ALLSTATE CORP

Allstate Protection Segment

Underwriting income decreased $800 million in the third quarter of 2026 compared to the third quarter of 2025, due to higher losses, primarily from catastrophes, and increased expenses partially offset by an increase in earned premiums and the benefit of prior year reserve releases. Underwriting income increased $2.22 billion in the first nine months of 2026 compared to the first nine months of 2025, primarily due to an increase in premiums earned and the benefit of prior year reserve releases, partially offset by higher losses, excluding catastrophes, and increased expenses.

(1)Includes renters, condominium, landlord, boat, umbrella, manufactured home, scheduled personal property, auto assigned risk and valuable item protection products.

(2)Brokered solutions and collateral protection includes brokered property and casualty and life and annuity products, Answer Financial and lender-placed products.

Change in underwriting results from prior year period - three months ended

($ in millions)

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Change in underwriting results from prior year period - nine months ended

($ in millions)

Premium measures and statistics include PIF, new issued applications and average premiums. Premiums written is the amount of premiums charged for policies issued during a reporting period. Premiums are considered earned and are included in the financial results on a pro-rata basis over the policy period. The portion of premiums written applicable to the unexpired term of the policies is recorded as unearned premiums on our Condensed Consolidated Statements of Financial Position.

Auto insurance premiums written increased $15 million in the third quarter of 2026 compared to the third quarter of 2025 and increased $56 million in the first nine months of 2026 compared to the first nine months of 2025, primarily due to the following factors:

•Increased new issued applications driven by growth in the independent agency and direct channels

during the quarter and across all channels year-to-date

•PIF increased 3.4% or 872 thousand to 26,204 thousand as of September 30, 2026 compared to September 30, 2025

Third Quarter 2026 Form 10-Q 49

•Lower Allstate brand average premiums resulting from a shift in product mix towards affordable, simple and connected protection

We will pursue rate adjustments in states where we are achieving acceptable returns, while implementing rates where needed to keep pace with increasing costs.

Homeowners insurance premiums written increased 7.4% or $343 million in the third quarter of 2026 compared to the third quarter of 2025 and increased 7.9% or $988 million in the first nine months of 2026 compared to the first nine months of 2025, primarily due to the following factors:

•Higher Allstate brand average premiums resulting from rate increases and inflation in insured home replacement costs, combined with growth in policies in force

•In the nine months ended September 30, 2026, rate increases of 4.8% were implemented resulting in a total estimated insurance premium impact of 1.8%, excluding the impact of changes in insured home replacement costs

•PIF increased 3.3% or 254 thousand to 7,896 thousand as of September 30, 2026 compared to September 30, 2025

•Increased new issued applications driven by growth in the independent agency and direct channels during the quarter and across all channels year-to-date

In Florida, we are not writing new homeowners business and completed the non-renewal of certain policies during the second quarter of 2026. In California, we write a limited amount of new homeowners business through North Light Specialty Insurance Company, our excess and surplus lines carrier.

We may not be able to grow in certain states without regulatory or legislative reforms that enable customers to be provided coverage at appropriate risk adjusted returns.

Specialty lines premiums written increased 4.1% or $36 million in the third quarter of 2026 compared to the third quarter of 2025 and increased 3.9% or $96 million in the first nine months of 2026 compared to the first nine months of 2025, primarily due to increases in landlords and personal umbrella policies, partially offset by a decrease in auto assigned risk policies purchased from other carriers. In Florida, we are not writing new condominium business and we completed the non-renewal of certain policies during the second quarter of 2026.

Commercial lines premiums written increased 13.9% or $14 million in the third quarter of 2026 compared to the third quarter of 2025 and increased 18.0% or $53 million in the first nine months of 2026 compared to the first nine months of 2025, primarily due to an increase in new issued applications and higher average premiums from current offerings.

Brokered solutions and collateral protection premiums written decreased 10.8% or $18 million in the third quarter of 2026 compared to the third quarter of 2025 and decreased 18.5% or $91 million in the first

50 www.allstate.com nine months of 2026 compared to the first nine months of 2025, primarily due to lower premiums from lender-placed agent business.

GAAP operating ratios include loss ratio, expense ratio and combined ratio to analyze our profitability trends. Frequency and severity changes are used to describe the trends in loss costs.

