The Allstate Corporation (ALL) 8-K Results of Operations and Financial Condition

Measures used in these financial statements and exhibits that are not based on generally accepted accounting principles ("non-GAAP") are denoted with an asterisk (*) the first time they appear. These measures are defined on the page "Definitions of Non-GAAP Measures" and are reconciled to the most directly comparable generally accepted accounting principles ("GAAP") measure herein. THE ALLSTATE CORPORATION Investor Supplement Second Quarter 2015 The consolidated financial statements and financial exhibits included herein are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes thereto included in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The results of operations for interim periods should not be considered indicative of results to be expected for the full year.

PAGE Consolidated Statements of Operations 1 Contribution to Income 2 Revenues 3 Statements of Financial Position 4 Book Value Per Common Share 5 Return on Common Shareholders' Equity 6 Debt to Capital 7 Statements of Cash Flows 8 Analysis of Deferred Policy Acquisition Costs 9,10 Property-Liability Operations Property-Liability Results 11 Underwriting Results by Area of Business 12 Premiums Written by Brand 13 Impact of Net Rate Changes Approved on Premiums Written 14 Policies in Force and Other Statistics 15 Allstate Brand Profitability Measures 16 Allstate Brand Statistics 17 Allstate Brand Auto Frequency Analysis 18,19 Esurance Brand Profitability Measures and Statistics 20 Encompass Brand Profitability Measures and Statistics 21 Auto Profitability Measures 22 Homeowners Profitability Measures 23 Other Personal Lines Profitability Measures 24 Commercial Lines Profitability Measures 25 Other Business Lines Profitability Measures 26 Auto, Homeowners and Other Personal Lines Underlying Combined Ratios 27 Allstate Brand Auto and Homeowners Underlying Loss and Expense 28 Homeowners Supplemental Information 29 Catastrophe Losses by Brand 30 Effect of Catastrophe Losses on the Combined Ratio 31 Catastrophe by Size of Event 32 Prior Year Reserve Reestimates 33 Asbestos and Environmental Reserves 34 Allstate Personal Lines - Auto, Homeowners and Other Personal Lines Profitability Measures 35 Emerging Businesses - Esurance, Encompass, Commercial Lines, Other Business Lines, and Answer Financial Profitability Measures 36 Allstate Financial Operations Allstate Financial Results 37 Impact of LBL on Comparison of Allstate Financial Results 38 Return on Attributed Equity 39 Allstate Financial Premiums and Contract Charges 40 Allstate Financial Change in Contractholder Funds 41 Allstate Financial Analysis of Net Income 42 Allstate Financial Weighted Average Investment Spreads 43 Allstate Financial Supplemental Product Information 44 Allstate Financial Insurance Policies and Annuities in Force 45 Allstate Life and Annuities and Allstate Benefits Results and Product Information 46 Corporate and Other Results 47 Investments Investments 48 Limited Partnership Investments 49 Unrealized Net Capital Gains and Losses on Security Portfolio by Type 50 Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-tax) 51 Property-Liability Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-tax) 52 Allstate Financial Net Investment Income, Yields and Realized Capital Gains and Losses (Pre-tax) 53 Investment Results 54 Investment Position by Strategy 55 Definitions of Non-GAAP Measures 56 THE ALLSTATE CORPORATION Investor Supplement - Second Quarter 2015 Table of Contents

1 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Revenues Property-liability insurance premiums $ 7,549 $ 7,426 $ 7,354 $ 7,307 $ 7,204 $ 7,064 $ 14,975 $ 14,268 Life and annuity premiums and contract charges 536 537 520 512 518 607 1,073 1,125 Net investment income 789 850 779 823 898 959 1,639 1,857 Realized capital gains and losses: Total other-than-temporary impairment ("OTTI") losses (47) (53) (65) (53) (44) (80) (100) (124) OTTI losses reclassified to (from) other comprehensive income 4 4 (1) - (1) (1) 8 (2) Net OTTI losses recognized in earnings (43) (49) (66) (53) (45) (81) (92) (126) Sales and other realized capital gains and losses 151 188 172 347 285 135 339 420 Total realized capital gains and losses 108 139 106 294 240 54 247 294 Total revenues 8,982 8,952 8,759 8,936 8,860 8,684 17,934 17,544 Costs and expenses Property-liability insurance claims and claims expense 5,587 4,993 4,618 4,909 5,142 4,759 10,580 9,901 Life and annuity contract benefits 446 441 431 433 413 488 887 901 Interest credited to contractholder funds 185 199 202 198 212 307 384 519 Amortization of deferred policy acquisition costs 1,086 1,070 1,035 1,030 1,035 1,035 2,156 2,070 Operating costs and expenses 1,061 1,090 1,156 1,068 1,023 1,094 2,151 2,117 Restructuring and related charges 19 4 5 3 4 6 23 10 Loss on extinguishment of debt - - - - 1 - - 1 Interest expense 73 73 73 78 84 87 146 171 Total costs and expenses 8,457 7,870 7,520 7,719 7,914 7,776 16,327 15,690 Gain (loss) on disposition of operations 1 (1) 3 (27) 9 (59) - (50) Income from operations before income tax expense 526 1,081 1,242 1,190 955 849 1,607 1,804 Income tax expense 171 404 418 409 310 249 575 559 Net income $ 355 $ 677 $ 824 $ 781 $ 645 $ 600 $ 1,032 $ 1,245 Preferred stock dividends 29 29 29 31 31 13 58 44 Net income available to common shareholders $ 326 $ 648 $ 795 $ 750 $ 614 $ 587 $ 974 $ 1,201 Earnings per common share: (1) Net income available to common shareholders per common share - Basic $ 0.80 $ 1.56 $ 1.89 $ 1.77 $ 1.41 $ 1.31 $ 2.37 $ 2.73 Weighted average common shares - Basic 407.0 415.8 420.2 424.5 434.3 446.4 411.4 440.4 Net income available to common shareholders per common share - Diluted $ 0.79 $ 1.53 $ 1.86 $ 1.74 $ 1.39 $ 1.30 $ 2.33 $ 2.69 Weighted average common shares - Diluted 412.6 422.6 427.7 431.2 440.7 452.8 417.6 446.8 Cash dividends declared per common share $ 0.30 $ 0.30 $ 0.28 $ 0.28 $ 0.28 $ 0.28 $ 0.60 $ 0.56 (1) In accordance with GAAP, the quarter and year-to-date per share amounts are calculated discretely. Therefore, the sum of each quarter may not equal the year-to-date amount. THE ALLSTATE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data) Six months endedThree months ended

2 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Contribution to income Operating income before the impact of restructuring and related charges $ 274 $ 619 $ 740 $ 599 $ 448 $ 592 $ 893 $ 1,040 Restructuring and related charges, after-tax (12) (3) (4) (1) (3) (4) (15) (7) Operating income * 262 616 736 598 445 588 878 1,033 Realized capital gains and losses, after-tax 69 90 70 192 154 35 159 189 Valuation changes on embedded derivatives that are not hedged, after-tax 4 (5) (3) 2 (3) (11) (1) (14) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (2) - - (3) - - (2) - DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - - - - - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - 1 2 - 3 2 1 5 Amortization of purchased intangible assets, after-tax (8) (8) (12) (11) (11) (11) (16) (22) Gain (loss) on disposition of operations, after-tax 1 (1) 2 (28) 26 (16) - 10 Change in accounting for investments in qualified affordable housing projects, after-tax - (45) - - - - (45) - Net income available to common shareholders $ 326 $ 648 $ 795 $ 750 $ 614 $ 587 $ 974 $ 1,201 Income per common share - Diluted Operating income before the impact of restructuring and related charges $ 0.66 $ 1.46 $ 1.73 $ 1.39 $ 1.02 $ 1.31 $ 2.14 $ 2.33 Restructuring and related charges, after-tax (0.03) - (0.01) - (0.01) (0.01) (0.04) (0.02) Operating income 0.63 1.46 1.72 1.39 1.01 1.30 2.10 2.31 Realized capital gains and losses, after-tax 0.17 0.21 0.16 0.45 0.35 0.08 0.38 0.43 Valuation changes on embedded derivatives that are not hedged, after-tax 0.01 (0.01) (0.01) - (0.01) (0.02) - (0.03) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax - - - (0.01) - - - - DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - - - - - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - - 0.01 - 0.01 - - 0.01 Amortization of purchased intangible assets, after-tax (0.02) (0.02) (0.03) (0.03) (0.03) (0.02) (0.04) (0.05) Gain (loss) on disposition of operations, after-tax - - 0.01 (0.06) 0.06 (0.04) - 0.02 Change in accounting for investments in qualified affordable housing projects, after-tax - (0.11) - - - - (0.11) - Net income available to common shareholders $ 0.79 $ 1.53 $ 1.86 $ 1.74 $ 1.39 $ 1.30 $ 2.33 $ 2.69 Weighted average common shares - Diluted 412.6 422.6 427.7 431.2 440.7 452.8 417.6 446.8 THE ALLSTATE CORPORATION CONTRIBUTION TO INCOME ($ in millions, except per share data) Six months endedThree months ended

3 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Property-Liability Property-Liability insurance premiums $ 7,549 $ 7,426 $ 7,354 $ 7,307 $ 7,204 $ 7,064 $ 14,975 $ 14,268 Net investment income 292 358 294 344 351 312 650 663 Realized capital gains and losses 49 28 (20) 266 250 53 77 303 Total Property-Liability revenues 7,890 7,812 7,628 7,917 7,805 7,429 15,702 15,234 Allstate Financial Life and annuity premiums and contract charges 536 537 520 512 518 607 1,073 1,125 Net investment income 489 484 480 473 538 640 973 1,178 Realized capital gains and losses 59 111 125 28 (10) 1 170 (9) Total Allstate Financial revenues 1,084 1,132 1,125 1,013 1,046 1,248 2,216 2,294 Corporate and Other Service fees (1) 1 1 1 1 1 2 2 3 Net investment income 8 8 5 6 9 7 16 16 Realized capital gains and losses - - 1 - - - - - Total Corporate and Other revenues before reclassification of services fees 9 9 7 7 10 9 18 19 Reclassification of service fees (1) (1) (1) (1) (1) (1) (2) (2) (3) Total Corporate and Other revenues 8 8 6 6 9 7 16 16 Consolidated revenues $ 8,982 $ 8,952 $ 8,759 $ 8,936 $ 8,860 $ 8,684 $ 17,934 $ 17,544 (1) For presentation in the Consolidated Statements of Operations, service fees of the Corporate and Other segment are reclassified to Operating costs and expenses. THE ALLSTATE CORPORATION REVENUES ($ in millions) Six months endedThree months ended

4 June 30, March 31, Dec. 31, Sept. 30, June 30, June 30, March 31, Dec. 31, Sept. 30, June 30, 2015 2015 2014 2014 2014 2015 2015 2014 2014 2014 Assets Liabilities Investments Reserve for property-liability insurance claims and claims expense $ 23,702 $ 23,103 $ 22,923 $ 22,350 $ 22,317 Fixed income securities, at fair value Reserve for life-contingent contract benefits 12,227 12,318 12,380 12,482 12,688 (amortized cost $57,971, $58,235, Contractholder funds 21,968 22,267 22,529 22,848 23,472 $59,672, $59,616 and $59,447) $ 59,930 $ 61,403 $ 62,440 $ 62,313 $ 62,634 Unearned premiums 11,858 11,489 11,655 11,728 11,217 Equity securities, at fair value Claim payments outstanding 820 796 784 814 851 (cost $3,649, $3,752, $3,692, Deferred income taxes 475 779 715 1,076 1,146 $3,877 and $4,658) 4,000 4,166 4,104 4,335 5,394 Other liabilities and accrued expenses 5,462 5,635 5,653 4,967 5,044 Mortgage loans 4,343 4,276 4,188 4,143 4,174 Long-term debt 5,186 5,194 5,194 5,195 5,846 Limited partnership interests 4,536 4,699 4,527 4,348 4,309 Separate Accounts 4,121 4,304 4,396 4,521 4,780 Short-term, at fair value Total liabilities 85,819 85,885 86,229 85,981 87,361 (amortized cost $2,821, $2,497, $2,540, $2,463 and $2,914) 2,821 2,497 2,540 2,463 2,914 Other 3,511 3,396 3,314 3,119 3,138 Total investments 79,141 80,437 81,113 80,721 82,563 Equity Preferred stock and additional capital paid-in, 72.2 thousand shares outstanding 1,746 1,746 1,746 1,746 1,746 Common stock, 402 million, 409 million, 418 million, 419 million, and 434 million shares outstanding 9 9 9 9 9 Additional capital paid-in 3,205 3,109 3,199 3,059 3,035 Retained income 38,567 38,363 37,842 37,164 36,532 Deferred ESOP expense (23) (23) (23) (31) (31) Treasury stock, at cost (498 million, 491 million, 482 million, 481 million and 466 million shares) (22,273) (21,799) (21,030) (20,856) (19,985) Accumulated other comprehensive income: Unrealized net capital gains and losses: Unrealized net capital gains and losses on fixed income securities with other-than-temporary impairments 62 71 72 70 72 Other unrealized net capital gains and losses 1,435 2,255 1,988 1,970 2,461 Cash 805 916 657 885 889 Unrealized adjustment to DAC, DSI and insurance Premium installment receivables, net 5,599 5,502 5,465 5,604 5,384 reserves (78) (189) (134) (213) (383) Deferred policy acquisition costs 3,708 3,527 3,525 3,516 3,377 Total unrealized net capital gains and losses 1,419 2,137 1,926 1,827 2,150 Reinsurance recoverables, net (1) 8,520 8,408 8,490 7,555 7,500 Unrealized foreign currency translation Accrued investment income 610 597 591 595 611 adjustments (38) (29) (2) 18 35 Property and equipment, net 1,038 1,026 1,031 1,012 990 Unrecognized pension and other Goodwill 1,219 1,219 1,219 1,219 1,219 postretirement benefit cost (1,314) (1,334) (1,363) (607) (619) Other assets 2,356 2,128 2,046 2,682 2,920 Total accumulated other comprehensive Separate Accounts 4,121 4,304 4,396 4,521 4,780 income 67 774 561 1,238 1,566 Total shareholders' equity 21,298 22,179 22,304 22,329 22,872 Total assets $ 107,117 $ 108,064 $ 108,533 $ 108,310 $ 110,233 Total liabilities and shareholders' equity $ 107,117 $ 108,064 $ 108,533 $ 108,310 $ 110,233 (1) THE ALLSTATE CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ($ in millions) Reinsurance recoverables of unpaid losses related to Property-Liability were $5,853 million, $5,719 million, $5,694 million, $4,764 million and $4,695 million as of June 30, 2015, March 31, 2015, December 31, 2014, September 30, 2014 and June 30, 2014, respectively.

5 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Book value per common share Numerator: Common shareholders' equity (1) $ 19,552 $ 20,433 $ 20,558 $ 20,583 $ 21,126 $ 20,600 Denominator: Common shares outstanding and dilutive potential common shares outstanding 407.7 415.4 426.2 426.3 440.4 441.1 Book value per common share $ 47.96 $ 49.19 $ 48.24 $ 48.28 $ 47.97 $ 46.70 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities * Numerator: Common shareholders' equity $ 19,552 $ 20,433 $ 20,558 $ 20,583 $ 21,126 $ 20,600 Unrealized net capital gains and losses on fixed income securities 1,196 1,871 1,666 1,541 1,690 1,640 Adjusted common shareholders' equity $ 18,356 $ 18,562 $ 18,892 $ 19,042 $ 19,436 $ 18,960 Denominator: Common shares outstanding and dilutive potential common shares outstanding 407.7 415.4 426.2 426.3 440.4 441.1 Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities $ 45.02 $ 44.68 $ 44.33 $ 44.67 $ 44.13 $ 42.98 (1) Excludes equity related to preferred stock of $1,746 million, $1,746 million, $1,746 million, $1,746 million, $1,746 million and $1,505 million as of June 30, 2015, March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively. THE ALLSTATE CORPORATION BOOK VALUE PER COMMON SHARE ($ in millions, except per share data)

6 June 30, March 31, Dec. 31, Sept. 30 June 30, March 31, 2015 2015 2014 2014 2014 2014 Return on Common Shareholders' Equity Numerator: Net income available to common shareholders (1) $ 2,519 $ 2,807 $ 2,746 $ 2,761 $ 2,321 $ 2,141 Denominator: Beginning common shareholders' equity $ 21,126 $ 20,600 $ 20,700 $ 20,130 $ 19,591 $ 20,619 Ending common shareholders' equity 19,552 20,433 20,558 20,583 21,126 20,600 Average common shareholders' equity (2) $ 20,339 $ 20,517 $ 20,629 $ 20,357 $ 20,359 $ 20,610 Return on common shareholders' equity 12.4 % 13.7 % 13.3 % 13.6 % 11.4 % 10.4 % Operating Income Return on Common Shareholders' Equity * Numerator: Operating income (1) $ 2,212 $ 2,395 $ 2,367 $ 2,412 $ 2,527 $ 2,611 Denominator: Beginning common shareholders' equity $ 21,126 $ 20,600 $ 20,700 $ 20,130 $ 19,591 $ 20,619 Unrealized net capital gains and losses 2,150 2,091 1,646 1,714 1,651 2,905 Adjusted beginning common shareholders' equity 18,976 18,509 19,054 18,416 17,940 17,714 Ending common shareholders' equity 19,552 20,433 20,558 20,583 21,126 20,600 Unrealized net capital gains and losses 1,419 2,137 1,926 1,827 2,150 2,091 Adjusted ending common shareholders' equity 18,133 18,296 18,632 18,756 18,976 18,509 Average adjusted common shareholders' equity (2) $ 18,555 $ 18,403 $ 18,843 $ 18,586 $ 18,458 $ 18,112 Operating income return on common shareholders' equity 11.9 % 13.0 % 12.6 % 13.0 % 13.7 % 14.4 % (1) Net income available to common shareholders and operating income reflect a trailing twelve-month period. (2) THE ALLSTATE CORPORATION RETURN ON COMMON SHAREHOLDERS' EQUITY ($ in millions) Average common shareholders' equity and average adjusted common shareholders' equity are determined using a two-point average, with the beginning and ending common shareholders' equity and adjusted common shareholders' equity, respectively, for the twelve-month period as data points. Twelve months ended

7 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Debt Short-term debt $ - $ - $ - $ - $ - $ - Long-term debt 5,186 5,194 5,194 5,195 5,846 6,200 Total debt $ 5,186 $ 5,194 $ 5,194 $ 5,195 $ 5,846 $ 6,200 Capital resources Debt $ 5,186 $ 5,194 $ 5,194 $ 5,195 $ 5,846 $ 6,200 Shareholders' equity Preferred stock and additional capital paid-in 1,746 1,746 1,746 1,746 1,746 1,505 Common stock 9 9 9 9 9 9 Additional capital paid-in 3,205 3,109 3,199 3,059 3,035 3,017 Retained income 38,567 38,363 37,842 37,164 36,532 36,041 Deferred ESOP expense (23) (23) (23) (31) (31) (31) Treasury stock (22,273) (21,799) (21,030) (20,856) (19,985) (19,922) Unrealized net capital gains and losses 1,419 2,137 1,926 1,827 2,150 2,091 Unrealized foreign currency translation adjustments (38) (29) (2) 18 35 22 Unrecognized pension and other postretirement benefit cost (1,314) (1,334) (1,363) (607) (619) (627) Total shareholders' equity 21,298 22,179 22,304 22,329 22,872 22,105 Total capital resources $ 26,484 $ 27,373 $ 27,498 $ 27,524 $ 28,718 $ 28,305 Ratio of debt to shareholders' equity 24.3 % 23.4 % 23.3 % 23.3 % 25.6 % 28.0 % Ratio of debt to capital resources 19.6 % 19.0 % 18.9 % 18.9 % 20.4 % 21.9 % THE ALLSTATE CORPORATION DEBT TO CAPITAL ($ in millions)

