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PROSPERITYBe bold with original ideasusing speed and convictionto beat the competition.Allstate made significant progress on Transformative Growth in 2020 by expanding customeraccess, improving customer value, increasing marketing sophistication and investment, anddeploying new technology ecosystems. We are building a company that will grow into thefuture with insurtech capabilities backed by the strength of Allstate.We’re expanding customer access to our products bybroadening distribution and capabilities. Integrated Esurance into the Allstate brand to createAllstate Direct, expanding product availability in thedirect-to-consumer channel.We’re improving value for customers through targeted costreductions and offering affordable, simple and connectedprotection solutions. Introduced direct channel pricing and began implementinglower rates in existing auto books of business. Reduced cost structure and lowered expense ratio toimprove competitive price position while deliveringattractive returns.We’re increasing marketing sophistication andinvestment, introducing new Allstate advertising andimproving analytical measures. D eveloped new Customer Value Proposition to providedifferentiated offerings. R eleased new Allstate Mobile app, with 40% increase inmonthly active users.We’re deploying new technology ecosystems, anddesigning and implementing target state architecture. L aunched updated underwriting platform to increasesophistication and speed, and retired key legacy systems. D eployed new customer experience platform and microfront-end architecture as we move to deliver our targetstate architecture.National General acquisitionAllstate entered into an agreement to acquire National General, a provider of a wide range of property-liability productsthrough independent agents, and closed on the transaction in January 2021. This acquisition will accelerate profitable growthby significantly expanding our independent agent distribution and advancing Allstate’s strategy of growing personal linesinsurance, increasing Allstate’s personal lines market share to 10%.**Such forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual resultsto differ materially.Year in Review7

PROSPERITYWe provide affordable,simple and connectedprotection solutions.Allstate is bringing together the best ofinsurance technology with the financialstrength of 90 years of expertise.Telematics: Allstate offers telematics products throughthe Allstate and Encompass brands, including Drivewise ,DriveSense and Routely . These products use a mobileapp or in-car device to capture driving behavior and rewardcustomers for being safe on the road. During the pandemic,telematics helped Allstate’s customers control theirinsurance costs as their driving decreased, deliveringvalue at the right time.Usage-based insurance: Allstate’s Milewise , available toapproximately half of U.S. drivers as of Dec. 31, 2020, enablesconsumers to customize their insurance and pay based on thenumber of miles they drive. Allstate insures more customersand cars through pay-per-mile than any other company.Protection Services: Allstate is expanding other protectionbusinesses and increasing our total addressable market.Our Protection Services segment accounted for 4.3% ofAllstate’s 2020 consolidated total revenue and 77.5% ofAllstate’s policies in force as of Dec. 31, 2020.Data privacy andcybersecurityWe want customers to feel that their personal datais safe. Allstate continually enhances our informationsecurity to protect against emerging threats, whileincreasing our ability to detect system compromiseand recover should a cyberattack or unauthorizedaccess occur. Our cybersecurity program is regularlyreviewed and tested by Allstate’s internal auditfunction. The Board of Directors receives statusreports on cybersecurity, and an external consultantprovides reviews on Allstate’s cybersecurity effortsto the Audit Committee.“We’re really changing how we show up forcustomers: reimagining experiences andproducts and investing in the technologyto make it happen.”Joanna A., employee, Customer Experience410 billionLargest repository of driving data with10 years and 410 billion miles27.8 million27.8 million active connections8The Allstate Corporation

