Item 16. None.

None.

2025 Form 10-K

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


						The Allstate Corporation (Registrant)

						/s/ Eric K. Ferren
						By: Eric K. Ferren
						Senior Vice President, Controller and Chief Accounting Officer
						(Principal Accounting Officer)
						February 19, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Signature	Title	Date

/s/ Thomas J. Wilson	Chairman of the Board, President, Chief Executive Officer and a Director (Principal Executive Officer)	February 19, 2026
Thomas J. Wilson

/s/ John E. Dugenske	Chief Financial Officer (Principal Financial Officer)	February 19, 2026
John E. Dugenske

/s/ Eric K. Ferren	Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)	February 19, 2026
Eric K. Ferren

/s/ Donald E. Brown	Director	February 19, 2026
Donald E. Brown

/s/ Kermit R. Crawford	Director	February 19, 2026
Kermit R. Crawford

/s/ Richard T. Hume	Lead Director	February 19, 2026
Richard T. Hume

/s/ Margaret M. Keane	Director	February 19, 2026
Margaret M. Keane

/s/ Siddharth N. Mehta	Director	February 19, 2026
Siddharth N. Mehta

/s/ Maria R. Morris	Director	February 19, 2026
Maria R. Morris

/s/ Jacques P. Perold	Director	February 19, 2026
Jacques P. Perold

/s/ Andrea Redmond	Director	February 19, 2026
Andrea Redmond




/s/ Judith A. Sprieser	Director	February 19, 2026
Judith A. Sprieser

/s/ Perry M. Traquina	Director	February 19, 2026
Perry M. Traquina

/s/ Monica J. Turner	Director	February 19, 2026
Monica J. Turner

The Allstate Corporation 177

2025 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule I — Summary of Investments Other than Investments in Related Parties


	As of December 31, 2025
($ in millions)	Cost/amortized cost, net		Fair value (if applicable)		Amount shown in the Balance Sheet
Type of investment
Fixed maturities:
Bonds:
United States government, government agencies and authorities	$	18,165	$	18,133	$	18,133
States, municipalities and political subdivisions	5,617		5,643		5,643
Foreign governments	1,464		1,460		1,460
Public utilities	4,465		4,542		4,542

All other corporate bonds	25,585		25,859		25,859
Asset-backed securities	1,348		1,352		1,352
Mortgage-backed securities	2,086		2,126		2,126


Total fixed maturities	58,730		59,115		59,115

Equity securities:
Common stocks:
Public utilities	150		143		143
Banks, trusts and insurance companies	587		622		622
Industrial, miscellaneous and all other	7,114		7,409		7,409
Nonredeemable preferred stocks	175		224		224
Total equity securities	8,026		8,398		8,398

Mortgage loans on real estate	879		868		879
Real estate	630				630

Derivative instruments	10		10		10
Limited partnership interests	8,844				8,844
Bank loans and other investments	474		488		474
Short-term investments	4,888		4,887		4,887
Total investments	$	82,481			$	83,237

The Allstate Corporation S-1

2025 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule II — Condensed Financial Information of Registrant Statement of Operations


	Year Ended December 31,
($ in millions)	2025		2024		2023
Revenues
Investment income, less investment expense	$	102	$	49	$	45
Net gains (losses) on investments and derivatives	7		(9)		(28)

Total revenues	109		40		17

Expenses
Interest expense	405		411		396
Pension and other postretirement remeasurement (gains) losses	(25)		(21)		12
Pension and other postretirement (benefit) expense	(11)		(36)		55
Other operating expenses	75		70		142
Total expenses	444		424		605

Gain on disposition of subsidiaries	716		—		—

Gain (loss) from operations before income tax benefit and equity in net income of subsidiaries	381		(384)		(588)

Income tax expense (benefit)	167		(97)		(143)
Gain (loss) before equity in net income of subsidiaries	214		(287)		(445)

Equity in net income of subsidiaries	10,068		4,954		257
Net income (loss) attributable to Allstate	10,282		4,667		(188)

Preferred stock dividends	117		117		128

Net income (loss) applicable to common shareholders	$	10,165	$	4,550	$	(316)

Net income (loss) attributable to Allstate	$	10,282	$	4,667	$	(188)
Other comprehensive income (loss), after-tax
Changes in:
Unrealized net capital gains and losses	1,068		(167)		1,651
Unrealized foreign currency translation adjustments	90		(47)		67
Unamortized pension and other postretirement prior service credit	—		(2)		(16)
Discount rate for reserve for future policy benefits	(14)		27		(10)
Other comprehensive income (loss), after-tax	1,144		(189)		1,692
Less: change in unrealized net capital gains and losses related to noncontrolling interest	3		10		10
Comprehensive income	$	11,423	$	4,468	$	1,494

See accompanying notes to condensed financial information and notes to consolidated financial statements.

