ALLSTATE CORP
For the period ended May 14, 2024. Filed Apr 1, 2024.
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May 14, 2024 · Filed Apr 1, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. )
| ☑ | Filed by the Registrant | ☐ | Filed by a party other than the Registrant |
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| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☑ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material under §240.14a-12 |
The Allstate Corporation
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
| PAYMENT OF FILING FEE (CHECK ALL BOXES THAT APPLY): | |
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| ☐ | Fee paid previously with preliminary materials |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |
Allstate Shareholder Letter
Dear Fellow Shareholders,
To succeed in a tumultuous and rapidly changing world, businesses must operate with clarity of purpose, strategic vision, precision and speed. As you know, 2023 was a year of severe weather, inflation and volatile investment markets. Allstate performed well in this environment by helping customers recover from catastrophes, improving auto insurance profitability, proactively managing investments and enhancing the business for sustainable growth. Looking ahead, your company is well-positioned for long-term success.
2023 Results
Our Shared Purpose has guided Allstate for 17 years by focusing on the customer. This creates value for shareholders, opportunity for the Allstate team and improves communities.
Living into Our Shared Purpose requires successfully balancing competing priorities. Customers want affordable, simple and connected protection, so that car accidents, hailstorms or broken appliances do not sidetrack their lives. At the same time, Allstate must provide good returns for shareholders, fulfilling opportunities for employees and agents, and help communities thrive. Doing all of these things require trade-offs and balance.
In 2023, auto insurance rates were raised for the Allstate and National General brands by 16.4% and 12.8%, respectively, to offset increased losses caused by rapid inflation. This obviously did not make products more affordable, but it was necessary for us to earn an adequate return for shareholders. To minimize the impact on customers, operating expenses were reduced, requiring employees and agents to adapt.
We successfully retained more customers than pricing models predicted, since price increases were explained by agents, and non-agent service was improved. In total, however, the customer net promoter score declined last year.
Total enterprise policies in force increased by 2.8% to 194 million as growth in homeowners insurance and protection plans offset a decline in auto insurance policies. Auto insurance policies declined from 26.0 million to 25.3 million reflecting rate increases. National General auto policies rose by 13.3% in 2023 due to increased volume from independent agencies. Homeowners insurance policies were up by 1.1% to 7.3 million despite rate increases of over 12% last year, highlighting the strength of Allstate's competitive position. Protection plans grew by 4.7% as international expansion offset slower growth through North American retailers.
Revenues reached $57.1 billion, 11.1% higher than 2022, reflecting significant increases in average auto and home insurance premiums. Auto insurance profitability improved throughout the year which reduced the underwriting loss by $1.9 billion from 2022. Catastrophe losses, however, were 81% higher ($2.5 billion), resulting in an underwriting loss for 2023. Investment performance was strong with a 6.7% total return and $2.5 billion of net investment income. Health & Benefits and Protection Services businesses generated $348 million of Adjusted Net Income, which reduced the overall net loss to $316 million for the year. Adjusted Net Income*, which excludes some non-operating items, was $251 million for the year and the return on adjusted equity* of 1.5% was below our target of 14-17%.
| ● | Revenue: $57.1 billion (+11.1%) |
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| ● | Policies in Force: 194 million (+2.8%) |
| ● | Net loss: $316 million |
| ● | Adjusted net income*: $251 million |
Allstate was ranked in the top 250 best-managed companies for the seventh consecutive year by The Wall Street Journal and Drucker Institute.
2023 Operating Priorities
Improve customer value
The Enterprise Net Promoter Score, which measures how likely customers are to recommend Allstate, finished below the prior year, reflecting substantial price increases necessary to offset higher loss costs.
Grow customer base
Consolidated policies in force reached 194 million, a 2.8% increase from prior year. Property-Liability policies in force decreased by 2.0% compared to the prior year, as growth at National General was more than offset by a decrease at the Allstate brand. Protection Services policies in force increased 4.3%, primarily due to growth at Allstate Protection Plans.
