Allstate ALL · USD

Note 5Reportable SegmentsThe Company’s Chief Executive Officer is the chief operating decision maker (“CODM”). The CODM reviews financial performance and makes decisions about the allocation of resources for the four reportable segments: Allstate Protection, Run-off Property-Liability, Protection Services and Corporate. The CODM considers each segment profit measure when making decisions regarding the allocation of resources to the segments.Allstate Protection and Run-off Property-Liability segments comprise Property-Liability. The Company does not allocate investment income, net gains and losses on investments and derivatives, or assets to the Allstate Protection and Run-off Property-Liability segments. Management reviews assets at the Property-Liability, Protection Services and Corporate levels for decision-making purposes. These segments are described below and align with the Company’s key product and service offerings.The accounting policies of the reportable segments are the same as those described in Note 2. The effects of inter-segment transactions are eliminated in the consolidated results. For segment results, services provided by Protection Services to Allstate Protection are not eliminated as management considers those transactions in assessing the results of the respective segments.The dispositions of the EVB and group health businesses did not qualify for discontinued operations. The Allstate Health and Benefits segment is no longer a reportable segment, with results of this segment recast to reflect only the results of the EVB and group health businesses. The retained individual health business, previously included in the Allstate Health and Benefits segment, is a non-reportable segment with results included in all other for all periods presented.Allstate Protection principally offers private passenger auto, homeowners and other property insurance in the United States and Canada, with earned premiums accounting for 85.2% of Allstate’s 2025 consolidated revenues. Allstate Protection primarily operates in the U.S. (all 50 states and the District of Columbia (“D.C.”)) and Canada. For 2025, the top geographic locations for statutory direct premiums for the Allstate Protection segment were Texas, California, Florida and New York. No other jurisdiction accounted for more than 5% of statutory direct premiums for Allstate Protection. Revenues from external customers generated outside the United States were $2.20 billion, $2.14 billion and $2.

Note 14Commitments, Guarantees and Contingent LiabilitiesLeasesThe Company has certain operating leases for office facilities, computer and office equipment, and vehicles. The Company’s leases have remaining lease terms of generally 1 year to 10 years which could include options to extend or terminate that varies across agreements. The Company determines if an arrangement is a lease at inception. Leases with an initial term less than one year are not recorded on the balance sheet and the lease costs for these leases are recorded as an expense on a straight-line basis over the lease term. Operating leases with terms greater than one year result in a lease liability recorded in other liabilities and accrued expenses with a corresponding right-of-use (“ROU”) asset recorded in other assets on the Consolidated Statements of Financial Position. As of December 31, 2025 and 2024, the Company had $184 million and $235 million in lease liabilities and $154 million and $165 million in ROU assets, respectively.Operating lease liabilities are recognized at the commencement date based on the present value of future minimum lease payments over the lease term. ROU assets are recognized based on the corresponding lease liabilities adjusted for qualifying initial direct costs, prepaid or accrued lease payments and unamortized lease incentives. As most of the Company’s leases do not disclose the implicit interest rate, the Company uses collateralized incremental borrowing rates based on information available at lease commencement when determining the present value of future lease payments. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease. Lease terms may include options to extend or terminate the lease which are incorporated into the Company’s measurements when it is reasonably certain that the Company will exercise the option. Operating lease costs are recognized on a straight-line basis over the lease term and include interest expense on the lease liability and amortization of the ROU asset. Variable lease costs are expensed as incurred and include maintenance costs and real estate taxes. Lease costs are reported in operating costs and expenses and totaled $91 million, $92 million and $102 million, including $9 million, $14 million and $19 million of variable lease costs in 2025, 2024 and 2023, respectively.

