Allstate

“Increases in the frequency or severity of property and casualty claims may adversely affect our results of operations and financial condition A significant increase in claim frequency could adversely affect the results of operations and financial condition. Changes in mix of business, miles driven, weather patterns, driving behaviors, technology or other factors can lead to changes in claim frequency.”

Annual report 2025A · The company itself

“Declines in consumer confidence and spending, including internationally, and periods of high unemployment or labor shortages could change consumer behaviors and impact the sales of our consumer protection plan products and other products and services we sell.”

Annual report 2025A · The company itself

“Products with lower liquidity and capital needs, such as auto insurance and run-off lines, create capacity to invest in less liquid higher yielding fixed income securities, performance-based investments such as limited partnerships and equity securities. Products with higher liquidity needs, such as homeowners insurance, are invested primarily in high quality liquid fixed income securities.”

Annual report 2025A · The company itself

“We empower customers with protection to help them achieve their hopes and dreams We provide affordable, simple and connected protection solutions We create economic value for our shareholders, opportunity for our team and improve communities Our Values •Integrity is non-negotiable •Inclusive Diversity leverages differences •Collective Success prioritizes enterprise outcomes Our Operating Standards •Focus on Customers by exceeding service expectations at low costs •Be the Best at serving customers, developing talent and running our businesses •Be Bold with original ideas using speed and conviction •Earn Attractive Returns by providing customer value and accepting risk Our Behaviors •Collaborate to implement comprehensive solutions •Challenge Ideas to evaluate multiple alternatives •Provide Clarity for expected outcomes, authority and accountability •Give Feedback that is candid and actionable Our strategy has two components: increase personal property-liability market share and expand protection offerings by leveraging the Allstate brand, customer base and capabilities.”

Annual report 2025A · The company itself

“Allstate Protection Segment Private passenger auto, homeowners, and other personal lines insurance products are offered to consumers through exclusive agents, independent agents and directly to the consumer through contact centers and online.”

Annual report 2025A · The company itself

“48 www.allstate.com 2025 Form 10-K Protection Services Protection Services Segment Protection Services is comprised of Protection Plans, Roadside, Dealer Services, Identity Protection and Arity. In 2025, Protection Services represented 81.6% of total PIF and 4.8% of premiums written. We offer consumer product protection plans, automotive protection and insurance products (including vehicle service contracts, guaranteed asset protection, road hazard tire and wheel and paintless dent repair protection), roadside assistance, mobility intelligence services and analytic solutions using automotive telematics information and identity theft protection and remediation services.”

Annual report 2025A · The company itself

“Our investment portfolios are subject to market risk, including interest rate risk and equity price risk, and declines in credit quality which may adversely affect or create volatility in investment income and cause realized and unrealized losses We continually evaluate investment management strategies since we are subject to risk of loss due to adverse changes in interest rates, equity prices, credit spreads, real estate values, currency exchange rates and liquidity.”

Annual report 2025A · The company itself

“Declining equity markets or increases in interest rates or credit spreads could cause the value of the investments in our pension plans to decrease. Declines in interest rates could cause the funding ratio to decline and the value of the obligations for pension and postretirement plans to increase.”

Annual report 2025A · The company itself

“Determination of the fair value and amount of credit losses for investments includes subjective judgments and could materially impact the results of operations and financial condition The valuation of the portfolio includes subjective risk factors and the value of assets may differ from the actual amount received upon the sale of an asset. The degree of judgment required in determining fair values increases when: •Market observable information is less readily available •The use of different valuation assumptions may have a material effect on the assets’ fair values •Changing market conditions could materially affect the fair value of investments Additionally, the determination of the amount of credit losses varies by investment type and is based on ongoing evaluation and assessment of known and inherent risks associated with the respective asset class or investment.”

Annual report 2025A · The company itself

“Capital and credit market conditions may significantly affect our ability to meet liquidity needs or obtain credit on acceptable terms In periods of extreme volatility and disruption in the capital and credit markets, liquidity and credit capacity may be severely restricted.”

Annual report 2025A · The company itself

“Performance-based strategies seek to deliver attractive risk-adjusted returns and supplement market risk with idiosyncratic risk. Consequently, return patterns can be more volatile than the market-based portfolio. Returns are impacted by a variety of factors including general macroeconomic and public market conditions as public market benchmarks are often used in the valuation of underlying investments.”