Achieve target economic returns on capital
Returns were below target, reflecting property-liability combined ratio of 104.5. The auto insurance profit improvement plan improved results throughout the year but an 81% increase in catastrophe losses led to an underwriting loss.
Proactively manage investments
Net investment income of $2.5 billion in 2023 was $75 million higher than prior year as higher market-based investment income was partially offset by lower performance-based results. Total return on the $66.7 billion (as of 12/31/23) investment portfolio was 6.7% in 2023. Proactive portfolio management repositioned the fixed income portfolio into longer duration and higher-yielding assets that increased income.
Execute Transformative Growth
Allstate made substantial progress in advancing Transformative Growth initiatives in 2023. National General is building a strong competitive position in independent agent distribution. Protection Plans is expanding outside the U.S.
| * | For definitions of these terms, please see the definitions of non-GAAP measures on pages 119-121 of our 2024 Proxy Statement. |
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4 The Allstate Corporation |AllstateProxy.com
Strategic Direction
Allstate’s strategy is to grow property-liability insurance market share and expand protection provided to customers.
Progress was made in implementing the Transformative Growth strategy to increase auto and home insurance market share.
Customer value will be increased with lower prices, funded through expense reductions and sophisticated pricing, and new Affordable, Simple, Connected protection products. A new Allstate brand auto insurance offering is now available in seven states and will be expanded in 2024.
Access to local Allstate agents is important to customer value and this strength will be enhanced with new products, advanced technology and greater centralized service. Allstate agents embraced a focus on increasing new business, and productivity increased, aside from the three growth-restricted states where we are addressing profitability. Customer access was also expanded through independent agents with a broader set of National General products.
Progress has also been made in improving sophistication of customer acquisition, building out a new technology ecosystem and organizational transformation.
Expanding the protection provided to customers will also create additional shareholder value. Protection Services revenues increased by 9% over the prior year with increases in protection plans, identity protection, car warranties and roadside services. A sale of the Health & Benefits businesses is being pursued since aligning this business with a set of complementary businesses will create additional value.
Allstate is well-positioned for long-term growthwith a broad range of protection offerings, a great brand and extensive distribution.
| ● | Allstate empowers customers with protection to help them achieve their hopes and dream. This includes insurance for autos, homes, boats and personal property, protection plans for electronics, appliances and furniture, identity protection, roadside service and car warranties. |
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| ● | The Allstate brand is widely recognized and trusted. This is a significant asset in the highly competitive auto and home insurance market and drives growth in other protection products. |
| ● | Allstate has extensive distribution partnerships so consumers can become Allstate customers almost everywhere. Insurance products are sold through 26,000 licensed professionals in Allstate agencies, at call centers, over the web, and from tens of thousands of independent agents. Protection plans are embedded into the flow of commerce in many of the largest U.S. retailers and expanding internationally. Employee benefit brokers and car dealers also offer Allstate products. |
Successful strategies must also incorporate discontinuous changes in the external environment. Four drivers of change (artificial intelligence, climate change, mobility and connectivity) will impact customers, shareholders and employees. Investments are being made in each of these areas to ensure Allstate has the capabilities to adapt to create the future, not just react to trends.
Innovation on the move – The Allstate mobile app was expanded to enable customers to find lower gas prices, check the weather and reserve parking. Customers use the app 2.5 million times per week!
Human Capital
Allstate has over 53,000 employees located around the world that live into Our Shared Purpose. Eight-four percent of U.S. employees have a favorable view of engagement at Allstate. Ninety percent of U.S. employees feel connected to their immediate team members. Turnover dropped dramatically in 2023.
Allstate is a purpose driven company that is powered by purpose driven people.
High engagement results reflect being on a path to the future, versus trying to return to the past. A distributed work model is a core part of the employee value proposition.
The Allstate Corporation |AllstateProxy.com 5
It requires providing leaders with guidance and tools to provide a sense of belonging. As a result, resources have been increased and “pods” for in-person collaboration are being tested as gathering places.
