b8541eb75161_139) | | | | | | | | | [102](#i39dbfa9ac90e49538bf4b8541eb75161_139) | | |][added: Flows]

| [Notes to Consolidated Financial [removed: Statements](#i39dbfa9ac90e49538bf4b8541eb75161_142)] [added: Statements](#i6bfbd41c4e984319aea05b97650e64a4_145)] | | | | | | | | | | | |

| Note 2 | | | Summary of Significant Accounting Policies | | | | | | [removed: [104](#i39dbfa9ac90e49538bf4b8541eb75161_148)] [added: [99](#i6bfbd41c4e984319aea05b97650e64a4_151)] | | |

| [removed: Note 4 | | | Reportable Segments | | |] [added: Note 5] | | | [removed: [119](#i39dbfa9ac90e49538bf4b8541eb75161_157)] [added: Reportable Segments] | | |

| [removed: Note 5 | | | Investments | | |] [added: Note 6] | | | [removed: [123](#i39dbfa9ac90e49538bf4b8541eb75161_160)] [added: Investments] | | |

| [removed: Note 6] [added: Note 7] | | | [removed: Fair] [added: Fair] Value of Assets and [removed: Liabilities | | | | | | [133](#i39dbfa9ac90e49538bf4b8541eb75161_163)] [added: Liabilities] | | |

| [removed: Note 7] [added: Note 8] | | | [removed: Derivative] [added: Derivative] Financial Instruments and Off-balance Sheet Financial [removed: Instruments | | | | | | [141](#i39dbfa9ac90e49538bf4b8541eb75161_166)] [added: Instruments] | | |

| [removed: Note 8] [added: Note 9] | | | [removed: Variable] [added: Variable] Interest [removed: Entities | | | | | | [146](#i39dbfa9ac90e49538bf4b8541eb75161_169)] [added: Entities] | | |

| [removed: Note 9] [added: Note 10] | | | [removed: Reserve] [added: Reserve] for Property and Casualty Insurance Claims and Claims [removed: Expense | | | | | | [147](#i39dbfa9ac90e49538bf4b8541eb75161_172)] [added: Expense] | | |

| [removed: Note 10] [added: Note 11] | | | [removed: Reserve] [added: Reserve] for Future Policy Benefits and Contractholder [removed: Funds | | | | | | [154](#i39dbfa9ac90e49538bf4b8541eb75161_175)] [added: Funds] | | |

| [removed: Note 11] [added: Note 12] | | | [removed: Reinsurance] [added: Reinsurance] and [removed: Indemnification | | | | | | [159](#i39dbfa9ac90e49538bf4b8541eb75161_178)] [added: Indemnification] | | |

| [removed: Note 12] [added: Note 13] | | | [removed: Deferred] [added: Deferred] Policy Acquisition [removed: Costs | | | | | | [164](#i39dbfa9ac90e49538bf4b8541eb75161_184)] [added: Costs] | | |

| [removed: Note 13 | | | Capital Structure | | |] [added: Note 14] | | | [removed: [165](#i39dbfa9ac90e49538bf4b8541eb75161_187)] [added: Capital Structure] | | |

| [removed: Note 14 | | | Company Restructuring | | |] [added: Note 15] | | | [removed: [169](#i39dbfa9ac90e49538bf4b8541eb75161_190)] [added: Company Restructuring] | | |

| [removed: Note 15] [added: Note 16] | | | [removed: Commitments,] [added: Commitments,] Guarantees and Contingent [removed: Liabilities | | | | | | [169](#i39dbfa9ac90e49538bf4b8541eb75161_193)] [added: Liabilities] | | |

| [removed: Note 16 | | | Income Taxes | | |] [added: Note 17] | | | [removed: [175](#i39dbfa9ac90e49538bf4b8541eb75161_196)] [added: Income Taxes] | | |

| [removed: Note 17] [added: Note 18] | | | [removed: Statutory] [added: Statutory] Financial Information and Dividend [removed: Limitations | | | | | | [177](#i39dbfa9ac90e49538bf4b8541eb75161_199)] [added: Limitations] | | |

| [removed: Note 18 | | | Benefit Plans | | |] [added: Note 19] | | | [removed: [178](#i39dbfa9ac90e49538bf4b8541eb75161_202)] [added: Benefit Plans] | | |

| [removed: Note 19] [added: Note 20] | | | [removed: Equity] [added: Equity] Incentive [removed: Plans | | | | | | [184](#i39dbfa9ac90e49538bf4b8541eb75161_205)] [added: Plans] | | |

| [removed: Note 20] [added: Note 21] | | | [removed: Supplemental] [added: Supplemental] Cash Flow [removed: Information | | | | | | [186](#i39dbfa9ac90e49538bf4b8541eb75161_208)] [added: Information] | | |