Annual report 2025A · The company itself

“Equity securities were increased by $3.94 billion in 2025 and $2.05 billion in 2024 primarily funded through the sale of investment grade corporate bonds and short-term investments.”

Annual report 2025A · The company itself

“Allstate and other insurers are using increasingly sophisticated pricing models and rating plans that are reviewed by regulators and special-interest groups. Regulators may limit the ability of insurers to include variables in their rating plans even though they are indicative of risk. Regulators may interpret existing law or rely on future legislation or regulations to impose new restrictions that adversely affect profitability or growth.”

Annual report 2025A · The company itself

“Integrated operational risk and return management processes and practices may not be sufficient to timely detect, mitigate and respond to cybersecurity operational risks, including those posed by the use of third-party services (e.g., cloud technology, software as a service) and artificial intelligence.”

Annual report 2025A · The company itself

“Our ability to attract, develop, and retain talent to maintain appropriate staffing levels and a successful work culture is critical to our success Competition for qualified employees with highly specialized knowledge in areas such as underwriting, data and analytics, technology and cybersecurity, is intense.”

Annual report 2025A · The company itself

“Also provides coverage for accidental damage on furniture Roadside Towing, jump-start, lockout, fuel delivery and tire change services Dealer Services Protection and insurance products, including vehicle service contracts, guaranteed asset protection waivers, road hazard tire and wheel, and paint and fabric protection Identity Protection Identity protection and restoration, consumer cybersecurity, privacy and family digital safety services Arity Telematics-enabled mobility insights and services created from data collected, normalized and analyzed by the Arity platform, including automotive telematics information.”

Annual report 2025A · The company itself

“Catastrophe reinsurance The total cost of our property catastrophe reinsurance programs, excluding reinstatement premiums, during 2025 was $1.23 billion compared to $1.11 billion during 2024. Catastrophe placement premiums reduce net written and earned premium with approximately 83% of the reduction related to homeowners premium.”

Annual report 2025A · The company itself

“As of December 31, 2025, approximately 95% of our 1,200 catastrophic claims that are eligible for reimbursement by the MCCA occurred more than 5 years ago and continue to incur costs. There are 64 claims with reserves in excess of $15 million as of December 31, 2025, which comprise approximately 25% of the gross ending reserves in the table above. As a result, significant developments with a single claimant can result in volatility in prior year incurred claims.”

Annual report 2025A · The company itself

“We utilize reinsurance to reduce exposure to catastrophe risk and manage capital, and to support the required statutory surplus and the insurance financial strength ratings of certain subsidiaries such as Castle Key Insurance Company (“CKIC”) and Allstate New Jersey Insurance Company (“ANJ”).”

Annual report 2025A · The company itself

“We have also purchased reinsurance to mitigate exposures in our long-tail liability lines, including environmental, asbestos and other run-off lines as well as our commercial lines.”

Annual report 2025A · The company itself

“In addition to laws and regulations specific to financial institutions, there are comprehensive privacy laws that apply across industries. For example, the California Consumer Privacy Act, as well as similar laws in Virginia, Connecticut, and many other states, impose significant compliance requirements for certain larger businesses in those states.”

Annual report 2025A · The company itself

“In November 2023, the New York State Department of Financial Services amended its cybersecurity regulation, including both new and heightened requirements. Many states have now adopted some form of the NAIC Insurance Data Security Model Law, establishing standards for data security, including the investigation of and notification to insurance commissioners of cybersecurity events.”

Annual report 2025A · The company itself

“Loss of key vendor relationships, disruptions to the provision of products or services by a vendor, a vendor’s failure to restore critical services after a cybersecurity event, or failure of a vendor to provide and protect reliable data, and proprietary information, or personal information of our customers, claimants or employees could adversely affect our operations We rely on services and products provided by many vendors in the U.S. and abroad. These include vendors of computer hardware, software, cloud technology and software as a service, as well as vendors or outsourcing of services such as: •Claim and administrative services •Call center services for customer support •Human resource benefits management •Information technology support •Investment management services •Financial and business support services We continue to identify ways to improve operating efficiency and reduce cost, which may result in additional outsourcing arrangements or increased reliance on third-party technologies in the future.”

Annual report 2025A · The company itself

“Also provides coverage for accidental damage on furniture Roadside Towing, jump-start, lockout, fuel delivery and tire change services Dealer Services Protection and insurance products, including vehicle service contracts, guaranteed asset protection waivers, road hazard tire and wheel, and paint and fabric protection Identity Protection Identity protection and restoration, consumer cybersecurity, privacy and family digital safety services Arity Telematics-enabled mobility insights and services created from data collected, normalized and analyzed by the Arity platform, including automotive telematics information.”

