Item 1. Business

The Allstate Corporation was incorporated under the laws of the State of Delaware on November 5, 1992, to serve as the holding company for Allstate Insurance Company. Its business is conducted principally through Allstate Insurance Company and other subsidiaries (collectively, including The Allstate Corporation, “Allstate”).

The Allstate Corporation is one of the largest publicly held personal lines insurers in the United States. Allstate’s strategy is to increase market share in personal property-liability and broaden protection offerings. The Allstate brand is widely known through the “You’re In Good Hands With Allstate**®****”** slogan.

Allstate at a Glance
208 million policies in force (“PIF”)			55,000 employees
3****rd 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

Reportable segments
Allstate Protection (1)						Offers private passenger auto, homeowners, other personal lines and commercial insurance through exclusive agents, independent agents, contact centers and online under the Allstate, National General and Answer Financial brands.
Run-off Property-Liability (1)						Relates to property and casualty insurance policies written during the 1960s through the mid-1980s with exposure to asbestos, environmental and other claims in run-off.
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.
Allstate Health and Benefits						Offers self-funded stop-loss and fully insured group health products to employers, and Medicare supplement, ancillary products and short-term medical insurance to individuals, sold through independent agents, owned agencies, benefits brokers and Allstate exclusive agents.
Corporate and Other						Includes net investment income, net gains (losses) on investments, other revenue, debt service, holding company activities and certain non-insurance operations.

(1)Allstate Protection and Run-off Property-Liability segments comprise Property-Liability.

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.

In this Annual Report on Form 10-K, we occasionally refer to statutory financial information. All domestic United States insurance companies are required to prepare statutory-basis financial statements. As a result, industry data is available that enables comparisons between insurance companies, including competitors that are not required to prepare financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). We frequently use industry publications containing statutory financial information to assess our competitive position.

The Allstate Corporation 1

2024 Form 10-K Item 1. Business

Our Shared Purpose, Strategy and Segment Information

Established Our Shared Purpose in 2007 to articulate Allstate’s purpose and obligations to key stakeholders: customers, shareholders, employees and communities. The strategy to achieve those objectives is linked to operational execution by articulating values, operating standards and behaviors.

Our Shared Purpose
As the Good Hands...						Our Values						Our Operating Standards						Our Behaviors
•We empower customers with protection to help them achieve their hopes and dreams. •We provide affordable, simple and connected protection solutions. •We create opportunity for our team, economic value for our shareholders and improve communities.						•Integrity is non-negotiable. •Inclusive Diversity & Equity values and leverages unique identities with equitable opportunity and rewards. •Collective Success is achieved through empathy and prioritizing enterprise outcomes ahead of individuals.						•Focus on Customers by anticipating and exceeding service expectations at low costs. •Be the Best at protecting customers, developing talent and running our businesses. •Be Bold with original ideas using speed and conviction to beat the competition. •Earn Attractive Returns by providing customer value, proactively accepting risk and using analytics.						•Collaborate early and often to develop and implement comprehensive solutions and share learnings. •Challenge Ideas to leverage collective expertise, evaluate multiple alternatives and create the best path forward. •Provide Clarity for expected outcomes, decision authority and accountability. •Provide Feedback that is candid, actionable, independent of hierarchy and safe.

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

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2024 Form 10-K Item 1. Business

Allstate Protection’s strategy is to be a low cost digital provider that offers affordable, simple and connected products. Allstate Protection will increase personal lines market share through Transformative Growth. Transformative Growth is about creating a business model, capabilities and culture that continually transform to better serve customers. This is done by providing affordable, simple and connected protection through multiple distribution channels. 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. The ultimate objective is to enhance customer value to drive growth in all businesses by:

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

• Expanding customer access to Allstate and National General products and services through a wide variety of distribution channels

• Increasing sophistication and investment in customer acquisition

• Deploying new technology ecosystems that are more flexible and enable a digital customer experience

• Driving organizational transformation

Protection Services’ strategy is to innovate new products and services, expand distribution and provide affordable, simple and connected protection solutions.

Allstate Protection Plans						Expand distribution and product breadth of consumer protection plans through new and existing retailers and mobile operators across North America, Europe, Asia and Australia.
Allstate Dealer Services						Expand distribution of Allstate branded protection and insurance products through auto dealerships, business partnerships and direct to consumer.
Allstate Roadside						Modernize the roadside assistance business through technology and enhanced digital capabilities to deliver a superior customer experience.
Arity						Provide industry-leading telematics and mobility insights to insurance companies, the transportation industry and location-enabled consumer apps.
Allstate Identity Protection						Create a leading position in the identity protection and restoration market, offering full-service identity protection and expand partnership and direct to consumer distribution channels.

The Allstate Corporation 3

2024 Form 10-K Item 1. Business

Allstate Protection Segment

Our Allstate Protection segment accounted for 92.4% of Allstate’s 2024 consolidated insurance premiums and contract charges and 18.0% of Allstate’s December 31, 2024 PIF. This segment includes private passenger auto, homeowners and other personal lines products offered through Allstate branded exclusive agents, independent agents and directly to consumers.

We have three market-facing property-liability businesses, Allstate brand, National General and Answer Financial with products and services that cater to different customer needs and distribution preferences.

Transformative Growth
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
			Broadening the benefits of being connected with the Allstate Mobile app and expanded use of telematics pricing sophistication
			Improving customer interactions and reducing customer effort
Expand Customer Access						Increasing Allstate agent efficiency and productivity, positioning them to deliver greater value to customers at lower costs
			Growing National General by leveraging Allstate pricing and product capabilities and expanding product offerings and independent agency relationships
			Increasing direct channel distribution through improved customer experiences, increasing marketing and expanding sales capacity
Increase Sophistication and Investment in Customer Acquisition						Improving the effectiveness of customer acquisition by centralizing lead management and using data and advanced computing capabilities
			Increasing marketing spend in geographic areas meeting target margins
Deploy New Technology Ecosystem						Deploying an advanced technology ecosystem to deliver affordable, simple, and connected experiences and products at a lower cost
			Using large language models to improve customer communications
Drive Organizational Transformation						Improve effectiveness and efficiency by empowering talent with decision clarity, agile business processes, measurement science and advanced technology

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2024 Form 10-K Item 1. Business

Products and distribution

Allstate Protection differentiates itself by offering a comprehensive range of affordable, simple and connected protection solutions across distribution channels for specific consumer segments.