Creating a transformative growth enterprise requires culture change, keeping the good and having the courage to stop things that get in the way. To focus cultural change, a definition was needed, and since the dictionaries were of little help, we created our own.
Culture is a self-sustaining system of shared values, principles and priorities that shape beliefs, drive behaviors and influence decision-making within an organization.
The good news is that most of this is covered in Our Shared Purpose. The values of integrity and ethics are critical to maintaining Allstate as a trusted source of protection. Principles and priorities are reflected in our strategies and behaviors. There is a clear focus on what cultural elements need to be maintained and those where change will improve performance.
Allstate was recognized as one of the world’s most ethical companies by Ethisphere for a 10th consecutive year.
Inclusive Diversity and Equity is core to success and while more progress is needed, Allstate continues to lead. In the U.S., 56% of the management team and 48% of the company’s officers identify as female or BIPOC, both of which increased from the prior year.
Allstate was included in DiversityInc’s Top 50 Companies for Diversity
Financial Strength
Allstate successfully manages capital and has the financial strength to navigate challenging operating environments, fund growth and reward shareholders. Proactive enterprise risk and return management practices kept Allstate in a well-capitalized position in 2023, despite underwriting losses and a significant share repurchase program. Statutory capital and assets at the holding company were $18.0 billion at the end of 2023, which was well in excess of insurance regulatory requirements and exceeded the base level set by the company’s models. Sophisticated risk and return management led to a reduction in the public equity portfolio in 2022 and increased duration of the bond portfolio in 2023, which reduced required capital and increased prospective income. $1.3 billion of capital was returned to shareholders in 2023, although the share repurchase program was stopped in July. Over the last five years, $13.7 billion has been returned to shareholders which reduced the number of shares outstanding by 25%.
Climate Engagement
Allstate has been engaged on climate issues for over 25 years since severe weather impacts customers, shareholders and communities. This focus has been on the realities of recovery, remediation and long-term resiliency, not the genesis of climate change.
Allstate successfully adapted to increased severe weather starting in 2008, following a series of large hurricanes and weather-related losses. Homeowners insurance coverage was changed so that customers with newer weather resistant roofs had lower premiums. Pricing fairness was also improved by using sophisticated analytics for each type of loss. To maintain financial strength in the face of extremely large catastrophes, we became one of the largest purchasers of reinsurance and lowered exposure in areas where regulators would not approve adequate prices. Claims remediation was improved by using technology to rapidly respond when disaster strikes. Today, Allstate insures 7.3 million homes and helps approximately 600,000 additional customers get homeowners insurance in markets where the company limits risk levels. In addition to protecting customers from climate change, we have adequately compensated shareholders with underwriting profits over the last 3, 5 and 10 years.
Climate change also impacts operating practices and investment opportunities. Allstate has committed to achieve net zero Scope 1 and 2 emissions by 2030. A commitment on Scope 3 emissions will be made in 2025 since this largely represents indirect emissions through the investment portfolio and the measurement system is not fully developed. The transition to a lower carbon economy will also create attractive return opportunities in the investment portfolio. Investment capabilities are being built, measurement expanded and investments made to benefit in this future.
While Allstate has adapted to climate change and has a viable business protecting homeowners, the overall industry has generated losses of $23 billion in the last 5 years. As a result, competitors are taking action to reduce their losses and consequently homeowners in some markets are not able to get private insurance. Some state-owned insurance pools have moved from providers of last resort to significant insurers. One state's pool is the 10th largest insurer in the country. This is not a sustainable or financially sound situation. Allstate is an advocate for creating solutions through private and public collaboration. The stakes are significant.
**America’s financial well-being is at risk.**Severe weather threatens not only lives but financial solvency, retirements and the American dream. U.S. households have $45 trillion invested in their homes, which represents about half of the net worth for half of households. Insurance is needed for economic stability but the risk of loss is too large for private insurers alone.
**Catastrophe losses are increasing.**A warming world creates more severe weather catastrophes. This is not just a California or Florida problem since catastrophes (hurricanes, wildfires, flooding, tornadoes, hailstorms, straight line winds, atmospheric rivers, and earthquakes) put virtually every community at risk.
