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Notice of 2025 Annual Meeting and Proxy Statement

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Index

Front Cover
Letter from Chair, President & CEO
Letter from Independent Directors
Notice of 2025 Annual Meeting of Shareholders
Table of Contents
About Allstate
Voting Roadmap
Corporate Governance
Proposal 1 Election of 13 Directors
Our Director Nominees Corporate Governance Highlights Board Composition and Nomination Process Evaluating Board Effectiveness Director Onboarding and Continuing Education The Board and its Committees Management Succession Planning Risk and Return Management Oversight Director Compensation
Executive Compensation
Proposal 2 Say-on-Pay: Advisory Vote on the Compensation of the Named Executives
Compensation Discussion and Analysis Compensation Committee Report Summary Compensation Table Grants of Plan-Based Awards at Fiscal Year-end 2024 Outstanding Equity Awards at Fiscal Year-end 2024 Option Exercises and Stock Vested During 2024 Retirement Benefits Non-Qualified Deferred Compensation at Fiscal Year-‍end 2024 Potential Payments as a Result of Termination or Change in Control (CIC) Estimate of Potential Payments Upon Termination CEO Pay Ratio Pay Versus Performance Table
Audit Committee Matters
Proposal 3 Ratification of Deloitte & Touche LLP as the Independent Registered Public Accountant for 2025
Auditor Fees Audit Committee Report
Sustainability at Allstate
Increasing Value for Customers and Shareholders Navigating Climate Risk Creating Opportunity for Employees Improving Communities Oversight of Sustainability
Stock Ownership Information
Proxy and Voting Information
Appendix A – Definitions of Non-GAAP Measures
Appendix B – Categorical Standards of Independence
Appendix C – Executive Officers
Helpful Links and Resources
Table of Contents 10K
Item 1. Business
Overview Strategy and Segment Information Regulation Human Capital Website Other Information About Allstate Information about our Executive Officers Forward-Looking Statements
Item 1A. Risk Factors
Item 1B. Unresolved Staff Comments
Item 1C. Cybersecurity
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Mine Safety Disclosures
Item 5. Market for Registrant's Common Equity, Related Stockholders Matters and Issuer Purchases of Equity Securities
Item 6. [Reserved]
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements and Supplementary Data
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions, and Director Independence
Item 14. Principal Accounting Fees and Services
Item 15. Exhibits and Financial Statement Schedules
Item 16. Form 10-K Summary
Signatures
Financial Statement Schedules
182 / 310
Gross unrealized gains (losses) on fixed income securities by type and sector
As of December 31, 2024
Amortized
cost, net
Gross unrealized
Fair value
($ in millions) Gains Losses
Corporate
Banking $ 4,194 $ 38 $ (63) $ 4,169
Basic industry 833 6 (21) 818
Capital goods 2,706 25 (62) 2,669
Communications 2,364 16 (73) 2,307
Consumer goods (cyclical and non-cyclical) 6,674 51 (165) 6,560
Energy 2,771 32 (50) 2,753
Financial services 2,104 17 (53) 2,068
Technology 2,613 18 (94) 2,537
Transportation 815 7 (19) 803
Utilities 5,125 56 (89) 5,092
Other 431 6 (21) 416
Total corporate fixed income portfolio 30,630 272 (710) 30,192
U.S. government and agencies 11,423 15 (330) 11,108
Municipal 8,985 33 (176) 8,842
Foreign government 1,352 22 (10) 1,364
ABS 1,226 19 (4) 1,241
Total fixed income securities $ 53,616 $ 361 $ (1,230) $ 52,747
Gross unrealized gains (losses) on fixed income securities by type and sector
As of December 31, 2023
Amortized
cost, net
Gross unrealized
Fair value
($ in millions) Gains Losses
Corporate
Banking $ 4,189 $ 31 $ (135) $ 4,085
Basic industry 1,007 7 (42) 972
Capital goods 2,800 33 (97) 2,736
Communications 2,767 33 (115) 2,685
Consumer goods (cyclical and non-cyclical) 6,813 93 (251) 6,655
Energy 2,645 35 (63) 2,617
Financial services 2,111 17 (88) 2,040
Technology 2,800 21 (153) 2,668
Transportation 1,104 13 (45) 1,072
Utilities 5,330 109 (123) 5,316
Other 385 5 (31) 359
Total corporate fixed income portfolio 31,951 397 (1,143) 31,205
U.S. government and agencies 8,624 114 (119) 8,619
Municipal 6,049 109 (152) 6,006
Foreign government 1,286 17 (13) 1,290
ABS 1,739 13 (7) 1,745
Total fixed income securities $ 49,649 $ 650 $ (1,434) $ 48,865
In general, the gross unrealized losses are related to an increase in market yields, which may include increased risk-
free interest rates and wider credit spreads since the time of initial purchase. Similarly, gross unrealized gains reflect a
decrease in market yields since the time of initial purchase.
2024 Form 10-K Investments
The Allstate Corporation 67