PROSPERITYBe the best at protectingcustomers, developing talentand running our businesses.As the pandemic disrupted our customers’ lives and livelihoods, Allstate respondedwith agility and empathy.We expanded the use of virtual tools and expeditedpayments to help settle claims quickly, easily and safelyduring the pandemic. Allstate provided 78 million in net payments for lifeclaims related to the pandemic, helping support the lovedones of those who have died as a result of the coronavirus. W e used virtual tools like QuickFoto Claim, Virtual Assistand aerial imagery to safely and accurately estimatevehicle damage with photos and videos. I n 2020, 61.6% of claim payment transactions were digital,up 19% from 2019.story of goodDarrell ThorntonOutside CAT adjuster,National Catastrophe Team, ClaimsWhen the coronavirus shifted the way many Americans work,Darrell Thornton wondered: “How am I going to do my job?”As an outside claims adjuster with the National CatastropheTeam, Darrell is used to being in the field and interacting withpeople face-to-face. He soon saw how Virtual Assist couldstreamline the claims process. In many cases, Virtual Assisttakes less customer time than an in-person meeting withan adjuster while maintaining high levels of satisfactionand accuracy.Responding tothe pandemic Led the industry by returning nearly 1 billionto policyholders due to lower frequency in autoaccidents and offered flexible payment optionsand deferrals to help customers impacted bythe pandemic. E xtended auto insurance coverage for customersusing personal vehicles to commercially deliverfood, medicine and other necessities to thosesheltering in place. T he Allstate Foundation donated 5 million tosupport domestic violence victims, youth in needand first responders. A llstate agencies repurposed disaster reliefsupplies, donating PPE, including N95 masks,to local hospitals. 9 5% of Allstate’s workforce is working remotely,with 14 million invested in equipment thatemployees needed to effectively work from home. A dded well-being services like telemedicine,prescription home delivery, and emotional andfinancial support lines for Allstate’s U.S. employees. Provided 3 million for a COVID Holiday SupportProgram and additional assistance to more than5,000 Allstaters experiencing hardships.Year in Review9

PROSPERITYWe create opportunity for our team,economic value for our shareholdersand improve communities.Allstate’s investment performancePublic policy commitmentsAllstate’s investment management strategies focus onbalancing risk and return to deliver value for customers, fundbusiness improvements and create value for shareholders.Total return on the 94.2 billion investment portfolio was7.1% in 2020, reflecting income generation and higher fixedincome and public equity valuations. Net investment incomeof 2.9 billion was 9.7% below prior year, reflecting lowerreinvestment rates and reduced performance-based income.Allstate remains committed to bipartisan leadership,focusing on:Allstate invests responsiblyAllstate has about 900 million invested in sociallyresponsible strategies, like a low-income housing tax creditportfolio and a Diversity and Emerging Managers program.The company manages these investments to simultaneouslyproduce solid returns and meet business objectives whileadvancing social goals. Focusing on Inclusive Diversity& Equity, Allstate has committed to doubling its tradingvolume with diverse financial firms in 2021. Fostering market innovation Fighting for consumers Promoting safety and security Ensuring a healthy regulatory system Promoting fiscal responsibility Advocating for small businessesAllstate contributes less than 1 million annually in corporatefunds to political organizations, including federal, state andlocal candidates and committees.Managing political riskstory of goodThe chief risk officer’s assessment of Allstate’spolitical advocacy concluded:Victoria Jacobs Allstate’s decisions on how to engage in the politicalprocess appropriately balance risk and return.Senior consultant, agency programs,Agency Innovation, Charlotte, North CarolinaVictoria Jacobs is passionate about helping others vote.She thinks of voting as an honor and votes in memory ofher great-grandmother, who couldn’t vote until she was30 years old due to voter suppression under Jim Crowlaws. In 2020, Victoria rallied a group of friends to be pollworkers during the pandemic as older Americans sociallydistanced. “A lot of people feel like their vote doesn’treally count. But when everyone comes together to usetheir voting power, it really can make a difference.”10 Allstate’s control framework appropriately managesthe risks, and governance and oversight exist toensure activities are aligned with Allstate’s risk andreturn principles. Failure to engage in the political process couldresult in unfavorable policies, legislation or adversebusiness outcomes, negatively impacting Allstate’sstrategic position. The risk of not engaging is higher than the risk ofengaging with effective controls and governance.The Allstate Corporation