S-2 www.allstate.com

2025 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Financial Position


	December 31,
($ in millions, except par value data)	2025		2024
Assets
Investments in subsidiaries	$	32,423	$	28,684
Fixed income securities, at fair value (amortized cost, net $5,261 and $639)	5,265		635
Equity securities, at fair value (cost $1 and $1)	1		1
Short-term investments, at fair value (amortized cost, net $606 and $507)	606		507
Cash	—		1
Receivable from subsidiaries	528		748
Deferred income taxes	38		48
Other assets	155		149
Total assets	39,016		30,773
Liabilities
Debt	7,490		8,085
Pension and other postretirement benefit obligations	126		170
Deferred compensation	379		360

Notes due to subsidiaries	—		350
Dividends payable to shareholders	301		281

Other liabilities	110		85
Total liabilities	8,406		9,331
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference	2,001		2,001
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 260 million and 265 million shares outstanding	9		9
Additional capital paid-in	4,158		4,029
Retained income	62,393		53,288
Treasury stock, at cost (640 million and 635 million shares)	(38,206)		(36,996)
Accumulated other comprehensive income:
Unrealized net capital gains and losses	297		(771)
Unrealized foreign currency translation adjustments	(55)		(145)
Unamortized pension and other postretirement prior service credit	11		11
Discount rate for reserve for future policy benefits	2		16
Total accumulated other comprehensive income (loss)	255		(889)
Total Allstate shareholders’ equity	30,610		21,442
Total liabilities and equity	$	39,016	$	30,773

See accompanying notes to condensed financial information and notes to consolidated financial statements.

The Allstate Corporation S-3

2025 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Cash Flows


	Years Ended December 31,
($ in millions)	2025		2024		2023
Cash flows from operating activities
Net income (loss)	$	10,282	$	4,667	$	(188)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(10,068)		(4,954)		(257)
Dividends received from subsidiaries	3,038		130		250
Net (gains) losses on investments and derivatives	(7)		9		28
Pension and other postretirement remeasurement (gains) losses	(25)		(21)		12
Gain on disposition of subsidiaries	(716)		—		—
Changes in:
Pension and other postretirement benefits	(11)		(36)		55
Income taxes	48		29		(78)
Operating assets and liabilities	75		109		43
Net cash provided by (used in) operating activities	2,616		(67)		(135)

Cash flows from investing activities
Proceeds from sales of investments	2,596		411		1,427

Investment purchases	(4,311)		(405)		(50)
Investment collections	52		374		85
Capital contribution or return of capital from subsidiaries	—		325		975
Disbursements for loans to subsidiaries	(285)		(380)		—
Proceeds from loans to subsidiaries	530		26		—
Change in short-term investments, net	(100)		(209)		(7)
Proceeds from disposition of subsidiaries	1,927		—		—
Net cash provided by investing activities	409		142		2,430

Cash flows from financing activities
Proceeds from borrowings from subsidiaries	—		350		—
Repayment of notes due to subsidiaries	(88)		—		(1,000)
Proceeds from issuance of debt	—		495		743
Redemption of preferred stock	—		—		(575)
Redemption and repayment of debt	(600)		—		(750)
Proceeds from issuance of preferred stock	—		—		587
Dividends paid on common stock	(1,036)		(962)		(925)
Dividends paid on preferred stock	(117)		(117)		(107)
Treasury stock purchases	(1,233)		(2)		(335)
Shares reissued under equity incentive plans, net	48		163		73
Other	—		(1)		(6)
Net cash used in financing activities	(3,026)		(74)		(2,295)

Net (decrease) increase in cash	(1)		1		—
Cash at beginning of year	1		—		—
Cash at end of year	$	—	$	1	$	—

See accompanying notes to condensed financial information and notes to consolidated financial statements.

S-4 www.allstate.com

2025 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule II (Continued) — Condensed Financial Information of Registrant

Notes to Condensed Financial Information

**1.**General

Pursuant to rules and regulations of the Securities and Exchange Commission, the unconsolidated condensed financial statements of the Parent Company do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP. Therefore, these condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes included in Item 8.

The debt presented in Note 12 “Capital Structure” are direct obligations of or guaranteed by the Registrant. A majority of the pension and other postretirement benefits plans presented in Note 17 “Benefit Plans” are direct obligations of the Registrant.