Annual report 2025A · The company itself

“Telematics-based solutions Drivewise® Telematics-based program, available in 48 states and D.C. as of December 31, 2025, offered through the exclusive agency and direct channels, that uses a mobile application or an in-vehicle device to capture driving behaviors and encourage safe driving. It provides customers with information, tools and more accurate individual pricing.”

Annual report 2025A · The company itself

“Our strategy is to offer products that allow customers to interact with us when, where and how they want affordable, simple and connected protection products.”

Annual report 2025A · The company itself

“Mortgage loans of $879 million comprise loans secured by first mortgages on developed commercial real estate of $619 million and residential mortgage loans of $260 million. Key considerations used to manage our exposure include property type and geographic diversification.”

Annual report 2025A · The company itself

“Allstate at a Glance We empower customers with protection to help them achieve their hopes and dreams We provide affordable, simple and connected protection solutions We create opportunity for our team, economic value for our shareholders and improve communities 211 million policies in force (“PIF”) 53,000 employees 3rd largest personal property and casualty insurer in the United States (1) $83.24 billion investment portfolio What we do •Auto, homeowners and other personal lines insurance •Consumer product protection plans •Select commercial property and casualty coverages •Automotive protection and insurance products •Investment portfolio management •Roadside assistance •Identity protection •Mobility intelligence services and analytic solutions using automotive telematics information •Individual health insurance (1) Based on 2024 statutory direct premiums written according to A.M.”

Annual report 2025A · The company itself

“Allstate at a Glance We empower customers with protection to help them achieve their hopes and dreams We provide affordable, simple and connected protection solutions We create opportunity for our team, economic value for our shareholders and improve communities 211 million policies in force (“PIF”) 53,000 employees 3rd largest personal property and casualty insurer in the United States (1) $83.24 billion investment portfolio What we do •Auto, homeowners and other personal lines insurance •Consumer product protection plans •Select commercial property and casualty coverages •Automotive protection and insurance products •Investment portfolio management •Roadside assistance •Identity protection •Mobility intelligence services and analytic solutions using automotive telematics information •Individual health insurance (1) Based on 2024 statutory direct premiums written according to A.M.”

Annual report 2025A · The company itself

“Protection Services includes Protection Plans, Roadside, Dealer Services, Identity Protection and Arity, which offer a broad range of products and services that expand and enhance customer value propositions. Products and distribution Products and services Protection Plans Consumer protection plans and related technical support for mobile phones, consumer electronics and major appliances which provide customers protection from mechanical or electrical failure, and in certain cases, accidental damage.”

Annual report 2025A · The company itself

“Commercial lines strategy The commercial lines strategy is focused on growing National General commercial auto product lines sold through exclusive and independent agents. We are expanding offerings geographically and increasing product lines, including brokered solutions to meet diverse customer needs.”

Annual report 2025A · The company itself

“Allstate at a Glance We empower customers with protection to help them achieve their hopes and dreams We provide affordable, simple and connected protection solutions We create opportunity for our team, economic value for our shareholders and improve communities 211 million policies in force (“PIF”) 53,000 employees 3rd largest personal property and casualty insurer in the United States (1) $83.24 billion investment portfolio What we do •Auto, homeowners and other personal lines insurance •Consumer product protection plans •Select commercial property and casualty coverages •Automotive protection and insurance products •Investment portfolio management •Roadside assistance •Identity protection •Mobility intelligence services and analytic solutions using automotive telematics information •Individual health insurance (1) Based on 2024 statutory direct premiums written according to A.M.”

Annual report 2025A · The company itself

“Allstate Protection Segment Private passenger auto, homeowners, and other personal lines insurance products are offered to consumers through exclusive agents, independent agents and directly to the consumer through contact centers and online.”

Annual report 2025A · The company itself

“Allstate at a Glance We empower customers with protection to help them achieve their hopes and dreams We provide affordable, simple and connected protection solutions We create opportunity for our team, economic value for our shareholders and improve communities 211 million policies in force (“PIF”) 53,000 employees 3rd largest personal property and casualty insurer in the United States (1) $83.24 billion investment portfolio What we do •Auto, homeowners and other personal lines insurance •Consumer product protection plans •Select commercial property and casualty coverages •Automotive protection and insurance products •Investment portfolio management •Roadside assistance •Identity protection •Mobility intelligence services and analytic solutions using automotive telematics information •Individual health insurance (1) Based on 2024 statutory direct premiums written according to A.M.”

