ALLSTATE CORP

Allstate Protection Segment

Underwriting income increased $723 million and increased $3.02 billion in the second quarter and first six months of 2026, respectively, compared to the same periods of 2025, primarily due to an increase in premiums earned, lower catastrophe losses and the benefit of prior year reserve releases, partially offset by higher 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, 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 - six 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 $39 million in the second quarter of 2026 compared to the second quarter of 2025 and increased $41 million in the first six months of 2026 compared to the first six months of 2025, primarily due to the following factors:

•Increased new issued applications in all channels

•PIF increased 2.8% or 708 thousand to 25,951 thousand as of June 30, 2026 compared to June 30, 2025

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

Second Quarter 2026 Form 10-Q 49

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 8.1% or $357 million in the second quarter of 2026 compared to the second quarter of 2025 and increased 8.2% or $645 million in the first six months of 2026 compared to the first six 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 six months ended June 30, 2026, rate increases of 4.9% were implemented resulting in a total estimated insurance premium impact of 1.3%, excluding the impact of changes in insured home replacement costs

•PIF increased 2.9% or 223 thousand to 7,819 thousand as of June 30, 2026 compared to June 30,

2025, primarily in the direct and exclusive agency channels, partially offset in the independent agency channel

•Increased new issued applications in all channels

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 2.4% or $21 million in the second quarter of 2026 compared to the second quarter of 2025 and increased 3.8% or $60 million in the first six months of 2026 compared to the first six 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 21.0% or $21 million in the second quarter of 2026 compared to the second quarter of 2025 and increased 20.1% or $39 million in the first six months of 2026

compared to the first six 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 35.1% or $54 million in the second quarter of 2026 compared to the second quarter of 2025 and decreased 22.3% or $73 million in the first six months of 2026 compared to the first six months of 2025, 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.

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(1)Expense ratio includes other revenue of $42 million and $86 million for the three and six months ended June 30, 2026, respectively, compared to $47 million and $91 million for the three and six months ended June 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 13.5 points and 11.0 points in the second quarter and first six months of 2026, respectively.

(2)The ten-year average effect of homeowners catastrophe losses on the total homeowners combined ratio was 43.5 points and 36.0 points in the second quarter and first six months of 2026, respectively.

Auto loss ratio decreased 3.6 points and decreased 6.1 points in the second quarter and first six months of 2026, respectively, compared to the same periods 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.

Second Quarter 2026 Form 10-Q 51

Homeowners loss ratio decreased 8.8 points and decreased 19.4 points in the second quarter and first six months of 2026, respectively, compared to the same periods of 2025, primarily due to increased premiums earned and lower catastrophe losses. Gross claim frequency, excluding catastrophes, increased in the second quarter and first six months of 2026 compared to the same periods of 2025. Paid claim severity, excluding catastrophes, increased in the second quarter and first six 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 17.6 points and decreased 22.4 points in the second quarter and first six months of 2026, respectively, compared to the same periods of 2025, primarily due to the benefit of prior year reserve releases, excluding catastrophes, lower catastrophe losses and increased premiums earned.

Commercial lines loss ratio decreased 13.6 points in the second quarter of 2026 compared to the second quarter of 2025, primarily due to prior year reserve releases in the current year compared to prior year reserve strengthening in the prior year. Commercial lines loss ratio decreased 7.0 points in the first six months of 2026 compared to the first six months of 2025, primarily due to lower losses, including the benefit of prior year reserve releases, partially offset by a decrease in premiums earned.

Brokered solutions and collateral protection loss ratio increased 7.4 points in the second quarter of 2026, compared to the second quarter of 2025, primarily due to lower premiums earned and higher catastrophe losses. Brokered solutions and collateral protection loss ratio decreased 3.7 points in the first six months of 2026 compared to the first six months of 2025, primarily due to lower losses, partially offset by a decrease in premiums earned and lower prior year reserve releases.

Catastrophe losses decreased $268 million to $1.72 billion in the second quarter of 2026 compared to the second quarter of 2025. Catastrophe losses decreased $1.23 billion to $2.96 billion in the first six months of 2026 compared to the first six months of 2025. Results in 2025 included $1.11 billion of losses related to the 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 $5.22 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 June 30, 2026, the modeled 1-in-100 annual aggregate probable maximum loss for hurricane, earthquake and wildfire perils was

approximately $3.2 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.