Note 15Income TaxesThe Company and its eligible domestic subsidiaries file a U.S. consolidated federal income tax return. The Company also files tax returns in various states and foreign jurisdictions. Tax liabilities and benefits realized by the consolidated group are allocated as generated by the respective entities.Deferred income taxes result from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are adjusted through income tax expense (benefit) as changes in tax laws or rates are enacted.H.R. 1 tax legislation On July 4, 2025, H.R. 1 was enacted, extending certain business tax provisions originally introduced under the 2017 Tax Cuts and Jobs Act, including permanently reinstating bonus depreciation and the full and immediate expensing for domestic research and development expenditures, new limitations on the charitable deductions, and a phase-out for certain energy tax credits. These changes do not have a significant impact to our consolidated financial statements.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 to address how corporate profits are taxed for multinational enterprises (“MNEs”).

The Enterprise Risk and Return Council manages cybersecurity risks. The CISO monitors, makes mitigating decisions about, and escalates information security risks that are outside the Company’s established risk tolerance. Additionally, she provides executive sponsorship of information security controls and oversees the development and review of the information security policy and enterprise security standards. Information Security Program Allstate has implemented a robust Information Security Program to manage material risks from cybersecurity threats. The Company’s Program uses a risk-based, defense-in-depth approach to identify, assess and manage cybersecurity risks to the Company’s information assets and systems, enabling the business to achieve its objectives. 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 Framework and the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”).Allstate’s Information Security Program outlines the responsibilities and expectations for the security of Allstate information systems. The Program includes standards, policies and procedures requiring the implementation of technical, administrative and physical controls to manage the risk to Allstate information and systems. 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.Dedicated personnel support information security operations 24 hours per day, seven days per week. Allstate’s incident response program is designed to detect, respond and recover from a range of cybersecurity-related incidents.Allstate conducts risk and control assessments to proactively identify cybersecurity threats impacting the organization’s business processes. The Company conducts enterprise threat-based risk assessments for multiple aspects of the business, including applications, infrastructure, environments and business processes. Allstate documents the identified risks, tracking them based on potential impact and the likelihood of them occurring.

Documents Incorporated By ReferencePortions of the following documents are incorporated herein by reference as follows: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 22, 2026, (the “Proxy Statement”) to be filed not later than 120 days after the end of the fiscal year covered by this Form 10-K.

Note 1GeneralBasis of presentationThe accompanying consolidated financial statements include the accounts of The Allstate Corporation (the “Corporation”) and its wholly owned subsidiaries, primarily Allstate Insurance Company (“AIC”), a property and casualty insurance company (collectively referred to as the “Company” or “Allstate”) and variable interest entities (“VIEs”) in which the Company is considered a primary beneficiary. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany accounts and transactions have been eliminated. Certain amounts have been reclassified to conform to current year presentation.The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.Nature of operationsAllstate is engaged, principally in the United States, in the property and casualty insurance business. Allstate is one of the country’s largest personal property and casualty insurers and is organized into four reportable segments: Allstate Protection, Run-off Property-Liability, Protection Services and Corporate.Allstate’s primary business is the sale of private passenger auto and homeowners insurance. The Company offers several other personal property and casualty insurance products, select commercial property and casualty coverages, consumer product protection plans, mobility intelligence services and analytic solutions using automotive telematics information, roadside assistance, automotive protection and insurance products, identity protection and individual accident and health insurance. Allstate primarily distributes its products through exclusive agents, independent agents and brokers, direct to consumers through contact centers and online and major retailers.Risks and uncertaintiesAllstate has exposure to catastrophic events, including wind/hail, tornadoes, severe freeze events, hurricanes, tropical storms, wildfires, earthquakes, tsunamis, volcanic eruptions, terrorism and industrial accidents.