Protection Products
Insurance products (1)						Auto
			Homeowners
			Specialty auto (motorcycle, trailer, motor home and off-road vehicle)
			Other personal lines (renters, condominium, landlord, boat, umbrella, manufactured home, scheduled personal property and valuable item protection)
			Commercial lines
Answer Financial						Comparison quotes and sales of non-proprietary auto, homeowners and other personal lines (condominium, renters, motorcycle, recreational vehicle and boat)

(1)Insurance products are primarily offered by the Allstate and National General brands.

Distribution
Exclusive agency channel			In the U.S., we offer products through over 27,700 Allstate exclusive agents and licensed sales professionals and 600 exclusive financial specialists who offer non-proprietary life and annuity insurance and investment products. In Canada, we offer Allstate brand products through approximately 500 employee sales agents.
Independent agency channel			In the U.S., we distribute our products through approximately 55,000 independent agent locations.
Direct channel			We offer products through approximately 1,800 sales representatives in contact centers and online. We also offer Direct Auto products through employees in approximately 500 retail stores.

Strategy updates and additional information

Allstate exclusive agents and direct channel Our Affordable, Simple and Connected auto and homeowners insurance product rollouts will be largely completed by the end of 2025. This will include a simplified shopping and customer experience and enhanced pricing sophistication that provides a seamless experience for customers.

Independent Agents Our Custom360® middle market standard and preferred auto and homeowners insurance product will be rolled out to the majority of the country by the end of 2025.

Allstate Protection pricing and risk management strategies Our pricing and underwriting strategies and decisions are designed to generate sustainable profitable growth.

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

• For auto insurance, risk evaluation factors can include, but are not limited to: vehicle make, model and year; driver age and marital status; territory; years licensed; loss history; years insured with prior carrier; prior liability limits; prior lapse in

coverage; and insurance scoring utilizing telematics data and other consumer information.

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

The pricing strategy involves local marketplace pricing and underwriting decisions based on risk evaluation factors to the extent permissible by applicable law and an evaluation of competitors.

Pricing of property products is intended to generate risk-adjusted returns that are acceptable over a long-term period. Rate increases are pursued to keep pace with loss cost trends, including losses from catastrophic events and those that are weather-related (such as wind, hail, lightning and freeze not meeting our criteria to be declared a catastrophe). We also take into consideration potential customer disruption, the impact on our ability to market our products, regulatory limitations, our competitive position and profitability.

The Allstate Corporation 5

2024 Form 10-K Item 1. Business

In any reporting period, loss experience from catastrophic events and weather-related losses may contribute to negative or positive underwriting performance relative to the expectations incorporated into product pricing.

Property catastrophe exposure is managed with the goal of providing shareholders an acceptable return on the risks assumed, managing variability of earnings, while providing protection to our customers. Catastrophe exposure management includes purchasing reinsurance to provide coverage for known exposure to hurricanes, earthquakes and fires following earthquakes, wildfires and other catastrophes.

Our current catastrophe reinsurance program utilizes the Company’s risk and return framework which incorporates our robust economic capital model and is informed by catastrophe risk models including hurricanes, earthquakes and wildfires. We monitor risk both in aggregate and by peril, while also evaluating model performance relative to experience and our expectations of catastrophe risk trends. As of December 31, 2024, the modeled 1-in-100 probable maximum loss for hurricane, earthquake and wildfire perils is approximately $3.5 billion, net of reinsurance. We continually review our aggregate risk appetite and the cost and availability of reinsurance to optimize the risk and return profile of this exposure.

The use of different assumptions and updates to industry models and to our risk transfer program could materially change the projected loss. Growth strategies include areas where we believe diversification can be enhanced and an appropriate return can be earned for the risk. As a result, our modeled exposure may increase. In addition, we have exposure to other severe weather events, which impact catastrophe losses.

We are promoting measures to prevent and mitigate losses that are increasing due to climate change and increased severe weather including making homes and communities more resilient, enforcement of stronger building codes, adoption of sensible land use policies, expanded disaster response capabilities and creation of public risk sharing mechanisms.

Commercial lines strategy The commercial lines strategy is focused on growing the National General commercial auto product lines with strategic expansion as the organization shifts from the Allstate brand to the National General brand. The National General commercial auto product is replacing the Allstate Business Insurance product and is sold through exclusive agents and independent agents. The National General brand will continue to expand geographically and increase product lines that were previously sold through the Allstate brand.

In 2024, the commercial insurance strategy was further advanced through an equity investment and commercial partnership with NEXT Insurance, a high-growth, digital platform for small business insurance. This partnership expands the availability of our commercial lines offerings via the NEXT product portfolio, which complements the commercial auto

product offering, across a wider distribution network, and will expand to sell directly to consumers.

In 2023, we began exiting Allstate brand traditional commercial insurance and the run-off is expected to be complete by the end of 2025.

Answer Financial strategy Answer Financial is an insurance agency that sells Allstate and other insurance companies’ products directly to customers. Our strategy as a technology-enabled insurance agency is to provide comparison shopping and related services for consumers, offering choice, convenience and ease of use.

Compensation structure

Exclusive agent The compensation structure for Allstate exclusive agents rewards them for delivering high value to customers and achieving certain business outcomes such as profitable growth and household penetration. Allstate exclusive agent remuneration comprises a base commission, variable compensation and monthly and annual bonus opportunities.

• Agents receive a monthly base commission payment as a percentage of their total eligible written premium.

• New business variable compensation rewards agents for acquiring new customers by exceeding a base production goal and bundling products in the household. Renewal variable compensation rewards agents for bundling.

• Annual bonus compensation is based on a percentage of premiums and can be earned by agents who are meeting certain sales goals and selling additional policies to meet customer needs profitably.