(1)Expense ratio includes other revenue of $27 million and $113 million for the three and nine months ended September 30, 2026, respectively, compared to $43 million and $134 million for the three and nine months ended September 30, 2025, respectively, for fees on auto assigned risk policies.

(2)Other revenue is deducted from operating costs and expenses in the expense ratio calculation.

(1)The ten-year average effect of total catastrophe losses on the total combined ratio was 9.1 points and 10.3 points in the third quarter and first nine months of 2026, respectively.

(2)The ten-year average effect of homeowners catastrophe losses on the total homeowners combined ratio was 26.3 points and 32.7 points in the third quarter and first nine months of 2026, respectively.

Third Quarter 2026 Form 10-Q 51

Auto loss ratio increased 1.0 point in the third quarter of 2026 compared to the third quarter of 2025, driven by higher losses, partially offset by the benefit of prior year reserve releases. The third quarter of 2026 benefited from 1.6 points of favorable development for claims reported in the first half of 2026. Auto loss ratio decreased 3.7 points in the first nine months of 2026 compared to the first nine months of 2025, driven by the benefit of prior year reserve releases, excluding catastrophes. Estimated report year 2026 incurred claim severity for Allstate brand increased compared to report year 2025 for major coverages, reflecting ongoing inflationary pressures, including rising medical costs and continued increases in attorney representation.

Homeowners loss ratio increased 18.7 points in the third quarter of 2026 compared to the third quarter of 2025, primarily due to higher catastrophe losses, partially offset by an increase in premiums earned. The third quarter of 2026 benefited from 1.8 points of favorable development for claims reported in the first half of 2026. Homeowners loss ratio decreased 6.3 points in the first nine months of 2026 compared to the first nine months of 2025, primarily due to lower catastrophe losses and increased premiums earned. Gross claim frequency, excluding catastrophes, increased in the third quarter and first nine months of 2026 compared to the same periods of 2025. Paid claim severity, excluding catastrophes, increased in the third quarter and first nine months of 2026 compared to the same periods of 2025, primarily due to fire perils. Homeowners paid claim severity can be impacted by both the mix of perils and the magnitude of specific losses paid during the quarter.

Specialty lines loss ratio decreased 6.6 points in the third quarter of 2026 compared to the third quarter of 2025, primarily due to lower reserve strengthening partially offset by higher catastrophe losses. Specialty lines loss ratio decreased 16.9 points in the first nine months of 2026 compared to the first nine months of 2025, primarily due to the benefit of prior year reserve releases, excluding catastrophes, and increased premiums earned.

Commercial lines loss ratio increased 51.9 points and increased 10.3 points in the third quarter and first nine months of 2026, respectively, compared to the same periods of 2025, primarily due to lower prior year reserve releases.

Brokered solutions and collateral protection loss ratio increased 10.1 points in the third quarter of 2026, compared to the third quarter of 2025, primarily due to higher catastrophe losses and lower premiums earned. Brokered solutions and collateral protection loss ratio increased 0.8 points in the first nine months of 2026 compared to the first nine months of 2025, primarily due to a decrease in premiums earned and lower prior year reserve releases, partially offset by lower non-catastrophe losses.

Catastrophe losses increased $1.09 billion to $1.65 billion in the third quarter of 2026 compared to the third quarter of 2025, driven by two large wind/hail events and more frequent smaller events. Catastrophe losses decreased $138 million to $4.61 billion in the first nine months of 2026 compared to the first nine months of 2025. Results in 2025 included $1.11 billion of losses related to California wildfire events.

We define a “catastrophe” as an event that produces pre-tax losses before reinsurance in excess of $1 million and involves multiple first party policyholders, or a winter weather event that produces a number of claims in excess of a preset, per-event threshold of average claims in a specific area, occurring within a certain amount of time following the event. Catastrophes are caused by various natural events including high winds, winter storms and freezes, tornadoes, hailstorms, wildfires, tropical storms, tsunamis, hurricanes, earthquakes and volcanoes.

We are also exposed to man-made catastrophic events, such as wildfires, terrorism, civil unrest, or industrial accidents. The nature and level of catastrophes in any period cannot be reliably predicted.