**Private insurers can protect people but regulations must reflect economic realities.**Private insurers exist to facilitate recovery, spread the costs of disasters amongst policyholders in a fair way and risk their capital. When regulators don't allow insurance prices to reflect local risks this is unfair for customers who choose to live in lower risk areas. It also inhibits insurers from risking their capital which leads to a lack of insurance options. A proper price educates consumers on risks and supports increased resiliency. Insurers must be allowed to properly price risk and reflect the realities of a warmer world.
6 The Allstate Corporation |AllstateProxy.com
A sustainable solution also requires governments to provide households protection for extremely large low frequency events.
Natural disasters are hitting Americans and the U.S. economy harder and more frequently.
The Facts
170 storms of $1 billion or greater over last 10 years, worth $1.2T of economic loss.
The frequency of billion-dollar catastrophe events has increased by a factor of 2x over the last 10 years.
Hurricanes impact all coastal states from TX to ME, and in 2023 even CA and AZ.
Earthquakes expose homes in CA, WA, OR, and states exposed to the New Madrid fault (AR, IL, KY, MO, OH).
Tornado/Hail losses exist in states like CO, OK, TX and NE, but with exposure in all states east of the Rockies.
Wildfire exposure exists in CA and the western US states.
All states have exposure to flooding.
| ● | Large catastrophes create losses beyond the capacity of private insurers. A Category 5 hurricane in Miami-Dade County, Florida, could result in over $150 billion of losses, and a repeat of the 1938 “Long Island Express” hurricane in New York could cost $100 billion. The top 10 U.S. insurance carriers have $300 billion of total capital for all risks, so fully covering these losses is not prudent. |
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| ● | State based entities have been created in some states to address this reality, such as Florida, California and Texas, but these entities do not have sufficient financial resources. Other states, such as New York, New Jersey and Georgia have large exposures and plans need to be created. |
| ● | The federal government also needs to help protect households from severe weather since large natural disasters are beyond the financial capacity of states. Current federal support could be more effective and equitable. From 2005 through 2019, the federal government spent almost half a trillion dollars on recovery after catastrophes through at least 17 departments. The National Flood Insurance Program runs consistent losses and owes the U.S. Treasury $20.5 billion. Federal plans such as the Terrorism Reinsurance Act protect commercial interests but leave homeowners unprotected. Imagine a terrorist attack in a city where hotel and office building owners get government insurance payments but individual homeowners get nothing. The federal government’s approach must be updated for the realities of more severe weather. |
Creating a sustainable system that protects America is complicated and will require collaboration and compromise. Allstate will stay actively engaged at the state and federal level to find a better path forward for customers, shareholders, and communities.
Sustainability
Corporate sustainability requires balance and strong governance. Allstate uses a Societal Engagement Framework to provide clarity and structure to determine where to lead on societal issues.
The Allstate Foundation empowers people and communities so they can thrive by empowering youth to serve and improve communities, working to close the racial wage gap, and disrupting the cycle of relationship abuse. Over the past three years, The Allstate Foundation has distributed nearly $112 million to nonprofits.
Shareholders benefit from strong governance led by a board of highly successful directors with a diversity of talent, backgrounds and capabilities. The independent directors summarize their accomplishments in an annual letter on pages 8-9 of this proxy statement.
Allstate is positioned for success with Our Shared Purpose guiding the way and a world-class leadership team that uses the head, heart and courage to create the future.
It is an honor to have your support to continue building this iconic company!
Tom WilsonChair, President and CEO
The Allstate Corporation |AllstateProxy.com 7
Letter from Independent Directors
April 1, 2024
Fellow Stockholders,
In 2023, we continued to enhance the Board's engagement and oversight to fulfill our fiduciary obligations in what was a challenging operating environment. Allstate executed on improving profitability while implementing strategic initiatives to create long-term shareholder value. This was achieved despite headwinds related to market volatility, inflation pressure and elevated catastrophe losses. The Board focused on profit improvement, operating performance, risk oversight, governance, long-term strategy and environmental and social impact. The foundation of good governance is transparency and accountability, and this letter highlights the Board's performance during the past year.