Annual report 2025A · The company itself

“Catastrophe exposure management includes purchasing reinsurance to provide coverage for known exposure to hurricanes, earthquakes and fires following earthquakes, wildfires and other catastrophes. Our current catastrophe reinsurance program utilizes the Company’s risk and return framework which incorporates a robust economic capital model and is informed by catastrophe risk models including hurricanes, earthquakes and wildfires. We monitor risk both in aggregate and by peril, while also evaluating model performance relative to experience and expectations of catastrophe risk trends.”

Annual report 2025A · The company itself

“In addition, we have exposure to other severe weather events, which impact catastrophe losses. We are promoting measures to prevent and mitigate losses that are increasing due to climate change and increased severe weather including making homes and communities more resilient, enforcement of stronger building codes, adoption of sensible land use policies, expanded disaster response capabilities and creation of public risk sharing mechanisms.”

Annual report 2025A · The company itself

“Changes in the reserves established for asbestos, environmental and other run-off lines losses have occurred and may continue. Reserve changes can be caused by new information relating to new and additional claims, new exposures or the impact of resolving unsettled claims based on unanticipated events such as arbitrations, litigation, legislative, judicial or regulatory actions.”

Annual report 2025A · The company itself

“Increases in the frequency or severity of property and casualty claims may adversely affect our results of operations and financial condition A significant increase in claim frequency could adversely affect the results of operations and financial condition. Changes in mix of business, miles driven, weather patterns, driving behaviors, technology or other factors can lead to changes in claim frequency.”

Annual report 2025A · The company itself

“Climate change could contribute to increased variability of catastrophe losses and underwriting results.”

Annual report 2025A · The company itself

“Catastrophic losses are caused by wind and hail, wildfires, tornadoes, hurricanes, tropical storms, earthquakes, severe freeze events, volcanic eruptions, terrorism, cyberattacks, civil unrest, industrial accidents and other such events.”

Annual report 2025A · The company itself

“Our catastrophe management strategy may adversely affect premium growth Catastrophe risk management actions have led us to reduce the size of the homeowners business in certain states, including customers with auto and other personal lines products, and may negatively impact future sales.”

Annual report 2025A · The company itself

“Widespread disruptive or destabilizing events may have an adverse effect on our business Disruptive or destabilizing events such as a large-scale pandemic, the occurrence of terrorism, military actions, political and social unrest, declines in trust in government and businesses or other events may result in loss of life, property damage, and disruptions to commerce and reduced economic activity. Some of the assets in our investment portfolio may be adversely affected by declines in the equity markets, changes in interest rates, reduced liquidity and economic activity caused by such events. Additionally, such events could have a material effect on sales, liquidity and operating results.”

Annual report 2025A · The company itself

“Losses from changing climate and weather conditions may adversely affect financial condition, profitability or cash flows Increased global temperatures affect the occurrence of certain natural events, such as increasing the frequency or severity of wind, tornado, hailstorm and thunderstorm events due to increased convection in the atmosphere. There could also be more frequent wildfires in certain geographies, more flooding and the potential for increased severity of losses. As a result, incurred losses from such events and the demand, price and availability of reinsurance coverages for automobile and homeowners insurance may be affected.”

Annual report 2025A · The company itself

“Climate change may also impair our ability to identify and quantify potential losses and offer customers products at an affordable price.”

Annual report 2025A · The company itself

“Catastrophe management Historical catastrophe experience For the last ten years, the average annual impact of catastrophes on our loss ratio was 8.8 points, but it has varied from 7.1 points to 11.6 points. The impact of homeowners catastrophes on the homeowners loss ratio in 2025 was 26.6 points compared to the average annual impact for the last ten years of 28.1 points.”

Annual report 2025A · The company itself

“Severe convective storms We consider the areas of highest potential for catastrophic losses from wind, hail and tornado activity to be major metropolitan regions extending from the Great Plains through the Southeastern United States.”