PEOPLEIntegrity isnon-negotiable.Allstate has been rated one of the World’s Most Ethical Companies by Ethisphere (2015–20).The Allstate Global Code of Business Conduct lays out the values and principles every employeeabides by. Each year, employees are required to affirm understanding of and compliance with thecode. As we build the Allstate of the future, we are guided by Our Shared Purpose and deliveringvalue to our employees through:Meaningful workIn 2020, Allstaters completed 6,941 Energy for Life courses,designed to help individuals find their purpose and buildresilience. Since the program came to Allstate in 2010, over39,000 Allstaters have taken one of the EFL classes, including45% of active employees and 59% of active managers.Compensation and benefitsAllstate raised the hourly minimum wage for employeesfrom 15 to 16 or 18 based on location. This is the secondincrease in five years.Employee growthAllstate invests in training and reskilling to help employeesgrow throughout their careers. In 2020, employeescompleted more than 139,000 hours of formal learningopportunities, and 7,000 employees attended Allstate’sGlobal Learning Week, focused on employee development.story of goodKaiti Buehring“The World’s Most Ethical Companies integrateethics and values with corporate strategy.They speak up, are transparent, take actionand look for innovative ways to make adifference. We congratulate their efforts.”Senior consultant, Allstate Good LifeBefore the COVID-19 pandemic, Kaiti Buehring’sweekly yoga classes in the Northbrook, Illinois, officeaveraged 20 to 30 attendees. When everyone startedworking from home, Kaiti offered the classes virtually.Now, more than 100 Allstaters from across theenterprise participate weekly.Timothy Erblich, CEO, EthisphereYear in Review11

PEOPLEInclusive Diversity & Equity valuesand leverages unique identities withequitable opportunity and rewards.Allstate condemns racism and is committed to leading the change for a more just andequitable society. The Allstate Foundation added equity as a third focus area, in additionto youth empowerment and domestic violence.As of Dec. 31, 2020, women made up approximately 55%of our workforce, and 39% of our talent was racially orethnically diverse.Allstate is a signatory to the CEO Action for Diversity& Inclusion pledge. In 2020, we became a founding memberof OneTen, a coalition focusing on upskilling, hiring andpromoting 1 million Black Americans over the next decade.Additionally, Allstate issued 1.2 billion of bonds usingminority-, women- and veteran-owned business enterprises.This was the largest corporate deal ever managedexclusively by diverse firms.Supplier diversityEvery year, Allstate hosts a Supplier Diversity Exchange,which enables diverse suppliers and startups to networkwith Allstate decision-makers and our major suppliers andstrategic partners. In 2020, the virtual event brought togethernearly 1,300 leaders from a multitude of industries. Allstatespent 235 million with diverse-owned suppliers in 2020.“The world is changing right before our eyes,and the solutions will come from us, thebeautifully diverse people of this nation.I’m proud of how our company is answeringthis call to action.”story of goodEzell EdwardsSecurity operations engineer,Charlotte, North CarolinaEzell Edwards’ mother taught him how important it was to beinvolved in the community. The first day he came to Allstate,he asked if there was a volunteer program and was introducedto Helping Hands. He now runs the Helping Hands program inCharlotte and volunteers with several local organizations. Ezelltries to remember his mother’s legacy and share that messagethat it doesn’t matter where you came from, it matters whereyou go.Franklin W., employee, Claims12The Allstate Corporation

PEOPLE“You can’t gain experience unless you actuallyget an opportunity. It gives credibility to thecapabilities of our firms and starts to movethe needle on the traditional construct onWall Street of who are the firms that canactually do these deals. It will get us moreinto the mix.”Sidney Dillard, Loop Capital Markets,a diverse-owned firm that led a recentAllstate bond offeringEmployees takeaction on IDEInclusive Diversity& Equity governance Allstate is developing a three-year Inclusive Diversity& Equity strategy that will be overseen by the Boardof Directors. An annual external pay equity analysis was completedfor the second year to ensure equity within compensationpractices. Allstate’s results compare well withbenchmarks; any identified pay gaps were remediated.30,000TRAININGEmployees completed more than30,000 IDE courses In 2020, more than 9,000 Allstaters participatedin at least one Employee Resource Group, whichprovide opportunities to develop professionally andshare life experiences inside and outside Allstate. ERGs hosted employee listening series and builtresiliency plans for those struggling with mentalhealth issues due to racial trauma and the effectsof the coronavirus.Honors and awards To date, more than 68,000 Allstate employeeshave participated in inclusive diversity training,including more than 30,000 courses in 2020.The Human Rights Campaign CorporateEquality Index Individual departments created Inclusive DiversityCouncils to ensure IDE continues to be a priority.Year in ReviewDiversityInc Top 50Forbes America’s Best Employers for DiversityMilitary Friendly Employer13