Strategy and Business
The Board is fully engaged in the oversight of Allstate's operating results and long-term strategic priorities. In 2023, the Board effectively oversaw Allstate's strategy to increase shareholder value by improving profitability, proactively managing investments and implementing Transformative Growth initiatives.
| ● | Profitability improved as auto and home insurance prices were increased with revenues growing 11.1% to $57 billion, compared to the prior year. Profitability was also improved through expense reductions and restricted new auto insurance growth in profit-challenged areas. |
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| ● | Our investment portfolio had strong returns as duration was shortened in 2021 and extended in 2023. |
| ● | Transformative Growth initiatives continued to be executed to create additional shareholder value by increasing auto and home insurance market share once margins improved. |
| ● | Divestiture of the Health and Benefits businesses is being pursued to maximize their long-term value by leveraging the capabilities of similar companies. |
| ● | Our annual three-day strategy session focused on four “drivers of change” critical to Allstate’s long-term business success: artificial intelligence, climate change, personal transportation and customer connectivity. |
Overall financial results were below long-term targets but improved throughout the year. 2023 had a net loss of $316 million and adjusted net income* of $251 million, reflecting elevated catastrophe losses and an underwriting loss in auto insurance. In July 2023, in light of the net loss, we suspended repurchasing shares with $4.5 billion of the $5 billion program completed. Allstate increased the common dividend by 3.4% in February 2024, reflecting an ongoing commitment to shareholder return.
Risk Oversight and Board Composition
The Board oversees both the “here and now” risks and longer-term challenges and opportunities. This includes thorough reviews of risks presented by inflation, investment volatility, capital constraints, changing driving behaviors, cybersecurity, regulation, climate change and severe weather. The Board expanded its oversight of technology, data analytics and artificial intelligence (“AI”) and reviewed a digital analytical ecosystem to improve direct sales, claims effectiveness and efficiency, and enhance investment processes. The Board evaluated operating and compensation plans from a risk and return perspective. Additionally, the Board reviewed and assessed the company's operating performance and capital allocation practices using an outside-in perspective. We once again utilized independent external resources to supplement our capabilities for compensation, cybersecurity and pay equity topics.
We focused on ensuring Allstate has an optimal Board structure and composition to effectively oversee the business. The Board is a diverse group of highly successful business leaders with a wide array of strategic and business skills. When adding a new director or changing composition of Board committees, we ensure there is a diverse mix of skills, experiences and perspectives. To that end, we added Maria Morris to the Board, who brings insurance industry experience as well as extensive strategic, operational and technology expertise.
Succession Planning
The Board recognizes that continuous and systematic reviews of succession planning is critical to success. We reviewed senior leadership and CEO succession from both an enterprise and individual perspective over multiple meetings during 2023 and participated in succession scenario planning exercises. The Board also has consistent and direct exposure to senior leaders throughout the year and regularly interacts with high performing leaders. We are continually impressed with the “bench strength” and believe that the company is well-positioned for leadership succession.
| * | Measures used in this proxy statement that are not based on generally accepted accounting principles (“non-GAAP”) are denoted with an asterisk (*). For definitions of these terms, please see the definitions of non-GAAP measures on pages 119-121 of our 2024 Proxy Statement. |
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8 The Allstate Corporation |AllstateProxy.com
Letter from Independent Directors
Human Capital
As a service organization, Allstate’s strong human capital management and inclusive diversity and equity (“IDE”) practices are essential to continued success. Important human capital initiatives were reviewed with the Board and advanced during the year:
| ● | Organizational health, including progress against Future of Work Initiative to address culture, distributed work efficiencies, employee retention and development |
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| ● | An IDE plan that encompasses work environment, employee representation and procurement relationships. The Board also participated in a facilitated discussion of diversity in the board room. IDE metrics were shifted to the long-term incentive plan to demonstrate alignment with Allstate’s long-term strategic priorities |
| ● | Organizational transformation strategy, deploying talent, advancing skills-led talent management, and leveraging technology to support Transformative Growth |
| ● | Compensation plans are linked to a broad set of objective performance measures. Annual incentive plans are designed to reward performance on key strategic, operational, and financial measures. Long-term incentive plans reflect total shareholder return relative to peers, performance net income return on equity, and performance on IDE progress |
To support its commitment to equity and transparency, Allstate issued its third EEO-1 Report and once again completed an external pay equity analysis.