8 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 355 $ 677 $ 824 $ 781 $ 645 $ 600 $ 1,032 $ 1,245 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and other non-cash items 92 87 89 88 91 98 179 189 Realized capital gains and losses (108) (139) (106) (294) (240) (54) (247) (294) Loss on extinguishment of debt - - - - 1 - - 1 (Gain) loss on disposition of operations (1) 1 (3) 27 (9) 59 - 50 Interest credited to contractholder funds 185 199 202 198 212 307 384 519 Changes in: Policy benefits and other insurance reserves 411 115 491 (53) 121 (18) 526 103 Unearned premiums 361 (117) (56) 535 379 (92) 244 287 Deferred policy acquisition costs (97) (35) (31) (112) (80) 3 (132) (77) Premium installment receivables, net (92) (66) 129 (234) (106) (46) (158) (152) Reinsurance recoverables, net (120) (24) (958) (71) 6 (45) (144) (39) Income taxes (342) 59 30 370 (127) (68) (283) (195) Other operating assets and liabilities 93 (191) 60 129 (166) (270) (98) (436) Net cash provided by operating activities 737 566 671 1,364 727 474 1,303 1,201 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales Fixed income securities 6,559 9,453 6,961 13,443 7,722 6,483 16,012 14,205 Equity securities 922 1,152 1,492 2,519 1,416 1,328 2,074 2,744 Limited partnership interests 295 296 389 282 564 238 591 802 Mortgage loans - - - - - 10 - 10 Other investments 85 47 114 211 51 30 132 81 Investment collections Fixed income securities 1,030 1,213 949 1,057 881 849 2,243 1,730 Mortgage loans 243 114 238 142 402 324 357 726 Other investments 117 60 33 51 57 50 177 107 Investment purchases Fixed income securities (7,272) (9,210) (8,109) (14,848) (9,550) (6,252) (16,482) (15,802) Equity securities (748) (1,172) (1,235) (1,540) (1,338) (1,330) (1,920) (2,668) Limited partnership interests (198) (365) (506) (239) (376) (277) (563) (653) Mortgage loans (307) (202) (283) (109) (107) (2) (509) (109) Other investments (325) (193) (320) (257) (152) (243) (518) (395) Change in short-term investments, net (328) (63) 7 325 (249) 189 (391) (60) Change in other investments, net (18) 2 (12) 9 13 36 (16) 49 Purchases of property and equipment, net (74) (59) (81) (83) (69) (55) (133) (124) Disposition and acquisition of operations - - - - 380 (2) - 378 Net cash (used in) provided by investing activities (19) 1,073 (363) 963 (355) 1,376 1,054 1,021 CASH FLOWS FROM FINANCING ACTIVITIES Repayment of long-term debt (9) - - (651) (354) (1) (9) (355) Proceeds from issuance of preferred stock - - - - 240 725 - 965 Contractholder fund deposits 266 261 258 260 263 403 527 666 Contractholder fund withdrawals (580) (572) (615) (909) (838) (1,084) (1,152) (1,922) Dividends paid on common stock (125) (118) (117) (122) (125) (113) (243) (238) Dividends paid on preferred stock (29) (29) (31) (31) (13) (12) (58) (25) Treasury stock purchases (414) (1,010) (112) (932) (142) (1,115) (1,424) (1,257) Shares reissued under equity incentive plans, net 45 64 62 55 72 77 109 149 Excess tax benefits on share-based payment arrangements 17 26 19 4 5 13 43 18 Other - (2) - (5) (3) (6) (2) (9) Net cash used in financing activities (829) (1,380) (536) (2,331) (895) (1,113) (2,209) (2,008) Cash classified as held for sale - - - - 242 (242) - - NET (DECREASE) INCREASE IN CASH (111) 259 (228) (4) (281) 495 148 214 CASH AT BEGINNING OF PERIOD 916 657 885 889 1,170 675 657 675 CASH AT END OF PERIOD $ 805 $ 916 $ 657 $ 885 $ 889 $ 1,170 $ 805 $ 889 THE ALLSTATE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in millions) Six months endedThree months ended

9 THE ALLSTATE CORPORATION ANALYSIS OF DEFERRED POLICY ACQUISITION COSTS Amortization relating to realized capital gains and Amortization losses and (acceleration) Effect of Beginning Acquisition Amortization valuation changes on deceleration unrealized Ending balance costs before embedded derivatives for changes in capital gains balance Mar. 31, 2015 deferred adjustments (1) (2) that are not hedged (2) assumptions (2) and losses Jun. 30, 2015 Property-Liability $ 1,852 $ 1,111 $ (1,021) $ - $ - $ - $ 1,942 Allstate Financial: Traditional life and accident and health 757 44 (33) - - - 768 Interest-sensitive life 874 29 (27) (3) - 75 948 Fixed annuity 44 - (2) - - 8 50 Subtotal 1,675 73 (62) (3) - 83 1,766 Consolidated $ 3,527 $ 1,184 $ (1,083) $ (3) $ - $ 83 $ 3,708 Amortization relating to realized capital gains and DAC classified losses and Effect of Beginning as held for sale Total DAC including Acquisition Amortization valuation changes on unrealized Ending balance beginning those classified costs before embedded derivatives capital gains DAC sold in balance Mar 31, 2014 balance as held for sale deferred adjustments (1) (2) that are not hedged (2) and losses LBL disposition June 30, 2014 Property-Liability $ 1,626 $ - $ 1,626 $ 1,047 $ (969) $ - $ - $ - $ 1,704 Allstate Financial: Traditional life and accident and health 714 13 727 42 (29) - - (13) 727 Interest-sensitive life 934 674 1,608 28 (35) (2) (26) (674) 899 Fixed annuity 42 27 69 - (1) 1 (2) (20) 47 Subtotal 1,690 714 2,404 70 (65) (1) (28) (707) 1,673 Consolidated $ 3,316 $ 714 $ 4,030 $ 1,117 $ (1,034) $ (1) $ (28) $ (707) $ 3,377 (1) (2) Included as a component of amortization of DAC on the Consolidated Statements of Operations. ($ in millions) Amortization before adjustments reflects total DAC amortization before amortization/accretion related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged and amortization acceleration/deceleration for changes in assumptions. Change in Deferred Policy Acquisition Costs For the three months ended June 30, 2014 Change in Deferred Policy Acquisition Costs For the three months ended June 30, 2015

10 Amortization relating to realized capital gains and Amortization DAC before DAC after losses and (acceleration) Effect of impact of Impact of impact of Beginning Acquisition Amortization valuation changes on deceleration unrealized Ending unrealized unrealized unrealized balance costs before embedded derivatives for changes in capital gains balance capital gains capital gains capital gains Dec. 31, 2014 deferred adjustments (1) (2) that are not hedged (2) assumptions (2) and losses Jun. 30, 2015 and losses and losses and losses Property-Liability $ 1,820 $ 2,143 $ (2,021) $ - $ - $ - $ 1,942 $ 1,942 $ - $ 1,942 Allstate Financial: Traditional life and accident and health 753 88 (73) - - - 768 768 - 768 Interest-sensitive life 905 55 (55) (5) - 48 948 1,065 (117) 948 Fixed annuity 47 - (3) 1 - 5 50 50 - 50 Subtotal 1,705 143 (131) (4) - 53 1,766 1,883 (117) 1,766 Consolidated $ 3,525 $ 2,286 $ (2,152) $ (4) $ - $ 53 $ 3,708 $ 3,825 $ (117) $ 3,708 Change in Deferred Policy Acquisition Costs Reconciliation of Deferred Policy For the six months ended June 30, 2014 Acquisition Costs as of June 30, 2014 Amortization relating to realized capital gains and DAC before DAC after DAC classified losses and Effect of impact of Impact of impact of Beginning as held for sale Total DAC including Acquisition Amortization valuation changes on unrealized DAC sold in Ending unrealized unrealized unrealized balance beginning those classified costs before embedded derivatives capital gains LBL balance capital gains capital gains capital gains Dec 31, 2013 balance as held for sale deferred adjustments (1) (2) that are not hedged (2) and losses disposition June 30, 2014 and losses and losses and losses Property-Liability $ 1,625 $ - $ 1,625 $ 2,009 $ (1,930) $ - $ - $ - $ 1,704 $ 1,704 $ - $ 1,704 Allstate Financial: Traditional life and accident and health 711 13 724 81 (65) - - (13) 727 727 - 727 Interest-sensitive life 991 700 1,691 56 (69) (4) (101) (674) 899 1,068 (169) 899 Fixed annuity 45 30 75 - (5) 3 (6) (20) 47 58 (11) 47 Subtotal 1,747 743 2,490 137 (139) (1) (107) (707) 1,673 1,853 (180) 1,673 Consolidated $ 3,372 $ 743 $ 4,115 $ 2,146 $ (2,069) $ (1) $ (107) $ (707) $ 3,377 $ 3,557 $ (180) $ 3,377 (1) (2) Included as a component of amortization of DAC on the Consolidated Statements of Operations. THE ALLSTATE CORPORATION ANALYSIS OF DEFERRED POLICY ACQUISITION COSTS ($ in millions) Amortization before adjustments reflects total DAC amortization before amortization/accretion related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged and amortization acceleration/deceleration for changes in assumptions. Change in Deferred Policy Acquisition Costs Reconciliation of Deferred Policy For the six months ended June 30, 2015 Acquisition Costs as of June 30, 2015

11 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Premiums written $ 7,877 $ 7,306 $ 7,292 $ 7,806 $ 7,547 $ 6,969 $ 15,183 $ 14,516 (Increase) decrease in unearned premiums (370) 166 74 (512) (397) 112 (204) (285) Other 42 (46) (12) 13 54 (17) (4) 37 Premiums earned 7,549 7,426 7,354 7,307 7,204 7,064 14,975 14,268 Claims and claims expense (5,587) (4,993) (4,618) (4,909) (5,142) (4,759) (10,580) (9,901) Amortization of deferred policy acquisition costs (1,021) (1,000) (973) (972) (969) (961) (2,021) (1,930) Operating costs and expenses (934) (962) (1,021) (948) (901) (968) (1,896) (1,869) Restructuring and related charges (17) (4) (5) (4) (3) (4) (21) (7) Underwriting (loss) income * (10) 467 737 474 189 372 457 561 Net investment income 292 358 294 344 351 312 650 663 Periodic settlements and accruals on non-hedge derivative instruments - (1) (2) (1) (3) (3) (1) (6) Amortization of purchased intangible assets 13 12 17 17 17 17 25 34 Income tax expense on operations (97) (281) (359) (281) (190) (230) (378) (420) Operating income 198 555 687 553 364 468 753 832 Realized capital gains and losses, after-tax 31 18 (11) 173 161 34 49 195 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - 1 2 - 2 2 1 4 Amortization of purchased intangible assets, after-tax (8) (8) (12) (11) (11) (11) (16) (22) Gain (Loss) on disposition of operations 1 - - (1) 38 - 1 38 Change in accounting for investments in qualified affordable housing projects, after-tax - (28) - - - - (28) - Net income available to common shareholders $ 222 $ 538 $ 666 $ 714 $ 554 $ 493 $ 760 $ 1,047 Catastrophe losses $ 797 $ 294 $ 95 $ 517 $ 936 $ 445 $ 1,091 $ 1,381 Operating ratios Claims and claims expense ("loss") ratio 74.0 67.2 62.8 67.2 71.4 67.4 70.6 69.4 Expense ratio 26.1 26.5 27.2 26.3 26.0 27.3 26.3 26.7 Combined ratio 100.1 93.7 90.0 93.5 97.4 94.7 96.9 96.1 Combined ratio excluding the effect of catastrophes * 89.5 89.7 88.7 86.4 84.4 88.4 89.6 86.4 Effect of catastrophe losses on combined ratio 10.6 4.0 1.3 7.1 13.0 6.3 7.3 9.7 Combined ratio 100.1 93.7 90.0 93.5 97.4 94.7 96.9 96.1 Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization of purchased intangible assets ("underlying combined ratio") * 89.1 89.0 89.5 86.1 84.7 88.4 89.1 86.6 Effect of catastrophe losses on combined ratio 10.6 4.0 1.3 7.1 13.0 6.3 7.3 9.7 Effect of prior year reserve reestimates on combined ratio 0.3 0.5 (1.0) 0.1 (0.1) (0.2) 0.4 (0.1) Effect of catastrophe losses included in prior year reserve reestimates on combined ratio (0.1) 0.1 - - (0.5) - - (0.3) Effect of amortization of purchased intangible assets on combined ratio 0.2 0.1 0.2 0.2 0.3 0.2 0.1 0.2 Combined ratio 100.1 93.7 90.0 93.5 97.4 94.7 96.9 96.1 Effect of restructuring and related charges on combined ratio 0.2 0.1 0.1 0.1 - 0.1 0.1 - Effect of Discontinued Lines and Coverages on combined ratio - - 0.1 1.4 0.1 - - 0.1 THE ALLSTATE CORPORATION PROPERTY-LIABILITY RESULTS ($ in millions) Six months endedThree months ended

12 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Property-Liability Underwriting Summary Allstate Protection $ (8) $ 469 $ 741 $ 579 $ 192 $ 375 $ 461 $ 567 Discontinued Lines and Coverages (2) (2) (4) (105) (3) (3) (4) (6) Underwriting (loss) income $ (10) $ 467 $ 737 $ 474 $ 189 $ 372 $ 457 $ 561 Allstate Protection Underwriting Summary Premiums written $ 7,877 $ 7,306 $ 7,292 $ 7,805 $ 7,547 $ 6,969 $ 15,183 $ 14,516 Premiums earned $ 7,549 $ 7,426 $ 7,354 $ 7,306 $ 7,204 $ 7,064 $ 14,975 $ 14,268 Claims and claims expense (5,585) (4,992) (4,615) (4,804) (5,140) (4,756) (10,577) (9,896) Amortization of deferred policy acquisition costs (1,021) (1,000) (973) (972) (969) (961) (2,021) (1,930) Operating costs and expenses (934) (961) (1,020) (947) (900) (968) (1,895) (1,868) Restructuring and related charges (17) (4) (5) (4) (3) (4) (21) (7) Underwriting (loss) income $ (8) $ 469 $ 741 $ 579 $ 192 $ 375 $ 461 $ 567 Catastrophe losses $ 797 $ 294 $ 95 $ 517 $ 936 $ 445 $ 1,091 $ 1,381 Operating ratios Loss ratio 74.0 67.2 62.7 65.8 71.3 67.3 70.6 69.3 Expense ratio 26.1 26.5 27.2 26.3 26.0 27.4 26.3 26.7 Combined ratio 100.1 93.7 89.9 92.1 97.3 94.7 96.9 96.0 Effect of catastrophe losses on combined ratio 10.6 4.0 1.3 7.1 13.0 6.3 7.3 9.7 Effect of restructuring and related charges on combined ratio 0.2 0.1 0.1 0.1 - 0.1 0.1 - Effect of amortization of purchased intangible assets on combined ratio 0.2 0.1 0.2 0.2 0.2 0.2 0.1 0.2 Discontinued Lines and Coverages Underwriting Summary Premiums written $ - $ - $ - $ 1 $ - $ - $ - $ - Premiums earned $ - $ - $ - $ 1 $ - $ - $ - $ - Claims and claims expense (2) (1) (3) (105) (2) (3) (3) (5) Operating costs and expenses - (1) (1) (1) (1) - (1) (1) Underwriting loss $ (2) $ (2) $ (4) $ (105) $ (3) $ (3) $ (4) $ (6) Effect of Discontinued Lines and Coverages on the Property-Liability combined ratio - - 0.1 1.4 0.1 - - 0.1 Underwriting Income (Loss) by Brand Allstate brand $ 86 $ 526 $ 782 $ 676 $ 299 $ 478 $ 612 $ 777 Esurance brand (41) (69) (59) (62) (45) (93) (110) (138) Encompass brand (50) 14 22 (31) (59) (8) (36) (67) Answer Financial (3) (2) (4) (4) (3) (2) (5) (5) Underwriting (loss) income $ (8) $ 469 $ 741 $ 579 $ 192 $ 375 $ 461 $ 567 THE ALLSTATE CORPORATION PROPERTY-LIABILITY UNDERWRITING RESULTS BY AREA OF BUSINESS ($ in millions) Six months endedThree months ended

13 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Allstate brand (1) Auto $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 9,123 $ 8,667 Homeowners 1,819 1,379 1,598 1,831 1,765 1,342 3,198 3,107 Other personal lines 424 357 376 426 416 351 781 767 Commercial lines 138 128 126 122 130 116 266 246 Other business lines 199 184 176 185 180 176 383 356 7,168 6,583 6,623 7,054 6,866 6,277 13,751 13,143 Esurance brand Auto 363 434 354 403 338 404 797 742 Homeowners 7 5 4 3 1 1 12 2 Other personal lines 1 2 1 2 1 1 3 2 371 441 359 408 340 406 812 746 Encompass brand Auto 173 147 160 178 176 151 320 327 Homeowners 136 111 123 137 136 110 247 246 Other personal lines 29 24 27 28 29 25 53 54 338 282 310 343 341 286 620 627 Allstate Protection 7,877 7,306 7,292 7,805 7,547 6,969 15,183 14,516 Discontinued Lines and Coverages - - - 1 - - - - Property-Liability $ 7,877 $ 7,306 $ 7,292 $ 7,806 $ 7,547 $ 6,969 $ 15,183 $ 14,516 Allstate Protection Auto $ 5,124 $ 5,116 $ 4,861 $ 5,071 $ 4,889 $ 4,847 $ 10,240 $ 9,736 Homeowners 1,962 1,495 1,725 1,971 1,902 1,453 3,457 3,355 Other personal lines 454 383 404 456 446 377 837 823 Commercial lines 138 128 126 122 130 116 266 246 Other business lines 199 184 176 185 180 176 383 356 $ 7,877 $ 7,306 $ 7,292 $ 7,805 $ 7,547 $ 6,969 $ 15,183 $ 14,516 (1) Canada premiums included in Allstate brand Auto $ 235 $ 173 $ 200 $ 233 $ 250 $ 180 $ 408 $ 430 Homeowners 63 41 53 66 63 40 104 103 Other personal lines 15 11 13 16 15 11 26 26 $ 313 $ 225 $ 266 $ 315 $ 328 $ 231 $ 538 $ 559 THE ALLSTATE CORPORATION PROPERTY-LIABILITY PREMIUMS WRITTEN BY BRAND ($ in millions) Six months endedThree months ended

14 Number of Location Number of Location Number of Location locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) Allstate brand Auto (2) (9) 34 (6) 1.5 3.6 18 (6) 0.4 3.9 14 (6) 0.7 3.4 Homeowners (3) 9 (7) 0.7 3.5 10 (7) 0.2 3.0 16 (7) 0.9 4.6 Esurance brand Auto 13 1.5 5.9 13 1.3 4.4 7 1.4 5.3 Encompass brand Auto 16 4.8 8.5 6 1.3 6.9 13 2.8 6.0 Homeowners 15 3.2 8.8 4 0.4 8.1 9 2.5 7.8 Number of Location Number of Location Number of Location locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) locations Total brand (%) (4) specific (%) (5) Allstate brand Auto (2) 20 (6) 0.9 3.7 25 (6) - (8) (0.2) 19 0.8 2.5 Homeowners (3) 6 0.2 6.0 11 (7) 0.4 5.7 8 (7) 0.2 2.3 Esurance brand Auto 15 0.6 3.1 15 1.7 4.4 17 2.2 8.2 Encompass brand Auto 9 0.9 4.1 12 2.4 7.6 2 0.5 4.9 Homeowners 7 0.6 6.5 12 1.5 7.8 1 - 2.5 (1) (2) (3) (4) (5) (6) Includes four, two, one, one and three Canadian provinces for auto for the three months ended June 30, 2015, March 31, 2015, December 31, 2014, September 30, 2014 and June 30, 2014, respectively. (7) (8) Excluding Canada, Allstate Brand Auto rate change was 0.5% for the three months ended June 30, 2014. (9) Approximately 47% of Allstate Brand auto rates approved through June 2015 are estimated to be earned in the second half of 2015. Represents the impact in the states and Canadian provinces where rate changes were approved during the period as a percentage of total brand prior year-end premiums written. Represents the impact in the states and Canadian provinces where rate changes were approved during the period as a percentage of its respective total prior year-end premiums written in those same locations. Includes one, two, one, two and one Canadian provinces for homeowners for the three months ended June 30, 2015, March 31, 2015, December 31, 2014, June 30, 2014 and March 31, 2014, respectively. September 30, 2014 June 30, 2014 Rate changes include changes approved based on our net cost of reinsurance. These rate changes do not reflect initial rates filed for insurance subsidiaries initially writing business. Based on historical premiums written in those states and Canadian provinces, rate changes approved for the three month period ending June 30, 2015 are estimated to total $381 million. Rate changes do not include rating plan enhancements, including the introduction of discounts and surcharges, that result in no change in the overall rate level in the state. Impacts of Allstate brand auto effective rate changes as a percentage of total brand prior year-end premiums written were 1.1%, 0.8%, 0.4%, 0.2%, 1.1%, and 0.5% for the three months ended June 30, 2015, March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014, and March 31, 2014, respectively. Rate changes are included in the effective calculations in the period the rate change is effective for renewal contracts. March 31, 2014 Impacts of Allstate brand homeowners effective rate changes as a percentage of total brand prior year-end premiums written were 0.4%, 0.9%, 0.3%, 0.1%, 0.5%, and 1.3% for the three months ended June 30, 2015, March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively. March 31, 2015 December 31, 2014 Three months ended Three months ended Three months ended June 30, 2015 (1) Three months ended Three months ended THE ALLSTATE CORPORATION PROPERTY-LIABILITY IMPACT OF NET RATE CHANGES APPROVED ON PREMIUMS WRITTEN Three months ended

