ALLSTATE CORP

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

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.

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.

10 www.allstate.com