Note 4DispositionsEmployer voluntary benefits (“EVB”) business disposition On April 1, 2025, the Company closed the sale of American Heritage Life Insurance Company and American Heritage Service Company, comprising the Company’s employer voluntary benefits business for $1.9 billion in cash, net of purchase price adjustments. The Company recorded a gain on the sale of $888 million or $641 million, after-tax for the year ended December 31, 2025.The EVB business generated $243 million of premiums and contract charges and $22 million of adjusted net income for the three months ended March 31, 2025.Major classes of assets and liabilities disposed of in EVB transaction($ in millions)April 1,2025December 31, 2024AssetsInvestmentsFixed income securities, at fair value (amortized cost, net $1,765 and $1,809)$1,676 $1,699 Short-term, at fair value (amortized cost $64 and 85)64 85 Other investments, net116 122 Total investments1,856 1,906 Cash29 — Deferred policy acquisition costs525 521 Reinsurance recoverables, net117 111 Other assets (1)523 554 Total assets $3,050 $3,092 LiabilitiesReserve for future policy benefits$1,096 $1,085 Contractholder funds882 890 Other liabilities and accrued expenses124 138 Total liabilities $2,102 $2,113 (1)Included $249 million of goodwill at April 1, 2025.Shareholders' equity included $51 million of accumulated other comprehensive losses related to assets and liabilities disposed of on April 1, 2025.Group health business disposition On July 1, 2025, the Company closed the sale of Direct General Life Insurance Company, NSM Sales Corporation and The Association Benefits Solution, LLC, comprising the Company’s group health business for $1.23 billion in cash, net of purchase price adjustments. The Company recorded a gain on the sale of $715 million or $499 million, after-tax for the year ended December 31, 2025.The group health business generated $247 million of premiums and contract charges and $21 million of adjusted net income for the six months ended June 30, 2025.Major classes of assets and liabilities disposed of in group health business transaction($ in millions)July 1,2025AssetsInvestmentsFixed income securities, at fair value (amortized cost, net $142)$143 Short-term, at fair value (amortized cost $177)177 Total investments320 Cash88 Deferred policy acquisition costs1 Other assets (1)310 Total assets$719 LiabilitiesOther liabilities and accrued expenses$9 Total liabilities$9 (1)Included $152 million of goodwill at July 1, 2025.

Note 6Investments Portfolio compositionAs of December 31,($ in millions)20252024Fixed income securities, at fair value$59,115 $52,747 Equity securities, at fair value8,398 4,463 Mortgage loans, net879 784 Limited partnership interests8,844 9,255 Short-term investments, at fair value4,887 4,537 Other investments, net1,114 824 Total$83,237 $72,610 Amortized cost, gross unrealized gains (losses) and fair value for fixed income securitiesAmortizedcost, netGross unrealizedFairvalue($ in millions)GainsLossesDecember 31, 2025U.S. government and agencies$18,165 $43 $(75)$18,133 Municipal5,617 87 (61)5,643 Corporate30,050 585 (234)30,401 Foreign government1,464 13 (17)1,460 ABS1,348 8 (4)1,352 MBS 2,086 41 (1)2,126 Total fixed income securities$58,730 $777 $(392)$59,115 December 31, 2024U.S. government and agencies$11,423 $15 $(330)$11,108 Municipal8,985 33 (176)8,842 Corporate30,630 272 (710)30,192 Foreign government1,352 22 (10)1,364 ABS1,130 19 (4)1,145 MBS96 — — 96 Total fixed income securities$53,616 $361 $(1,230)$52,747 Scheduled maturities for fixed income securitiesAs of December 31, 2025As of December 31, 2024($ in millions)Amortizedcost, netFairvalueAmortizedcost, netFairvalueDue in one year or less$1,464 $1,460 $1,544 $1,531 Due after one year through five years22,582 22,706 22,889 22,595 Due after five years through ten years21,538 21,780 17,431 17,130 Due after ten years9,712 9,691 10,526 10,250 55,296 55,637 52,390 51,506 ABS and MBS3,434 3,478 1,226 1,241 Total$58,730 $59,115 $53,616 $52,747 Actual maturities may differ from those scheduled as a result of calls and make-whole payments by the issuers. ABS and MBS are shown separately because of potential prepayment of principal prior to contractual maturity dates.