Annual report 2025A · The company itself

“Indemnification programs We are a participant in state-based industry pools, facilities or associations, mandating participation by insurers offering certain coverage in their state, including the Michigan Catastrophic Claims Association (“MCCA”), the New Jersey Property-Liability Insurance Guaranty Association, the North Carolina Reinsurance Facility and the Florida Hurricane Catastrophe Fund. We also sell and service Federal Government National Flood Insurance Program (“NFIP”) flood policies as an agent of the Federal Emergency Management Agency (“FEMA”).”

Annual report 2025A · The company itself

“Additional regulations or new requirements may emerge from the activities of various regulatory entities, including the Federal Reserve Board, FIO, FSOC, the National Association of Insurance Commissioners (“NAIC”), and the International Association of Insurance Supervisors, that are evaluating solvency and capital standards for insurance company groups.”

Annual report 2025A · The company itself

“Rate regulation Nearly all states and D.C (collectively, “locations”) have insurance laws requiring personal property and casualty insurers to file rating plans, policy or coverage forms, and other information with the location’s regulatory authority. In many cases, such rating plans, policy forms, or both must be approved prior to use.”

Annual report 2025A · The company itself

“From time to time, the personal lines insurance industry comes under pressure from state regulators, legislators, and special-interest groups to reduce, freeze, or set rates at levels that do not correspond with underlying costs, catastrophe loss exposure, and expenses. We expect this kind of pressure to persist.”

Annual report 2025A · The company itself

“We may not be able to mitigate the impact associated with changes in capital requirements Regulatory requirements affect the amount of capital to be maintained by our subsidiary insurance companies. Changes to requirements or regulatory interpretations may result in additional capital held in our insurance companies and could require us to increase prices, reduce sales of certain products, or accept a return on equity below original levels assumed in pricing.”

Annual report 2025A · The company itself

“Evolving privacy and data security regulation and increased focus on enforcement could impact our business, increase costs and any violations could subject us to regulatory fines and reputational impact Personal information is subject to an increasing number of federal, state, local and international laws and regulations regarding privacy and data security, as well as contractual commitments. Any failure or perceived failure by us to comply with such obligations may result in governmental enforcement actions and fines, litigation or public statements against us by consumer advocacy groups or others and could cause our employees and customers to lose trust in us, which could have an adverse effect on our reputation and business.”

Annual report 2025A · The company itself

“We are subject to extensive regulation, and uncertainty around the interpretation and implementation of regulations in the U.S. and internationally, and potential further restrictive regulation may increase operating costs and limit growth We largely operate in the highly regulated insurance and broader financial services sectors and are subject to extensive laws, regulations, executive orders and directives that are complex and subject to change. Changes may lead to additional expenses, increased legal exposure, delays or increased reserve or capital requirements limiting our ability to grow or to achieve targeted profitability.”

Annual report 2025A · The company itself

“Losses from legal and regulatory actions may be material to the results of operations, cash flows and financial condition We are involved in various legal actions, including class action litigation challenging a range of company practices; including coverages provided by insurance products, some of which involve claims for substantial or indeterminate amounts. We are also involved in various regulatory actions and inquiries, including market conduct exams by state insurance regulatory agencies.”

Annual report 2025A · The company itself

“We conduct business outside of the United States, including customer, vendor and business partner relationships, process and information technology operations, and outsourcing of certain business functions. Our operations, vendors and business partnerships outside of the U.S. are subject to additional regulatory requirements and operating and political risks. Changes in tax policy or imposition of fees and restrictions could increase the cost of operations or disrupt or limit our ability to operate outside of the U.S., whether directly through our operations or indirectly through our vendors, suppliers, or service providers. In addition, governments outside of the U.S. have in the past and may in the future adopt laws and regulations applicable to our non-U.S. subsidiaries, including laws related to privacy, data security, human rights and the environment, that carry penalties for non-compliance based on consolidated enterprise revenue.”

Annual report 2025A · The company itself

“Insufficient reinsurance capacity or reinsurance at unacceptable prices may limit our ability to profitably write business Market conditions impact the availability and cost of the reinsurance we purchase. Reinsurance may not remain continuously available to us to the same extent and on the same terms and rates as were historically available or is currently available.”

Annual report 2025A · The company itself

“Our investment portfolios are subject to market risk, including interest rate risk and equity price risk, and declines in credit quality which may adversely affect or create volatility in investment income and cause realized and unrealized losses We continually evaluate investment management strategies since we are subject to risk of loss due to adverse changes in interest rates, equity prices, credit spreads, real estate values, currency exchange rates and liquidity.”