Independent agent remuneration for National General comprises a base commission and an annual bonus opportunity that can be earned by agents who are profitably growing the business. The value proposition expands for key independent agency partners where we offer additional incentives for targeted growth.

• Agents receive a monthly base commission payment as a percentage of their total eligible written premium. Commission rates vary by state and by product and bundled rates are higher than monoline rates.

• Annual profit share opportunity is based upon growing premium profitably and includes higher payouts in relation to eligible premiums for agencies that achieve premium growth and profit targets.

• Additional annual incentives are offered to key agency partners to reach specific targets and are tailored to incentivize profitable growth.

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2024 Form 10-K Item 1. Business

Direct channel employee agents The compensation structure for employee agents in the direct channel comprises paying employee agents a base salary as well as a variable compensation opportunity for selling a variety of products. Employee agents sell products through contact centers and also offer Direct Auto products through retail stores.

• Employee agents are compensated with a competitive base salary.

• Employee agents have variable compensation opportunities based upon meeting sales goals.

Other products and distribution

Allstate also sells commercial and homeowners (in high-risk geographies) insurance, roadside assistance and a range of non-proprietary life and annuity products offered by third-party providers.

Innovative product offerings and features
Market-leading solutions
Allstate brand			Affordable, Simple, Connected						Reimagined insurance experience and products, making them affordable, simple and connected. Examples include fewer questions for customers to answer before getting a quote, easy-to-understand coverage descriptions and customized coverage offers and an industry-leading rating plan. Offered through the exclusive agency channel, on the web or direct to consumers in 31 states for auto, 28 states for renters and 4 states for both homeowners and valuable item protection as of December 31, 2024. New product suite includes feature options for qualified customers similar to Your Choice Auto®, such as Accident Forgiveness and Auto Replacement Protection and new features such as more flexible transportation expense and expanded household composition options.
Allstate House and Home®						Featured options include Claim RateGuard®, Claim-Free Bonus, Deductible Rewards® and flexibility in options and coverages, including graduated roof coverage and pricing based on roof type and age for damage related to wind and hail events.
Bundling Benefits						Auto customers with a qualifying property policy are provided an auto renewal guarantee and a deductible waiver (when the same event, with the same covered cause of loss, damages both auto and property). Offered in 47 states and District of Columbia (“D.C.”) as of December 31, 2024.
Auto Replacement Protection						Replaces a qualifying customer’s vehicle involved in a total loss accident with a newer vehicle with fewer miles. Offered in 48 states and D.C. as of December 31, 2024.
National General			Custom360®						Endorsements and coverage amounts can be scaled up or down to create a custom, needs-based insurance solution for customers at all stages in life. Leverages Allstate analytics and rating plans adapted to the independent agency channel. Offered in 30 states as of December 31, 2024.
Telematics solutions
Allstate brand			Drivewise®						Telematics-based program, available in 48 states and D.C. as of December 31, 2024, that uses a mobile application or an in-vehicle device to capture driving behaviors and encourage safe driving. It provides customers with information, tools and more accurate individual pricing.
Milewise®						Usage-based insurance product, available in 21 states and D.C. as of December 31, 2024, that gives customers flexibility to customize their insurance and pay based on the number of miles they drive.
National General			DynamicDrive®						Mobile-based telematics application, available in 44 states as of December 31, 2024, used to capture driving behaviors and to more accurately rate customers.

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2024 Form 10-K Item 1. Business

Competition

The personal lines insurance markets, including private passenger auto and homeowners insurance, are highly competitive. The following charts provide Allstate Protection’s combined market share compared to our principal U.S. competitors using statutory direct written premium for the year ended December 31, 2023, according to A.M. Best.

Geographic markets

We primarily operate in the U.S. (all 50 states and D.C.) and Canada. Our top geographic markets based on 2024 statutory direct premiums are reflected below.

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2024 Form 10-K Item 1. Business

Protection Services Segment

Our Protection Services segment accounted for 4.7% of Allstate’s 2024 consolidated total revenue and 80.0% of Allstate’s December 31, 2024 PIF. Protection Services includes Allstate Protection Plans, Allstate Dealer Services, Allstate Roadside, Arity and Allstate Identity Protection, which offer a broad range of products and services that expand and enhance customer value propositions.

Products and distribution

Products and services
Allstate Protection Plans						Provides consumer protection plans and related technical support for mobile phones, consumer electronics and major appliances which provide customers protection from mechanical or electrical failure, and in certain cases, accidental damage. Also provides coverage for accidental damage on furniture.
Allstate Dealer Services						Offers protection and insurance products, including vehicle service contracts, guaranteed asset protection waivers, road hazard tire and wheel, and paint and fabric protection.
Allstate Roadside						Offers towing, jump-start, lockout, fuel delivery and tire change services.
Arity						Provides telematics-enabled mobility insights and services created from data collected, normalized and analyzed by the Arity platform, including automotive telematics information. Product suite includes on-demand risk scoring (Arity IQ), lead generation, digital advertising, data integration, traditional telematics and data-as-a-service solutions.
Allstate Identity Protection						Provides identity protection and restoration, consumer cybersecurity, privacy and family digital safety services.

Distribution channels
Allstate Protection Plans						Retailers and mobile operators, in-store or online.
Allstate Dealer Services						Independent agents selling through auto dealerships in the U.S. in conjunction with the purchase of a new or used vehicle, through business partnerships and direct to consumer.
Allstate Roadside						Allstate exclusive agents, direct to consumer, wholesale partners, affinity groups and on-demand mobile application service.
Arity						Strategic partnerships to both affiliate and non-affiliate customers and direct to companies.
Allstate Identity Protection						Workplace benefit programs, partnerships with financial institutions and direct to consumer delivered through enterprise partnerships, online and mobile application sales.

Geographic markets

Protection Services primarily operates in the U.S. and Canada, with Allstate Protection Plans also offering services in Europe, Asia and Australia.

Competition

We compete on a variety of factors, including product offerings, brand recognition, financial strength, price and customer experience. The market for these services is highly competitive.

