Standard&Poor's Ratings Services' counterparty credit and insurer financial strength ratings on Allstate Corp.'s property-liability insurance operating companies (collectively referred to as Allstate Protection) are based on our view of their very strong business risk profile (BRP) and strong financial risk profile (FRP). These are built on an extremely strong competitive profile, as well as strong capital and earnings. We derive our 'aa-' BRP/FRP anchor, the higher of the dual possible anchor outcomes in our rating methodology, from a combination of these factors. The higher anchor outcome reflects Allstate's extremely strong competitive position in the U.S. personal lines market. We view Allstate's enterprise risk management (ERM) and management assessment as strong and supportive of the rating. The 'A+' financial