| [removed: Note 21] [added: Note 22] | | | [removed: Other] [added: Other] Comprehensive Income [removed: (Loss) | | | | | | [187](#i39dbfa9ac90e49538bf4b8541eb75161_211)] [added: (Loss)] | | |

| [removed: Note 22] [added: Note 23] | | | [removed: Quarterly] [added: Quarterly] Results [removed: (unaudited) | | | | | | [188](#i39dbfa9ac90e49538bf4b8541eb75161_214)] [added: (unaudited)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i39dbfa9ac90e49538bf4b8541eb75161_217)] [added: Firm](#i6bfbd41c4e984319aea05b97650e64a4_220)] (Deloitte and Touche LLP: PCAOB ID No. 34) | | | | | | | | | [removed: [189](#i39dbfa9ac90e49538bf4b8541eb75161_217)] [added: [176](#i6bfbd41c4e984319aea05b97650e64a4_220)] | | |

[removed: 2023] [added: 2024] Form 10-K *Financial Statements*

| (In millions, except per share data) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

[removed: | Revenues | | | | | | | | | | | | | | | | | | | | |][added: Revenues from]

| Property and casualty insurance premiums | | | | | | $ | [removed: 50,670] [added: 56,388] | | | | | $ | [removed: 45,904] [added: 50,670] | | | | | $ | [removed: 42,218] [added: 45,904] | |

| Accident and health insurance premiums and contract charges | | | | | | [removed: 1,846] [added: 1,921] | | | | | | [removed: 1,832] [added: 1,846] | | | | | | [removed: 1,834] [added: 1,832] | | |

| Other revenue | | | | | | [removed: 2,400] [added: 2,930] | | | | | | [removed: 2,344] [added: 2,400] | | | | | | [removed: 2,172] [added: 2,344] | | |

| Net investment income | | | | | | [removed: 2,478] [added: 3,092] | | | | | | [removed: 2,403] [added: 2,478] | | | | | | [removed: 3,293] [added: 2,403] | | |

| Net gains (losses) on investments and derivatives | | | | | | [removed: (300)] [added: (225)] | | | | | | [removed: (1,072)] [added: (300)] | | | | | | [removed: 1,084] [added: (1,072)] | | |

| Total revenues | | | | | | [removed: 57,094] [added: 64,106] | | | | | | [removed: 51,411] [added: 57,094] | | | | | | [removed: 50,601] [added: 51,411] | | |

| Costs and expenses | | | | | | [added: 4] | | | | | | [added: 65] | | | | | | [added: (78)] | | | [added: | | | 8 | | | | | | (10) | | | | | | (14) | | | | | | 12 | | | | | | 55 | | | | | | (92) | | |]

| Property and casualty insurance claims and claims expense | | | | | | [removed: 41,070] [added: 39,735] | | | | | | [removed: 37,264] [added: 41,070] | | | | | | [removed: 29,318] [added: 37,264] | | |

| Accident, health and other policy benefits (including remeasurement (gains) losses of [added: $1,] $0, [removed: $(4),] and [removed: $(11))] [added: $(4))] | | | | | | [removed: 1,071] [added: 1,241] | | | | | | [removed: 1,042] [added: 1,071] | | | | | | [removed: 1,060] [added: 1,042] | | |

| Amortization of deferred policy acquisition costs | | | | | | [removed: 7,278] [added: 8,039] | | | | | | [removed: 6,634] [added: 7,278] | | | | | | [removed: 6,236] [added: 6,634] | | |

| Note 1 | | | General | | | | | | [98](#i6bfbd41c4e984319aea05b97650e64a4_148) | | |

| Note 4 | | | Disposition | | | | | | [108](#i6bfbd41c4e984319aea05b97650e64a4_157) | | |

| Note 6 | | | Investments | | | | | | [114](#i6bfbd41c4e984319aea05b97650e64a4_163) | | |

2024 Form 10-K *Financial Statements*

2024 Form 10-K *Financial Statements*

2024 Form 10-K *Financial Statements*

| Capital transaction for noncontrolling interest | | | | | | 123 | | | | | | — | | | | | | — | | |

2024 Form 10-K *Financial Statements*

| Net decrease in cash | | | | | | (18) | | | | | | (14) | | | | | | (27) | | |

When the proceeds expected to be received from the sale exceed the carrying amount of the business, a gain is recognized when the sale closes.

On August 13, 2024, Allstate entered into a share purchase agreement with StanCorp Financial Group, Inc. to sell Allstate’s employer voluntary benefits business.

Subsequent Events

*Group health business disposition* On January 30, 2025, Allstate entered into an agreement with Nationwide Life Insurance Company to sell Direct General Life Insurance Company, NSM Sales Corporation and The Association Benefits Solution, LLC, comprising the group health business for approximately $1.25 billion in cash, adjusted for the closing balance sheet.