PLANETChallenge ideas to leveragecollective expertise, evaluatemultiple alternatives andcreate the best path forward.Climate change and increasing severe weather have raised loss costs for homeowners andauto insurance, requiring changes in pricing, product coverages, underwriting practices andreinsurance utilization. In 2020, Allstate incurred 2.81 billion in claims related to catastrophes,including reinsurance and subrogation recoveries. Allstate continues to drive technologyadvances and advocate for climate resiliency. We are reducing our carbon footprint, managingclimate risk internally and protecting customers.Governance approachThe Board of Directors reviews environmental, social andgovernance (ESG) topics twice a year, supplemented bythe Nominating, Governance and Social ResponsibilityCommittee. The Enterprise Risk and Return Committeeevaluates climate change risk in coordination with theSustainability Council, which leads our broader ESG efforts.Allstate monitors and manages climate riskOur business success depends on effectively modeling,pricing and managing climate-related risks, and developingproducts and services to address climate change. Insurability: We attempt to estimate possible loss events. Underwriting: We manage frequency and severity throughpricing, underwriting and reinsurance. Investments: We monitor our investment portfolio exposureto climate trends.“Our ‘A List’ celebrates those companies whoare preparing themselves to excel in theeconomy of the future by taking action today.”Honors and awardsDow Jones Sustainability Index memberNorth America Index 2018–20CDP “A List” for Climate ChangeReducing our carbon footprintWe have cut energy use beyond our original targets andreduced our greenhouse gas emissions. In 2021, we arecommitted to adopting science-based targets and continueto report our emissions through CDP, a nonprofit that trackscompanies’ global environmental impact. Allstate is alsocommitted to publishing a Task Force on Climate-RelatedFinancial Disclosures report.Paul Simpson, CEO, CDP14The Allstate Corporation

We have worked with the government for more than two decades to help protect thosemost exposed to climate change. Allstate helps governments and customers improveresiliency to weather-related perils, preventing damage and lowering insurance costs.During 2020, we kept customers protected during a year of historic severe weather events.Responsible investing The Responsible Investing Committee monitors ourinvestment portfolio for short- and potential long-termexposures to climate change. We classify sectors based on exposure to environmentalrisks, including climate change, and incorporateenvironmental risks in the sizing and maturity profileof our positions. Sectors with higher potential exposureare primarily invested in public markets, providingflexibility to adjust exposures. We classify commercial real estate investmentsbased on their modeled exposure to catastrophe risksand incorporate these risks in our underwriting andinsurance practices.“Allstate has been a member company ofCeres for over 10 years. With its newly enactedResponsible Investing Committee, additionof ESG oversight in the Board charter, andcommitment to producing SASB (SustainabilityAccounting Standards Board) and TCFD(Task Force on Climate-Related FinancialDisclosures) reports, we’re excited to seeAllstate’s sustainability strategy take flight.”Dan Saccardi, senior director, Ceres We continue to respond to investors’ emphasis onclimate risk.storyofgoodYear in ReviewDean DayExclusive agency owner, LouisianaDean Day has been with Allstate for 33 years. He’s now an exclusive agency owner with twooffices in the Lake Charles, Louisiana, area, which was hit hard by hurricanes Laura and Delta.Dean put aside his own challenges and focused on helping customers when they neededAllstate the most. Dean was in his office when customers walked in, helping them with claimsand providing them with the support they needed. “The Allstate agencies were back prettyquickly, because we understand this is the moment of truth,” he said.15

The Allstate CorporationY

that shape culture because everyone at Allstate is a leader in building the future. Allstate is positioned for success far into the future with a world-class leadership team that has strategic vision, runs the business with precision, leads with the head and heart, and thoughtfully deploys capital. We look forward to fulfilling Allstate's .