ALLSTATE CORP

(1) Balances reflect the elimination of related-party investments between segments.

(2) Fixed income securities are carried at fair value. Amortized cost, net for these securities was $49.88 billion, $1.77 billion, $7.69 billion and $59.34 billion for Allstate Protection and Run-off Property-Liability, Protection Services, Corporate and all other, and in total, respectively.

(3) Equity securities are carried at fair value. The fair value of equity securities held as of March 31, 2026, was $77 million in excess of cost. Equity securities include $2.21 billion of funds with underlying investments in fixed income and short-term securities as of March 31, 2026.

(4) Short-term investments are carried at fair value.

Investments totaled $85.16 billion as of March 31, 2026, increasing from $83.24 billion as of December 31, 2025, primarily due to operating cash flows.

Portfolio composition by investment strategy We utilize two primary strategies to manage risks and returns and to position our portfolio to take advantage of market opportunities while attempting to mitigate adverse effects. As strategies and market conditions evolve, the asset allocation may change.

Market-based strategy seeks to deliver predictable earnings aligned to business needs and provide flexibility to adjust investment risk profile based on enterprise objectives and market opportunities primarily through public and private fixed income investments and public equity securities.

Performance-based strategy seeks to deliver attractive risk-adjusted returns and supplement market risk with idiosyncratic risk primarily through investments in private equity, including infrastructure investments, and real estate with a majority being limited partnerships. These investments include investee level expenses, reflecting asset level operating expenses on directly held real estate and other consolidated investments.

Macroeconomic impacts Strategic actions continued to focus on optimizing portfolio yield, risk and return amid evolving market and macroeconomic conditions. During the first quarter of 2026, the fixed income portfolio duration was extended to 5.7 years, inclusive of interest rate derivatives and security‑specific call features, compared to 5.1 years as of December 31, 2025, and equity securities increased by $2.03 billion.

Private credit exposure We define private credit as investments in asset-based financing arrangements, corporate credit excluding SEC Rule 144a and similar exposures, and certain consumer lending exposures. Our private credit investments are primarily originated by third-party asset managers with global credit platforms and are generally secured by collateral, with 89% rated investment grade. Mortgage loans primarily consist of residential loans, which are secured by collateral and have recourse to the borrower.

The following table reflects investments as of March 31, 2026 in private credit by investment type.

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(1) 87% of fixed income securities and 90% of bank loans were rated investment grade.

Given this composition, the portfolio is well positioned in the current market environment, with risk characteristics that differ from areas of the private credit market experiencing heightened volatility.

Fixed income securities

Fixed income securities are rated by third-party credit rating agencies or are internally rated. The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) evaluates the fixed income securities of insurers for regulatory reporting and capital assessment purposes. The NAIC assigns securities to one of six credit quality categories defined as “NAIC designations”. In general, securities with NAIC designations of 1 and 2 are considered investment grade and securities with NAIC designations of 3 through 6 are considered below investment grade. The rating is either received from the SVO based on availability of applicable ratings from rating agencies on the NAIC Nationally Recognized Statistical Rating Organizations provider list, including Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”), Fitch Ratings or a comparable internal rating.

As a result of time lags between the funding of investments, the finalization of legal documents, and the completion of the SVO filing process, the portfolio includes certain securities that have not yet been designated by the SVO as of each balance sheet date and the categorization of these securities is based on the expected ratings indicated by internal analysis.

As of March 31, 2026, 92.2% of the consolidated fixed income securities portfolio was rated investment grade. Credit ratings below these designations are considered lower credit quality or below investment grade, which includes high yield bonds.

Market prices for certain securities may have credit spreads which imply higher or lower credit quality than the current third-party rating. Our initial investment decisions and ongoing monitoring procedures for fixed income securities are based on a due diligence process which includes, but is not limited to, an assessment of

First Quarter 2026 Form 10-Q 55 the credit quality, sector, structure and liquidity risks of each issuer.