The group health business is reported in the Health and Benefits segment, and beginning in the first quarter of 2025, the assets and liabilities of the business will be classified as held for sale.

The transaction is expected to close during 2025, subject to regulatory approvals and other customary closing conditions.

The transaction price less costs to sell exceeds the carrying value of net assets related to the transaction,

resulting in an expected gain that will be recognized at closing of the transaction.

The anticipated gain on the sale will be impacted by purchase price adjustments associated with certain pre-close transactions, changes in the carrying value of net assets, changes in accumulated other comprehensive income and the related tax effects.

The group health business generated $481 million of premiums and contract charges and adjusted net income of $71 million for the year ended December 31, 2024.

*California wildfire catastrophe event* In January

2025, several wildfires started in southern California that have destroyed or damaged thousands of properties and automobiles.

The Company’s estimated catastrophe losses for this event are $1.07 billion.

The estimate includes reinsurance reinstatement premiums, an estimated California FAIR Plan assessment and is net of estimated reinsurance recoveries.

For more information on the California FAIR Plan, refer to Note 16.

Expected recoveries under the Company’s Nationwide Excess Catastrophe Reinsurance Program and reinsurance reinstatement premiums required to be paid under the terms of the reinsurance program are further described in Note 12.

2024 Form 10-K *Notes to Consolidated Financial Statements*

expenses.

| ($ in millions) | | | | | | 2024 | | | | | | 2023 | | |

Premiums from these products are recognized as revenue when due

2024 Form 10-K *Notes to Consolidated Financial Statements*

As of December 31, 2024, voluntary accident and health insurance and traditional life insurance products within the employer voluntary benefits business and all interest-sensitive life contracts are reported as held for sale.

| ($ in millions) | | | | | | 2024 | | | | | | 2023 | | |

(1)Represents the portion of allowance that is reversed when premiums receivable are written off.

For protection plans, vehicle service contracts and other insurance contracts, DAC is amortized into income over the term of the contract based on the percentage of the contract’s total revenue recognized during the period.

DAC is periodically reviewed for recoverability

2024 Form 10-K *Notes to Consolidated Financial Statements*

and adjusted if necessary.

As of December 31, 2024, long-duration voluntary accident and health insurance and traditional life insurance contracts within the employer voluntary benefits business, all interest-sensitive life insurance contracts and the associated DAC are reported as held for sale.

2024 Form 10-K *Notes to Consolidated Financial Statements*

reinstatement premiums which are recognized in the same period as the loss event that gave rise to the reinstatement premiums.

| Note 1 | | | General | | | | | | [103](#i39dbfa9ac90e49538bf4b8541eb75161_145) | | |

| Note 3 | | | Dispositions | | | | | | [118](#i39dbfa9ac90e49538bf4b8541eb75161_151) | | |

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

| Shelter-in-Place Payback expense | | | | | | — | | | | | | — | | | | | | 29 | | |

| Loss from discontinued operations, net of tax | | | | | | — | | | | | | — | | | | | | (3,593) | | |

| Basic | | | | | | | | | | | | | | | | | | | | |

| Continuing operations | | | | | | $ | (1.20) | | | | | $ | (5.14) | | | | | $ | 17.28 | |

| Discontinued operations | | | | | | — | | | | | | — | | | | | | (12.19) | | |

| Total | | | | | | $ | (1.20) | | | | | $ | (5.14) | | | | | $ | 5.09 | |

| Diluted | | | | | | | | | | | | | | | | | | | | |

| Continuing operations | | | | | | $ | (1.20) | | | | | $ | (5.14) | | | | | $ | 17.03 | |

| Discontinued operations | | | | | | — | | | | | | — | | | | | | (12.02) | | |

| Total | | | | | | $ | (1.20) | | | | | $ | (5.14) | | | | | $ | 5.01 | |

| Changes in: | | | | | | | | | | | | | | | | | | | | |

| Acquisition | | | | | | — | | | | | | — | | | | | | 450 | | |

| Forward contract on accelerated share repurchase agreement | | | | | | — | | | | | | — | | | | | | 113 | | |

| Retained income | | | | | | | | | | | | | | | | | | | | |

| Cumulative effect of change in accounting principle | | | | | | — | | | | | | — | | | | | | (21) | | |

| Cumulative effect of change in accounting principle | | | | | | — | | | | | | — | | | | | | (277) | | |

| Acquisition | | | | | | — | | | | | | — | | | | | | (16) | | |

| Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | |

| Amortization of deferred gain on reinsurance | | | | | | — | | | | | | — | | | | | | (4) | | |

| Loss on disposition of operations, net of tax | | | | | | — | | | | | | — | | | | | | 4,031 | | |

| Net cash provided by operating activities | | | | | | 4,228 | | | | | | 5,121 | | | | | | 5,116 | | |

| Proceeds from disposition of operations, net of cash transferred | | | | | | — | | | | | | — | | | | | | 2,058 | | |

| Net (decrease) increase in cash, including cash classified as assets held for sale | | | | | | (14) | | | | | | (27) | | | | | | 386 | | |

On November 1, 2023, the Company announced that it is pursuing the sale of the Health and Benefits business.