15 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Policies in Force (in thousands) (1) Allstate Brand Auto (2) 20,258 20,036 19,916 19,751 19,605 19,413 Homeowners (3) 6,141 6,114 6,106 6,082 6,069 6,063 Landlord 737 738 738 737 738 740 Renter 1,518 1,494 1,466 1,447 1,421 1,402 Condominium 662 658 655 652 648 646 Other 1,253 1,245 1,248 1,248 1,245 1,244 Other personal lines 4,170 4,135 4,107 4,084 4,052 4,032 Commercial lines 330 326 325 320 313 305 Other business lines 937 941 948 958 972 991 Excess and surplus 26 27 27 26 25 23 Total 31,862 31,579 31,429 31,221 31,036 30,827 Esurance Brand Auto 1,458 1,470 1,424 1,410 1,399 1,375 Homeowners 20 15 10 6 2 1 Other personal lines 44 42 36 33 30 26 Total 1,522 1,527 1,470 1,449 1,431 1,402 Encompass Brand Auto 767 778 790 792 788 778 Homeowners 355 361 365 365 364 359 Other personal lines 118 120 122 123 124 124 Total 1,240 1,259 1,277 1,280 1,276 1,261 Total Policies in Force 34,624 34,365 34,176 33,950 33,743 33,490 Other Customer Relationships Good Hands Roadside Members (in thousands) (4) 2,139 2,118 2,055 1,996 1,871 1,734 Non-Proprietary Premiums ($ in millions) Ivantage (5) $ 1,461 $ 1,446 $ 1,422 $ 1,407 $ 1,391 $ 1,376 Answer Financial (6) 145 149 129 134 125 139 Agency Data Total Allstate agencies (7)(8) 12,000 11,900 Licensed sales professionals (8)(9) 23,500 23,200 Allstate independent agencies (8)(10) 2,000 2,000 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Rounded to the nearest hundred. Employees of Allstate agencies who are licensed to sell Allstate products. Includes 990 and 720 engaged Allstate independent agencies (“AIAs”) as of June 30, 2015 and December 31, 2014, respectively. Engaged AIAs, as currently determined, include those that increase the number of policies in force from the prior year. Membership provides pay on demand access to roadside services. Fees for three months ended June 30, 2015 were $120 thousand. Represents non-proprietary premiums under management as of the end of the period related to personal and commercial line products offered by Ivantage when an Allstate product is not available. Represents non-proprietary premiums written for the period. Commissions earned for the three months ended June 30, 2015 were $18.4 million. THE ALLSTATE CORPORATION POLICIES IN FORCE AND OTHER STATISTICS Policies in Force: Policy counts are based on items rather than customers. A multi-car customer would generate multiple item (policy) counts, even if all cars were insured under one policy. Allstate Dealer Services (service contracts and other products sold in conjunction with auto lending and vehicle sales transactions) and Partnership Marketing Group (roadside assistance products) statistics are not included in total policies in force since these are not meaningful. Additionally, non-proprietary products offered by Ivantage (insurance agency) and Answer Financial (independent insurance agency) are not included. Total Allstate agencies represents exclusive Allstate agencies and financial representatives in the United States and Canada. Allstate brand auto PIF increased in 45 states, including our largest 10 states, as of June 30, 2015 compared to June 30, 2014. Allstate brand homeowners PIF increased in 33 states, including 7 out of our largest 10 states, as of June 30, 2015 compared to June 30, 2014.

16 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 7,168 $ 6,583 $ 6,623 $ 7,054 $ 6,866 $ 6,277 $ 13,751 $ 13,143 Net premiums earned Auto $ 4,524 $ 4,432 $ 4,376 $ 4,352 $ 4,297 $ 4,209 $ 8,956 $ 8,506 Homeowners 1,645 1,631 1,625 1,616 1,594 1,580 3,276 3,174 Other personal lines 395 391 390 389 387 385 786 772 Commercial lines 128 125 125 120 121 110 253 231 Other business lines 137 141 140 138 131 133 278 264 Total 6,829 6,720 6,656 6,615 6,530 6,417 13,549 12,947 Incurred losses Auto $ 3,431 $ 3,175 $ 3,103 $ 2,964 $ 3,011 $ 2,858 $ 6,606 $ 5,869 Homeowners 1,147 894 634 930 1,212 994 2,041 2,206 Other personal lines 259 244 223 229 226 279 503 505 Commercial lines 105 98 88 72 78 81 203 159 Other business lines 66 69 65 70 64 63 135 127 Total 5,008 4,480 4,113 4,265 4,591 4,275 9,488 8,866 Expenses Auto $ 1,155 $ 1,113 $ 1,140 $ 1,088 $ 1,089 $ 1,075 $ 2,268 $ 2,164 Homeowners 372 389 399 382 359 385 761 744 Other personal lines 105 105 118 103 105 108 210 213 Commercial lines 40 38 41 38 35 34 78 69 Other business lines 63 69 63 63 52 62 132 114 Total 1,735 1,714 1,761 1,674 1,640 1,664 3,449 3,304 Underwriting income (loss) Auto $ (62) $ 144 $ 133 $ 300 $ 197 $ 276 $ 82 $ 473 Homeowners 126 348 592 304 23 201 474 224 Other personal lines 31 42 49 57 56 (2) 73 54 Commercial lines (17) (11) (4) 10 8 (5) (28) 3 Other business lines 8 3 12 5 15 8 11 23 Total 86 526 782 676 299 478 612 777 Loss ratio 73.3 66.7 61.8 64.5 70.3 66.6 70.0 68.5 Expense ratio (1) 25.4 25.5 26.5 25.3 25.1 26.0 25.5 25.5 Combined ratio 98.7 92.2 88.3 89.8 95.4 92.6 95.5 94.0 Underlying loss ratio * 62.3 61.9 61.4 58.9 57.9 60.4 62.1 59.2 Expense ratio, excluding the effect of amortization of purchased intangible assets 25.4 25.5 26.5 25.3 25.1 26.0 25.5 25.5 Underlying combined ratio 87.7 87.4 87.9 84.2 83.0 86.4 87.6 84.7 Effect of catastrophe losses on combined ratio 10.7 4.1 1.3 6.9 13.1 6.4 7.4 9.8 Effect of prior year reserve reestimates on combined ratio 0.4 0.7 (1.0) (1.3) (0.1) (0.2) 0.5 (0.1) Effect of advertising expenses on combined ratio 2.4 2.3 2.4 2.6 2.7 2.4 2.3 2.6 Underlying combined ratio 87.7 87.4 87.9 84.2 83.0 86.4 87.6 84.7 Effect of catastrophe losses 10.7 4.1 1.3 6.9 13.1 6.4 7.4 9.8 Effect of prior year non-catastrophe reserve reestimates 0.3 0.7 (0.9) (1.3) (0.7) (0.2) 0.5 (0.5) Combined ratio 98.7 92.2 88.3 89.8 95.4 92.6 95.5 94.0 (1) Targeted expense reductions represent approximately 0.4 points of the annualized Allstate brand expense ratio. THE ALLSTATE CORPORATION ALLSTATE BRAND PROFITABILITY MEASURES ($ in millions) Six months endedThree months ended

17 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 New Issued Applications (in thousands) (2) Auto (6) 818 792 740 809 770 714 1,610 1,484 Homeowners 212 177 178 201 192 154 389 346 Average Premium - Gross Written ($) (3) Auto 488 484 486 481 478 473 486 475 Homeowners 1,150 1,148 1,144 1,144 1,135 1,137 1,149 1,136 Average Premium - Net Earned ($) (4) Auto 450 444 444 443 441 435 447 438 Homeowners 1,066 1,060 1,060 1,054 1,045 1,034 1,063 1,040 Renewal Ratio (%) (5) Auto 88.9 88.8 88.6 88.9 89.1 89.0 88.8 89.1 Homeowners 88.4 88.4 88.6 88.6 88.3 88.2 88.4 88.3 Bodily Injury Claim Frequency (% change year-over-year) Auto 6.8 6.8 4.0 (1.3) (2.8) (0.3) 6.8 (1.6) Property Damage Claim Frequency (% change year-over-year) Auto 6.9 2.1 0.5 (1.0) (2.4) 5.1 4.4 1.2 Auto Paid Severity (% change year-over-year) Bodily injury 0.6 3.9 6.0 2.2 1.3 0.7 2.2 1.0 Property damage 3.7 4.8 3.9 5.5 4.4 2.7 4.2 3.5 Homeowners Excluding Catastrophe Losses (% change year-over-year) Claim frequency 0.4 (7.9) (4.1) (5.5) 2.3 6.1 (3.7) 4.2 Claim severity 3.6 6.6 8.1 9.2 5.5 8.3 5.0 6.9 (1) (2) (3) (4) (5) (6) Auto new issued applications increased to 818 thousand in second quarter 2015 from 770 thousand in second quarter 2014. As a result of a change that allows a greater number of autos on a single policy, new issued applications are approximately 2.6 points and 1.9 points lower in the second quarter and first six months of 2015, respectively, compared to the same periods of 2014. THE ALLSTATE CORPORATION ALLSTATE BRAND STATISTICS (1) Six months ended Renewal ratio: Renewal policies issued during the period, based on contract effective dates, divided by the total policies issued 6 months prior for auto or 12 months prior for homeowners. Statistics presented for Allstate brand exclude excess and surplus lines. Average Premium - Gross Written: Gross premiums written divided by issued item count. Gross premiums written include the impacts from discounts, surcharges and ceded reinsurance premiums and exclude the impacts from mid-term premium adjustments and premium refund accruals. Average premiums represent the appropriate policy term for each line, which is 6 months for auto and 12 months for homeowners. Average Premium - Net Earned: Earned premium divided by average policies in force for the period. Earned premium includes the impacts from mid-term premium adjustments and ceded reinsurance, but does not include impacts of premium refund accruals. Average premiums represent the appropriate policy term for each line, which is 6 months for auto and 12 months for homeowners. New Issued Applications: Item counts of automobiles or homeowners insurance applications for insurance policies that were issued during the period, regardless of whether the customer was previously insured by another Allstate Protection brand. Allstate brand includes automobiles added by existing customers when they exceed the amount allowed on a policy which is currently four or ten depending on the state. Three months ended

18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Rates of change in auto frequency (1) (% change in frequency rate year over year) Allstate gross frequency (2) 5.1% 3.4% 6.9% 6.9% 2.1% -3.2% -4.4% -4.1% -2.9% 1.2% -1.8% -3.1% -2.4% -1.1% 0.8% -1.7% -0.3% -2.8% -1.3% 4.0% 6.8% 6.8% Allstate paid frequency (3) 6.1% 7.7% 8.3% 7.9% 4.5% 1.5% -0.9% -2.4% -0.2% 1.1% -1.0% 0.7% -2.3% -2.7% -2.1% -4.7% -4.7% -3.8% 0.2% 4.7% 2.3% 6.0% (1) (2) (3) Gross frequency rate is calculated as the number of claim notices received in the period divided by the average earned policies in force with the respective insurance coverage in force (“average coverage in force”). Paid frequency rate is calculated as the number of claim notices closed with a payment amount in the period divided by the average coverage in force. BODILY INJURY GROSS AND PAID % CHANGE IN FREQUENCY RATE THE ALLSTATE CORPORATION ALLSTATE BRAND AUTO FREQUENCY STATISTICS The % change in frequency rate year over year is calculated as the change in the specified frequency rate between the current period and the same period of the prior year divided by the prior year frequency rate. 2010 2011 2012 2013 2014 2015 -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010 2011 2012 2013 2014 2015 % c ha ng e ye ar -o ve r- ye ar Rates of change in auto bodily injury frequency Allstate gross frequency Allstate paid frequency

19 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Rates of change in auto frequency (1) (% change in frequency rate year over year) Allstate gross frequency (2) -0.5% 1.5% 3.1% 1.7% 0.6% -4.4% -3.3% -3.1% -4.8% 0.7% -1.8% -4.3% -0.7% -0.3% 0.6% 1.4% 5.1% -2.4% -1.0% 0.5% 2.1% 6.9% Allstate paid frequency (3) -3.4% 0.6% 4.2% 1.7% 0.4% -2.9% -4.3% -2.4% -4.3% -0.3% -3.4% -4.1% -4.5% 0.5% 3.7% 0.8% 2.9% -0.4% 0.4% 2.5% 2.5% 4.2% (1) (2) (3) THE ALLSTATE CORPORATION ALLSTATE BRAND AUTO FREQUENCY STATISTICS PROPERTY DAMAGE GROSS AND PAID % CHANGE IN FREQUENCY RATE The % change in frequency rate year over year is calculated as the change in the specified frequency rate between the current period and the same period of the prior year divided by the prior year frequency rate. Gross frequency rate is calculated as the number of claim notices received in the period divided by the average earned policies in force with the respective insurance coverage in force (“average coverage in force”). Paid frequency rate is calculated as the number of claim notices closed with a payment amount in the period divided by the average coverage in force. 2010 2011 2012 2013 2014 2015 -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010 2011 2012 2013 2014 2015 % c ha ng e ye ar -o ve r- ye ar Rates of change in auto property damage frequency Allstate gross frequency Allstate paid frequency

20 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 371 $ 441 $ 359 $ 408 $ 340 $ 406 $ 812 $ 746 Net premiums earned Auto $ 397 $ 382 $ 378 $ 370 $ 365 $ 342 $ 779 $ 707 Homeowners 4 3 2 1 - - 7 - Other personal lines 1 2 1 2 1 1 3 2 402 387 381 373 366 343 789 709 Incurred losses Auto $ 300 $ 297 $ 300 $ 283 $ 275 $ 260 $ 597 $ 535 Homeowners 3 1 1 1 - - 4 - Other personal lines 1 1 1 1 1 - 2 1 304 299 302 285 276 260 603 536 Expenses Auto $ 132 $ 155 $ 136 $ 148 $ 135 $ 174 $ 287 $ 309 Homeowners 7 - - - - - 7 - Other personal lines - 2 2 2 - 2 2 2 139 157 138 150 135 176 296 311 Underwriting income (loss) Auto $ (35) $ (70) $ (58) $ (61) $ (45) $ (92) $ (105) $ (137) Homeowners (6) 2 1 - - - (4) - Other personal lines - (1) (2) (1) - (1) (1) (1) (41) (69) (59) (62) (45) (93) (110) (138) Loss ratio 75.6 77.2 79.3 76.4 75.4 75.8 76.4 75.6 Expense ratio 34.6 40.6 36.2 40.2 36.9 51.3 37.5 43.9 Combined ratio 110.2 117.8 115.5 116.6 112.3 127.1 113.9 119.5 Underlying loss ratio 74.3 78.2 80.3 75.3 74.1 76.4 76.3 75.1 Expense ratio, excluding the effect of amortization of purchased intangible assets 32.4 38.3 33.1 37.0 33.6 47.8 35.2 40.6 Underlying combined ratio 106.7 116.5 113.4 112.3 107.7 124.2 111.5 115.7 Effect of catastrophe losses on combined ratio 2.0 - 0.3 1.9 2.7 0.3 1.0 1.6 Effect of prior year reserve reestimates on combined ratio (0.7) (1.0) (1.3) (0.8) (1.4) (0.9) (0.9) (1.1) Effect of amortization of purchased intangible assets on combined ratio 2.2 2.3 3.1 3.2 3.3 3.5 2.3 3.3 Effect of advertising expenses on combined ratio 12.4 17.3 11.8 15.8 14.5 28.3 14.8 21.2 Underlying combined ratio 106.7 116.5 113.4 112.3 107.7 124.2 111.5 115.7 Effect of catastrophe losses 2.0 - 0.3 1.9 2.7 0.3 1.0 1.6 Effect of prior year non-catastrophe reserve reestimates (0.7) (1.0) (1.3) (0.8) (1.4) (0.9) (0.9) (1.1) Effect of amortization of purchased intangible assets 2.2 2.3 3.1 3.2 3.3 3.5 2.3 3.3 Combined ratio 110.2 117.8 115.5 116.6 112.3 127.1 113.9 119.5 Policies in Force (in thousands) Auto 1,458 1,470 1,424 1,410 1,399 1,375 1,458 1,399 Homeowners 20 15 10 6 2 1 20 2 Other personal lines 44 42 36 33 30 26 44 30 1,522 1,527 1,470 1,449 1,431 1,402 1,522 1,431 New Issued Applications (in thousands) Auto 148 195 168 181 177 221 343 398 Homeowners 7 6 4 5 1 1 13 2 Other personal lines 10 12 10 9 10 10 22 20 165 213 182 195 188 232 378 420 Average Premium - Gross Written ($) Auto 506 520 500 499 497 504 514 503 Homeowners 814 849 781 829 822 691 832 805 Renewal Ratio (%) Auto 80.4 79.9 79.4 78.4 80.1 80.4 80.1 80.3 THE ALLSTATE CORPORATION ESURANCE PROFITABILITY MEASURES AND STATISTICS Six months ended ($ in millions) Three months ended

21 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 338 $ 282 $ 310 $ 343 $ 341 $ 286 $ 620 $ 627 Net premiums earned Auto $ 165 $ 165 $ 164 $ 168 $ 162 $ 161 $ 330 $ 323 Homeowners 126 127 126 123 120 117 253 237 Other personal lines 27 27 27 27 26 26 54 52 Total 318 319 317 318 308 304 637 612 Incurred losses Auto $ 129 $ 116 $ 126 $ 131 $ 134 $ 114 $ 245 $ 248 Homeowners 117 74 56 103 118 86 191 204 Other personal lines 27 23 18 20 21 21 50 42 Total 273 213 200 254 273 221 486 494 Expenses Auto $ 50 $ 47 $ 48 $ 50 $ 50 $ 48 $ 97 $ 98 Homeowners 38 37 38 37 37 35 75 72 Other personal lines 7 8 9 8 7 8 15 15 Total 95 92 95 95 94 91 187 185 Underwriting income (loss) Auto $ (14) $ 2 $ (10) $ (13) $ (22) $ (1) $ (12) $ (23) Homeowners (29) 16 32 (17) (35) (4) (13) (39) Other personal lines (7) (4) - (1) (2) (3) (11) (5) Total (50) 14 22 (31) (59) (8) (36) (67) Loss ratio 85.8 66.8 63.1 79.8 88.7 72.7 76.3 80.7 Expense ratio 29.9 28.8 30.0 29.9 30.5 29.9 29.4 30.2 Combined ratio 115.7 95.6 93.1 109.7 119.2 102.6 105.7 110.9 Underlying loss ratio 66.6 61.8 62.7 65.8 64.3 61.9 64.2 63.1 Expense ratio, excluding the effect of amortization of purchased intangible assets 29.9 28.8 30.0 29.9 30.5 29.9 29.4 30.2 Underlying combined ratio 96.5 90.6 92.7 95.6 94.8 91.8 93.6 93.3 Effect of catastrophe losses on combined ratio 18.6 6.3 1.9 16.4 23.7 11.2 12.4 17.5 Effect of prior year reserve reestimates on combined ratio 0.9 (2.2) (1.2) (1.9) 1.0 (0.7) (0.6) 0.1 Effect of advertising expenses on combined ratio 0.6 0.6 0.3 - 0.6 0.7 0.6 0.7 Underlying combined ratio 96.5 90.6 92.7 95.6 94.8 91.8 93.6 93.3 Effect of catastrophe losses 18.6 6.3 1.9 16.4 23.7 11.2 12.4 17.5 Effect of prior year non-catastrophe reserve reestimates 0.6 (1.3) (1.5) (2.3) 0.7 (0.4) (0.3) 0.1 Combined ratio 115.7 95.6 93.1 109.7 119.2 102.6 105.7 110.9 Policies in Force (in thousands) Auto 767 778 790 792 788 778 767 788 Homeowners 355 361 365 365 364 359 355 364 Other personal lines 118 120 122 123 124 124 118 124 1,240 1,259 1,277 1,280 1,276 1,261 1,240 1,276 New Issued Applications (in thousands) Auto 23 23 28 34 40 33 46 73 Homeowners 14 12 15 18 20 17 26 37 Average Premium - Gross Written ($) Auto 925 913 901 898 888 893 919 890 Homeowners 1,532 1,519 1,482 1,471 1,437 1,440 1,526 1,438 Renewal Ratio (%) Auto 78.0 78.5 80.0 79.4 80.3 79.2 78.2 79.8 Homeowners 83.2 83.2 84.9 84.8 86.2 86.6 83.2 86.4 THE ALLSTATE CORPORATION ENCOMPASS BRAND PROFITABILITY MEASURES AND STATISTICS ($ in millions) Six months endedThree months ended