The Allstate Corporation 9

2024 Form 10-K Item 1. Business

Allstate Health and Benefits Segment

Strategy

Allstate Health and Benefits segment accounted for 4.0% of Allstate’s 2024 consolidated total revenue and 2.0% of Allstate’s December 31, 2024 PIF. The Allstate Health and Benefits segment provides consumers with financial protection against the risk of accidents, illness and mortality.

Allstate Health and Benefits is differentiated through its broad product portfolio, flexible enrollment solutions, strong national accounts team and well-recognized brand.

• Employer voluntary benefits provides supplemental health and life protection to employees across all company sizes, delivering substantially more value through innovative product offerings and providing exceptional customer service experiences for new and existing customers.

• Group health provides self-funded stop-loss and fully insured group health products to employers, primarily targeting small employer groups. Group health is differentiated in the market through its customizable products, flexible enrollment solutions and strong distribution team.

• Individual health is a leading provider of short-term medical, Medicare supplement and ancillary insurance products to individuals as well as third-party health products. Individual health is differentiated through its broad product portfolio, automated enrollment solutions and deep pool of agents.

On August 13, 2024, Allstate entered into a share purchase agreement with StanCorp Financial Group, Inc. to sell American Heritage Life Insurance Company and American Heritage Service Company, comprising 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 Direct General Life Insurance Company, NSM Sales Corporation and The Association Benefits Solution, LLC, comprising 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.

Products and distribution channels

Employer voluntary benefits						Over 3,000 independent agents, benefits brokers and Allstate exclusive agents for employer voluntary benefits focusing on workplace benefits for employers
Group health						Over 4,000 independent agents for group health focusing on health plans for small employers
Individual health						Over 33,000 independent agents, in-house agencies, direct-to-consumer marketing, wholesaling, worksite marketing and the internet for individual health

Competition

We compete on a wide variety of factors, including product offerings, brand recognition, financial strength and ratings, price, distribution and customer service.

The market for self-funded plans is growing as small employer groups seek to provide medical coverage for their employees while minimizing the cost of insurance. Short-term medical, ancillary products, and Medicare supplement insurance help fill the increasing gaps associated with continued medical cost inflation and the shifting of costs from employers to employees. We compete with large group medical carriers in our stop-loss, fully insured group health insurance, short-term medical and Medicare supplement insurance offerings.

Geographic markets

We primarily operate in the U.S. (all 50 states and D.C.) and Canada. The top geographic markets based on 2024 statutory direct premiums are reflected below.

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2024 Form 10-K Item 1. Business

Other Business Segments

Run-off Property-Liability Segment

The Run-off Property-Liability segment includes results from property and casualty insurance coverage that primarily relates to policies written during the 1960s through the mid-1980s.

Strategy Management of this segment has been assigned to a designated group of professionals with expertise in claims handling, policy coverage interpretation, exposure identification, litigation and reinsurance collection. We may pursue settlement agreements including policy buybacks on direct excess commercial business when appropriate to improve the certainty of the liabilities. Settlement agreements are negotiated contracts between Allstate and third parties that generally set forth the rights and obligations of the parties, including terms of payment for claims. At the end of 2024, 65% of the gross case reserves, excluding incurred but not reported, on the run-off direct excess commercial business were attributable to settlement agreements. This group also manages other direct commercial and assumed reinsurance business in run-off and engages in reinsurance ceded and assumed commutations as required or when considered economically advantageous.

Changes in the reserves established for asbestos, environmental and other run-off lines losses have occurred and may continue. Reserve changes can be caused by new information relating to new and additional claims, new exposures or the impact of resolving unsettled claims based on unanticipated events such as arbitrations, litigation, legislative, judicial or regulatory actions. Environmental losses may also increase as the result of additional funding for environmental site clean-up.

Challenges related to the concentration of insurance and reinsurance claims from companies who specialize in this business continue to be addressed.

Corporate and Other Segment

Our Corporate and Other segment is comprised of net investment income, net gains (losses) on investments, other revenue, debt service, holding company activities and certain non-insurance operations, including expenses associated with strategic initiatives.

The Allstate Corporation 11

2024 Form 10-K Item 1. Business

Regulation

Allstate is subject to extensive regulation, primarily at the U.S. state level. The method, extent and substance of such regulation vary by state but generally have their source in statutes that establish standards and requirements for conducting the business of insurance and that also delegate regulatory authority to a state agency. These rules have a substantial effect on our business and relate to a wide variety of matters, including insurer solvency and statutory surplus sufficiency, reserve adequacy, insurance company licensing and examination, agent and adjuster licensing, agent and broker compensation, policy forms, rate setting, the nature and amount of investments, claims practices, participation in shared markets and guaranty funds, transactions with affiliates, the payment of dividends, underwriting standards, statutory accounting methods, trade practices, privacy regulation and data security, corporate governance and risk management. In addition, state legislators and insurance regulators continue to examine the appropriate nature and scope of state insurance regulation. For a discussion of statutory financial information, see Note 18 of the consolidated financial statements. Allstate is also subject to regulation at the U.S. Federal level and by governments, regulators, and agencies in jurisdictions outside of the U.S. in which we conduct business.

For a discussion of regulatory contingencies, see Note 16 of the consolidated financial statements. Note 16 and Note 18 are incorporated in this Part I, Item 1 by reference.

The Dodd-Frank Wall Street Reform and Consumer Protection Act created the Federal Insurance Office (“FIO”) within the U.S. Department of the Treasury (“U.S. Treasury”). The FIO monitors the insurance industry, provides advice to the Financial Stability Oversight Council (“FSOC”), represents the U.S. on international insurance matters, and studies the current regulatory system.

Additional regulations or new requirements may emerge from the activities of various regulatory entities, including the Federal Reserve Board, FIO, FSOC, the National Association of Insurance Commissioners (“NAIC”), and the International Association of Insurance Supervisors, that are evaluating solvency and capital standards for insurance company groups. Most states have adopted substantially similar versions of the NAIC Insurance Holding Company System Model Act and the Insurance Holding Company System Model Regulation. Other states, including New York and Massachusetts, have adopted modified versions of the model act, although the supporting regulation is substantially similar to the model regulation.