When the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized and updated each reporting period as appropriate.

The Company completed its sale of the life and annuity business in 2021.

The results of operations of business classified as held for sale are reported as discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results.

The disposal of a reportable segment generally qualifies for discontinued operations presentation.

When a business is identified for discontinued operations reporting:

- Results for prior periods are retrospectively reclassified as discontinued operations

- Results of operations are reported in a single line, net of tax, in the Consolidated Statements of Operations

Additional details by major classification of operating results are included in Note 3.

fair value primarily utilizing the net asset value (“NAV”) as a practical expedient to determine fair value.

Policy loans are carried at unpaid principal balances.

Derivatives are carried at fair value.

Net investment income for AFS fixed income securities includes the impact of accreting the credit loss allowance for the time value of money.

month delay due to the availability of the related financial statements from investees.

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: 2023] [added: 2024] 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: 2023.][added: 2024.]

*Changes in [removed: Internal Control] [added: internal control] over [removed: Financial Reporting*] [added: 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: 2023.][added: 2024.]

During the three months ended December 31, [removed: 2023,] [added: 2024,] no director or officer of the Company who is required to file reports under Section 16 of the [added: Securities] Exchange Act adopted, [removed: modified,] [added: modified] or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

178 www.allstate.com

2024 Form 10-K

The Allstate Corporation 191

2023 Form 10-K

Information regarding directors of The Allstate Corporation standing for election at the [removed: 2024] [added: 2025] annual stockholders meeting is incorporated in this Item 10 by reference to the descriptions in the Proxy Statement under the caption “Corporate Governance – Our Director Nominees.”

Information regarding our audit committee and audit committee financial experts is incorporated in this Item 10 by reference to the information under the caption “Corporate Governance – [removed: Structure of the] [added: The] Board and [removed: Its] [added: its] Committees” in the Proxy Statement.

We have adopted an Insider Trading Policy governing the purchase, sale or other disposition of the Company’s securities that applies to the Company and all of our directors, officers, and employees.

The Insider Trading Policy is designed to promote compliance with applicable insider trading laws, rules, regulations and listing standards.

The Allstate Corporation 179

2024 Form 10-K

192 www.allstate.com

2023 Form 10-K

[removed: |] The following table includes information as of December 31, [removed: 2023,] [added: 2024,] with respect to The Allstate Corporation’s equity compensation plans: [removed: | | | | | | | | | | | | | | | | | | | | | | | |]

(2)As of December 31, [removed: 2023, 901,835] [added: 2024, 6,393,114 stock options, 840,015] restricted stock units (“RSUs”) and [removed: 1,018,240] [added: 1,008,944] 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: 2021] [added: 2022] 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: 2022] [added: 2023] and [removed: 2023.][added: 2024.]

(4)Includes [removed: 11,408,638] [added: 10,018,724] 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: 281,759] [added: 266,113] 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.

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

| Equity compensation plans approved by security holders (1) | | | | | | 8,242,073 | | | (2) | | | $ | 110.46 | | (3) | | | 10,284,837 | | | (4) | | |

| Total | | | | | | 8,242,073 | | | (2) | | | $ | 110.46 | | (3) | | | 10,284,837 | | | (4) | | |

| Equity Compensation Plans Approved by Security Holders (1) | | | | | | 10,047,422 | | | (2) | | | $ | 102.37 | | (3) | | | 11,690,397 | | | (4) | | |

| Total | | | | | | 10,047,422 | | | (2) | | | $ | 102.37 | | (3) | | | 11,690,397 | | | (4) | | |

Asset managers, such as those that manage mutual funds and exchange traded funds, principally on behalf of third-party investors, at times acquire sufficient voting ownership interests in Allstate to require disclosure.

State Street Corp. manages an investment portfolio of $5.36 billion on behalf of participants in Allstate’s 401(k) Savings Plan and $786 million on behalf of the Allstate domestic qualified pension plan.

The terms of these arrangements are customary, and the aggregate related fees are not material.