22 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, ($ in millions) 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 9,123 $ 8,667 Esurance brand 363 434 354 403 338 404 797 742 Encompass brand 173 147 160 178 176 151 320 327 5,124 5,116 4,861 5,071 4,889 4,847 10,240 9,736 Net premiums earned Allstate brand $ 4,524 $ 4,432 $ 4,376 $ 4,352 $ 4,297 $ 4,209 $ 8,956 $ 8,506 Esurance brand 397 382 378 370 365 342 779 707 Encompass brand 165 165 164 168 162 161 330 323 5,086 4,979 4,918 4,890 4,824 4,712 10,065 9,536 Incurred losses Allstate brand $ 3,431 $ 3,175 $ 3,103 $ 2,964 $ 3,011 $ 2,858 $ 6,606 $ 5,869 Esurance brand 300 297 300 283 275 260 597 535 Encompass brand 129 116 126 131 134 114 245 248 3,860 3,588 3,529 3,378 3,420 3,232 7,448 6,652 Expenses Allstate brand $ 1,155 $ 1,113 $ 1,140 $ 1,088 $ 1,089 $ 1,075 $ 2,268 $ 2,164 Esurance brand 132 155 136 148 135 174 287 309 Encompass brand 50 47 48 50 50 48 97 98 1,337 1,315 1,324 1,286 1,274 1,297 2,652 2,571 Underwriting income (loss) Allstate brand $ (62) $ 144 $ 133 $ 300 $ 197 $ 276 $ 82 $ 473 Esurance brand (35) (70) (58) (61) (45) (92) (105) (137) Encompass brand (14) 2 (10) (13) (22) (1) (12) (23) (111) 76 65 226 130 183 (35) 313 Loss ratio (1) Allstate brand 75.9 71.7 70.9 68.1 70.1 67.9 73.8 69.0 Esurance brand 75.6 77.7 79.3 76.5 75.3 76.0 76.6 75.7 Encompass brand 78.2 70.3 76.8 78.0 82.7 70.8 74.2 76.8 Allstate Protection 75.9 72.1 71.8 69.1 70.9 68.6 74.0 69.7 Expense ratio Allstate brand 25.5 25.1 26.1 25.0 25.3 25.5 25.3 25.4 Esurance brand 33.2 40.6 36.0 40.0 37.0 50.9 36.9 43.7 Encompass brand 30.3 28.5 29.3 29.7 30.9 29.8 29.4 30.3 Allstate Protection 26.3 26.4 26.9 26.3 26.4 27.5 26.3 27.0 Combined ratio Allstate brand 101.4 96.8 97.0 93.1 95.4 93.4 99.1 94.4 Esurance brand 108.8 118.3 115.3 116.5 112.3 126.9 113.5 119.4 Encompass brand 108.5 98.8 106.1 107.7 113.6 100.6 103.6 107.1 Allstate Protection 102.2 98.5 98.7 95.4 97.3 96.1 100.3 96.7 Effect of catastrophe losses on combined ratio Allstate brand 3.2 0.3 0.2 1.8 4.1 0.4 1.7 2.3 Esurance brand 1.8 - 0.3 1.9 2.7 0.3 0.9 1.6 Encompass brand 3.0 - - 3.0 9.3 0.6 1.5 5.0 Allstate Protection 3.1 0.3 0.2 1.9 4.2 0.4 1.7 2.3 Effect of prior year reserve reestimates on combined ratio Allstate brand 0.4 0.8 (1.5) (1.8) (0.6) (0.9) 0.6 (0.7) Esurance brand (0.8) (1.0) (1.3) (0.8) (1.4) (0.9) (0.9) (1.1) Encompass brand (1.2) (4.8) (0.6) 0.5 (3.7) (4.3) (3.0) (4.0) Allstate Protection 0.2 0.5 (1.5) (1.6) (0.7) (1.0) 0.3 (0.9) Effect of catastrophe losses included in prior year reserve reestimates on combined ratio Allstate brand - (0.1) (0.1) (0.2) (0.1) (0.1) (0.1) - Esurance brand - - - - - - - - Encompass brand - (0.6) - - (0.6) - (0.3) (0.2) Allstate Protection (0.1) - (0.1) (0.1) - (0.1) - (0.1) Effect of amortization of purchased intangible assets on combined ratio Esurance brand 2.3 2.3 3.1 3.2 3.3 3.5 2.3 3.3 Allstate Protection - - - - - - - - THE ALLSTATE CORPORATION AUTO PROFITABILITY MEASURES Six months endedThree months ended

23 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, ($ in millions) 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 1,819 $ 1,379 $ 1,598 $ 1,831 $ 1,765 $ 1,342 $ 3,198 $ 3,107 Esurance brand 7 5 4 3 1 1 12 2 Encompass brand 136 111 123 137 136 110 247 246 1,962 1,495 1,725 1,971 1,902 1,453 3,457 3,355 Net premiums earned Allstate brand $ 1,645 $ 1,631 $ 1,625 $ 1,616 $ 1,594 $ 1,580 $ 3,276 $ 3,174 Esurance brand 4 3 2 1 - - 7 - Encompass brand 126 127 126 123 120 117 253 237 1,775 1,761 1,753 1,740 1,714 1,697 3,536 3,411 Incurred losses Allstate brand $ 1,147 $ 894 $ 634 $ 930 $ 1,212 $ 994 $ 2,041 $ 2,206 Esurance brand 3 1 1 1 - - 4 - Encompass brand 117 74 56 103 118 86 191 204 1,267 969 691 1,034 1,330 1,080 2,236 2,410 Expenses Allstate brand $ 372 $ 389 $ 399 $ 382 $ 359 $ 385 $ 761 $ 744 Esurance brand 7 - - - - - 7 - Encompass brand 38 37 38 37 37 35 75 72 417 426 437 419 396 420 843 816 Underwriting income (loss) Allstate brand $ 126 $ 348 $ 592 $ 304 $ 23 $ 201 $ 474 $ 224 Esurance brand (6) 2 1 - - - (4) - Encompass brand (29) 16 32 (17) (35) (4) (13) (39) 91 366 625 287 (12) 197 457 185 Loss ratio Allstate brand 69.7 54.8 39.0 57.6 76.1 62.9 62.3 69.5 Esurance brand 75.0 33.3 50.0 100.0 - - 57.1 - Encompass brand 92.8 58.3 44.4 83.7 98.3 73.5 75.5 86.1 Allstate Protection 71.4 55.0 39.4 59.4 77.6 63.6 63.2 70.7 Expense ratio Allstate brand 22.6 23.9 24.6 23.6 22.5 24.4 23.2 23.4 Esurance brand 175.0 - - - - - 100.0 - Encompass brand 30.2 29.1 30.2 30.1 30.9 29.9 29.6 30.4 Allstate Protection 23.5 24.2 24.9 24.1 23.1 24.8 23.9 23.9 Combined ratio Allstate brand 92.3 78.7 63.6 81.2 98.6 87.3 85.5 92.9 Esurance brand 250.0 33.3 50.0 100.0 - - 157.1 - Encompass brand 123.0 87.4 74.6 113.8 129.2 103.4 105.1 116.5 Allstate Protection 94.9 79.2 64.3 83.5 100.7 88.4 87.1 94.6 Effect of catastrophe losses on combined ratio Allstate brand 32.1 13.9 3.8 22.0 38.7 21.3 23.0 30.0 Esurance brand 25.0 - - - - - 14.2 - Encompass brand 41.3 14.2 4.8 36.6 46.7 25.6 27.7 36.3 Allstate Protection 32.7 13.9 3.9 23.0 39.3 21.6 23.4 30.5 Effect of prior year reserve reestimates on combined ratio Allstate brand - 0.2 (1.1) (0.1) 2.1 0.8 0.1 1.4 Esurance brand - - - - - - - - Encompass brand 2.3 (1.6) (2.4) (6.5) 6.7 4.3 0.4 5.5 Allstate Protection 0.2 0.1 (1.2) (0.5) 2.4 1.1 0.1 1.7 Effect of catastrophe losses included in prior year reserve reestimates on combined ratio Allstate brand 0.5 (0.1) 0.1 0.7 2.4 0.6 0.2 1.5 Esurance brand - - - - - - - - Encompass brand - (1.6) 0.8 0.9 1.7 (0.8) (0.7) 0.4 Allstate Protection 0.4 (0.1) 0.2 0.7 2.4 0.6 0.1 1.4 THE ALLSTATE CORPORATION HOMEOWNERS PROFITABILITY MEASURES Six months endedThree months ended

24 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, ($ in millions) 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Allstate brand $ 424 $ 357 $ 376 $ 426 $ 416 $ 351 $ 781 $ 767 Esurance brand 1 2 1 2 1 1 3 2 Encompass brand 29 24 27 28 29 25 53 54 454 383 404 456 446 377 837 823 Net premiums earned Allstate brand $ 395 $ 391 $ 390 $ 389 $ 387 $ 385 $ 786 $ 772 Esurance brand 1 2 1 2 1 1 3 2 Encompass brand 27 27 27 27 26 26 54 52 423 420 418 418 414 412 843 826 Incurred losses Allstate brand $ 259 $ 244 $ 223 $ 229 $ 226 $ 279 $ 503 $ 505 Esurance brand 1 1 1 1 1 - 2 1 Encompass brand 27 23 18 20 21 21 50 42 287 268 242 250 248 300 555 548 Expenses Allstate brand $ 105 $ 105 $ 118 $ 103 $ 105 $ 108 $ 210 $ 213 Esurance brand - 2 2 2 - 2 2 2 Encompass brand 7 8 9 8 7 8 15 15 112 115 129 113 112 118 227 230 Underwriting income (loss) Allstate brand $ 31 $ 42 $ 49 $ 57 $ 56 $ (2) $ 73 $ 54 Esurance brand - (1) (2) (1) - (1) (1) (1) Encompass brand (7) (4) - (1) (2) (3) (11) (5) 24 37 47 55 54 (6) 61 48 Loss ratio Allstate brand 65.6 62.4 57.2 58.9 58.4 72.5 64.0 65.4 Esurance brand 100.0 50.0 100.0 50.0 100.0 - 66.7 50.0 Encompass brand 100.0 85.2 66.7 74.1 80.8 80.8 92.6 80.8 Allstate Protection 67.8 63.8 57.9 59.8 59.9 72.8 65.9 66.3 Expense ratio Allstate brand 26.6 26.9 30.2 26.4 27.1 28.0 26.7 27.6 Esurance brand - 100.0 200.0 100.0 - 200.0 66.6 100.0 Encompass brand 25.9 29.6 33.3 29.6 26.9 30.7 27.8 28.8 Allstate Protection 26.5 27.4 30.9 27.0 27.1 28.7 26.9 27.9 Combined ratio Allstate brand 92.2 89.3 87.4 85.3 85.5 100.5 90.7 93.0 Esurance brand 100.0 150.0 300.0 150.0 100.0 200.0 133.3 150.0 Encompass brand 125.9 114.8 100.0 103.7 107.7 111.5 120.4 109.6 Allstate Protection 94.3 91.2 88.8 86.8 87.0 101.5 92.8 94.2 Effect of catastrophe losses on combined ratio Allstate brand 11.9 7.4 2.8 4.9 12.4 12.7 9.7 12.6 Esurance brand - - - - - - - - Encompass brand 7.4 7.4 - 7.4 7.7 11.5 7.4 9.6 Allstate Protection 11.6 7.4 2.7 5.0 12.1 12.6 9.5 12.3 Effect of prior year reserve reestimates on combined ratio Allstate brand 1.1 (0.5) 5.1 2.6 (3.4) 3.9 0.2 0.3 Esurance brand - - - - - - - - Encompass brand 7.4 11.1 - 3.7 3.8 - 9.3 1.9 Allstate Protection 1.4 0.2 4.8 2.6 (2.9) 3.6 0.9 0.4 Effect of catastrophe losses included in prior year reserve reestimates on combined ratio Allstate brand - (0.3) - (0.2) (0.3) (0.5) (0.1) (0.3) Esurance brand - - - - - - - - Encompass brand 3.7 - - - - - 1.9 - Allstate Protection 0.3 (0.3) - (0.3) (0.3) (0.6) - (0.4) (1) Other personal lines include renter, condominium, landlord and other personal lines. THE ALLSTATE CORPORATION OTHER PERSONAL LINES PROFITABILITY MEASURES (1) Six months endedThree months ended

25 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, ($ in millions) 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 138 $ 128 $ 126 $ 122 $ 130 $ 116 $ 266 $ 246 Net premiums earned $ 128 $ 125 $ 125 $ 120 $ 121 $ 110 $ 253 $ 231 Incurred losses $ 105 $ 98 $ 88 $ 72 $ 78 $ 81 $ 203 $ 159 Expenses $ 40 $ 38 $ 41 $ 38 $ 35 $ 34 $ 78 $ 69 Underwriting (loss) income $ (17) $ (11) $ (4) $ 10 $ 8 $ (5) $ (28) $ 3 Loss ratio 82.0 78.4 70.4 60.0 64.5 73.6 80.3 68.8 Expense ratio 31.3 30.4 32.8 31.7 28.9 30.9 30.8 29.9 Combined ratio 113.3 108.8 103.2 91.7 93.4 104.5 111.1 98.7 Effect of catastrophe losses on combined ratio 9.4 4.0 4.8 3.3 8.3 8.2 6.7 8.2 Effect of prior year reserve reestimates on combined ratio 3.1 8.0 (0.8) (14.2) (0.8) (0.9) 5.5 (0.9) Effect of catastrophe losses included in prior year reserve reestimates on combined ratio 2.3 0.8 - 0.7 0.1 1.0 1.5 0.4 (1) Commercial lines all represent Allstate Brand products. THE ALLSTATE CORPORATION COMMERCIAL LINES PROFITABILITY MEASURES (1) Six months endedThree months ended

26 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, ($ in millions) 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written $ 199 $ 184 $ 176 $ 185 $ 180 $ 176 $ 383 $ 356 Net premiums earned $ 137 $ 141 $ 140 $ 138 $ 131 $ 133 $ 278 $ 264 Incurred losses $ 66 $ 69 $ 65 $ 70 $ 64 $ 63 $ 135 $ 127 Expenses $ 63 $ 69 $ 63 $ 63 $ 52 $ 62 $ 132 $ 114 Underwriting income $ 8 $ 3 $ 12 $ 5 $ 15 $ 8 $ 11 $ 23 Loss ratio 48.2 49.0 46.4 50.7 48.8 47.4 48.5 48.1 Expense ratio 46.0 48.9 45.0 45.7 39.7 46.6 47.5 43.2 Combined ratio 94.2 97.9 91.4 96.4 88.5 94.0 96.0 91.3 Effect of catastrophe losses on combined ratio - - - - - - - - Effect of prior year reserve reestimates on combined ratio 0.7 - (0.7) - - - 0.3 - Effect of catastrophe losses included in prior year reserve reestimates on combined ratio - - - - - - - - Effect of amortization of purchased intangible assets 0.8 0.7 0.7 0.7 0.7 0.8 0.7 0.8 (1) Other business lines include Allstate Roadside Services, Allstate Dealer Services and other business lines, which all represent Allstate Brand products. THE ALLSTATE CORPORATION OTHER BUSINESS LINES PROFITABILITY MEASURES (1) Six months endedThree months ended

27 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Auto Allstate brand underlying combined ratio 97.8 95.6 98.2 92.9 91.8 93.8 96.7 92.8 Effect of catastrophe losses on combined ratio 3.2 0.3 0.2 1.8 4.1 0.4 1.7 2.3 Effect of prior year non-catastrophe reserve reestimates on combined ratio 0.4 0.9 (1.4) (1.6) (0.5) (0.8) 0.7 (0.7) Allstate brand combined ratio 101.4 96.8 97.0 93.1 95.4 93.4 99.1 94.4 Esurance brand underlying combined ratio 105.5 117.0 113.2 112.2 107.7 124.0 111.2 115.7 Effect of catastrophe losses on combined ratio 1.8 - 0.3 1.9 2.7 0.3 0.9 1.6 Effect of prior year non-catastrophe reserve reestimates on combined ratio (0.8) (1.0) (1.3) (0.8) (1.4) (0.9) (0.9) (1.1) Effect of amortization of purchased intangible assets on combined ratio 2.3 2.3 3.1 3.2 3.3 3.5 2.3 3.3 Esurance brand combined ratio 108.8 118.3 115.3 116.5 112.3 126.9 113.5 119.5 Encompass brand underlying combined ratio 106.7 103.0 106.7 104.2 107.4 104.3 104.8 105.9 Effect of catastrophe losses on combined ratio 3.0 - - 3.0 9.3 0.6 1.5 5.0 Effect of prior year non-catastrophe reserve reestimates on combined ratio (1.2) (4.2) (0.6) 0.5 (3.1) (4.3) (2.7) (3.8) Encompass brand combined ratio 108.5 98.8 106.1 107.7 113.6 100.6 103.6 107.1 Homeowners Allstate brand underlying combined ratio 60.7 64.5 61.0 60.0 60.2 65.8 62.6 63.0 Effect of catastrophe losses on combined ratio 32.1 13.9 3.8 22.0 38.7 21.3 23.0 30.0 Effect of prior year non-catastrophe reserve reestimates on combined ratio (0.5) 0.3 (1.2) (0.8) (0.3) 0.2 (0.1) (0.1) Allstate brand combined ratio 92.3 78.7 63.6 81.2 98.6 87.3 85.5 92.9 Encompass brand underlying combined ratio 79.4 73.2 73.0 84.6 77.5 72.7 76.3 75.1 Effect of catastrophe losses on combined ratio 41.3 14.2 4.8 36.6 46.7 25.6 27.7 36.3 Effect of prior year non-catastrophe reserve reestimates on combined ratio 2.3 - (3.2) (7.4) 5.0 5.1 1.1 5.1 Encompass brand combined ratio 123.0 87.4 74.6 113.8 129.2 103.4 105.1 116.5 Other Personal Lines Allstate brand underlying combined ratio 79.2 82.1 79.5 77.6 76.2 83.4 80.7 79.8 Effect of catastrophe losses on combined ratio 11.9 7.4 2.8 4.9 12.4 12.7 9.7 12.6 Effect of prior year non-catastrophe reserve reestimates on combined ratio 1.1 (0.2) 5.1 2.8 (3.1) 4.4 0.3 0.6 Allstate brand combined ratio 92.2 89.3 87.4 85.3 85.5 100.5 90.7 93.0 Encompass brand underlying combined ratio 114.8 96.3 100.0 92.6 96.2 100.0 105.6 98.1 Effect of catastrophe losses on combined ratio 7.4 7.4 - 7.4 7.7 11.5 7.4 9.6 Effect of prior year non-catastrophe reserve reestimates on combined ratio 3.7 11.1 - 3.7 3.8 - 7.4 1.9 Encompass brand combined ratio 125.9 114.8 100.0 103.7 107.7 111.5 120.4 109.6 THE ALLSTATE CORPORATION AUTO, HOMEOWNERS AND OTHER PERSONAL LINES UNDERLYING COMBINED RATIOS Six months endedThree months ended