Annual report 2025A · The company itself

“Declining equity markets or increases in interest rates or credit spreads could cause the value of the investments in our pension plans to decrease. Declines in interest rates could cause the funding ratio to decline and the value of the obligations for pension and postretirement plans to increase.”

Annual report 2025A · The company itself

“Macro, regulatory and risk environment Conditions in the global economy and capital markets could adversely affect the business and results of operations Global economic and capital market conditions could adversely impact demand for our products, returns on our investment portfolio and results of operations. The conditions that may have the largest impact on our business include: •Low or negative economic growth •Interest rate levels •Rising inflation increasing claims and claims expense •Trade policy actions, such as tariffs and quotas •Substantial increases in delinquencies or defaults on debt •Significant downturns in the market value or liquidity of our investment portfolio •Prolonged downturn in equity valuations •Reduced consumer spending and business investment Stressed conditions, volatility and disruptions in global capital markets or financial asset classes could adversely affect our investment portfolio.”

Annual report 2025A · The company itself

“Capital and credit market conditions may significantly affect our ability to meet liquidity needs or obtain credit on acceptable terms In periods of extreme volatility and disruption in the capital and credit markets, liquidity and credit capacity may be severely restricted.”

Annual report 2025A · The company itself

“Interest rate risk is the risk that we will incur a loss due to adverse changes in risk-free interest rates. This risk arises from many of our primary activities, as we invest substantial funds in interest-sensitive assets. Changes in interest rates can have favorable and unfavorable effects on our results. For example, increases in rates can improve investment income, but decrease the fair value of our fixed income securities portfolio which may result in sales of assets at losses.”

Annual report 2025A · The company itself

“Decreases in rates could increase the fair value of our fixed income securities portfolio while decreasing future investment income due to reinvestment at lower market yields and accelerated pay-downs and prepayments of certain investments.”

Annual report 2025A · The company itself

“Catastrophic losses are caused by wind and hail, wildfires, tornadoes, hurricanes, tropical storms, earthquakes, severe freeze events, volcanic eruptions, terrorism, cyberattacks, civil unrest, industrial accidents and other such events.”

Annual report 2025A · The company itself

“The risk of cyberattacks could be exacerbated by geopolitical tensions, including hostile actions taken by state-sponsored and terrorist organizations.”

Annual report 2025A · The company itself

“Widespread disruptive or destabilizing events may have an adverse effect on our business Disruptive or destabilizing events such as a large-scale pandemic, the occurrence of terrorism, military actions, political and social unrest, declines in trust in government and businesses or other events may result in loss of life, property damage, and disruptions to commerce and reduced economic activity. Some of the assets in our investment portfolio may be adversely affected by declines in the equity markets, changes in interest rates, reduced liquidity and economic activity caused by such events. Additionally, such events could have a material effect on sales, liquidity and operating results.”

Annual report 2025A · The company itself

“Reserve reestimates, which decreased reserves by $376 million in 2024 and represented 11.9% of the underwriting income, were primarily due to catastrophe reserve releases in homeowners and non-catastrophe reserve releases in personal auto lines, partially offset by increased reserves in other personal lines and commercial lines driven by transportation network company coverage no longer offered.”

Annual report 2025A · The company itself

“We may experience volatility in claim frequency, and short-term trends may not be predictive of future losses over the longer term.”

Annual report 2025A · The company itself

“A regulatory environment that requires rates and products to be approved, can dictate underwriting practices and mandate participation in loss sharing arrangements, may increase the time to market of rate increases, new products or use of advanced technologies and adversely affect results of operations and financial condition Regulatory approval of rates, especially during inflationary periods, may restrict rate changes that may be required to achieve targeted levels of profitability and returns on equity.”

Annual report 2025A · The company itself

“Macro, regulatory and risk environment Conditions in the global economy and capital markets could adversely affect the business and results of operations Global economic and capital market conditions could adversely impact demand for our products, returns on our investment portfolio and results of operations. The conditions that may have the largest impact on our business include: •Low or negative economic growth •Interest rate levels •Rising inflation increasing claims and claims expense •Trade policy actions, such as tariffs and quotas •Substantial increases in delinquencies or defaults on debt •Significant downturns in the market value or liquidity of our investment portfolio •Prolonged downturn in equity valuations •Reduced consumer spending and business investment Stressed conditions, volatility and disruptions in global capital markets or financial asset classes could adversely affect our investment portfolio.”