Similar to our 2025 program, 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.

The total cost of our property catastrophe reinsurance programs, excluding reinstatement premiums, during the second quarter and first six months of 2026 was $378 million and $686 million, respectively, compared to $305 million and $562 million in the second quarter and first six months of 2025. Catastrophe placement premiums reduce net written and earned premium with approximately 83% of the reduction related to homeowners premium.

(1)Programs or contracts updated in the first quarter of 2026.

(2)Programs or contracts updated in the second quarter of 2026.

Florida Program Our 2026 Florida Program provides coverage for property policies of CKIC, CKI

and affiliated companies for Florida catastrophe events

Second Quarter 2026 Form 10-Q 53 up to $934 million of property loss less a $30 million retention.

The Florida Program includes reinsurance agreements placed in the traditional market, Florida Hurricane Catastrophe Fund (“FHCF”) and the insurance-linked securities (“ILS”) market as follows:

•Contracts between $30 million and $85 million:

–First event coverage provides $55 million of reinsurance limit, with $25 million placed with traditional reinsurers and $30 million placed as a catastrophe bond, and is not eligible for reinstatement of limits

–Second event coverage is placed with traditional reinsurers, with $55 million of reinsurance limit

•Contracts between $85 million and $369 million:

–Provide $149 million of limits, 90% placed (totaling $134 million of placed limit) for qualifying losses to personal lines property in Florida caused by storms the National Hurricane Center declares to be hurricanes. These contracts inure to the benefit of all other reinsurance and do not have reinstatement provisions

–Provide $150 million of limit placed with traditional reinsurers for a first event, with one automatic reinstatement of limits, with premium due. A separate contract offsets the full amount of this reinstatement premium

•Contracts between $369 million and $719 million provide $350 million of limit placed as two catastrophe bonds and are not eligible for reinstatement of limits.

•Contracts between $719 million and $934 million provide $215 million of limit placed with traditional reinsurers for a first event, with one automatic reinstatement of limits, with additional premium due. A separate contract offsets the full amount of this reinstatement premium.

National General Lender Services Standalone Program is placed in the traditional market and provides coverage for catastrophe events up to $350 million of loss less a $70 million retention, with

one automatic reinstatement of limits, with additional premium due. The National General FHCF contract provides additional coverage for Florida hurricane events, for a combined coverage for such catastrophe events of $443 million of loss less a $63 million retention.

National General Flood Excess of Loss Reinsurance Contract provides $60 million of placed limits, subject to a $20 million retention, with one automatic reinstatement of limits, with additional premium due.

Prior year reserve reestimates, including catastrophes, decreased reserves by $641 million in the second quarter of 2026 and $1.65 billion in the first six months of 2026.

During the second quarter of 2026, favorable auto severity, excluding catastrophes, reflected improved prior period loss development and better than expected claim outcomes. Auto reserve releases for the second quarter of 2026 included $597 million related to auto injury coverages and $42 million related to other auto coverages. Approximately 51% of auto injury coverage reserve releases related to accident year 2025 and approximately 33% to 2023 and 2024.

During the first six months of 2026, favorable auto severity, excluding catastrophes, reflected improved prior period loss development and better than expected claim outcomes. Auto reserve releases during the first six months of 2026 included $1.27 billion related to auto injury coverages and $205 million related to other auto coverages. Approximately 30% of auto injury coverage reserve releases related to accident year 2025 and approximately 51% to 2023 and 2024.

For the second quarter and first six months of 2026, reserve releases in homeowners were primarily driven by favorable severity assumptions, offset by catastrophe reserve increases. Reserve releases in specialty lines and commercial lines were primarily driven by favorable large loss experience in personal umbrella coverage and improved commercial auto injury severity.

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

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

Expense ratio increased 1.0 point and increased 0.4 points in the second quarter and first six months of 2026, respectively, compared to the same periods of 2025 primarily due to higher advertising and legal expenses, partially offset by higher earned premium growth relative to costs.

Second Quarter 2026 Form 10-Q 55