28 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Auto Annualized average premium (1) $ 893 $ 885 $ 879 $ 881 $ 877 $ 867 Underlying combined ratios 97.8 95.6 98.2 92.9 91.8 93.8 Average underlying loss (incurred pure premium) and expense * $ 874 $ 846 $ 863 $ 818 $ 805 $ 813 Homeowners Annualized average premium (1) $ 1,071 $ 1,067 $ 1,065 $ 1,063 $ 1,051 $ 1,042 Underlying combined ratios 60.7 64.5 61.0 60.0 60.2 65.8 Average underlying loss (incurred pure premium) and expense $ 650 $ 688 $ 650 $ 638 $ 633 $ 686 (1) THE ALLSTATE CORPORATION Calculated by annualizing net earned premium reported in the quarter divided by policies in force at quarter end. ALLSTATE BRAND AUTO AND HOMEOWNERS UNDERLYING LOSS AND EXPENSE Three months ended

29 Annual impact of Effect of rate changes Earned Incurred Catastrophe catastrophes Number of Number of on state specific Primary Exposure Groupings (1) premiums losses Loss ratios losses on loss ratio catastrophes locations premiums written Florida $ 56 $ 34 60.7% $ - 0.0% Other hurricane exposure states 1,874 1,248 66.6% 539 28.8% Total hurricane exposure states (2) 1,930 1,282 66.4% 539 27.9% 13 3.5% Other catastrophe exposure states (4) 1,606 954 59.4% 287 17.9% 15 5.6% Total $ 3,536 $ 2,236 63.2% $ 826 23.4% 44 28 4.3% (1) Basis of Presentation (2) (3) (4) Includes Canada. THE ALLSTATE CORPORATION HOMEOWNERS SUPPLEMENTAL INFORMATION ($ in millions) Represents the impact in the locations where rate changes were approved during the year as a percentage of total prior year-end premiums written in those locations. This homeowners supplemental information schedule displays financial results for the homeowners business (defined to include standard homeowners, scheduled personal property and other than primary residence lines). Each state in which the Company writes business has been categorized into one of two exposure groupings (Hurricane or Other). Hurricane exposure states are comprised of those states in which hurricanes are the primary catastrophe exposure. However, the catastrophe losses for these states include losses due to other kinds of catastrophes. A catastrophe is defined by Allstate 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. Premium rate changes (3) Hurricane exposure states include the following coastal locations: Alabama, Connecticut, Delaware, Florida, Georgia, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia and Washington, D.C. Six months ended June 30, 2015

30 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Allstate brand Auto $ 143 $ 13 $ 9 $ 80 $ 178 $ 16 $ 156 $ 194 Homeowners 528 227 62 355 617 336 755 953 Other personal lines 47 29 11 19 48 49 76 97 Commercial lines 12 5 6 4 10 9 17 19 Other business lines - - - - - - - - Total 730 274 88 458 853 410 1,004 1,263 Esurance brand Auto 7 - 1 7 10 1 7 11 Homeowners 1 - - - - - 1 - Other personal lines - - - - - - - - Total 8 - 1 7 10 1 8 11 Encompass brand Auto 5 - - 5 15 1 5 16 Homeowners 52 18 6 45 56 30 70 86 Other personal lines 2 2 - 2 2 3 4 5 Total 59 20 6 52 73 34 79 107 Allstate Protection $ 797 $ 294 $ 95 $ 517 $ 936 $ 445 $ 1,091 $ 1,381 Allstate Protection Auto $ 155 $ 13 $ 10 $ 92 $ 203 $ 18 $ 168 $ 221 Homeowners 581 245 68 400 673 366 826 1,039 Other personal lines 49 31 11 21 50 52 80 102 Commercial lines 12 5 6 4 10 9 17 19 Other business lines - - - - - - - - $ 797 $ 294 $ 95 $ 517 $ 936 $ 445 $ 1,091 $ 1,381 THE ALLSTATE CORPORATION CATASTROPHE LOSSES BY BRAND ($ in millions) Six months endedThree months ended

31 Premiums Total Total Effect on the earned catastrophe catastrophe Property-Liability Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year year-to-date losses by year losses by year combined ratio 2006 1.6 3.7 2.5 4.1 3.0 $ 27,369 $ 810 $ 1,044 3.8 2007 2.4 6.3 5.0 7.0 5.2 27,233 1,409 1,336 4.9 2008 8.4 10.3 26.8 3.9 12.4 26,967 3,342 1,876 7.0 2009 7.8 12.5 6.2 5.0 7.9 26,194 2,069 2,159 8.2 2010 10.0 9.8 5.9 8.3 8.5 25,957 2,207 2,272 8.8 2011 5.2 36.2 16.7 1.0 14.7 25,942 3,815 3,298 12.7 2012 3.9 12.3 3.1 15.7 8.8 26,737 2,345 1,324 5.0 2013 5.3 9.4 1.8 1.7 4.5 27,618 1,251 1,352 4.9 2014 6.3 13.0 7.1 1.3 6.9 28,929 1,993 2,000 6.9 2015 4.0 10.6 14,975 1,091 1,102 7.4 Average 5.4 12.3 8.3 5.3 7.9 6.9 Effect of all catastrophe losses on the Property-Liability combined ratio catastrophe losses relating to Excludes the effect of THE ALLSTATE CORPORATION PROPERTY-LIABILITY EFFECT OF CATASTROPHE LOSSES ON THE COMBINED RATIO ($ in millions) earthquakes and hurricanes

32 Average Number Claims and Combined catastrophe Size of catastrophe of events claims expense ratio impact loss per event Greater than $250 million - - % $ - - % - $ - $101 million to $250 million 1 3.0 130 16.3 1.7 130 $50 million to $100 million 5 15.2 316 39.6 4.2 63 Less than $50 million 27 81.8 348 43.7 4.6 13 Total 33 100.0 % 794 99.6 10.5 24 Prior year reserve reestimates 8 1.0 0.1 Prior quarter reserve reestimates (5) (0.6) - Total catastrophe losses $ 797 100.0 % 10.6 Average Number Claims and Combined catastrophe Size of catastrophe of events claims expense ratio impact loss per event Greater than $250 million - - % $ - - % - $ - $101 million to $250 million 2 4.5 233 21.4 1.6 117 $50 million to $100 million 7 15.9 430 39.4 2.9 61 Less than $50 million 35 79.6 425 38.9 2.8 12 Total 44 100.0 % 1,088 99.7 7.3 25 Prior year reserve reestimates 3 0.3 - Total catastrophe losses $ 1,091 100.0 % 7.3 Six months ended June 30, 2015 THE ALLSTATE CORPORATION CATASTROPHE BY SIZE OF EVENT ($ in millions) Three months ended June 30, 2015

33 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Prior Year Reserve Reestimates (1) Auto $ 11 $ 24 $ (75) $ (79) $ (36) $ (48) $ 35 $ (84) Homeowners 4 1 (21) (9) 41 18 5 59 Other personal lines 6 1 20 11 (12) 15 7 3 Commercial lines 4 10 (1) (17) (1) (1) 14 (2) Other business lines 1 - (1) - - - 1 - Allstate Protection 26 36 (78) (94) (8) (16) 62 (24) Discontinued Lines and Coverages 2 1 2 105 2 3 3 5 Property-Liability $ 28 $ 37 $ (76) $ 11 $ (6) $ (13) $ 65 $ (19) Allstate brand (2) $ 26 $ 47 $ (69) $ (85) $ (6) $ (11) $ 73 $ (17) Esurance brand (3) (4) (5) (3) (5) (3) (7) (8) Encompass brand (2) 3 (7) (4) (6) 3 (2) (4) 1 Allstate Protection (2) $ 26 $ 36 $ (78) $ (94) $ (8) $ (16) $ 62 $ (24) Effect of Prior Year Reserve Reestimates on Combined Ratio (1)(3) Auto 0.2 0.3 (1.0) (1.1) (0.5) (0.7) 0.2 (0.6) Homeowners - - (0.3) (0.1) 0.6 0.3 - 0.4 Other personal lines 0.1 - 0.3 0.2 (0.2) 0.2 0.1 - Commercial lines - 0.2 - (0.3) - - 0.1 - Other business lines - - - - - - - - Allstate Protection 0.3 0.5 (1.0) (1.3) (0.1) (0.2) 0.4 (0.2) Discontinued Lines and Coverages - - - 1.4 - - - 0.1 Property-Liability 0.3 0.5 (1.0) 0.1 (0.1) (0.2) 0.4 (0.1) Allstate brand (2) 0.3 0.6 (0.9) (1.2) (0.1) (0.2) 0.5 (0.1) Esurance brand - - - - (0.1) - (0.1) (0.1) Encompass brand (2) - (0.1) (0.1) (0.1) 0.1 - - - Allstate Protection (2) 0.3 0.5 (1.0) (1.3) (0.1) (0.2) 0.4 (0.2) (1) (2) (3) Calculated using Property-Liability premiums earned for the respective period. THE ALLSTATE CORPORATION PROPERTY-LIABILITY PRIOR YEAR RESERVE REESTIMATES ($ in millions) Six months ended Favorable reserve reestimates are shown in parentheses. Unfavorable (favorable) reserve reestimates included in catastrophe losses for Allstate brand, Encompass brand and Allstate Protection totaled $7 million, $1 million, $8 million and $35 million, $1 million and $36 million, respectively, in the three months ended June 30, 2015 and 2014, respectively. Unfavorable (favorable) reserve reestimates included in catastrophe losses for Allstate brand, Encompass brand and Allstate Protection totaled $5 million, $(2) million, $3 million and $38 million, $0 million and $38 million, respectively, in the six months ended June 30, 2015 and 2014, respectively. Three months ended

34 June 30, March 31, 2015 2015 2014 2013 2012 2011 2010 (net of reinsurance) Asbestos claims Beginning reserves $ 993 $ 1,014 $ 1,017 $ 1,026 $ 1,078 $ 1,100 $ 1,180 Incurred claims and claims expense - - 87 74 26 26 5 Claims and claims expense paid (16) (21) (90) (83) (78) (48) (85) Ending reserves $ 977 $ 993 $ 1,014 $ 1,017 $ 1,026 $ 1,078 $ 1,100 Claims and claims expense paid as a percent of ending reserves 1.6% 2.1% 8.9% 8.2% 7.6% 4.5% 7.7% Environmental claims Beginning reserves $ 199 $ 203 $ 208 $ 193 $ 185 $ 201 $ 198 Incurred claims and claims expense - - 15 30 22 - 18 Claims and claims expense paid (9) (4) (20) (15) (14) (16) (15) Ending reserves $ 190 $ 199 $ 203 $ 208 $ 193 $ 185 $ 201 Claims and claims expense paid as a percent of ending reserves 4.7% 2.0% 9.9% 7.2% 7.3% 8.6% 7.5% Twelve months ended December 31,Three months ended THE ALLSTATE CORPORATION ASBESTOS AND ENVIRONMENTAL RESERVES ($ in millions)

35 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Auto $ 4,588 $ 4,535 $ 4,347 $ 4,490 $ 4,375 $ 4,292 $ 9,123 $ 8,667 Homeowners 1,819 1,379 1,598 1,831 1,765 1,342 3,198 3,107 Landlord 138 128 140 147 137 126 266 263 Renter 73 67 64 79 72 59 140 131 Condominium 63 51 57 62 61 48 114 109 Other 150 111 115 138 146 118 261 264 Other personal lines 424 357 376 426 416 351 781 767 Total 6,831 6,271 6,321 6,747 6,556 5,985 13,102 12,541 Net premiums earned Auto $ 4,524 $ 4,432 $ 4,376 $ 4,352 $ 4,297 $ 4,209 $ 8,956 $ 8,506 Homeowners 1,645 1,631 1,625 1,616 1,594 1,580 3,276 3,174 Other personal lines 395 391 390 389 387 385 786 772 Total 6,564 6,454 6,391 6,357 6,278 6,174 13,018 12,452 Incurred losses Auto $ 3,431 $ 3,175 $ 3,103 $ 2,964 $ 3,011 $ 2,858 $ 6,606 $ 5,869 Homeowners 1,147 894 634 930 1,212 994 2,041 2,206 Other personal lines 259 244 223 229 226 279 503 505 Total 4,837 4,313 3,960 4,123 4,449 4,131 9,150 8,580 Expenses Auto $ 1,155 $ 1,113 $ 1,140 $ 1,088 $ 1,089 $ 1,075 $ 2,268 $ 2,164 Homeowners 372 389 399 382 359 385 761 744 Other personal lines 105 105 118 103 105 108 210 213 Total 1,632 1,607 1,657 1,573 1,553 1,568 3,239 3,121 Underwriting income (loss) Auto $ (62) $ 144 $ 133 $ 300 $ 197 $ 276 $ 82 $ 473 Homeowners 126 348 592 304 23 201 474 224 Other personal lines 31 42 49 57 56 (2) 73 54 Total 95 534 774 661 276 475 629 751 Loss ratio 73.7 66.8 62.0 64.9 70.9 66.9 70.3 68.9 Expense ratio 24.9 24.9 25.9 24.7 24.7 25.4 24.9 25.1 Combined ratio 98.6 91.7 87.9 89.6 95.6 92.3 95.2 94.0 Effect of catastrophe losses on combined ratio 10.9 4.2 1.3 7.1 13.4 6.5 7.6 10.0 Effect of prior year reserve reestimates on combined ratio 0.3 0.6 (1.0) (1.1) (0.1) (0.2) 0.5 (0.1) Underlying combined ratio 87.4 86.9 87.6 83.6 82.8 86.0 87.1 84.4 Effect of catastrophe losses 10.9 4.2 1.3 7.1 13.4 6.5 7.6 10.0 Effect of prior year non-catastrophe reserve reestimates 0.3 0.6 (1.0) (1.1) (0.6) (0.2) 0.5 (0.4) Combined ratio 98.6 91.7 87.9 89.6 95.6 92.3 95.2 94.0 Policies in Force (in thousands) Auto 20,258 20,036 19,916 19,751 19,605 19,413 20,258 19,605 Homeowners 6,141 6,114 6,106 6,082 6,069 6,063 6,141 6,069 Other personal lines 4,170 4,135 4,107 4,084 4,052 4,032 4,170 4,052 Excess and surplus 26 27 27 26 25 23 26 25 Total 30,595 30,312 30,156 29,943 29,751 29,531 30,595 29,751 (1) Allstate Personal Lines comprise Allstate brand auto, homeowners and other personal lines. Allstate Protection segment comprises Allstate Personal Lines and Emerging Businesses. THE ALLSTATE CORPORATION ALLSTATE PERSONAL LINES-AUTO, HOMEOWNERS AND OTHER PERSONAL LINES PROFITABILITY MEASURES (1) ($ in millions) Six months endedThree months ended

36 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net premiums written Esurance $ 371 $ 441 $ 359 $ 408 $ 340 $ 406 $ 812 $ 746 Encompass 338 282 310 343 341 286 620 627 Commercial lines 138 128 126 122 130 116 266 246 Allstate Roadside Services 88 91 86 96 94 97 179 191 Allstate Dealer Services 111 93 90 89 86 79 204 165 Other business lines 199 184 176 185 180 176 383 356 Total 1,046 1,035 971 1,058 991 984 2,081 1,975 Net premiums earned Esurance $ 402 $ 387 $ 381 $ 373 $ 366 $ 343 $ 789 $ 709 Encompass 318 319 317 318 308 304 637 612 Commercial lines 128 125 125 120 121 110 253 231 Other business lines 137 141 140 138 131 133 278 264 Total 985 972 963 949 926 890 1,957 1,816 Incurred losses Esurance $ 304 $ 299 $ 302 $ 285 $ 276 $ 260 $ 603 $ 536 Encompass 273 213 200 254 273 221 486 494 Commercial lines 105 98 88 72 78 81 203 159 Other business lines 66 69 65 70 64 63 135 127 Total 748 679 655 681 691 625 1,427 1,316 Expenses Esurance $ 139 $ 157 $ 138 $ 150 $ 135 $ 176 $ 296 $ 311 Encompass 95 92 95 95 94 91 187 185 Commercial lines 40 38 41 38 35 34 78 69 Other business lines 63 69 63 63 52 62 132 114 Answer Financial 3 2 4 4 3 2 5 5 Total 340 358 341 350 319 365 698 684 Underwriting income (loss) Esurance $ (41) $ (69) $ (59) $ (62) $ (45) $ (93) $ (110) $ (138) Encompass (50) 14 22 (31) (59) (8) (36) (67) Commercial lines (17) (11) (4) 10 8 (5) (28) 3 Other business lines 8 3 12 5 15 8 11 23 Answer Financial (3) (2) (4) (4) (3) (2) (5) (5) Total (103) (65) (33) (82) (84) (100) (168) (184) Loss ratio 76.0 69.9 68.0 71.7 74.6 70.2 72.9 72.5 Expense ratio 34.5 36.8 35.4 36.9 34.5 41.0 35.7 37.6 Combined ratio 110.5 106.7 103.4 108.6 109.1 111.2 108.6 110.1 Effect of catastrophe losses on combined ratio 8.0 2.6 1.3 6.6 10.0 4.9 5.3 7.5 Effect of prior year reserve reestimates on combined ratio 0.5 (0.1) (1.2) (2.7) (0.3) (0.7) 0.2 (0.5) Effect of amortization of purchased intangible assets 1.4 1.2 1.8 1.8 1.9 1.9 1.3 1.9 Underlying combined ratio 101.0 102.8 101.6 103.2 97.6 105.1 101.9 101.3 Effect of catastrophe losses 8.0 2.6 1.3 6.6 10.0 4.9 5.3 7.5 Effect of prior year non-catastrophe reserve reestimates 0.1 0.1 (1.3) (3.0) (0.4) (0.7) 0.1 (0.6) Effect of amortization of purchased intangible assets 1.4 1.2 1.8 1.8 1.9 1.9 1.3 1.9 Combined ratio 110.5 106.7 103.4 108.6 109.1 111.2 108.6 110.1 Policies in Force (in thousands) Esurance 1,522 1,527 1,470 1,449 1,431 1,402 1,522 1,431 Encompass 1,240 1,259 1,277 1,280 1,276 1,261 1,240 1,276 Commercial lines 330 326 325 320 313 305 330 313 Other business lines 937 941 948 958 972 991 937 972 Total 4,029 4,053 4,020 4,007 3,992 3,959 4,029 3,992 THE ALLSTATE CORPORATION EMERGING BUSINESSES - ESURANCE, ENCOMPASS, COMMERCIAL LINES, OTHER BUSINESS LINES AND ANSWER FINANCIAL PROFITABILITY MEASURES ($ in millions) Six months endedThree months ended

37 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Premiums $ 326 $ 328 $ 312 $ 308 $ 312 $ 327 $ 654 $ 639 Contract charges 210 209 208 204 206 280 419 486 Net investment income 489 484 480 473 538 640 973 1,178 Periodic settlements and accruals on non-hedge derivative instruments - - - - (1) - - (1) Contract benefits (446) (441) (431) (433) (413) (488) (887) (901) Interest credited to contractholder funds (191) (192) (199) (200) (208) (291) (383) (499) Amortization of deferred policy acquisition costs (62) (69) (60) (56) (65) (74) (131) (139) Operating costs and expenses (118) (123) (121) (115) (112) (118) (241) (230) Restructuring and related charges (2) - - 1 (1) (2) (2) (3) Income tax expense on operations (67) (62) (61) (57) (91) (85) (129) (176) Operating income 139 134 128 125 165 189 273 354 Realized capital gains and losses, after-tax 38 72 81 19 (6) - 110 (6) Valuation changes on embedded derivatives that are not hedged, after-tax 4 (5) (3) 2 (3) (11) (1) (14) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (2) - - (3) - - (2) - DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - - - - - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - - - - 1 - - 1 (Loss) gain on disposition of operations, after-tax - (1) 2 (27) (12) (16) (1) (28) Change in accounting for investments in qualified affordable housing projects, after-tax - (17) - - - - (17) - Net income available to common shareholders $ 179 $ 183 $ 208 $ 116 $ 145 $ 162 $ 362 $ 307 (1) Refer to page 38 for further details related to the impact of LBL on comparison of Allstate Financial results. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL RESULTS (1) ($ in millions) Six months endedThree months ended