Information required for Item 14 is incorporated by reference to the material in the Proxy Statement under the caption “Audit Committee Matters – Ratification of Deloitte & Touche LLP as the Independent Registered Public Accountant for [removed: 2024.”][added: 2025.”]

| [Schedule [removed: I](#i39dbfa9ac90e49538bf4b8541eb75161_262)] [added: I](#i6bfbd41c4e984319aea05b97650e64a4_265)] | | | | | | [Summary of Investments – Other than Investments in Related [removed: Parties](#i39dbfa9ac90e49538bf4b8541eb75161_262)] [added: Parties](#i6bfbd41c4e984319aea05b97650e64a4_265)] | | | | | | [removed: S-[1](#i39dbfa9ac90e49538bf4b8541eb75161_262)] [added: S-[1](#i6bfbd41c4e984319aea05b97650e64a4_265)] | | |

| [Schedule [removed: II](#i39dbfa9ac90e49538bf4b8541eb75161_265)] [added: II](#i6bfbd41c4e984319aea05b97650e64a4_268)] | | | | | | [Condensed Financial Information of Registrant (The Allstate [removed: Corporation)](#i39dbfa9ac90e49538bf4b8541eb75161_265)] [added: Corporation)](#i6bfbd41c4e984319aea05b97650e64a4_268)] | | | | | | [removed: S-[2](#i39dbfa9ac90e49538bf4b8541eb75161_265)] [added: S-[2](#i6bfbd41c4e984319aea05b97650e64a4_268)] | | |

| [Schedule [removed: III](#i39dbfa9ac90e49538bf4b8541eb75161_268)] [added: III](#i6bfbd41c4e984319aea05b97650e64a4_271)] | | | | | | [Supplementary Insurance [removed: Information](#i39dbfa9ac90e49538bf4b8541eb75161_268)] [added: Information](#i6bfbd41c4e984319aea05b97650e64a4_271)] | | | | | | [removed: S-[6](#i39dbfa9ac90e49538bf4b8541eb75161_268)] [added: S-[6](#i6bfbd41c4e984319aea05b97650e64a4_271)] | | |

| [Schedule [removed: V](#i39dbfa9ac90e49538bf4b8541eb75161_274)] [added: V](#i6bfbd41c4e984319aea05b97650e64a4_277)] | | | | | | [Valuation Allowances and Qualifying [removed: Accounts](#i39dbfa9ac90e49538bf4b8541eb75161_274)] [added: Accounts](#i6bfbd41c4e984319aea05b97650e64a4_277)] | | | | | | [removed: S-[8](#i39dbfa9ac90e49538bf4b8541eb75161_274)] [added: S-[8](#i6bfbd41c4e984319aea05b97650e64a4_277)] | | |

180 www.allstate.com

2024 Form 10-K

| [Schedule IV](#i6bfbd41c4e984319aea05b97650e64a4_274) | | | | | | [Reinsurance](#i6bfbd41c4e984319aea05b97650e64a4_274) | | | | | | S-[7](#i6bfbd41c4e984319aea05b97650e64a4_274) | | |

The Allstate Corporation 193

2023 Form 10-K

| [Schedule IV](#i39dbfa9ac90e49538bf4b8541eb75161_271) | | | | | | [Reinsurance](#i39dbfa9ac90e49538bf4b8541eb75161_271) | | | | | | S-[7](#i39dbfa9ac90e49538bf4b8541eb75161_271) | | |

| 3.1 | | | [Restated Certificate of Incorporation filed with the Secretary of State of Delaware on May 23, [removed: 2012](http://www.sec.gov/Archives/edgar/data/899051/000110465912039489/a12-12919_1ex3di.htm)] [added: 2012](https://www.sec.gov/Archives/edgar/data/899051/000110465912039489/a12-12919_1ex3di.htm)] | | | 8-K | | | 1-11840 | | | 3(i) | | | May 23, 2012 | | | | | |

| 3.2 | | | [Amended and Restated Bylaws of [removed: The](https://www.sec.gov/Archives/edgar/data/899051/000089905123000053/exhibit31amendedbylaws.htm) [Allstate] [added: The Allstate] Corporation as amended July [removed: 1](https://www.sec.gov/Archives/edgar/data/899051/000089905123000053/exhibit31amendedbylaws.htm)[4,] [added: 14,] 2023](https://www.sec.gov/Archives/edgar/data/899051/000089905123000053/exhibit31amendedbylaws.htm) | | | 8-K | | | 1-11840 | | | 3.1 | | | July 17, 2023 | | | | | |

| 3.3 | | | [Certificate of Designations with respect to the Preferred Stock, Series H of the Registrant, [removed: date](http://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm)[d](http://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm) [August] [added: dated August] 5, [removed: 2019](http://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm)] [added: 2019](https://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm)] | | | 8-K | | | 1-11840 | | | 3.1 | | | August 5, 2019 | | | | | |

| 3.4 | | | [Certificate of Designations with respect to the Preferred Stock, Series I of the Registrant, dated November 8, [removed: 2019](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)] [added: 2019](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)] | | | 8-K | | | 1-11840 | | | 3.1 | | | November 8, 2019 | | | | | |