Participating subsidiaries fund the pension plans contributions under a master services cost sharing agreement. In addition, as a result of joint and several pension liability rules under the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, as amended, many liabilities that arise in connection with pension plans are joint and several across all members of a controlled group of entities.

**2.**Receivable from subsidiaries

On December 24, 2025 National General Management Corp. issued $110 million notes, with a rate of 4.03% due on December 24, 2026, to the Registrant. The proceeds of this issuance were used for cash management purposes.

On May 14, 2025, National General Holdings Corp. (“NGHC”) issued $175 million notes, with a rate of 4.85% due on May 14, 2026, to the Registrant. The proceeds of this issuance were used for cash management purposes. On July 1, 2025, NGHC repaid $175 million to the Registrant.

On May 14, 2024, NGHC issued $350 million notes, with a rate of 5.68% due on May 14, 2025, to the Registrant. The proceeds of this issuance were used for cash management purposes. On May 14, 2025, NGHC repaid $350 million to the Registrant.

**3.**Notes due to subsidiaries

On May 14, 2024, the Registrant issued $350 million notes, with an initial rate of 5.57% due on May 14, 2025, to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On May 14, 2025, the Registrant repaid $350 million to Kennett Capital Inc.

On June 17, 2022, the Registrant issued $1.00 billion notes, with an initial rate of 1.63% due on June 17, 2023, to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On June 9, 2023, the Registrant repaid $1.00 billion to Kennett Capital Inc.

**4.**Supplemental disclosures of cash flow information

The Registrant paid $395 million, $395 million and $355 million of interest on debt in 2025, 2024 and 2023, respectively. In 2025, non-cash financing activities include $262 million of repayment of notes due to subsidiaries through transfer of securities.

The Allstate Corporation S-5

2025 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule III — Supplementary Insurance Information


($ in millions)	As of December 31,						For the years ended December 31,
Segment	Deferred policy acquisition costs		Reserves for claims and claims expense, contract benefits and contractholder funds		Unearned premiums		Premium revenue and contract charges		Net investment income		Claims and claims expense and accident, health and other policy benefits		Amortization of deferred policy acquisition costs		Other operating costs and expenses		Premiums written (excluding life)
2025

Allstate Protection	$	2,803	$	39,153	$	23,464	$	57,682			$	36,626	$	7,003	$	7,410	$	59,546
Run-off Property-Liability	—		1,852		—		—				151		—		3		—
Allstate Protection and Run-off Property-Liability net investment income (2)									$	3,157
Protection Services (1)	3,274		74		5,605		2,958		99		699		1,328		1,273		3,006
Allstate Health and Benefits	—		—		—		490		24		379		30		214		187
Corporate	—		—		—		—		160		—		—		512		—
All other	86		271		11		456		9		277		28		336		678
Intersegment Eliminations (1)	—		—		—		(137)		—		(22)		—		(115)		—
Total	$	6,163	$	41,350	$	29,080	$	61,449	$	3,449	$	38,110	$	8,389	$	9,633	$	63,417

2024

Allstate Protection	$	2,548	$	39,964	$	21,508	$	53,866			$	39,050	$	6,676	$	6,882	$	55,926
Run-off Property-Liability	—		1,883		—		—				68		—		5		—
Allstate Protection and Run-off Property-Liability net investment income (2)									$	2,810
Protection Services (1)	3,161		70		5,385		2,702		94		641		1,217		1,138		2,797
Allstate Health and Benefits	1		187		2		1,466		94		991		119		590		1,211
Corporate	—		—		—		—		88		—		—		515		—
All other	63		82		14		455		6		250		27		356		433
Intersegment Eliminations (1)	—		—		—		(180)		—		(24)		—		(156)		—
Total	$	5,773	$	42,186	$	26,909	$	58,309	$	3,092	$	40,976	$	8,039	$	9,330	$	60,367

2023

Allstate Protection	$	2,378	$	37,852	$	19,542	$	48,427			$	40,364	$	6,070	$	5,628	$	50,347
Run-off Property-Liability	—		1,942		—		—				89		—		5		—
Allstate Protection and Run-off Property-Liability net investment income (2)									$	2,218
Protection Services (1)	3,022		64		5,150		2,381		73		632		1,058		956		2,663
Allstate Health and Benefits	497		2,162		2		1,441		78		888		124		567		1,214
Corporate	—		—		—		—		105		—		—		676		—
All other	43		73		15		405		4		183		26		314		384
Intersegment Eliminations (1)	—		—		—		(138)		—		(15)		—		(123)		—
Total	$	5,940	$	42,093	$	24,709	$	52,516	$	2,478	$	42,141	$	7,278	$	8,023	$	54,608

(1)Includes intersegment premiums and service fees and the related incurred losses and expenses that are eliminated in the consolidated financial statements.