Fixed income portfolio monitoring is a comprehensive process to identify and evaluate each fixed income security that may require a credit loss allowance. The process includes a quarterly review of all securities to identify instances where the fair value of a security compared to its amortized cost is below

internally established thresholds. For further detail on our fixed income portfolio monitoring process, see Note 4 of the condensed consolidated financial statements.

The following table presents total fixed income securities by the applicable NAIC designation and comparable S&P rating.

Municipal bonds, including tax-exempt and taxable securities, include general obligations of state and local issuers and revenue bonds.

Corporate bonds include publicly traded and privately placed securities. Privately placed securities primarily consist of corporate issued senior debt securities that are negotiated with the borrower or are issued by public entities in unregistered form.

ABS includes collateralized debt obligations, consumer and other ABS. Credit risk is managed by monitoring the performance of the underlying collateral. Many of the securities in the ABS portfolio have credit enhancement with features such as overcollateralization, subordinated structures, reserve funds, guarantees or insurance.

MBS includes residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”). RMBS is subject to interest rate risk, but unlike other fixed income securities, is additionally subject to prepayment risk from the

underlying residential mortgage loans. RMBS primarily consists of a U.S. Agency portfolio having collateral issued or guaranteed by U.S. government agencies. CMBS investments are primarily traditional conduit transactions collateralized by commercial mortgage loans, broadly diversified across property types and geographical area.

Equity securities of $10.43 billion primarily include common stocks, exchange traded and mutual funds, non-redeemable preferred stocks and real estate investment trust (“REITs”) equity investments. Exchange traded and mutual funds that have fixed income and short-term securities as their underlying investments total $2.21 billion as of March 31, 2026.

Mortgage loansof $868 million comprise loans secured by first mortgages on developed commercial real estate of $603 million and residential mortgage loans of $265 million. Key considerations used to manage our exposure include property type and geographic diversification. For further detail on our

56 www.allstate.com mortgage loan portfolio, see Note 4 of the condensed consolidated financial statements.

Limited partnership interests include $7.23 billion of interests in private equity funds, $1.54 billion of interests in real estate funds and $183 million of interests in other funds as of March 31, 2026. We have

commitments to invest additional amounts in limited partnership interests totaling $3.20 billion as of March 31, 2026.

Other investments include $622 million of direct investments in real estate and $520 million of bank loans, net as of March 31, 2026.

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In general, gross unrealized losses are related to an increase in market yields, which may include increased risk-free interest rates and wider credit spreads since the time of initial purchase. Similarly, gross unrealized gains reflect a decrease in market yields since the time of initial purchase.

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Net investment income increased 9.8% or $84 million in the first quarter of 2026, primarily related to higher market-based income resulting from higher average investment balances and improved performance-based investment results.

(1)Investee level expenses include asset level operating expenses on directly held real estate and other consolidated investments reported in investment expense.

Performance-based investment income increased 5.6% or $11 million in the first quarter of 2026 compared to the same period of 2025 primarily due to private equity valuation increases and higher real estate investment results.

Performance-based investment results and income can vary significantly between periods and are influenced by economic conditions, equity market performance, comparable public company earnings multiples, capitalization rates, operating performance of the underlying investments and the timing of asset

sales. The Company typically employs a lag in recording and recognizing changes in valuations of limited partnership interests due to the availability of investee financial statements. As a result, performance-based income in the first quarter of 2026 is primarily comprised of operating and market performance and results of our investments for the three months ended December 31, 2025, and may not reflect all economic conditions, including the effects of recent and ongoing trade policy developments.

First Quarter 2026 Form 10-Q 59

(1)2025 includes losses recorded for variable interests in Reciprocal Exchanges. See Note 7 for further details.

(2)Relates to limited partnerships where the underlying assets are predominately public equity securities.

Net losses on investments and derivatives in the first quarter of 2026 primarily related to valuation losses on equity investments.

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