| 4.2 | | | [Description of Registrant’s Securities](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit42-allcorpdescripti.htm) | | | [added: 10-K] | | | [added: 1-11840] | | | [added: 4.2] | | | [added: February 21, 2024] | | | [removed: X] | | |

| 4.3 | | | [Deposit Agreement, dated August 8, 2019, among the Registrant, Equiniti Trust Company, as depositary, and the holders from time to time of the depositary receipts described therein (Series [removed: H)](http://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm)] [added: H)](https://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm)] | | | 8-K | | | 1-11840 | | | 4.1 | | | August 8, 2019 | | | | | |

| 4.4 | | | [Form of Preferred Stock Certificate, Series H (included as Exhibit A to Exhibit 3.3 [removed: above)](http://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm)] [added: above)](https://www.sec.gov/Archives/edgar/data/899051/000141057819000661/tv526720_ex3-1.htm)] | | | 8-K | | | 1-11840 | | | 4.2 | | | August 8, 2019 | | | | | |

| 4.5 | | | [Form of Depositary Receipt, Series H (included as Exhibit A to Exhibit [removed: 4.](https://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm)[3](https://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm) [above)](https://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm)] [added: 4.3 above)](https://www.sec.gov/Archives/edgar/data/899051/000141057819000728/tv526719_ex4-1.htm)] | | | 8-K | | | 1-11840 | | | 4.3 | | | August 8, 2019 | | | | | |

| 4.6 | | | [Deposit Agreement, dated November 8, 2019, among the Registrant, Equiniti Trust Company, as depositary, and the holders from time to time of the depositary receipts described therein (Series [removed: I)](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm)] [added: I)](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm)] | | | 8-K | | | 1-11840 | | | 4.1 | | | November 8, 2019 | | | | | |

| 4.7 | | | [Form of Preferred Stock Certificate, Series I (included as Exhibit A to Exhibit [removed: 3.](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)[4](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm) [above)](http://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)] [added: 3.4 above)](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex3-1.htm)] | | | 8-K | | | 1-11840 | | | 4.2 | | | November 8, 2019 | | | | | |

| 4.8 | | | [Form of Depositary Receipt, Series I (included as Exhibit A to Exhibit [removed: 4.](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm)[6](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm) [above)](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm)] [added: 4.6 above)](https://www.sec.gov/Archives/edgar/data/899051/000110465919061699/tm1921521d4_ex4-1.htm)] | | | 8-K | | | 1-11840 | | | 4.3 | | | November 8, 2019 | | | | | |

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

The Allstate Corporation [removed: 195][added: 181]

| 10.9* | | | [Form of Option Award Agreement for awards granted on or after April 13, 2018, under The Allstate Corporation 2013 Equity Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/899051/000089905118000017/exhibit103optionawardagree.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/899051/000089905118000017/exhibit103optionawardagree.htm)] | | | 10-Q | | | 1-11840 | | | 10.3 | | | May 1, 2018 | | | | | |

| 10.10* | | | [Form of Option Award Agreement for awards granted on or after February 21, 2012 and prior to April 13, 2018 under The Allstate Corporation 2009 Equity Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/899051/000110465912032030/a12-8030_1ex10d3.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/899051/000110465912032030/a12-8030_1ex10d3.htm)] | | | 10-Q | | | 1-11840 | | | 10.3 | | | May 2, 2012 | | | | | |

| 10.12* | | | [Supplemental Retirement Income Plan, as amended and restated effective October 19, [removed: 2018](http://www.sec.gov/Archives/edgar/data/899051/000089905119000007/exhibit1016srip101918.htm)] [added: 2018](https://www.sec.gov/Archives/edgar/data/899051/000089905119000007/exhibit1016srip101918.htm)] | | | 10-K | | | 1-11840 | | | 10.16 | | | February 15, 2019 | | | | | |

| 10.13* | | | [The Allstate Corporation Change in Control Severance Plan effective December 30, [removed: 2011](http://www.sec.gov/Archives/edgar/data/899051/000110465911071444/a11-31874_1ex10d1.htm)] [added: 2011](https://www.sec.gov/Archives/edgar/data/899051/000110465911071444/a11-31874_1ex10d1.htm)] | | | 8-K | | | 1-11840 | | | 10.1 | | | December 28, 2011 | | | | | |

| 10.15* | | | [The Allstate Corporation Deferred Compensation Plan for Non-Employee Directors, as amended and restated effective September 15, [removed: 2008](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d7.htm)] [added: 2008](https://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d7.htm)] | | | 8-K | | | 1-11840 | | | 10.7 | | | September 19, 2008 | | | | | |

| 10.16* | | | [The Allstate Corporation Equity Incentive Plan for Non-Employee Directors, as amended and restated effective September 15, [removed: 2008](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d5.htm)] [added: 2008](https://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d5.htm)] | | | 8-K | | | 1-11840 | | | 10.5 | | | September 19, 2008 | | | | | |