(2)A single investment portfolio supports both Allstate Protection and Run-off Property-Liability segments.

S-6 www.allstate.com

2025 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule IV — Reinsurance


($ in millions)	Gross amount		Ceded to other companies		Assumed from other companies		Net amount		Percentage of amount assumed to net
Year ended December 31, 2025

Premiums and contract charges (1):

Accident and health insurance	$	1,188	$	284	$	42	$	946	4.4	%
Property and casualty insurance	62,511		2,397		389		60,503		0.6
Total premiums and contract charges	$	63,699	$	2,681	$	431	$	61,449	0.7

Year ended December 31, 2024
Life insurance in force (2)	$	22,225	$	295	$	1,208	$	23,138	5.2	%
Premiums and contract charges:
Life insurance	$	258	$	5	$	16	$	269	5.9	%
Accident and health insurance	1,687		45		10		1,652		0.6
Property and casualty insurance	58,221		2,210		377		56,388		0.7
Total premiums and contract charges	$	60,166	$	2,260	$	403	$	58,309	0.7

Year ended December 31, 2023
Life insurance in force	$	21,788	$	482	$	1,301	$	22,607	5.8	%
Premiums and contract charges:
Life insurance	$	226	$	6	$	16	$	236	6.8	%
Accident and health insurance	1,639		41		12		1,610		0.7
Property and casualty insurance	52,301		1,989		358		50,670		0.7
Total premiums and contract charges	$	54,166	$	2,036	$	386	$	52,516	0.7

(1)In 2025, the Company’s remaining life insurance business was sold as part of the sale of the employer voluntary benefits business.

(2)Includes results for assets classified as held for sale.

The Allstate Corporation S-7

2025 Form 10-K

The Allstate Corporation and Subsidiaries

Schedule V — Valuation Allowances and Qualifying Accounts


($ in millions)			Additions
Description	Balance as of beginning of period		Charged to costs and expenses		Other additions		Deductions (1)		Balance as of end of period
Year ended December 31, 2025
Fixed income securities	$	17	$	5	$	—	$	12	$	10
Mortgage loans	12		2		—		4		10
Bank loans	10		12		—		5		17
Investments	39		19		—		21		37
Premium installment receivable	187		487		—		485		189
Reinsurance recoverables	63		1		—		10		54
Other assets	14		3		—		2		15
Assets	303		510		—		518		295
Commitments to fund line of credit, commercial mortgage loans and bank loans	—		15		—				15
Liabilities	—		15		—		—		15
Total	$	303	$	525	$	—	$	518	$	310

Valuation allowance for deferred tax assets	$	69	$	—	$	—	$	1	$	68

Year ended December 31, 2024
Fixed income securities	$	36	$	3	$	—	$	22	$	17
Mortgage loans	11		1		—		—		12
Bank loans	22		—		—		12		10
Investments	69		4		—		34		39
Premium installment receivable	138		414		—		365		187
Reinsurance recoverables	65		1		—		3		63
Other assets	18		—		—		4		14
Assets	290		419		—		406		303
Commitments to fund line of credit, commercial mortgage loans and bank loans	1		—		—		1		—
Liabilities	1		—		—		1		—
Total	$	291	$	419	$	—	$	407	$	303

Valuation allowance for deferred tax assets	$	69	$	—	$	—	$	—	$	69

Year ended December 31, 2023
Fixed income securities	$	13	$	23	$	—	$	—	$	36
Mortgage loans	7		4		—		—		11
Bank loans	57		18		—		53		22
Investments	77		45		—		53		69
Premium installment receivable	132		348		—		342		138
Reinsurance recoverables	65		1		—		1		65
Other assets	19		—		—		1		18
Assets	293		394		—		397		290
Commitments to fund mortgage loans and bank loans	—		1		—		—		1
Liabilities	—		1		—		—		1
Total	$	293	$	395	$	—	$	397	$	291

Valuation allowance for deferred tax assets	$	34	$	—	$	35	$	—	$	69

(1)Includes allowance for assets reclassified to held for sale for the year ended December 31, 2024.

S-8 www.allstate.com

Previous: Item 15. (a) (3)