Allstate Corp at Goldman Sachs U.S. Financial Services Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : Alright, thanks, Tom, for that overview. Yeah, how about we dive right in? So we're six years into transformative growth, as you mentioned, growing policies fairly evenly in all three channels and it's at strong levels. Do you think 2026 sort of solidifies this upward trend in market share or does competition that you discussed make that a little bit harder?

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : Okay. And like on this competition front, I think there's a lot of discussion out there on the battle for market share being pretty intense in auto. Can you give us a sense of how you would benchmark this period relative to other periods from a competition perspective and how does Allstate's positioning in this market differ from past cycles?

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : Yeah. Yeah, I want to dive in on retention as well. I mean, it seems like with new business growing in all three channels pretty strongly, retention sort of becomes the key to growth. And how do you see that trending going forward? And maybe more specifically, do you think the exclusive agent policy base is more defensible in a high shopping environment like we're in today?

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : And so how did some of these larger states noticed in your presentation, you've got some of these larger states that you talked about New York, New Jersey, they've seen some pressure growth trends. What's the sort of state of the market in terms of growth and profitability in some of those larger states and what's the timeline for improvements there?

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : Any idea on the timeline?

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : And how does auto and home bundling fit into that equation? I think you guys have had some success there. What's been some of the trends with the bundling? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 1:00PM, ALL.N - Allstate Corp at Goldman Sachs U.S. Financial Services Conference

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : And shifting to margins, in the auto business, I think you've said broadly rate adequate. Do you think you can grow market share with, stable or -- stable price increases or does this competition you think result in more price decreases? I noticed at least one of those large competitors that you discussed is taking sort of bigger price decreases right now.

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : And some of the inputs for that margin, the frequency and severity trends. What are you seeing in terms of those trends and what are the primary upside and downside risks as you see those? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 1:00PM, ALL.N - Allstate Corp at Goldman Sachs U.S. Financial Services Conference

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : Shifting to expenses, there's been meaningful reduction in the underlying expense ratio and you talked about Allstate's new technology ecosystem. How should we think about the potential for further expense ratio improvements and what does this new tech ecosystem allow you to do differently, particularly with artificial intelligence?

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : I think we've got time for one more question. We'll end off on a capital position. You highlighted in the 3Q slides the company is now in a favorable capital position. What's the right balance between share repurchase, organic growth and is there any appetite for M&A?

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : Awesome. Well, thanks for the time.

Question: Robert Cox - Goldman Sachs & Company, Inc. - Analyst : Appreciate it.