| 10.17* | | | [The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee Directors, as amended and restated effective September 15, [removed: 2008](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d6.htm)] [added: 2008](https://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d6.htm)] | | | 8-K | | | 1-11840 | | | 10.6 | | | September 19, 2008 | | | | | |

| 10.18* | | | [The Allstate Corporation 2017 Equity Compensation Plan for Non-Employee [removed: Directors](http://www.sec.gov/Archives/edgar/data/899051/000120677417001182/allstate3149221-def14a.htm#appendixd)] [added: Directors](https://www.sec.gov/Archives/edgar/data/899051/000120677417001182/allstate3149221-def14a.htm#appendixd)] | | | Proxy | | | 1-11840 | | | App. D | | | April 12, 2017 | | | | | |

| 10.19* | | | [Form of amended and restated Restricted Stock Unit Award Agreement with regards to awards outstanding on September 15, 2008 under The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee [removed: Directors](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d8.htm)] [added: Directors](https://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d8.htm)] | | | 8-K | | | 1-11840 | | | 10.8 | | | September 19, 2008 | | | | | |

| 10.20* | | | [Form of Restricted Stock Unit Award Agreement for awards granted on or after September 15, 2008, and prior to June 1, 2016, under The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee [removed: Directors](http://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d9.htm)] [added: Directors](https://www.sec.gov/Archives/edgar/data/899051/000110465908059626/a08-23710_1ex10d9.htm)] | | | 8-K | | | 1-11840 | | | 10.9 | | | September 19, 2008 | | | | | |

| 10.21* | | | [Form of Restricted Stock Unit Award Agreement for awards granted on or after June 1, 2016, and prior to June 1, 2017, under The Allstate Corporation 2006 Equity Compensation Plan for Non-Employee [removed: Directors](http://www.sec.gov/Archives/edgar/data/899051/000089905116000070/exhibit102rsuawardforgrant.htm)] [added: Directors](https://www.sec.gov/Archives/edgar/data/899051/000089905116000070/exhibit102rsuawardforgrant.htm)] | | | 10-Q | | | 1-11840 | | | 10.2 | | | August 3, 2016 | | | | | |

| 10.22* | | | [Form of Restricted Stock Unit Award Agreement for awards granted on or after June 1, 2017, under The Allstate Corporation 2017 Equity Compensation Plan for Non-Employee [removed: Directors](http://www.sec.gov/Archives/edgar/data/899051/000089905117000044/exhibit102rsuawardforgrant.htm)] [added: Directors](https://www.sec.gov/Archives/edgar/data/899051/000089905117000044/exhibit102rsuawardforgrant.htm)] | | | 10-Q | | | 1-11840 | | | 10.2 | | | August 1, 2017 | | | | | |

| 10.23* | | | [Form of Indemnification Agreement between the Registrant and [removed: Director](http://www.sec.gov/Archives/edgar/data/899051/000110465907057980/a07-18721_1ex10d2.htm)] [added: Director](https://www.sec.gov/Archives/edgar/data/899051/000110465907057980/a07-18721_1ex10d2.htm)] | | | 10-Q | | | 1-11840 | | | 10.2 | | | August 1, 2007 | | | | | |

| 19 | | | [The Allstate Corporation Insider Trading Policy, effective July 14, 2023](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit19-allstatecorporat.htm) | | | [added: 10-K] | | | [added: 1-11840] | | | [added: 19] | | | [added: February 21, 2024] | | | [removed: X] | | |

| 21 | | | [Subsidiaries of The Allstate [removed: Corporation](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit21allcorp123123.htm)] [added: Corporation](https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/exhibit21allcorp123124.htm)] | | | | | | | | | | | | | | | X | | |

| 23 | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit23allcorp123123.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/exhibit23allcorp123124.htm)] | | | | | | | | | | | | | | | X | | |

| 31(i) | | | [Rule 13a-14(a) Certification of Principal Executive [removed: Officer](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit31iallcorp123123.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/exhibit31iallcorp123124.htm)] | | | | | | | | | | | | | | | X | | |

| 31(i) | | | [Rule 13a-14(a) Certification of Principal Financial [removed: Officer](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit31iallcorp123123.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/exhibit31iallcorp123124.htm)] | | | | | | | | | | | | | | | X | | |

| 32 | | | [Section 1350 [removed: Certifications](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit32allcorp123123.htm)] [added: Certifications](https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/exhibit32allcorp123124.htm)] | | | | | | | | | | | | | | | X | | |

| 97 | | | [The Allstate Corporation Clawback Policy, effective July [removed: 5, 2023](https://www.sec.gov/Archives/edgar/data/899051/000089905124000013/exhibit97-clawbackpolicy.htm)] [added: 9, 2024](https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/exhibit97clawbackpolicyjul.htm)] | | | | | | | | | | | | | | | X | | |