Climate and Sustainability
At Allstate, we take meaningful action to create a more sustainable future since increasing severe weather impacts customers, investors and communities. Allstate has focused on the impacts of climate change for over 25 years, including advocating for catastrophe disaster preparation and response, risk sharing mechanisms, and enhanced building standards. In 2023, progress was made on the strategy to generate attractive investment
returns by considering the transition to a lower carbon economy. We expanded the Task Force on Climate-related Financial Disclosures (“TCFD”) report to reflect work done on emissions targets and issued our third Sustainability Accounting Standards Board (“SASB”) report. A materiality assessment informed the determination of focus areas under the Societal Engagement Framework. The Allstate Foundation invested in its pillars of youth empowerment, victims of relationship abuse and racial equity.
Engagement with Allstate’s shareholders is an essential part of the Board’s decision-making process. In 2023, the Chair, independent Lead Director and other senior management met with investors representing more than 45% of outstanding shares. We discussed matters including company strategy, operating performance, governance and sustainability initiatives. Feedback from these meetings was shared with the Board and action items were developed, many of which have been communicated in this Proxy Statement.
Allstate continues to be recognized for its best practice disclosures. The 2023 proxy statement was awarded “Best Proxy Statement” by the Transparency Awards. The company’s proxy statement and shareholder engagement program were also recognized by Governance Intelligence, formerly Corporate Secretary.
Your view is important to us and we value your continued investment and support of Allstate. The company is positioned for sustainable value creation given our transformation strategy, strong leadership team, and unwavering commitment to Our Shared Purpose of serving customers, providing opportunity to employees and agents, delivering attractive returns to investors and improving communities. We pledge to ensure that Allstate fulfills its obligations to you, its customers, and the broader community. Thank you for trusting us to oversee the long-term sustainability of Allstate.
| Donald E. Brown | Siddharth N. (Bobby) Mehta | Gregg M. Sherrill |
| Kermit R. Crawford | Maria Morris | Judith A. Sprieser |
| Richard T. Hume | Jacques P. Perold | Perry M. Traquina |
| Margaret M. Keane | Andrea Redmond | Monica Turner |
The Allstate Corporation |AllstateProxy.com 9
Notice of 2024 Annual Meeting of Shareholders
Items of Business
| BOARD RECOMMENDATION | ||
| 01 Election of 13 directors | FOR each nomineeSee pages 28-65 ► |
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| 02 Say-on-pay: advisory vote on the compensation of the named executives | FOR See pages 66-106 ► |
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| 03 Ratification of appointment of Deloitte & Touche LLP as Allstate’s independent registered public accountant for 2024 | FORSee pages 107-110 ► |
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| 04 Shareholder Proposal to have an Independent Board Chairman | AGAINSTSee pages 111-112 ► |
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In addition, any other business properly presented may be acted upon at the meeting.
By Order of the Board,
Christine DeBiase
Secretary
** April 1, 2024**
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to Be Held on May 14, 2024
The Notice of 2024 Annual Meeting, Proxy Statement and 2023 Annual Report and the means to vote by Internet are available at proxyvote.com.
Date and Time May 14, 2024, at 11:00 a.m. Central time.Admission to the webcast begins at 10:30 a.m.
Virtual (Online Only) www.virtualshareholdermeeting.com/ALL2024
Record Date Holders of Allstate common stock at the close of business on March 18, 2024. Each share of common stock is entitled to one vote for each director candidate and one vote for each of the other proposals.