Annual report 2025A · The company itself

“Our primary market risk exposures are to changes in interest rates, credit spreads and equity prices, and to a lesser extent, foreign currency exchange rates.”

Annual report 2025A · The company itself

“The failure of cyber or other information security controls, could result in a loss or disclosure of confidential information, damage to our reputation, additional costs and impair our ability to conduct business effectively We use technology algorithms, machine based learning, artificial intelligence and data to perform necessary business functions. There are threats that could impact our ability to protect our data and systems; if the threats materialize, they could impact: •Confidentiality — protecting our data from disclosure to unauthorized parties •Integrity — ensuring data is not changed accidentally or without authorization and is accurate •Availability — ensuring our data and systems are accessible to meet business needs We collect, use, store or transmit a large amount of confidential, proprietary and other information (including personal information of customers, claimants and employees) in connection with the operation of our business.”

Annual report 2025A · The company itself

“Integrated operational risk and return management processes and practices may not be sufficient to timely detect, mitigate and respond to cybersecurity operational risks, including those posed by the use of third-party services (e.g., cloud technology, software as a service) and artificial intelligence.”

Annual report 2025A · The company itself

“Loss of key vendor relationships, disruptions to the provision of products or services by a vendor, a vendor’s failure to restore critical services after a cybersecurity event, or failure of a vendor to provide and protect reliable data, and proprietary information, or personal information of our customers, claimants or employees could adversely affect our operations We rely on services and products provided by many vendors in the U.S. and abroad. These include vendors of computer hardware, software, cloud technology and software as a service, as well as vendors or outsourcing of services such as: •Claim and administrative services •Call center services for customer support •Human resource benefits management •Information technology support •Investment management services •Financial and business support services We continue to identify ways to improve operating efficiency and reduce cost, which may result in additional outsourcing arrangements or increased reliance on third-party technologies in the future.”

Annual report 2025A · The company itself

“Executing our strategy to advance and innovate technology, including leveraging artificial intelligence, has and may continue to impact our workforce as we require new and different skills to achieve our strategic goals.”

Annual report 2025A · The company itself

“Our ability to attract, develop, and retain talent to maintain appropriate staffing levels and a successful work culture is critical to our success Competition for qualified employees with highly specialized knowledge in areas such as underwriting, data and analytics, technology and cybersecurity, is intense.”

Annual report 2025A · The company itself

“As of December 31, 2025, Allstate had approximately 53,000 full-time employees and 300 part-time employees.”

Annual report 2025A · The company itself

“Our business may also be adversely impacted by new or changing technologies and new business models affecting the auto insurance industry Increasing adoption of newer technologies such as advanced driver assistance systems and autonomous vehicles or changes in business models that increase ride or car sharing could disrupt the demand for products, create coverage issues, impact the frequency or severity of losses, or reduce the size of the automobile insurance market causing our auto insurance business to decline.”

Annual report 2025A · The company itself

“Our ability to attract, develop, and retain talent to maintain appropriate staffing levels and a successful work culture is critical to our success Competition for qualified employees with highly specialized knowledge in areas such as underwriting, data and analytics, technology and cybersecurity, is intense.”

Annual report 2025A · The company itself

“Macro, regulatory and risk environment Conditions in the global economy and capital markets could adversely affect the business and results of operations Global economic and capital market conditions could adversely impact demand for our products, returns on our investment portfolio and results of operations. The conditions that may have the largest impact on our business include: •Low or negative economic growth •Interest rate levels •Rising inflation increasing claims and claims expense •Trade policy actions, such as tariffs and quotas •Substantial increases in delinquencies or defaults on debt •Significant downturns in the market value or liquidity of our investment portfolio •Prolonged downturn in equity valuations •Reduced consumer spending and business investment Stressed conditions, volatility and disruptions in global capital markets or financial asset classes could adversely affect our investment portfolio.”

Annual report 2025A · The company itself

“The failure of cyber or other information security controls, could result in a loss or disclosure of confidential information, damage to our reputation, additional costs and impair our ability to conduct business effectively We use technology algorithms, machine based learning, artificial intelligence and data to perform necessary business functions. There are threats that could impact our ability to protect our data and systems; if the threats materialize, they could impact: •Confidentiality — protecting our data from disclosure to unauthorized parties •Integrity — ensuring data is not changed accidentally or without authorization and is accurate •Availability — ensuring our data and systems are accessible to meet business needs We collect, use, store or transmit a large amount of confidential, proprietary and other information (including personal information of customers, claimants and employees) in connection with the operation of our business.”