We cannot predict whether any specific state or federal measures will be adopted to change the nature or scope of the regulation of insurance or what effect any such measures would have on Allstate. We are working for changes in the regulatory environment to make insurance more available and affordable for

customers, encourage market innovation, improve driving safety, strengthen cybersecurity and promote better catastrophe preparedness and loss mitigation.

Limitations on dividends by insurance subsidiaries As a holding company with most business operations conducted by subsidiaries, The Allstate Corporation relies on dividends from Allstate Insurance Company as one of the principal sources of cash to pay dividends and to meet its obligations, including the payment of principal and interest on debt or to fund non-insurance-related businesses. Allstate Insurance Company is regulated as an insurance company in Illinois, and its ability to pay dividends is restricted by Illinois law. The laws of the other jurisdictions that generally govern our other insurance subsidiaries contain similar limitations on the payment of dividends. However, such laws in some jurisdictions may be more restrictive.

For additional information regarding limitations, see Part II, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report.

In addition, the NAIC adopted a group capital calculation covering all entities of the insurance company group for use in solvency monitoring activities by regulators. Any increase in the amount of capital or reserves our insurance subsidiaries are required to hold could reduce the amount of future dividends such subsidiaries are able to distribute to the holding company. Any reduction in the risk-based capital ratios of our insurance subsidiaries could also adversely affect their financial strength ratings as determined by statistical rating agencies. We have not experienced, and we do not expect to experience, any impact from the group capital calculation on our current dividend plans.

Insurance holding company regulation – change of control The Allstate Corporation is a holding company and its insurance subsidiaries are subject to regulation in the jurisdictions in which they write business. In the U.S., these subsidiaries are organized under the insurance codes of Alabama, California, Florida, Illinois, Indiana, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, South Carolina and Texas. Additionally, some of these subsidiaries are considered commercially domiciled in California, Florida, and Texas.

Generally, the insurance codes in these states provide that the acquisition or change of “control” of a domestic or commercially domiciled insurer or of any person that controls such an insurer cannot be consummated without the prior approval of the relevant insurance regulator. In general, a presumption of “control” arises from the ownership, control, possession with the power to vote, or possession of proxies with respect to ten percent or more of the voting securities of an insurer or of a person who controls an insurer. In addition, certain state insurance laws require pre-acquisition notification to state agencies of a change in control with respect to a non-

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2024 Form 10-K Item 1. Business

domestic insurance company licensed to do business in that state. While such pre-acquisition notification statutes do not authorize the state agency to disapprove the change of control, such statutes do authorize certain remedies, including the issuance of a cease-and-desist order with respect to the non-domestic insurer if certain conditions exist, such as undue market concentration.

Thus, any transaction involving the acquisition of ten percent or more of The Allstate Corporation’s common stock would generally require prior approval by the state insurance departments in Alabama (where the threshold is five percent or more of The Allstate Corporation’s common stock), California, Florida, Illinois, Indiana, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, South Carolina and Texas. Moreover, notification would be required in those other states that have adopted pre-acquisition notification provisions and where the insurance subsidiaries are admitted to transact business. Such approval requirements may deter, delay or prevent certain transactions affecting the ownership of The Allstate Corporation’s common stock.

Rate regulation Nearly all states and D.C (collectively, “locations”) have insurance laws requiring personal property and casualty insurers to file rating plans, policy or coverage forms, and other information with the location’s regulatory authority. In many cases, such rating plans, policy forms, or both must be approved prior to use.

The speed with which an insurer can change rates in response to competition or increasing costs depends on the location’s rating laws, which include the following categories:

• Prior approval — Regulators must approve a rate before the insurer may use it (22 locations). Some of these permit insurers to make rate changes without prior approval within a limited range

• File-and-use — Insurers do not have to wait for the regulator’s approval to use a rate, but the rate must be filed with the regulatory authority prior to being used (19 locations)

• Use-and-file — Requires an insurer to file rates within a certain period of time after the insurer begins using them (9 locations)

• No filing or approval — One location, with an immaterial amount of written premiums, does not require a filing to be submitted

Under these rating laws, the regulator has the authority to disapprove a rate filing.

An insurer’s ability to adjust its rates in response to competition or to changing costs is dependent on an insurer’s ability to demonstrate to the regulator that its rates or proposed rating plan meets the requirements of the rating laws. In those locations that significantly restrict an insurer’s discretion in selecting the business that it wants to underwrite, an insurer can manage its risk of loss by charging a rate that reflects the cost and expense of providing the insurance. In those locations that significantly restrict an insurer’s ability to charge a rate that reflects the cost and expense of providing the insurance, the insurer may be able to manage its risk of loss by being more selective in the type of business it underwrites. When a location significantly restricts both underwriting and pricing, it becomes more difficult for an insurer to maintain its targeted level of profitability.

From time to time, the personal lines insurance industry comes under pressure from state regulators, legislators, and special-interest groups to reduce, freeze, or set rates at levels that do not correspond with our analysis of underlying costs, catastrophe loss exposure, and expenses. We expect this kind of pressure to persist. Allstate and other insurers are using increasingly sophisticated pricing models and rating plans that are reviewed by regulators and special-interest groups. Regulators may limit the ability of insurers to include variables in their rating plans even though they are indicative of risk. Regulators may interpret existing law or rely on future legislation or regulations to impose new restrictions that adversely affect profitability or growth. We cannot predict the impact on our business of possible future legislative and regulatory measures regarding insurance rates.

We are also subject to limitations for cancellations and non-renewals for certain periods of time due to catastrophe events. In January 2025, the California Insurance Commissioner issued a mandatory one-year moratorium on non-renewing or canceling residential insurance coverage in specific zip codes affected by the wildfires.

Involuntary markets As a condition of maintaining our licenses to write personal property and casualty insurance in various states, we are required to participate in assigned risk plans, reinsurance facilities, and joint underwriting associations that provide various types of insurance coverage to individuals or entities that otherwise are unable to purchase such coverage from private insurers, including the California FAIR Plan Association.

