The Allstate Corporation (ALL) 47th Annual Raymond James Institutional Investor Conference summary

Strategic Overview and Performance

• Achieved strong 2025 financial results with revenue of $67.7B (+5.6%), net income of $10.2B, adjusted net income per share of $34.83, and ROE of 42.3%.

• Focused on increasing personal property liability market share, expanding customer protection, and leveraging brand and capabilities for value creation.

• Executed Transformative Growth strategy, expanding distribution channels, including the acquisition of National General and increased direct sales.

• Policies in force reached 210.9M overall, with property liability at 38.3M and a 2.3% year-over-year increase.

• Industry-leading homeowners business saw annual increases in premiums and policies since 2021, with a 10-year average combined ratio of 92.0, outperforming industry averages.

Affordability and Cost Management

• SAVE program reduced premiums for 7.88M customers in 2025, averaging a 17% reduction for participants.

• ASC auto insurance rates reduced in 32 states by an average of 9% in 2025, with expanded direct purchase options.

• Adjusted expense ratio reduced by 6.6 points since 2018, supporting lower prices and maintained margins.

• Claims process improvements and regulatory reforms, especially in Florida, contributed to affordability.

• Deductible payment plans and tailored coverage adjustments further enhanced affordability.

Transformative Growth and Distribution

• Broadened distribution through Allstate agents, independent agents, and direct channels, strengthened by National General acquisition.

• ASC auto product available in 44 states, new homeowners product in 35 states, Custom 360 in 38 states.

• Personal lines new business more than doubled from $5.5M in 2019 to $11.6M in 2025, now balanced across channels.

• Policies in force grew 2.3% year-over-year, with auto up 2.6% and homeowners up 2.5%.

• Launched new insurance products and expanded offerings to more states, supporting broader customer reach.