38 June 30, June 30, Q1 2014 Change 2015 2014 Change LBL results excl.LBL Premiums and contract charges $ 1,073 $ 1,125 $ (52) $ 85 $ 33 Net investment income 973 1,178 (205) 126 (79) Periodic settlements and accruals on non-hedge derivative instruments - (1) 1 1 Contract benefits (887) (901) 14 (65) (51) Interest credited to contractholder funds (383) (499) 116 (80) 36 Amortization of deferred policy acquisition costs (131) (139) 8 (6) 2 Operating costs and expenses (241) (230) (11) (8) (19) Restructuring and related charges (2) (3) 1 - 1 Income tax expense on operations (129) (176) 47 (18) 29 Operating income 273 354 (81) 34 (47) Realized capital gains and losses, after-tax 110 (6) 116 - 116 Valuation changes on embedded derivatives that are not hedged, after-tax (1) (14) 13 (6) 7 DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (2) - (2) - (2) DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - 1 (1) - (1) (Loss) gain on disposition of operations, after-tax (1) (28) 27 - 27 Change in accounting for investments in qualified affordable housing projects, after-tax (17) - (17) - (17) Net income available to common shareholders $ 362 $ 307 $ 55 $ 28 $ 83 (1) As a result of our LBL disposition on April 1, 2014, Allstate Financial results no longer include LBL beginning in the second quarter of 2014. To assist with comparison of Allstate Financial results between periods, results of LBL's business for the first quarter of 2014 were excluded in this presentation. THE ALLSTATE CORPORATION IMPACT OF LBL ON COMPARISON OF ALLSTATE FINANCIAL RESULTS (1) ($ in millions) Six months ended

39 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Return on Attributed Equity Numerator: Net income available to common shareholders (1) $ 686 $ 652 $ 631 $ 542 $ 66 $ 111 Denominator: Beginning attributed equity (2) $ 7,262 $ 7,812 $ 7,273 $ 7,819 $ 8,224 $ 8,617 Ending attributed equity 7,621 7,920 7,672 7,356 7,262 7,812 Average attributed equity (3) $ 7,442 $ 7,866 $ 7,473 $ 7,588 $ 7,743 $ 8,215 Return on attributed equity 9.2 % 8.3 % 8.4 % 7.1 % 0.9 % 1.4 % Operating Income Return on Attributed Equity Numerator: Operating income (1) $ 526 $ 552 $ 607 $ 639 $ 641 $ 633 Denominator: Beginning attributed equity (2) $ 7,262 $ 7,812 $ 7,273 $ 7,819 $ 8,224 $ 8,617 Unrealized net capital gains and losses 1,285 1,280 946 1,076 1,120 1,702 Adjusted beginning attributed equity 5,977 6,532 6,327 6,743 7,104 6,915 Ending attributed equity 7,621 7,920 7,672 7,356 7,262 7,812 Unrealized net capital gains and losses 1,030 1,499 1,420 1,305 1,285 1,280 Adjusted ending attributed equity 6,591 6,421 6,252 6,051 5,977 6,532 Average adjusted attributed equity (3) $ 6,284 $ 6,477 $ 6,290 $ 6,397 $ 6,541 $ 6,724 Operating income return on attributed equity 8.4 % 8.5 % 9.7 % 10.0 % 9.8 % 9.4 % (1) (2) (3) Allstate Financial attributed equity is the sum of equity for Allstate Life Insurance Company and the applicable equity for Allstate Financial Insurance Holdings Corporation. Average attributed equity and average adjusted attributed equity are determined using a two-point average, with the beginning and ending attributed equity and adjusted attributed equity, respectively, for the twelve-month period as data points. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL RETURN ON ATTRIBUTED EQUITY ($ in millions) Net income available to common shareholders and operating income reflect a trailing twelve-month period. Twelve months ended

40 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 PREMIUMS AND CONTRACT CHARGES - BY PRODUCT Underwritten Products Traditional life insurance premiums $ 131 $ 132 $ 133 $ 126 $ 125 $ 127 $ 263 $ 252 Accident and health insurance premiums 195 196 180 182 187 195 391 382 Interest-sensitive life insurance contract charges 207 206 203 200 202 274 413 476 533 534 516 508 514 596 1,067 1,110 Annuities Immediate annuities with life contingencies premiums - - (1) - - 5 - 5 Other fixed annuity contract charges 3 3 5 4 4 6 6 10 3 3 4 4 4 11 6 15 Total $ 536 $ 537 $ 520 $ 512 $ 518 $ 607 $ 1,073 $ 1,125 PREMIUMS AND CONTRACT CHARGES - BY DISTRIBUTION CHANNEL Allstate agencies (1) $ 297 $ 297 $ 294 $ 288 $ 285 $ 291 $ 594 $ 576 Workplace enrolling agents 209 210 198 198 203 204 419 407 Other (2) 30 30 28 26 30 112 60 142 Total $ 536 $ 537 $ 520 $ 512 $ 518 $ 607 $ 1,073 $ 1,125 PREMIUMS AND CONTRACT CHARGES - BY PRODUCT INCLUDED IN LINCOLN BENEFIT LIFE COMPANY SALE (3) Underwritten Products Traditional life insurance premiums $ - $ - $ - $ - $ - $ 6 $ - $ 6 Accident and health insurance premiums - - - - - 6 - 6 Interest-sensitive life insurance contract charges - - - - - 71 - 71 - - - - - 83 - 83 Annuities Immediate annuities with life contingencies premiums - - - - - - - - Other fixed annuity contract charges - - - - - 2 - 2 - - - - - 2 - 2 Total $ - $ - $ - $ - $ - $ 85 $ - $ 85 PROPRIETARY LIFE INSURANCE POLICIES SOLD BY ALLSTATE AGENCIES(4) 34,494 30,091 38,576 31,974 30,267 27,697 64,585 57,964 ALLSTATE BENEFITS NEW BUSINESS WRITTEN PREMIUMS (5) $ 64 $ 65 $ 183 $ 63 $ 58 $ 52 $ 129 $ 110 (1) Includes products directly sold through call centers and internet. (2) Primarily represents independent master brokerage agencies and specialized brokers. (3) Amounts are included in section above. On April 1, 2014, the sale of LBL was completed. (4) Policies sold reduced by lapses within twelve months of sale. (5) New business written premiums reflect annualized premiums at initial customer enrollment (including new accounts and new employees or policies of existing accounts), reduced by an estimate for certain policies that are expected to lapse. A significant portion of Allstate Benefits business is seasonally written in the fourth quarter during many clients’ annual employee benefits enrollment. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL PREMIUMS AND CONTRACT CHARGES ($ in millions) Six months endedThree months ended

41 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Contractholders funds, beginning balance $ 22,267 $ 22,529 $ 22,848 $ 23,472 $ 23,989 $ 24,304 $ 22,529 $ 24,304 Contractholders funds classified as held for sale, beginning balance - - - - 10,661 10,945 - 10,945 Total contractholders funds, including those classified as held for sale 22,267 22,529 22,848 23,472 34,650 35,249 22,529 35,249 Deposits Interest-sensitive life insurance 253 249 248 247 246 318 502 564 Fixed annuities 53 51 43 48 56 127 104 183 Total deposits 306 300 291 295 302 445 606 747 Interest credited 185 199 202 197 212 308 384 520 Benefits, withdrawals, maturities and other adjustments Benefits (285) (273) (242) (286) (289) (380) (558) (669) Surrenders and partial withdrawals (303) (305) (377) (630) (554) (712) (608) (1,266) Maturities of and interest payments on institutional products (1) - (1) (1) - - (1) - Contract charges (203) (203) (204) (197) (199) (281) (406) (480) Net transfers from separate accounts 2 1 1 2 1 3 3 4 Other adjustments - 19 11 (4) 11 18 19 29 Total benefits, withdrawals, maturities and other adjustments (790) (761) (812) (1,116) (1,030) (1,352) (1,551) (2,382) Contractholder funds sold in LBL disposition - - - - (10,662) - - (10,662) Contractholder funds classified as held for sale, ending balance - - - - - (10,661) - - Contractholder funds, ending balance $ 21,968 $ 22,267 $ 22,529 $ 22,848 $ 23,472 $ 23,989 $ 21,968 $ 23,472 THE ALLSTATE CORPORATION ALLSTATE FINANCIAL CHANGE IN CONTRACTHOLDER FUNDS ($ in millions) Six months ended Three months ended

42 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Benefit spread Premiums $ 326 $ 328 $ 312 $ 308 $ 312 $ 327 $ 654 $ 639 Cost of insurance contract charges (1) 138 138 136 135 135 187 276 322 Contract benefits excluding the implied interest on immediate annuities with life contingencies (2) (319) (312) (301) (302) (283) (358) (631) (641) Total benefit spread 145 154 147 141 164 156 299 320 Investment spread Net investment income 489 484 480 473 538 640 973 1,178 Implied interest on immediate annuities with life contingencies (2) (127) (129) (130) (131) (130) (130) (256) (260) Interest credited to contractholder funds (185) (199) (202) (198) (212) (307) (384) (519) Total investment spread 177 156 148 144 196 203 333 399 Surrender charges and contract maintenance expense fees (1) 72 71 72 69 71 93 143 164 Realized capital gains and losses 59 111 125 28 (10) 1 170 (9) Amortization of deferred policy acquisition costs (65) (70) (62) (58) (66) (74) (135) (140) Operating costs and expenses (118) (123) (121) (115) (112) (118) (241) (230) Restructuring and related charges (2) - - 1 (1) (2) (2) (3) Gain (loss) on disposition of operations 1 (2) 3 (26) (8) (59) (1) (67) Income tax expense (90) (114) (104) (68) (89) (38) (204) (127) Net income available to common shareholders $ 179 $ 183 $ 208 $ 116 $ 145 $ 162 $ 362 $ 307 Benefit spread by product group Life insurance $ 65 $ 68 $ 72 $ 72 $ 86 $ 74 $ 133 $ 160 Accident and health insurance 97 107 91 99 97 102 204 199 Annuities (17) (21) (16) (30) (19) (20) (38) (39) Total benefit spread $ 145 $ 154 $ 147 $ 141 $ 164 $ 156 $ 299 $ 320 Investment spread by product group Annuities and institutional products $ 77 $ 69 $ 58 $ 54 $ 98 $ 110 $ 146 $ 208 Life insurance 33 33 24 23 26 30 66 56 Accident and health insurance 4 4 4 4 4 7 8 11 Net investment income on investments supporting capital 57 57 65 61 72 73 114 145 Investment spread before valuation changes on embedded derivatives that are not hedged 171 163 151 142 200 220 334 420 Valuation changes on derivatives embedded in equity- indexed annuity contracts that are not hedged 6 (7) (3) 2 (4) (17) (1) (21) Total investment spread $ 177 $ 156 $ 148 $ 144 $ 196 $ 203 $ 333 $ 399 (1) Reconciliation of contract charges Cost of insurance contract charges $ 138 $ 138 $ 136 $ 135 $ 135 $ 187 $ 276 $ 322 Surrender charges and contract maintenance expense fees 72 71 72 69 71 93 143 164 Total contract charges $ 210 $ 209 $ 208 $ 204 $ 206 $ 280 $ 419 $ 486 (2) Reconciliation of contract benefits Contract benefits excluding the implied interest on immediate annuities with life contingencies $ (319) $ (312) $ (301) $ (302) $ (283) $ (358) $ (631) $ (641) Implied interest on immediate annuities with life contingencies (127) (129) (130) (131) (130) (130) (256) (260) Total contract benefits $ (446) $ (441) $ (431) $ (433) $ (413) $ (488) $ (887) $ (901) THE ALLSTATE CORPORATION ALLSTATE FINANCIAL ANALYSIS OF NET INCOME ($ in millions) Six months endedThree months ended

43 Weighted average Weighted average Weighted average Weighted average Weighted average Weighted average investment yield interest crediting rate investment spreads investment yield interest crediting rate investment spreads Interest-sensitive life insurance 5.1 % 3.9 % 1.2 % 5.3 % 4.0 % 1.3 % Deferred fixed annuities and institutional products 4.4 2.8 1.6 4.4 2.8 1.6 Immediate fixed annuities with and without life contingencies 7.5 5.9 1.6 8.0 5.9 2.1 Investments supporting capital, traditional life and other products 4.1 n/a n/a 4.8 n/a n/a Weighted average Weighted average Weighted average Weighted average Weighted average Weighted average investment yield interest crediting rate investment spreads investment yield interest crediting rate investment spreads Interest-sensitive life insurance 5.1 % 3.9 % 1.2 % 5.3 % 3.9 % 1.4 % Deferred fixed annuities and institutional products 4.4 2.8 1.6 4.4 2.9 1.5 Immediate fixed annuities with and without life contingencies 7.4 5.9 1.5 7.8 6.0 1.8 Investments supporting capital, traditional life and other products 4.2 n/a n/a 4.4 n/a n/a (1) For purposes of these calculations, investments, reserves and contractholder funds classified as held for sale were included for periods prior to April 1, 2014. Six months ended June 30, 2015 Six months ended June 30, 2014 (1) THE ALLSTATE CORPORATION ALLSTATE FINANCIAL WEIGHTED AVERAGE INVESTMENT SPREADS Three months ended June 30, 2015 Three months ended June 30, 2014

44 Twelve months ended June 30, 2015 Attributed equity Reserves and excluding unrealized June March Dec. Sept. June March Contractholder funds capital gains/losses (3)(4) Operating income (5) 2015 2015 2014 2014 2014 2014 Underwritten products Life insurance $ 10,585 $ 2,508 $ 244 9.3 % 9.8 % 11.0 % 11.7 % 8.9 % 9.0 % Accident and health insurance 836 660 100 14.9 15.9 16.0 15.0 14.5 14.7 Subtotal 11,421 3,168 344 10.5 11.1 12.1 12.4 9.9 10.1 Immediate Annuities: Sub-standard structured settlements and group pension terminations (1) 5,040 1,538 6 0.5 0.6 1.1 1.4 2.0 0.7 Standard structured settlements and SPIA (2) 7,056 1,104 69 8.8 8.4 10.5 12.2 16.8 13.2 Subtotal 12,096 2,642 75 3.8 3.7 4.5 5.3 7.1 5.0 Deferred Annuities 10,592 779 106 10.6 10.3 11.1 10.7 12.0 12.3 Institutional products 86 2 1 Subtotal 22,774 3,423 182 6.1 6.0 7.3 7.7 9.6 8.7 Total Allstate Financial $ 34,195 $ 6,591 $ 526 8.4 8.5 9.7 10.0 9.8 9.4 Life Accident and Annuities and Allstate insurance health insurance institutional products Financial Operating income $ 121 $ 48 $ 104 $ 273 Realized capital gains and losses, after-tax 12 - 98 110 Valuation changes on embedded derivatives that are not hedged, after-tax - - (1) (1) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (3) - 1 (2) DAC and DSI unlocking relating to realized capital gains and losses, after-tax - - - - Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax - - - - Loss on disposition of operations, after-tax (1) - - (1) Change in accounting for investments in qualified affordable housing projects, after-tax (6) - (11) (17) Net income available to common shareholders $ 123 $ 48 $ 191 $ 362 (1) (2) (3) (4) (5) Attributed equity is allocated to each product line based on statutory capital adjusted for GAAP reporting differences and the amount of capital held in Allstate Financial may vary from economic capital. The calculation of statutory capital by product incorporates internal factors for invested asset risk, insurance risk (mortality and morbidity), interest rate risk and business risk. Due to the unavailability of final statutory financial statements at the time we release our GAAP financial results, the allocation is derived from average statutory capital over the prior four quarters. Statutory capital is adjusted for appropriate GAAP accounting differences. Changes in internal capital factors, investment portfolio mix and risk as well as changes in GAAP and statutory reporting differences will result in changes to the allocation of attributed equity to products. Product line operating income includes allocation of income on investments supporting capital. Operating income reflects a trailing twelve-month period. Life-contingent structured settlement annuities for annuitants with standard life expectancy, period certain structured settlements and single premium immediate annuities with and without life contingencies. Total Allstate Financial attributed equity is the sum of equity for Allstate Life Insurance Company and the applicable equity for Allstate Financial Insurance Holdings Corporation, excluding unrealized capital gains and losses. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL SUPPLEMENTAL PRODUCT INFORMATION ($ in millions) As of June 30, 2015 Six months ended June 30, 2015 Annuities and institutional products: Twelve months ended Operating income return on attributed equity (%) Structured settlement annuities for annuitants with severe injuries or other health impairments which significantly reduced their life expectancy at the time the annuity was issued and group annuity contracts issued to sponsors of terminated pension plans.

45 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 ALLSTATE FINANCIAL INSURANCE POLICIES AND ANNUITIES IN FORCE BY PRODUCT Underwritten products Life insurance 2,456 2,448 2,434 2,432 2,436 2,588 Accident and health insurance 2,843 2,777 2,555 2,530 2,577 2,593 5,299 5,225 4,989 4,962 5,013 5,181 Annuities Deferred annuities 181 186 191 197 205 337 Immediate annuities 105 106 108 108 110 111 286 292 299 305 315 448 Total 5,585 5,517 5,288 5,267 5,328 5,629 ALLSTATE FINANCIAL INSURANCE POLICIES AND ANNUITIES IN FORCE BY SOURCE OF BUSINESS Allstate Agencies (2) 1,911 1,904 1,902 1,898 1,895 1,938 Allstate Benefits 3,287 3,218 2,983 2,957 3,010 3,040 Other (3) 387 395 403 412 423 651 Total 5,585 5,517 5,288 5,267 5,328 5,629 INSURANCE POLICIES AND ANNUITIES IN FORCE INCLUDED IN LINCOLN BENEFIT LIFE COMPANY SALE Life insurance - - - - - 142 Deferred annuities - - - - - 124 Total - - - - - 266 (1) (2) (3) Primarily business sold by independent master brokerage agencies, banks/broker-dealers and specialized structured settlement brokers. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL INSURANCE POLICIES AND ANNUITIES IN FORCE (1) (in thousands) Allstate Financial insurance policies and annuities in force reflect the number of contracts in force excluding sold blocks of business that remain on the balance sheet due to the dispositions of the business being effected through reinsurance arrangements. Policy counts associated with our voluntary employee benefits group business reflect certificate counts as opposed to group counts. Excludes Allstate Benefits products sold through Allstate Agencies, which are included in the Allstate Benefits line.