For a discussion of these items see Note 16 of the consolidated financial statements. Note 16 is incorporated in this Part I, Item 1 by reference.

Indemnification programs We are a participant in state-based industry pools, facilities or associations, mandating participation by insurers offering certain coverage in their state, including the Michigan Catastrophic Claims Association (“MCCA”), the New Jersey Property-Liability Insurance Guaranty Association, the North Carolina Reinsurance Facility and the Florida Hurricane Catastrophe Fund. We also

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2024 Form 10-K Item 1. Business

participate in the Federal Government National Flood Insurance Program.

For a discussion of these items see Note 12 of the consolidated financial statements. Note 12 is incorporated in this Part I, Item 1 by reference.

Guaranty funds Under state insurance guaranty fund laws, insurers doing business in a state can be assessed, up to prescribed limits, in order to cover certain obligations of insolvent insurance companies. We do not anticipate any material adverse financial impact on Allstate from these assessments.

Investment regulation Our insurance subsidiaries are subject to state regulation that specifies the types of investments that can be made and concentration limits of invested assets. Failure to comply with these rules leads to the treatment of non-conforming investments as non-admitted assets for purposes of measuring statutory surplus. Further, in some instances, these rules require divestiture of non-conforming investments. The NAIC periodically reviews the statutory accounting and RBC requirements for investments and makes changes from time to time.

Exiting geographic markets; canceling and non-renewing policies Most states regulate an insurer’s ability to exit a market. For example, states may limit, to varying degrees, an insurer’s ability to cancel and non-renew policies. Some states restrict or prohibit an insurer from withdrawing one or more types of insurance business from the state, except pursuant to a plan that is approved by the state insurance department. Regulations that limit cancellation and non-renewal and that subject withdrawal plans to prior approval requirements may restrict an insurer’s ability to exit unprofitable markets.

Broker-dealer and investment advisers The Allstate entities that operate as a broker-dealer and registered investment advisers are subject to regulation and supervision by the Securities and Exchange Commission (“SEC”), Financial Institution Regulatory Authority and/or, in some cases, state securities administrators. The SEC has proposed rules and amendments related to cybersecurity risk management and cybersecurity-related disclosure for broker-dealers, registered investment advisers, registered investment companies, and business development companies. The SEC has adopted a comprehensive set of rules and interpretations for broker-dealers and investment advisers, including Regulation Best Interest. In addition, individual states and their securities regulators have and may adopt their own enhanced conduct standards for broker-dealers that could impact products provided by Allstate agents and Allstate’s broker-dealer, their sales processes, sales volume, and producer compensation arrangements.

Inflation Reduction Act of 2022 The Inflation Reduction Act of 2022, which contains several tax-related provisions, was signed into law in August 2022. The law established a 15% corporate alternative minimum tax (“CAMT”) for certain large corporations and an excise tax of 1% on stock repurchases by

publicly traded U.S. corporations, both effective after December 31, 2022. The excise tax on common stock repurchases is classified as an additional cost of the stock acquired included in treasury stock in shareholders' equity. The Company has determined that it is considered an “applicable corporation” under the rules of CAMT.

15% Global Minimum Tax The Organization for Economic Cooperation and Development (“OECD”) secured agreement from nearly 140 countries to address how corporate profits are taxed for multinational enterprises (“MNEs”). OECD released Pillar Two model rules, a 15% minimum effective tax rate (also known as the Global Anti-Base Erosion, designed to ensure that large MNEs pay a minimum level of tax on the income arising in each jurisdiction where they operate and mandates sharing of certain company information with taxing authorities on a local and global basis.

The Company is within the scope of the OECD Pillar Two model rules, and certain jurisdictions where the Company operates have enacted their respective tax law to comply with the Pillar Two framework beginning on or after December 31, 2023. The Company does not expect the impact to be material to its results of operations. The Company continues to evaluate the impact as additional jurisdictions, including those in which we operate, adopt their own legislation throughout 2025 and beyond.

Climate disclosures In March 2024, the SEC adopted a final rule requiring registrants to disclose certain climate-related information in their registration statements and annual reports. On April 4, 2024, the SEC issued a voluntary stay of the final rule, awaiting the outcome of pending litigation. It is not yet clear whether or how the SEC’s stay will impact the compliance timeline for the rule. If implemented as adopted, the rule will require the disclosure of qualitative and quantitative information, with certain information, such as financial statement effects of severe weather events, included in the notes to the audited financial statements. Other disclosure requirements include material climate-related risks, processes to manage and govern those risks, disclosure of targets if the targets materially affect or are reasonably likely to materially affect the Company, and, if material, disclosure of certain greenhouse gas emissions. The Company is currently monitoring the status of the final rule. In February 2025, the SEC requested that the court not schedule the case for argument to provide time for the SEC to deliberate and determine next steps.

In October 2023, California enacted several climate disclosure bills. One of these is the Climate Corporate Data Accountability Act (Senate Bill 253), which requires disclosure and assurance over greenhouse gas emissions using a phased reporting approach. The law, as amended in September 2024, requires the California Air Resources Board to develop and adopt implementing regulations no later than July 1, 2025. Allstate has publicly reported its greenhouse gas inventory since 2010. We will continue evaluating the

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2024 Form 10-K Item 1. Business

anticipated impacts and scope of the new laws on our reporting and disclosures.

Privacy regulation and data security Federal law and the laws of many states require companies, including financial institutions, to protect the security and confidentiality of consumer information and to notify consumers about their policies and practices relating to collection, use, disclosure, and protection of consumer information. Federal law and the laws of many states also regulate disclosures and disposal of consumer information. Congress, state legislatures, and regulatory authorities continue to consider additional privacy regulation.