2024 Form 10-K

182 www.allstate.com

2024 Form 10-K

| 10.26* | | | [R](https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/resolutions2024directorcom.htm)[esolutions regarding Non-Employee Director Compensation ado](https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/resolutions2024directorcom.htm)[pted No](https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/resolutions2024directorcom.htm)[vember 13, 2024](https://www.sec.gov/Archives/edgar/data/899051/000089905125000015/resolutions2024directorcom.htm) | | | | | | | | | | | | | | | X | | |

The Allstate Corporation 183

2024 Form 10-K

194 www.allstate.com

2023 Form 10-K

| 10.26* | | | [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 | | | | | |

| 10.27* | | | [Offer Letter dated March 9, 2022 to Robert Toohey](https://www.sec.gov/Archives/edgar/data/899051/000089905123000037/exhibit101allcorp33123.htm) | | | 10-Q | | | 1-11840 | | | 10.1 | | | May 3, 2023 | | | | | |

196 www.allstate.com

The Allstate Corporation [removed: 197][added: 185]

| [added: 2024] | | | | | | [removed: February 21, 2024] | | | [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| /s/ Thomas J. Wilson | | | | | | Chairman of the Board, President, Chief Executive Officer and a Director (Principal Executive Officer) | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Jesse E. Merten | | | | | | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ [removed: John C. Pintozzi] [added: Eric K. Ferren] | | | | | | Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Donald E. Brown | | | | | | Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Kermit R. Crawford | | | | | | Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Richard T. Hume | | | | | | Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Margaret M. Keane | | | | | | Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Siddharth N. Mehta | | | | | | Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Maria R. Morris | | | | | | Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Jacques P. Perold | | | | | | Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Andrea Redmond | | | | | | Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Gregg M. Sherrill | | | | | | Lead Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Judith A. Sprieser | | | | | | Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Perry M. Traquina | | | | | | Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| /s/ Monica [added: J.] Turner | | | | | | Director | | | | | | February [removed: 21, 2024] [added: 24, 2025] | | |

| Monica [added: J.] Turner | | | | | | | | | | | | | | |

| United States government, government agencies and authorities | | | | | | $ | [removed: 8,624] [added: 11,423] | | | | | $ | [removed: 8,619] [added: 11,108] | | | | | $ | [removed: 8,619] [added: 11,108] | |

| States, municipalities and political subdivisions | | | | | | [removed: 6,049] [added: 8,985] | | | | | | [removed: 6,006] [added: 8,842] | | | | | | [removed: 6,006] [added: 8,842] | | |

| Public utilities | | | | | | [removed: 5,330] [added: 82] | | | | | | [removed: 5,316] [added: 82] | | | | | | [removed: 5,316] [added: 82] | | |

| All other corporate bonds | | | | | | [removed: 26,621] [added: 25,505] | | | | | | [removed: 25,889] [added: 25,100] | | | | | | [removed: 25,889] [added: 25,100] | | |

| Asset-backed securities | | | | | | [removed: 1,739] [added: 1,226] | | | | | | [removed: 1,745] [added: 1,241] | | | | | | [removed: 1,745] [added: 1,241] | | |

| Total fixed maturities | | | | | | [removed: 49,649] [added: 53,616] | | | | | | [removed: 48,865] [added: 52,747] | | | | | | [removed: 48,865] [added: 52,747] | | |

| Public utilities | | | | | | [removed: 44] [added: 5,125] | | | | | | [removed: 47] [added: 5,092] | | | | | | [removed: 47] [added: 5,092] | | |

| Banks, trusts and insurance companies | | | | | | [removed: 36] [added: 243] | | | | | | [removed: 53] [added: 245] | | | | | | [removed: 53] [added: 245] | | |

| Industrial, miscellaneous and all other | | | | | | [removed: 1,855] [added: 3,684] | | | | | | [removed: 1,956] [added: 3,745] | | | | | | [removed: 1,956] [added: 3,745] | | |

| Nonredeemable preferred stocks | | | | | | [removed: 309] [added: 320] | | | | | | [removed: 355] [added: 391] | | | | | | [removed: 355] [added: 391] | | |

| Total equity securities | | | | | | [removed: 2,244] [added: 4,329] | | | | | | [removed: 2,411] [added: 4,463] | | | | | | [removed: 2,411] [added: 4,463] | | |

| Mortgage loans on real estate | | | | | | [removed: 822] [added: 784] | | | | | | [removed: 769] [added: 746] | | | | | | [removed: 822] [added: 784] | | |

| Real estate (none acquired in satisfaction of debt) | | | | | | [removed: 709] [added: 620] | | | | | | | | | | | | [removed: 709] [added: 620] | | |