46 Allstate Allstate Allstate Allstate Allstate Financial Allstate Allstate Allstate Financial Life Annuities Benefits Segment Life Annuities Benefits Segment $ 249 $ - $ 405 $ 654 $ 243 $ 5 $ 391 $ 639 360 6 53 419 427 10 49 486 241 696 36 973 285 857 36 1,178 - - - - - (1) - (1) (373) (299) (215) (887) (385) (308) (208) (901) (140) (225) (18) (383) (169) (312) (18) (499) Amortization of deferred policy acquisition costs (62) (3) (66) (131) (74) (5) (60) (139) (111) (20) (110) (241) (116) (13) (101) (230) (2) - - (2) (3) - - (3) (48) (51) (30) (129) (67) (78) (31) (176) 114 104 55 273 141 155 58 354 12 98 - 110 2 (8) - (6) - (1) - (1) - (14) - (14) (3) 1 - (2) (3) 3 - - - - - - - - - - - - - - 1 - - 1 Loss on disposition of operations, after-tax (1) - - (1) (15) (13) - (28) Change in accounting for investments in qualified affordable housing projects, after-tax (6) (11) - (17) - - - - $ 116 $ 191 $ 55 $ 362 $ 126 $ 123 $ 58 $ 307 Premiums and Contract Charges - by Product Underwritten Products $ 248 $ - $ 15 $ 263 $ 237 $ - $ 15 $ 252 1 - 390 391 6 - 376 382 360 - 53 413 427 - 49 476 609 - 458 1,067 670 - 440 1,110 - - - - - 5 - 5 - 6 - 6 - 10 - 10 - 6 - 6 - 15 - 15 $ 609 $ 6 $ 458 $ 1,073 $ 670 $ 15 $ 440 $ 1,125 Life Insurance $ 122 $ - $ 11 $ 133 $ 153 $ - $ 7 $ 160 Accident and health insurance (4) - 208 204 (4) - 203 199 Annuities - (38) - (38) - (39) - (39) $ 118 $ (38) $ 219 $ 299 $ 149 $ (39) $ 210 $ 320 Annuities and institutional products $ - $ 146 $ - $ 146 $ - $ 208 $ - $ 208 Life insurance 61 - 5 66 51 - 5 56 Accident and health insurance 3 - 5 8 6 - 5 11 Net investment income on investments supporting capital 39 67 8 114 60 77 8 145 derivatives that are not hedged 103 213 18 334 117 285 18 420 Valuation changes on derivatives embedded in equity- indexed annuity contracts that are not hedged - (1) - (1) - (21) - (21) Total investment spread $ 103 $ 212 $ 18 $ 333 $ 117 $ 264 $ 18 $ 399 THE ALLSTATE CORPORATION ALLSTATE LIFE AND ANNUITIES AND ALLSTATE BENEFITS RESULTS AND PRODUCT INFORMATION ($ in millions) For the six months ended June 30, 2015 For the six months ended June 30, 2014 Realized capital gains and losses, after-tax Premiums Contract charges Net investment income Periodic settlements and accruals on non-hedge derivative instruments Contract benefits Interest credited to contractholder funds Operating costs and expenses Restructuring and related charges Income tax expense on operations Operating income Accident and health insurance Valuation changes on embedded derivatives that are not hedged, after-tax DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax DAC and DSI unlocking relating to realized capital gains and losses, after tax Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax Net income Traditional life insurance premiums Investment spread before valuation changes on embedded Interest-sensitive life insurance contract charges Annuities Immediate annuities with life contingencies premiums Other fixed annuity contract charges Total life and annuity premiums and contract charges Benefit Spread by Product Group Total benefit spread Investment Spread by Product Group

47 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Net investment income $ 8 $ 8 $ 5 $ 6 $ 9 $ 7 $ 16 $ 16 Operating costs and expenses (9) (5) (14) (6) (10) (8) (14) (18) Interest expense (73) (73) (73) (77) (84) (87) (146) (171) Income tax benefit on operations 28 26 32 28 32 32 54 64 Preferred stock dividends (29) (29) (29) (31) (31) (13) (58) (44) Operating loss (75) (73) (79) (80) (84) (69) (148) (153) Realized capital gains and losses, after-tax - - - - (1) 1 - - Net loss available to common shareholders $ (75) $ (73) $ (79) $ (80) $ (85) $ (68) $ (148) $ (153) THE ALLSTATE CORPORATION CORPORATE AND OTHER RESULTS ($ in millions) Six months endedThree months ended

48 June 30, March 31, Dec. 31, Sept. 30, June 30, June 30, March 31, Dec. 31, Sept. 30, June 30, 2015 2015 2014 2014 2014 2015 2015 2014 2014 2014 Fixed income securities, at fair value: Tax-exempt $ 4,418 $ 4,362 $ 4,138 $ 4,288 $ 4,353 $ 23 $ 28 $ 75 $ 39 $ 2 Taxable 25,192 25,674 26,696 27,078 26,091 27,768 28,798 29,007 28,984 29,898 Equity securities, at fair value 3,018 3,074 3,076 3,053 4,072 979 1,089 1,028 1,282 1,322 Mortgage loans 343 333 370 372 373 4,000 3,943 3,818 3,771 3,801 Limited partnership interests 2,466 2,571 2,498 2,411 2,438 2,066 2,124 2,024 1,933 1,866 Short-term, at fair value 1,108 932 822 1,328 812 1,053 948 1,026 880 1,038 Other 1,602 1,536 1,483 1,401 1,531 1,909 1,860 1,831 1,718 1,607 Total $ 38,147 $ 38,482 $ 39,083 $ 39,931 $ 39,670 $ 37,798 $ 38,790 $ 38,809 $ 38,607 $ 39,534 Fixed income securities, amortized cost: Tax-exempt $ 4,362 $ 4,276 $ 4,054 $ 4,181 $ 4,238 $ 24 $ 28 $ 74 $ 39 $ 2 Taxable 24,990 25,181 26,376 26,715 25,484 26,091 26,245 26,668 26,785 27,464 Ratio of fair value to amortized cost 100.9% 102.0% 101.3% 101.5% 102.4% 106.4% 109.7% 108.8% 108.2% 108.9% Equity securities, cost $ 2,699 $ 2,706 $ 2,723 $ 2,745 $ 3,492 $ 947 $ 1,043 $ 969 $ 1,132 $ 1,166 Short-term, amortized cost 1,108 932 822 1,328 812 1,053 948 1,026 880 1,038 June 30, March 31, Dec. 31, Sept. 30, June 30, June 30, March 31, Dec. 31, Sept. 30, June 30, 2015 2015 2014 2014 2014 2015 2015 2014 2014 2014 Fixed income securities, at fair value: Tax-exempt $ 569 $ 568 $ 564 $ 561 $ 565 $ 5,010 $ 4,958 $ 4,777 $ 4,888 $ 4,920 Taxable 1,960 1,973 1,960 1,363 1,725 54,920 56,445 57,663 57,425 57,714 Equity securities, at fair value 3 3 - - - 4,000 4,166 4,104 4,335 5,394 Mortgage loans - - - - - 4,343 4,276 4,188 4,143 4,174 Limited partnership interests 4 4 5 4 5 4,536 4,699 4,527 4,348 4,309 Short-term, at fair value 660 617 692 255 1,064 2,821 2,497 2,540 2,463 2,914 Other - - - - - 3,511 3,396 3,314 3,119 3,138 Total $ 3,196 $ 3,165 $ 3,221 $ 2,183 $ 3,359 $ 79,141 $ 80,437 $ 81,113 $ 80,721 $ 82,563 Fixed income securities, amortized cost: Tax-exempt $ 551 $ 547 $ 543 $ 536 $ 541 $ 4,937 $ 4,851 $ 4,671 $ 4,756 $ 4,781 Taxable 1,953 1,958 1,957 1,360 1,718 53,034 53,384 55,001 54,860 54,666 Ratio of fair value to amortized cost 101.0% 101.4% 101.0% 101.5% 101.4% 103.4% 105.4% 104.6% 104.5% 105.4% Equity securities, cost $ 3 $ 3 $ - $ - $ - $ 3,649 $ 3,752 $ 3,692 $ 3,877 $ 4,658 Short-term, amortized cost 660 617 692 255 1,064 2,821 2,497 2,540 2,463 2,914 CORPORATE AND OTHER CONSOLIDATED THE ALLSTATE CORPORATION INVESTMENTS ($ in millions) PROPERTY-LIABILITY ALLSTATE FINANCIAL

49 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2015 2015 2014 2014 2014 2014 Investment position Accounting basis Cost method $ 1,130 $ 1,137 $ 1,122 $ 1,144 $ 1,157 $ 1,346 Equity method ("EMA") (1) 3,406 3,562 3,405 3,204 3,152 3,678 Total $ 4,536 $ 4,699 $ 4,527 $ 4,348 $ 4,309 $ 5,024 Cost method-fair value (2) $ 1,482 $ 1,494 $ 1,488 $ 1,555 $ 1,577 $ 1,764 Underlying investment Private equity / debt funds $ 3,012 $ 2,969 $ 2,756 $ 2,759 $ 2,631 $ 2,674 Real estate funds 1,164 1,366 1,413 1,425 1,517 1,577 Other (3) 360 364 358 164 161 773 Total $ 4,536 $ 4,699 $ 4,527 $ 4,348 $ 4,309 $ 5,024 Segment Property-Liability $ 2,466 $ 2,571 $ 2,498 $ 2,411 $ 2,438 $ 2,900 Allstate Financial 2,066 2,124 2,024 1,933 1,866 2,121 Corporate and Other 4 4 5 4 5 3 Total $ 4,536 $ 4,699 $ 4,527 $ 4,348 $ 4,309 $ 5,024 Total Income Accounting basis Cost method $ 75 $ 42 $ 60 $ 25 $ 66 $ 50 Equity method 43 156 55 137 129 92 Total $ 118 $ 198 $ 115 $ 162 $ 195 $ 142 Underlying investment Private equity / debt funds $ 113 $ 80 $ 96 $ 66 $ 123 $ 106 Real estate funds 10 123 25 93 55 38 Other (5) (5) (6) 3 17 (2) Total $ 118 $ 198 $ 115 $ 162 $ 195 $ 142 Segment Property-Liability $ 45 $ 126 $ 57 $ 112 $ 102 $ 75 Allstate Financial 73 72 58 51 91 67 Corporate and Other - - - (1) 2 - Total $ 118 $ 198 $ 115 $ 162 $ 195 $ 142 (1) (2) (3) In periods prior to June 30, 2014, other included tax credit funds. The fair value of cost method limited partnerships is determined using reported net asset values of the underlying funds. THE ALLSTATE CORPORATION LIMITED PARTNERSHIP INVESTMENTS ($ in millions) As of or for the three months ended As of June 30, 2015, valuations of EMA limited partnerships include approximately $483 million of cumulative pre-tax appreciation that has been recognized in earnings but has not been distributed to investors.

50 Unrealized net Fair value Unrealized net Fair value Unrealized net Fair value capital gains Fair as a percent of capital gains Fair as a percent of capital gains Fair as a percent of and losses value amortized cost (1) and losses value amortized cost (1) and losses value amortized cost (1) Fixed income securities U.S. government and agencies $ 109 $ 3,936 102.8 $ 134 $ 4,106 103.4 $ 136 $ 4,328 103.2 Municipal 483 8,594 106.0 670 8,713 108.3 620 8,497 107.9 Corporate 1,164 42,317 102.8 2,120 42,375 105.3 1,758 42,144 104.4 Foreign government 66 1,324 105.2 85 1,375 106.6 102 1,645 106.6 Asset-backed securities ("ABS") (5) 2,076 99.8 8 3,055 100.3 7 3,978 100.2 Residential mortgage-backed securities ("RMBS") 101 1,083 110.3 105 1,154 110.0 99 1,207 108.9 Commercial mortgage-backed securities ("CMBS") 37 575 106.9 42 600 107.5 42 615 107.3 Redeemable preferred stock 4 25 119.0 4 25 119.0 4 26 118.2 Total fixed income securities 1,959 59,930 103.4 3,168 61,403 105.4 2,768 62,440 104.6 Equity securities 351 4,000 109.6 414 4,166 111.0 412 4,104 111.2 Short-term investments - 2,821 100.0 - 2,497 100.0 - 2,540 100.0 Derivatives 3 60 n/a 3 79 n/a (2) 92 n/a EMA limited partnership interests (2) (5) n/a n/a (4) n/a n/a (5) n/a n/a Investments classified as held for sale - n/a n/a - n/a n/a - n/a n/a Unrealized net capital gains and losses, pre-tax 2,308 3,581 3,173 Amounts recognized for: Insurance reserves (3) - (79) (28) DAC and DSI (4) (121) (212) (179) Amounts recognized (121) (291) (207) Deferred income taxes (768) (1,153) (1,040) Unrealized net capital gains and losses, after-tax $ 1,419 $ 2,137 $ 1,926 Unrealized net Fair value Unrealized net Fair value Unrealized net Fair value capital gains Fair as a percent of capital gains Fair as a percent of capital gains Fair as a percent of and losses value amortized cost (1) and losses value amortized cost (1) and losses value amortized cost (1) Fixed income securities U.S. government and agencies $ 128 $ 4,309 103.1 $ 146 $ 4,853 103.1 $ 132 $ 3,806 103.6 Municipal 557 8,535 107.0 552 8,561 106.9 421 8,716 105.1 Corporate 1,742 41,071 104.4 2,185 41,467 105.6 1,743 41,159 104.4 Foreign government 96 1,693 106.0 107 1,676 106.8 96 1,737 105.9 ABS 18 4,709 100.4 40 3,943 101.0 38 3,497 101.1 RMBS 104 1,289 108.8 99 1,362 107.8 93 1,438 106.9 CMBS 48 681 107.6 54 746 107.8 47 783 106.4 Redeemable preferred stock 4 26 118.2 4 26 118.2 4 25 119.0 Total fixed income securities 2,697 62,313 104.5 3,187 62,634 105.4 2,574 61,161 104.4 Equity securities 458 4,335 111.8 736 5,394 115.8 722 5,297 115.8 Short-term investments - 2,463 100.0 - 2,914 100.0 - 2,573 100.0 Derivatives (8) 73 n/a (19) 103 n/a (19) 169 n/a EMA limited partnership interests (2) (5) n/a n/a (5) n/a n/a (4) n/a n/a Investments classified as held for sale - n/a n/a - n/a n/a 327 n/a n/a Unrealized net capital gains and losses, pre-tax 3,142 3,899 3,600 Amounts recognized for: Insurance reserves (3) (169) (399) (134) DAC and DSI (4) (158) (189) (245) Amounts recognized (327) (588) (379) Deferred income taxes (988) (1,161) (1,130) Unrealized net capital gains and losses, after-tax $ 1,827 $ 2,150 $ 2,091 (1) (2) (3) (4) THE ALLSTATE CORPORATION UNREALIZED NET CAPITAL GAINS AND LOSSES ON SECURITY PORTFOLIO BY TYPE ($ in millions) June 30, 2015 March 31, 2015 December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized. The comparison of percentages from period to period may be distorted by investment transactions such as sales, purchases and impairment write-downs. Unrealized net capital gains and losses for limited partnership interest represent the Company's share of EMA limited partnerships' other comprehensive income. Fair value and amortized cost are not applicable. The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at current lower interest rates, resulting in a premium deficiency. Although we evaluate premium deficiencies on the combined performance of our life insurance and immediate annuities with life contingencies, the adjustment primarily relates to structured settlement annuities with life contingencies, in addition to annuity buy-outs and certain payout annuities with life contingencies.

51 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities $ 567 $ 568 $ 577 $ 581 $ 584 $ 705 $ 1,135 $ 1,289 Equity securities 31 23 26 28 35 28 54 63 Mortgage loans 57 55 59 54 71 81 112 152 Limited partnership interests 118 198 115 162 195 142 316 337 Short-term 3 1 2 1 3 1 4 4 Other 49 45 43 41 44 42 94 86 Subtotal 825 890 822 867 932 999 1,715 1,931 Less: Investment expense (36) (40) (43) (44) (34) (40) (76) (74) Net investment income $ 789 $ 850 $ 779 $ 823 $ 898 $ 959 $ 1,639 $ 1,857 PRE-TAX YIELDS (1) Fixed income securities 3.9 % 3.9 % 3.9 % 3.9 % 4.0 % 4.1 % 3.9 % 4.0 % Equity securities 3.4 2.5 2.7 2.6 3.1 2.5 2.9 2.8 Mortgage loans 5.3 5.2 5.7 5.2 6.6 5.4 5.3 6.0 Limited partnership interests 10.1 17.2 10.4 15.0 16.7 11.4 13.7 14.1 Total portfolio 4.3 4.6 4.2 4.4 4.7 4.5 4.4 4.6 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY TRANSACTION TYPE Impairment write-downs $ (11) $ (19) $ (20) $ 10 $ (6) $ (16) $ (30) $ (22) Change in intent write-downs (32) (30) (46) (63) (39) (65) (62) (104) Net other-than-temporary impairment losses recognized in earnings (43) (49) (66) (53) (45) (81) (92) (126) Sales 146 216 183 355 290 147 362 437 Valuation and settlements of derivative instruments 5 (28) (11) (8) (5) (12) (23) (17) Total $ 108 $ 139 $ 106 $ 294 $ 240 $ 54 $ 247 $ 294 TOTAL RETURN ON INVESTMENT PORTFOLIO (2) (0.6) % 1.7 % 1.1 % 0.4 % 2.2 % 2.1 % 1.2 % 4.3 % AVERAGE INVESTMENT BALANCES (in billions) (3) $ 76.8 $ 77.4 $ 77.7 $ 78.1 $ 78.5 $ 78.5 $ 77.2 $ 78.6 . (1) (2) (3) Pre-tax yields are calculated as annualized investment income before investment expense (including dividend income in the case of equity securities) divided by the average of investment balances at the end of each quarter during the year. Investment balances, for purposes of the pre-tax yield calculation, exclude unrealized capital gains and losses. Amounts related to investments classified as held for sale were excluded from the pre-tax yield calculation in 2014. Total return on investment portfolio is calculated from GAAP results including the total of net investment income, realized capital gains and losses, the change in unrealized net capital gains and losses, and the change in the difference between fair value and carrying value of mortgage loans and cost method limited partnerships, divided by the average fair value balances. Amounts related to investments classified as held for sale were excluded from the total return calculation in 2014. Average investment balances for the quarter are calculated as the average of the current and prior quarter investment balances. Year-to-date average investment balances are calculated as the average of investment balances at the beginning of the year and the end of each quarter during the year. For purposes of the average investment balances calculation, unrealized capital gains and losses are excluded. Amounts related to investments classified as held for sale were excluded from average investment balances calculation in 2014. THE ALLSTATE CORPORATION NET INVESTMENT INCOME, YIELDS AND REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) ($ in millions) Three months ended Six months ended

52 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities: Tax-exempt $ 26 $ 25 $ 26 $ 27 $ 29 $ 31 $ 51 $ 60 Taxable 195 190 191 189 183 184 385 367 Equity securities 23 18 22 21 29 23 41 52 Mortgage loans 3 4 4 4 4 5 7 9 Limited partnership interests (1) 45 126 57 112 102 75 171 177 Short-term 1 1 1 - 2 1 2 3 Other 20 17 17 15 19 14 37 33 Subtotal 313 381 318 368 368 333 694 701 Less: Investment expense (21) (23) (24) (24) (17) (21) (44) (38) Net investment income $ 292 $ 358 $ 294 $ 344 $ 351 $ 312 $ 650 $ 663 Net investment income, after-tax $ 199 $ 242 $ 201 $ 234 $ 240 $ 215 $ 441 $ 455 PRE-TAX YIELDS (2) Fixed income securities: Tax-exempt 2.3 % 2.4 % 2.5 % 2.6 % 2.7 % 2.7 % 2.4 % 2.7 % Equivalent yield for tax-exempt 3.4 3.5 3.6 3.8 3.9 3.9 3.5 3.9 Taxable 3.1 2.9 2.9 2.9 3.0 3.1 3.0 3.0 Equity securities 3.4 2.6 3.2 2.7 3.2 2.5 3.0 2.8 Mortgage loans 4.1 4.5 4.1 4.1 4.9 4.3 4.2 4.6 Limited partnership interests 7.0 19.9 9.3 18.4 15.3 10.3 13.5 12.9 Total portfolio 3.3 4.0 3.3 3.8 3.9 3.5 3.7 3.7 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY ASSET TYPE Fixed income securities: Tax-exempt $ 1 $ 2 $ 2 $ 2 $ 8 $ 4 $ 3 $ 12 Taxable 13 10 9 22 49 36 23 85 Equity securities 32 46 (15) 218 225 20 78 245 Limited partnership interests (1) 2 2 31 (23) 7 1 (16) Derivatives and other 4 (32) (18) (7) (9) (14) (28) (23) Total $ 49 $ 28 $ (20) $ 266 $ 250 $ 53 $ 77 $ 303 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY TRANSACTION TYPE Impairment write-downs $ (6) $ (12) $ (11) $ 8 $ (6) $ (12) $ (18) $ (18) Change in intent write-downs (28) (27) (42) (42) (25) (60) (55) (85) Net other-than-temporary impairment losses recognized in earnings (34) (39) (53) (34) (31) (72) (73) (103) Sales 77 99 49 312 289 139 176 428 Valuation and settlements of derivative instruments 6 (32) (16) (12) (8) (14) (26) (22) Total $ 49 $ 28 $ (20) $ 266 $ 250 $ 53 $ 77 $ 303 AVERAGE INVESTMENT BALANCES (in billions) (3) $ 37.6 $ 37.9 $ 38.7 $ 38.8 $ 38.0 $ 38.1 $ 37.8 $ 38.2 (1) (2) (3) As of June 30, 2015, Property-Liability has commitments to invest in additional limited partnership interests totaling $1.22 billion. Pre-tax yields are calculated as annualized investment income before investment expense (including dividend income in the case of equity securities) divided by the average of investment balances at the end of each quarter during the year. Investment balances, for purposes of the pre-tax yield calculation, exclude unrealized capital gains and losses. Average investment balances for the quarter are calculated as the average of the current and prior quarter investment balances. Year-to-date average investment balances are calculated as the average of investment balances at the beginning of the year and the end of each quarter during the year. For purposes of the average investment balances calculation, unrealized capital gains and losses are excluded. THE ALLSTATE CORPORATION PROPERTY-LIABILITY NET INVESTMENT INCOME, YIELDS AND REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) ($ in millions) Three months ended Six months ended