In addition to laws and regulations specific to financial institutions, there are comprehensive privacy laws that apply across industries. For example, the California Consumer Privacy Act, as well as similar laws in Virginia, Connecticut, and many other states, impose significant compliance requirements for certain larger businesses in those states. Among other things, these privacy laws provide consumers with privacy rights such as the right to request access to or deletion of their personal information. The California Consumer Privacy Act also established a new privacy regulatory agency. In November 2023, the New York State Department of Financial Services amended its cybersecurity regulation, including both new and heightened requirements. Many states have now adopted some form of the NAIC Insurance Data Security Model Law, establishing standards for data security, including the investigation of and notification to insurance commissioners of cybersecurity events. Additional states are also likely to adopt similarly themed cybersecurity requirements in the future. We cannot predict the impact on our business of possible future legislative or regulatory measures regarding privacy or cybersecurity.

Asbestos Congress has repeatedly considered legislation to address asbestos claims and litigation in the past. We cannot predict the impact on our business of possible future legislative measures regarding asbestos.

Environmental Environmental pollution and clean-up of polluted waste sites is the subject of federal and state regulation. The Comprehensive Environmental Response Compensation and Liability Act of 1980 and comparable state statutes (collectively, the “Environmental Clean-up Laws” or “ECLs”) govern the clean-up and restoration of waste sites by Potentially Responsible Parties (“PRPs”). The ECLs establish a mechanism to assign liability to PRPs or to fund the clean-up of waste sites if PRPs fail to do so. The extent of liability to be allocated to a PRP depends on a variety of factors. The insurance industry is involved in extensive litigation regarding coverage issues arising out of the clean-up of waste sites by insured PRPs and the insured parties’ alleged liability to third parties responsible for the clean-up.

Allstate’s exposure to liability with regard to its insureds that have been, or may be, named as PRPs is uncertain.

Developments in the insurance and reinsurance industries have fostered a movement to segregate asbestos, environmental and other run-off lines exposures into separate legal entities with dedicated capital. Regulatory bodies in certain cases have supported these actions. We are unable to determine the impact, if any, that these developments will have on the collectability of reinsurance recoverables in the future.

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2024 Form 10-K Item 1. Business

Human Capital

Allstate’s success is highly dependent on human capital and a strong organizational culture. Allstate defines organizational culture as a self-sustaining system of shared values, priorities and principles that shape beliefs and drive behaviors and decision-making within an organization. Allstate encourages employees to proactively manage their career so it is integrated into their personal purpose. This includes investing in and holding management accountable for employee development and maintaining a culture aligned with Our Shared Purpose at all levels. Our culture supports Allstate as we transform to become the lowest cost protection provider with an affordable, simple, connected experience.

We invest in talent development and employee engagement, health, safety and well-being because this contributes to Allstate’s success. In 2024, Allstate was recognized for the 10th year as one of the World's Most Ethical Companies. As of December 31, 2024, Allstate had approximately 55,000 full-time employees and 400 part-time employees.

Allstate’s human capital management focuses on the following priorities:

Talent development and employee engagement We seek to provide employees with rewarding work, professional growth, holistic support programs and educational opportunities. Our flexible work policies support talent attraction and retention.

• In 2024, Allstate:

–Sustained a voluntary turnover rate of 13%.

–Maintained employee engagement scores that surpassed industry benchmarks, with 84% of employees expressing a favorable view of engagement.

–Increased its global workforce surveys on the employee experience, which assess employee sentiment around topics like their sense of connection, feelings of wellbeing, workload management and overall job satisfaction.

–Launched an early career enrichment experience, designed to upskill early career employees. The program provides tools, resources, and an environment to support the development of early career talent during their first year in role.

–Provided financial assistance to more than 2,000 Allstate U.S. employees to enroll in a formal degree, certificate, or boot camp program.

–Filled over 35% of open U.S. positions with internal applicants.

Employee well-being and safety We believe in a culture of well-being and take our responsibility to care for employees’ well-being seriously, devoting resources to employee health and safety.

• Allstate created a workplace well-being strategy based on employee feedback, including providing greater flexibility in how, when and where work is done.

• Well-being assessments are offered to understand employee needs and wants to support their well-being. Completing the assessment lowers the cost of benefits to employees and allows Allstate to provide holistic programs based on personalized interests.

• We focus on supporting Allstaters outside of work, as all full-time and part-time Allstate employees are eligible for paid leave to care for family members from the day they join Allstate.

• In 2024, we spent $58 million for in-person and virtual events, travel budgets, and other engagement and team-building activities that bring Allstaters together to strengthen connection and belonging among teams that may not work in the same location.

• We provide avenues for Allstaters to recognize and support each other, including a global peer-to-peer recognition program available in the U.S., Mexico, Canada, India and Northern Ireland. In 2024, employees recognized each other over one million times. Recognized employees earn points that can be redeemed for merchandise, gift cards or donations to charities.

• We create an environment where employees feel confident and supported to raise concerns through Allstate's "Speak Up" process.

• Our Wellbeing Champion community connects their teams and leaders with Allstate’s health and wellness resources and promotes opportunities to engage in programs and coaching, including courses facilitated by internal performance coaches on well-being themes and virtual yoga and meditation classes offered four times a week.

Organizational culture We strive for a workforce where our varied backgrounds and experiences make us a better company. We work to attract, nurture and retain a skilled workforce. Talent acquisition, development, retention and mobility practices support all employees in achieving their career aspirations.

As part of our commitment to fair compensation practices, we complete pay equity analyses. Annually, we seek to identify potential pay gaps as well as identify policies or practices that may contribute to pay gaps. The external analyses found that Allstate’s results compared well to benchmarks for companies of similar size and scope.

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2024 Form 10-K Item 1. Business

Allstate supports and funds voluntary, employee-led Employee Impact Groups (“EIGs”) and Business Impact Groups (“BIGs”) that are open to all employees. EIGs and BIGs make our company stronger by enhancing employee connection, belonging and engagement, resulting in better business results and service for our customers. EIGs help foster a sense of belonging by focusing on development, engagement and collaboration. BIGs focus on creating opportunities for employees to solve business problems and serve as an incubator for innovation, collaboration and professional development. Analysis from 2024 shows that EIG members at Allstate have a 28% lower turnover than non-members. In 2024, 14% of our Allstate U.S. workforce participated in at least one EIG. Officers from across the enterprise leverage their time, networks and resources to support the EIGs and BIGs, and positively impact employee engagement and retention at Allstate.