Participation Shareholders who wish to participate in the meeting should review page 11.
Date of Mailing On or about April 1, 2024, these proxy materials and annual report are being mailed or made available to shareholders and to participants in the Allstate 401(k) Savings Plan.
How to Vote in Advance
Your vote is important. Please vote as soon as possible by one of the methods shown below.Make sure to have your proxy card, voting instruction form, or notice of Internet availability in hand and follow the instructions. You may also vote during the annual meeting by visiting www.virtualshareholdermeeting.com/ALL2024, entering your control number, and following the instructions.
By TelephoneIn the U.S. or Canada, you can vote your shares toll-free by calling 1-800-690-6903.
By MailYou can vote by mail by marking, dating and signing your proxy card or voting instruction form and returning it in the postage-paid envelope.
By InternetYou can vote your shares online at proxyvote.com.
By Tablet or SmartphoneYou can vote your shares with your tablet or smartphone by scanning the QR code.
10 The Allstate Corporation |AllstateProxy.com
Participating in Our Annual Meeting
The 2024 annual meeting will be held in a virtual meeting format since it provides greater access and participation opportunities for shareholders.
Virtual Meetings Increase Participation
**SHAREHOLDER
ATTENDANCE
**SHAREHOLDER
QUESTIONS
ANSWERED DURING
THE MEETING
**Who can participate in the Virtual Annual Meeting?
**If you plan to participate in the annual meeting, you must be a holder of Allstate shares as of the record date of March 18, 2024, or hold a legal proxy for the meeting provided by your bank, broker, or nominee.**To be admitted to the annual meeting webcast at www.virtualshareholdermeeting.com/ALL2024, you must enter the 16-digit control number found on your proxy card, voting instruction form or notice of internet availability.**You may log into the meeting platform beginning at 10:30 a.m. Central time on May 14, 2024. The meeting will begin promptly at 11:00 a.m. Central time on May 14, 2024. The virtual meeting platform is fully supported across browsers (Firefox, Chrome, Microsoft Edge and Safari) and devices (desktops, laptops, tablets and cell phones) running the most updated version of applicable software. Participants should ensure they have a strong WiFi connection wherever they intend to participate in the meeting. Participants should also give themselves plenty of time to log in and ensure that they can hear streaming audio prior to the start of the meeting.
**How can I vote at the meeting?
**You may vote during the annual meeting by following the instructions available on the meeting website during the meeting.Whether or not you participate in the annual meeting, we encourage you to vote and submit your proxy in advance of the meeting by one of the methods described in these proxy materials.
**How can I ask a question at the meeting?
**This year’s shareholders’ question and answer session will include questions submitted in advance of, and questions submitted live during the annual meeting. You may submit a question in advance of the meeting beginning at 8:30 a.m. Central time on May 9, 2024, and until 11:59 p.m. Central time on May 13, 2024, at www.proxyvote.com after logging in with your 16-digit control number. Once past the login screen, click on “Question for Management,” typing your question and clicking “Submit.” Alternatively, questions may be submitted during the annual meeting through www. virtualshareholdermeeting.com/ALL2024, by typing your question into the “Ask a Question” field and clicking “Submit.” We will try to answer as many questions as time permits. We reserve the right to edit profanity or other inappropriate language and to exclude questions regarding topics that are not pertinent to meeting matters or company business. If we receive substantially similar questions, we may group such questions together and provide a single response to avoid repetition. Any questions pertinent to meeting matters that cannot be answered during the meeting due to time constraints will be posted online at www.allstateinvestors.com.
**Who do I contact about technical difficulties?
**If you encounter difficulties accessing the meeting during the meeting time, please call the technical support number at (844) 986-0822. The technical support number will also be posted on the meeting website.
**Will a replay of the meeting be available?
**Following completion of the meeting, a webcast replay will be posted online to our Investor Relations website at www.allstateinvestors.com for one year.
The Allstate Corporation |AllstateProxy.com 11
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.