53 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 NET INVESTMENT INCOME Fixed income securities $ 338 $ 344 $ 353 $ 359 $ 365 $ 484 $ 682 $ 849 Equity securities 8 5 4 7 6 5 13 11 Mortgage loans 54 51 55 50 67 76 105 143 Limited partnership interests (1) 73 72 58 51 91 67 145 158 Short-term 1 - 1 - 1 - 1 1 Other 28 27 25 25 24 26 55 50 Subtotal 502 499 496 492 554 658 1,001 1,212 Less: Investment expense (13) (15) (16) (19) (16) (18) (28) (34) Net investment income $ 489 $ 484 $ 480 $ 473 $ 538 $ 640 $ 973 $ 1,178 Net investment income, after-tax $ 318 $ 315 $ 313 $ 307 $ 350 $ 416 $ 633 $ 766 PRE-TAX YIELDS (2) Fixed income securities 5.1 % 5.2 % 5.3 % 5.3 % 5.3 % 5.4 % 5.2 % 5.3 % Equity securities 3.4 2.1 1.6 2.3 2.7 2.4 2.8 2.6 Mortgage loans 5.5 5.2 5.8 5.3 6.8 5.5 5.3 6.2 Limited partnership interests 14.0 13.8 11.8 10.9 18.2 12.8 14.0 15.6 Total portfolio 5.6 5.5 5.5 5.4 5.9 5.7 5.5 5.8 REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY ASSET TYPE Fixed income securities $ 46 $ 68 $ (3) $ (1) $ 5 $ (4) $ 114 $ 1 Equity securities 16 32 123 (5) 14 2 48 16 Mortgage loans 1 - (1) 2 (2) 3 1 1 Limited partnership interests (2) 4 1 28 (28) (5) 2 (33) Derivatives and other (2) 7 5 4 1 5 5 6 Total $ 59 $ 111 $ 125 $ 28 $ (10) $ 1 $ 170 $ (9) REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) BY TRANSACTION TYPE Impairment write-downs $ (5) $ (7) $ (9) $ 2 $ - $ (4) $ (12) $ (4) Change in intent write-downs (4) (3) (4) (21) (14) (5) (7) (19) Net other-than-temporary impairment losses recognized in earnings (9) (10) (13) (19) (14) (9) (19) (23) Sales 69 117 133 43 1 8 186 9 Valuation and settlements of derivative instruments (1) 4 5 4 3 2 3 5 Total $ 59 $ 111 $ 125 $ 28 $ (10) $ 1 $ 170 $ (9) AVERAGE INVESTMENT BALANCES (in billions) (3) $ 36.1 $ 36.3 $ 36.3 $ 36.6 $ 37.3 $ 37.7 $ 36.2 $ 37.4 (1) (2) (3) As of June 30, 2015, Allstate Financial has commitments to invest in additional limited partnership interests totaling $1.24 billion. Pre-tax yields are calculated as annualized investment income before investment expense (including dividend income in the case of equity securities) divided by the average of investment balances at the end of each quarter during the year. Investment balances, for purposes of the pre-tax yield calculation, exclude unrealized capital gains and losses. Amounts related to investments classified as held for sale were excluded from the pre-tax yield calculation in 2014. Average investment balances for the quarter are calculated as the average of the current and prior quarter investment balances. Year-to-date average investment balances are calculated as the average of investment balances at the beginning of the year and the end of each quarter during the year. For purposes of the average investment balances calculation, unrealized capital gains and losses are excluded. Amounts related to investments classified as held for sale were excluded from average investment balances calculation in 2014. THE ALLSTATE CORPORATION ALLSTATE FINANCIAL NET INVESTMENT INCOME, YIELDS AND REALIZED CAPITAL GAINS AND LOSSES (PRE-TAX) ($ in millions) Three months ended Six months ended

54 June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, June 30, June 30, 2015 2015 2014 2014 2014 2014 2015 2014 Consolidated investment portfolio Interest-bearing (1) $ 70,243 $ 71,287 $ 72,201 $ 71,755 $ 72,580 $ 71,084 $ 70,243 $ 72,580 Equity/owned (2) 8,898 9,150 8,912 8,966 9,983 10,606 8,898 9,983 Total $ 79,141 $ 80,437 $ 81,113 $ 80,721 $ 82,563 $ 81,690 $ 79,141 $ 82,563 Consolidated portfolio total return (3) Interest-bearing (0.8) % 1.4 % 0.9 % 0.2 % 1.8 % 1.7 % 0.8 % 3.5 % Equity/owned 0.2 0.4 0.2 0.2 0.4 0.4 0.5 0.8 Investment expenses - (0.1) - - - - (0.1) - Total (0.6) 1.7 1.1 0.4 2.2 2.1 1.2 4.3 Consolidated portfolio total return (3) Income 1.0 % 1.0 % 1.0 % 1.0 % 1.1 % 1.1 % 2.0 % 2.1 % Valuation (1.6) 0.7 0.1 (0.6) 1.1 1.0 (0.8) 2.2 Total (0.6) 1.7 1.1 0.4 2.2 2.1 1.2 4.3 Consolidated net investment income Interest-bearing $ 670 $ 664 $ 675 $ 672 $ 695 $ 824 $ 1,334 $ 1,519 Equity/owned 155 226 147 195 237 175 381 412 Investment expenses (36) (40) (43) (44) (34) (40) (76) (74) Total $ 789 $ 850 $ 779 $ 823 $ 898 $ 959 $ 1,639 $ 1,857 Consolidated Interest-bearing pre-tax yield (4) 3.9 % 3.9 % 3.9 % 3.9 % 4.0 % 4.1 % 3.9 % 4.0 % Property-Liability net investment income Interest-bearing excluding prepayment premiums and litigation proceeds $ 233 $ 226 $ 225 $ 223 $ 219 $ 219 $ 459 $ 438 Prepayment premiums and litigation proceeds 7 7 9 8 12 13 14 25 Total Interest-bearing 240 233 234 231 231 232 473 463 Equity/owned 73 148 84 137 137 101 221 238 Less: Investment expenses (21) (23) (24) (24) (17) (21) (44) (38) Total 292 358 294 344 351 312 650 663 Less: prepayment premiums and litigation proceeds (7) (7) (9) (8) (12) (13) (14) (25) Total excluding prepayment premiums and litigation proceeds $ 285 $ 351 $ 285 $ 336 $ 339 $ 299 $ 636 $ 638 Property-Liability interest-bearing pre-tax yield 3.0 % 2.9 % 2.8 % 2.8 % 2.9 % 3.0 % 2.9 % 2.9 % Property-Liability interest-bearing pre-tax yield excluding prepayment premiums and litigation proceeds 2.9 % 2.8 % 2.7 % 2.7 % 2.8 % 2.8 % 2.8 % 2.8 % Allstate Financial net investment income Interest-bearing excluding prepayment premiums and litigation proceeds $ 408 $ 413 $ 420 $ 426 $ 432 $ 556 $ 821 $ 988 Prepayment premiums and litigation proceeds 12 8 13 7 24 28 20 52 Total interest-bearing 420 421 433 433 456 584 841 1,040 Equity/owned 82 78 63 59 98 74 160 172 Less: Investment expenses (13) (15) (16) (19) (16) (18) (28) (34) Total 489 484 480 473 538 640 973 1,178 Less: prepayment premiums and litigation proceeds (12) (8) (13) (7) (24) (28) (20) (52) Total excluding prepayment premiums and litigation proceeds $ 477 $ 476 $ 467 $ 466 $ 514 $ 612 $ 953 $ 1,126 Allstate Financial interest-bearing pre-tax yield 5.1 % 5.1 % 5.2 % 5.2 % 5.3 % 5.3 % 5.1 % 5.3 % Allstate Financial interest-bearing pre-tax yield excluding prepayment premiums and litigation proceeds 4.9 % 5.0 % 5.0 % 5.1 % 5.0 % 5.0 % 5.0 % 5.0 % (1) Includes fixed income securities, mortgage loans, short-term and other investments. (2) Includes limited partnership interests, equity securities and real estate. (3) (4) Total return on investment portfolio is calculated from GAAP results including the total of net investment income, realized capital gains and losses, the change in unrealized net capital gains and losses, and the change in the difference between fair value and carrying value of mortgage loans and cost method limited partnerships, divided by the average fair value balances. Amounts related to investments classified as held for sale were excluded from the total return calculation in 2014. Pre-tax interest-bearing yield is calculated as annualized interest-bearing investment income before investment expense divided by the average of interest-bearing investment balances at the end of each quarter during the year. Interest-bearing investment balances, for purposes of the pre-tax interest-bearing yield calculation, exclude unrealized capital gains and losses. Amounts related to investments classified as held for sale were excluded from the pre-tax interest-bearing yield calculation in 2014. THE ALLSTATE CORPORATION INVESTMENT RESULTS ($ in millions) Three months ended Six months ended

55 Market- Market- Performance- Performance- June 30, Based Based Based Based 2015 Core (1) Active (2) Long-Term (3) Opportunistic (4) Fixed income securities, at fair value $ 59,930 $ 53,668 $ 6,139 $ 73 $ 50 Equity securities, at fair value 4,000 3,005 792 59 144 Mortgage loans 4,343 4,343 - - - Limited partnership interests 4,536 360 - 4,176 - Short-term, at fair value 2,821 2,511 310 - - Other 3,511 2,929 227 347 8 Consolidated total $ 79,141 $ 66,816 $ 7,468 $ 4,655 $ 202 Consolidated % 85% 9% 6% 0% Property-Liability total $ 38,147 $ 28,547 $ 6,827 $ 2,638 $ 135 Property-Liability % 75% 18% 7% 0% Allstate Financial total $ 37,798 $ 35,073 $ 641 $ 2,017 $ 67 Allstate Financial % 93% 2% 5% 0% Market- Market- Performance- Performance- December 31, Based Based Based Based 2014 Core (1) Active (2) Long-Term (3) Opportunistic (4) Fixed income securities, at fair value $ 62,440 $ 57,268 $ 5,084 $ 50 $ 38 Equity securities, at fair value 4,104 3,080 870 57 97 Mortgage loans 4,188 4,188 - - - Limited partnership interests 4,527 358 - 4,169 - Short-term, at fair value 2,540 2,488 52 - - Other 3,314 2,811 221 282 - Consolidated total $ 81,113 $ 70,193 $ 6,227 $ 4,558 $ 135 Consolidated % 86% 8% 6% 0% Property-Liability total $ 39,083 $ 30,458 $ 5,943 $ 2,592 $ 90 Property-Liability % 78% 15% 7% 0% Allstate Financial total $ 38,809 $ 36,515 $ 283 $ 1,966 $ 45 Allstate Financial % 94% 1% 5% 0% (1) Market-based core is comprised primarily of highly diversified fixed income securities, mortgage loans and equity securities to align with business segment priorities. (2) Market-based active is comprised primarily of fixed income and equity securities to generate additional returns by taking advantage of market opportunities. (3) Performance-based long-term is comprised primarily of private equity and real estate investments to generate returns over an extended horizon. (4) Performance-based opportunistic primarily generates returns by taking advantage of asset dislocations and by selectively providing liquidity to distressed sellers. THE ALLSTATE CORPORATION INVESTMENT POSITION BY STRATEGY ($ in millions)

56 Operating income is net income available to common shareholders, excluding: - realized capital gains and losses, after-tax, except for periodic settlements and accruals on non-hedge derivative instruments, which are reported with realized capital gains and losses but included in operating income, - valuation changes on embedded derivatives that are not hedged, after-tax, - amortization of deferred policy acquisition costs ("DAC") and deferred sales inducements (“DSI”), to the extent they resulted from the recognition of certain realized capital gains and losses or valuation changes on embedded derivatives that are not hedged, after-tax, - amortization of purchased intangible assets, after-tax, - gain (loss) on disposition of operations, after-tax, and - adjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two years. Average underlying loss (incurred pure premium) and expense is calculated as the underlying combined ratio (a non-GAAP measure) multiplied by the GAAP quarterly earned premium, which is annualized (multiplied by 4) (“average premium”). We believe that this measure is useful to investors and it is used by management for the same reasons noted above for the underlying combined ratio. A reconciliation of average underlying loss and expense is provided in the schedule, "Allstate Brand Auto and Homeowners Underlying Loss and Expense". Underlying loss ratio is a non-GAAP ratio, which is computed as the difference between three GAAP operating ratios: the loss ratio, the effect of catastrophes on the combined ratio and the effect of prior year non-catastrophe reserve reestimates on the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends that may be obscured by catastrophe losses and prior year reserve reestimates. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the loss ratio. The underlying loss ratio should not be considered a substitute for the loss ratio and does not reflect the overall loss ratio of our business. A reconciliation of underlying loss ratio is provided in the schedules "Allstate Brand Profitability Measures", "Esurance Brand Profitability Measures and Statistics" and "Encompass Brand Profitability Measures and Statistics". Combined ratio excluding the effect of catastrophes, prior year reserve reestimates and amortization of purchased intangible assets ("underlying combined ratio") is a non-GAAP ratio, which is computed as the difference between four GAAP operating ratios: the combined ratio, the effect of catastrophes on the combined ratio, the effect of prior year non-catastrophe reserve reestimates on the combined ratio and the effect of amortization of purchased intangible assets on the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in our Property-Liability business that may be obscured by catastrophe losses, prior year reserve reestimates and amortization of purchased intangible assets. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year reserve reestimates are caused by unexpected loss development on historical reserves. Amortization of purchased intangible assets relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. We also provide it to facilitate a comparison to our outlook on the underlying combined ratio. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business. A reconciliation of the underlying combined ratio to combined ratio is provided in the schedules "Allstate Brand Profitability Measures", "Esurance Brand Profitability Measures and Statistics", "Encompass Brand Profitability Measures and Statistics", "Auto, Homeowners and Other Personal Lines Underlying Combined Ratios", "Allstate Personal Lines - Auto, Homeowners and Other Personal Lines Profitability Measures" and "Emerging Businesses - Esurance, Encompass, Commercial Lines, Other Business Lines, and Answer Financial Profitability Measures". Definitions of Non-GAAP Measures Operating income return on common shareholders' equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month operating income by the average of common shareholders’ equity at the beginning and at the end of the 12-months, after excluding the effect of unrealized net capital gains and losses. Return on common shareholders' equity is the most directly comparable GAAP measure. We use operating income as the numerator for the same reasons we use operating income, as discussed above. We use average common shareholders' equity excluding the effect of unrealized net capital gains and losses for the denominator as a representation of common shareholders’ equity primarily attributable to the Company’s earned and realized business operations because it eliminates the effect of items that are unrealized and vary significantly between periods due to external economic developments such as capital market conditions like changes in equity prices and interest rates, the amount and timing of which are unrelated to the insurance underwriting process. We use it to supplement our evaluation of net income available to common shareholders and return on common shareholders' equity because it excludes the effect of items that tend to be highly variable from period to period. We believe that this measure is useful to investors and that it provides a valuable tool for investors when considered along with return on common shareholders' equity because it eliminates the after-tax effects of realized and unrealized net capital gains and losses that can fluctuate significantly from period to period and that are driven by economic developments, the magnitude and timing of which are generally not influenced by management. In addition, it eliminates non-recurring items that are not indicative of our ongoing business or economic trends. A byproduct of excluding the items noted above to determine operating income return on common shareholders' equity from return on common shareholders' equity is the transparency and understanding of their significance to return on common shareholders' equity variability and profitability while recognizing these or similar items may recur in subsequent periods. We use adjusted measures of operating income return on common shareholders' equity in incentive compensation. Therefore, we believe it is useful for investors to have operating income return on common shareholders' equity and return on common shareholders' equity when evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize operating income return on common shareholders' equity results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management’s utilization of capital. Operating income return on common shareholders' equity should not be considered a substitute for return on common shareholders' equity and does not reflect the overall profitability of our business. A reconciliation of return on common shareholders' equity and operating income return on common shareholders' equity can be found in the schedule, "Return on Common Shareholders' Equity". Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, is a ratio that uses a non-GAAP measure. It is calculated by dividing common shareholders’ equity after excluding the impact of unrealized net capital gains and losses on fixed income securities and related DAC, DSI and life insurance reserves by total common shares outstanding plus dilutive potential common shares outstanding. We use the trend in book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. We believe the non-GAAP ratio is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are generally not influenced by management, and we believe it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. We note that book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, is a measure commonly used by insurance investors as a valuation technique. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of unrealized net capital gains and losses on fixed income securities, should not be considered a substitute for book value per common share, and does not reflect the recorded net worth of our business. A reconciliation of book value per common share, excluding the impact of unrealized net capital gains on fixed income securities, and book value per common share can be found in the schedule, "Book Value per Common Share". We believe that investors’ understanding of Allstate’s performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited. Net income available to common shareholders is the GAAP measure that is most directly comparable to operating income. We use operating income as an important measure to evaluate our results of operations. We believe that the measure provides investors with a valuable measure of the Company's ongoing performance because it reveals trends in our insurance and financial services business that may be obscured by the net effect of realized capital gains and losses, valuation changes on embedded derivatives that are not hedged, amortization of purchased intangible assets, gain (loss) on disposition of operations and adjustments for other significant non-recurring, infrequent or unusual items. Realized capital gains and losses, valuation changes on embedded derivatives that are not hedged and gain (loss) on disposition of operations may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Consistent with our intent to protect results or earn additional income, operating income includes periodic settlements and accruals on certain derivative instruments that are reported in realized capital gains and losses because they do not qualify for hedge accounting or are not designated as hedges for accounting purposes. These instruments are used for economic hedges and to replicate fixed income securities, and by including them in operating income, we are appropriately reflecting their trends in our performance and in a manner consistent with the economically hedged investments, product attributes (e.g. net investment income and interest credited to contractholder funds) or replicated investments. Amortization of purchased intangible assets is excluded because it relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends. Accordingly, operating income excludes the effect of items that tend to be highly variable from period to period and highlights the results from ongoing operations and the underlying profitability of our business. A byproduct of excluding these items to determine operating income is the transparency and understanding of their significance to net income variability and profitability while recognizing these or similar items may recur in subsequent periods. Operating income is used by management along with the other components of net income available to common shareholders to assess our performance. We use adjusted measures of operating income in incentive compensation. Therefore, we believe it is useful for investors to evaluate net income available to common shareholders, operating income and their components separately and in the aggregate when reviewing and evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize operating income results in their evaluation of our and our industry's financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the Company and management's performance. We note that the price to earnings multiple commonly used by insurance investors as a forward-looking valuation technique uses operating income as the denominator. Operating income should not be considered a substitute for net income available to common shareholders and does not reflect the overall profitability of our business. A reconciliation of operating income to net income available to common shareholders is provided in the schedule, "Contribution to Income". Underwriting income is calculated as premiums earned, less claims and claims expense (“losses”), amortization of DAC, operating costs and expenses and restructuring and related charges as determined using GAAP. Management uses this measure in its evaluation of the results of operations to analyze the profitability of our Property-Liability insurance operations separately from investment results. It is also an integral component of incentive compensation. It is useful for investors to evaluate the components of income separately and in the aggregate when reviewing performance. Net income available to common shareholders is the most directly comparable GAAP measure. Underwriting income should not be considered a substitute for net income available to common shareholders and does not reflect the overall profitability of our business. A reconciliation of Property-Liability underwriting income to net income available to common shareholders is provided in the schedule, "Property-Liability Results". Combined ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between two GAAP operating ratios: the combined ratio and the effect of catastrophes on the combined ratio. The most directly comparable GAAP measure is the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in our Property-Liability business that may be obscured by catastrophe losses. Catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the combined ratio. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. The combined ratio excluding the effect of catastrophes should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business. A reconciliation of the combined ratio excluding the effect of catastrophes to combined ratio is provided in the schedule, "Property-Liability Results".