Our early career programs, including apprenticeship, internship and development programs, are designed to build skills through on-the-job experiences, formal learning and peer learning. These programs attract a variety of backgrounds and experiences.

Allstate continues to make significant progress on Allstate’s talent strategy, including a focus on skills-based hiring by eliminating degree requirements for jobs where having a degree was not required. Allstate also focuses on prioritizing internal hiring and developing, strengthening and retaining existing talent.

In addition to the above discussion of our employees, please see information about Allstate agents under the captions “Allstate Protection Segment - Products and Distribution” and “Compensation Structure” in Part I, Item 1 of this report.

The Allstate Corporation 17

2024 Form 10-K Item 1. Business

Website

Our website is allstate.com. The Allstate Corporation’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to such reports that we file or furnish pursuant to Section 13(a) of the Securities Exchange Act of 1934 are available on the Investor Relations section of our website (www.allstateinvestors.com), free of charge, as soon as reasonably practicable after they are electronically filed or furnished to the SEC and available at www.sec.gov. In addition, our Corporate Governance Guidelines, our Global Code of Business Conduct, and the charters of our Audit Committee, Compensation and Human Capital Committee, Executive Committee, Nominating, Governance and Social Responsibility Committee and Risk and Return Committee are available on the Investor Relations section of our website. The information found on our website is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document filed with the SEC.

Other Information About Allstate

• Allstate’s five reportable segments use shared services, including human resources, investment, finance, information technology and legal services, provided by Allstate Insurance Company and other affiliates.

• Although the insurance business generally is not seasonal, claims and claims expense for the Allstate Protection segment tend to be higher for periods of severe or inclement weather.

• “Allstate®” is a very well-recognized brand name in the United States. We use the “Allstate®”, “National General®” and “Answer Financial®” brands extensively in our business. We also provide additional protection products and services through “Allstate® Protection Plans”, “Allstate® Dealer Services”, “Allstate® Roadside”, “Arity®”, “Allstate® Identity Protection” “Allstate® Benefits” and “Allstate® Health Solutions”, among others. These brands, products and services are supported with the related service marks, logos, and slogans. Our rights in the United States to these names, service marks, logos and slogans continue as long as we continue to use them in commerce. Many service marks used by Allstate are the subject of renewable U.S. and/or foreign service mark registrations. We believe that these service marks are important to our business and we intend to maintain our rights to them.

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2024 Form 10-K Item 1. Business

Information about our Executive Officers

The following table sets forth the names of our executive officers as of February 1, 2025, their ages, positions and business experience. “AIC” refers to Allstate Insurance Company. Each of the officers named below may be removed from office at any time, with or without cause, by the board of directors of the relevant company.

Name						Age						Position with Allstate and Business Experience
Thomas J. Wilson						67						Chairman of the Board (May 2008 to present), President (June 2005 to January 2015 and February 2018 to present), and Chief Executive Officer (January 2007 to present) of The Allstate Corporation and AIC.
Elizabeth A. Brady						60						Executive Vice President, Chief Marketing, Customer and Communications Officer of AIC (January 2020 to present).
Christine M. DeBiase						56						Executive Vice President, Chief Legal Officer and General Counsel of The Allstate Corporation and AIC (May 2024 to present); Executive Vice President, Chief Legal Officer, General Counsel and Corporate Secretary of The Allstate Corporation and AIC (January 2023 to May 2024); Executive Vice President, Chief Administrative Officer and General Counsel of Brighthouse Financial (February 2018 to December 2022).
John E. Dugenske						58						President, Investments and Corporate Strategy of AIC (September 2022 to present); President, Investments and Financial Products of AIC (January 2020 to September 2022).
Eric K. Ferren						51						Senior Vice President, Controller and Chief Accounting Officer of The Allstate Corporation and AIC (May 2024 to present); Chief Financial Officer of Revantage (April 2024 to May 2024); Senior Vice President, Controller, and Chief Accounting Officer of The Allstate Corporation (May 2017 to September 2019) and Senior Vice President of AIC (May 2014 to April 2024).
Suren Gupta						63						Executive Vice President, President, Protection Products & Enterprise Services of AIC (August 2023 to present); President, Enterprise Services (October 2022 to August 2023); Executive Vice President, Chief Information Technology and Enterprise Services Officer of AIC (January 2020 to October 2022).
Zulfikar Jeevanjee						60						Executive Vice President and Chief Information Officer of AIC (October 2022 to present); Senior Vice President, Chief Technology Officer, CVS Health (February 2021 to September 2022); Senior Vice President, Chief Enterprise Architect of AIC (November 2018 to February 2021).
Jesse E. Merten						50						Executive Vice President and Chief Financial Officer of The Allstate Corporation and AIC (September 2022 to present); President, Financial Products of AIC (May 2020 to September 2022); Executive Vice President and Chief Risk Officer of AIC (December 2017 to May 2020).
Mark Q. Prindiville						57						Executive Vice President and Chief Risk Officer of AIC (May 2020 to present); Senior Vice President of AIC (September 2016 to May 2020).
Mario Rizzo						58						President, Property-Liability of AIC (September 2022 to present); Executive Vice President and Chief Financial Officer of The Allstate Corporation and AIC (January 2018 to September 2022).

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2024 Form 10-K Item 1. Business

Forward-Looking Statements

This report contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. These statements may address, among other things, our strategy for growth, catastrophe exposure management, product development, investment results, regulatory approvals, market position, expenses, financial results, litigation and reserves. We believe that these statements are based on reasonable estimates, assumptions and plans. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements as a result of new information or future events or developments. In addition, forward-looking statements are subject to certain risks or uncertainties that could cause actual results to differ materially from those communicated in these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Part 1, “Item 1A. Risk Factors” and elsewhere in this report and those described from time to time in our other reports filed with the Securities and Exchange Commission.

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2024 Form 10-K Part I - Item 1A. Risk Factors and Other Disclosures