Loss estimates are generally based on claim adjuster inspections and the application of historical loss development factors. Our loss estimates are calculated in accordance with the coverage provided by our policies. The establishment of appropriate reserves, including reserves for catastrophe losses, is an inherently uncertain and complex process. Reserving for hurricane losses is complicated by the inability of insureds to promptly report losses, limitations placed on claims adjusting staff affecting their ability to inspect losses, determining whether losses are covered by our homeowners policy (generally for damage caused by wind or wind driven rain) or specifically excluded coverage caused by flood, exposure to mold damage, and the effects of numerous other considerations, including the timing of a catastrophe in relation to other events, such as at or near the end of a financial reporting period, which can affect the availability of information needed to estimate reserves for that reporting period. In these situations, we may need to adapt our practices to accommodate these circumstances in order to determine a best estimate of our losses from a catastrophe.

Over time, we have limited our aggregate insurance exposure to catastrophe losses in certain regions of the country that are subject to high levels of natural catastrophes by managing coverage, number of policies in force, utilizing reinsurance and participating in various state facilities.

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(1)Includes reinsurance recoveries.

(2)Gross losses before reinsurance recoverables and reinstatement premiums were $6.01 billion.

The Company is pursuing subrogation recoveries related to the January 2025 California wildfires. No amounts have been recognized for these potential recoveries. Any ultimate recovery is expected to primarily benefit the Company's reinsurers, with the Company's direct benefit principally related to reinsurance reinstatement premiums.

Catastrophe reinsurance The catastrophe reinsurance program is part of our catastrophe management strategy, which is intended to provide shareholders with long-term returns on the risks assumed in our property business, reduce earnings volatility and provide protection to our customers. The current catastrophe reinsurance program supports our risk and return framework which incorporates robust economic capital modeling and is informed by catastrophe risk models including hurricanes, earthquakes and wildfires. As of September 30, 2026, the modeled 1-in-100 annual aggregate probable maximum loss for hurricane, earthquake and wildfire perils was approximately $3.3 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.

Our 2026 program includes coverage for losses to personal lines property, personal lines automobile, commercial lines property or commercial lines automobile arising out of multiple perils, in addition to hurricanes, earthquakes and wildfires. Additional information regarding our 2026 catastrophe reinsurance program is included in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 in the Allstate Protection Segment section of MD&A.

The total cost of our property catastrophe reinsurance programs, excluding reinstatement premiums, during the third quarter and first nine

months of 2026 was $350 million and $1.04 billion, respectively, compared to $352 million and $914 million in the third quarter and first nine months of 2025. Catastrophe placement premiums reduce net written and earned premium with approximately 83% of the reduction related to homeowners premium.

Prior year reserve reestimates, including catastrophes, decreased reserves by $969 million in the third quarter of 2026 and $2.61 billion in the first nine months of 2026.

During the third quarter and first nine months of 2026, favorable auto severity, excluding catastrophes, reflected improved prior period loss development and better than expected claim outcomes.

Auto reserve releases for the third quarter of 2026 included $802 million related to auto injury coverages and $74 million related to other auto reserves. Approximately 28% of auto injury coverage reserve releases related to accident year 2025 and approximately 55% to 2023 and 2024.

Auto reserve releases during the first nine months of 2026 included $2.07 billion related to auto injury coverages and $279 million related to other auto reserves. Approximately 29% of auto injury coverage reserve releases related to accident year 2025 and approximately 52% to 2023 and 2024.

For the third quarter and first nine months of 2026, reserve releases in homeowners were primarily driven by favorable severity assumptions, offset by catastrophe reserve increases. Reserve releases in commercial lines were primarily driven by improved commercial auto injury severity.

For a more detailed discussion on reinsurance and reserve reestimates, see Note 8 of the condensed consolidated financial statements.

Third Quarter 2026 Form 10-Q 53

(2)Ratios are calculated using Allstate Protection premiums earned.

Expense ratio increased 0.2 points in the third quarter of 2026 compared to the third quarter of 2025 primarily due to an increase in amortization of DAC, higher expenses related to premium growth, employee-related costs and restructuring expenses. Expense ratio increased 0.4 points in the first nine months of 2026 compared to the first nine months of 2025 due to an increase in amortization of DAC, higher advertising, expenses related to premium growth and employee-related costs.

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