Annual report 2025A · The company itself

“Our business may also be adversely impacted by new or changing technologies and new business models affecting the auto insurance industry Increasing adoption of newer technologies such as advanced driver assistance systems and autonomous vehicles or changes in business models that increase ride or car sharing could disrupt the demand for products, create coverage issues, impact the frequency or severity of losses, or reduce the size of the automobile insurance market causing our auto insurance business to decline.”

Annual report 2025A · The company itself

“Business, strategy and operations We operate in markets that are highly competitive Markets in which we operate are highly competitive, and we must continually refine and improve products and services to maintain our reputation, enhance brand perception, and remain competitive.”

Annual report 2025A · The company itself

“Widespread disruptive or destabilizing events may have an adverse effect on our business Disruptive or destabilizing events such as a large-scale pandemic, the occurrence of terrorism, military actions, political and social unrest, declines in trust in government and businesses or other events may result in loss of life, property damage, and disruptions to commerce and reduced economic activity. Some of the assets in our investment portfolio may be adversely affected by declines in the equity markets, changes in interest rates, reduced liquidity and economic activity caused by such events. Additionally, such events could have a material effect on sales, liquidity and operating results.”

Annual report 2025A · The company itself

“Regulatory restrictions or potential delays in the regulatory approval process for new products and features or the use of advanced technologies, non-traditional data sources, or large language models may impact our ability to innovate and enhance the competitiveness of our product offerings in the marketplace.”

Annual report 2025A · The company itself

“Regulatory restrictions on the use or development of artificial intelligence may impose additional compliance or reporting obligations, which may materially adversely affect our operations or ability to write business profitably in one or more jurisdictions.”

Annual report 2025A · The company itself

“Privacy regulation and data security Federal law and the laws of many states require companies, including financial institutions, to protect the security and confidentiality of consumer information and to notify consumers about their policies and practices relating to collection, use, disclosure, and protection of consumer information. Federal law and the laws of many states also regulate disclosures and disposal of consumer information.”

Annual report 2025A · The company itself

“Our practices relating to environmental and social matters may not meet stakeholders' expectations Some existing or potential investors, customers, employees, regulators, and other stakeholders evaluate business practices according to a variety of environmental and social standards and expectations, including those related to climate change and inclusive diversity. Stakeholder expectations on environmental and social issues are continually evolving and not always well defined or readily measurable.”

Annual report 2025A · The company itself

“Climate disclosures In October 2023, California enacted several climate disclosure bills. One of these is the Climate Corporate Data Accountability Act, which requires disclosure and assurance over greenhouse gas emissions using a phased reporting approach. The California Air Resources Board has issued proposed regulations with an initial reporting deadline of August 2026.”

Annual report 2025A · The company itself

“Our ability to adequately and effectively price and personalize products is affected by the evolving nature of consumer needs and preferences, market and regulatory dynamics, broader use of telematics-based rate segmentation and potential change in consumer demand.”

Annual report 2025A · The company itself

“We conduct business outside of the United States, including customer, vendor and business partner relationships, process and information technology operations, and outsourcing of certain business functions. Our operations, vendors and business partnerships outside of the U.S. are subject to additional regulatory requirements and operating and political risks. Changes in tax policy or imposition of fees and restrictions could increase the cost of operations or disrupt or limit our ability to operate outside of the U.S., whether directly through our operations or indirectly through our vendors, suppliers, or service providers. In addition, governments outside of the U.S. have in the past and may in the future adopt laws and regulations applicable to our non-U.S. subsidiaries, including laws related to privacy, data security, human rights and the environment, that carry penalties for non-compliance based on consolidated enterprise revenue.”

Annual report 2025A · The company itself

“Our primary market risk exposures are to changes in interest rates, credit spreads and equity prices, and to a lesser extent, foreign currency exchange rates.”

Annual report 2025A · The company itself

“Personal lines insurance Private passenger auto insurance Homeowners insurance Geographic markets We primarily operate in the U.S. (all 50 states and D.C.) and Canada. Our top geographic markets based on 2025 statutory direct premiums are reflected below.”

Annual report 2025A · The company itself

“Personal lines insurance Private passenger auto insurance Homeowners insurance Geographic markets We primarily operate in the U.S. (all 50 states and D.C.) and Canada. Our top geographic markets based on 2025 statutory direct premiums are reflected below.”

Annual report 2025A · The company itself