Spreadsheet: 07296c68-386c-439e-ae6d-c17a93d8cce3
Sheet: 37

THE ALLSTATE CORPORATION
HISTORICAL ALLSTATE FINANCIAL RESULTS
($ in millions)
 |  |  |  | As of or for the Year Ended December 31,
 |  |  |  | 2012 |  |  | 2011 |  |  | 2010 |  |  | 2009 |  |  | 2008
Investments |  |  | $ | 56999 |  | $ | 57373 |  | $ | 61582 |  | $ | 62216 |  | $ | 61449
Premiums |  |  |  | 1168 |  |  | 1190 |  |  | 1138 |  |  | 969 |  |  | 943
Contract charges |  |  |  | 1073 |  |  | 1048 |  |  | 1030 |  |  | 989 |  |  | 952
Net investment income |  |  |  | 2647 |  |  | 2716 |  |  | 2853 |  |  | 3064 |  |  | 3811
Periodic settlements and accruals on non-hedge
derivative instruments |  |  |  | 55 |  |  | 70 |  |  | 51 |  |  | 14 |  |  | 20
Contract benefits |  |  |  | -1818 |  |  | -1761 |  |  | -1815 |  |  | -1617 |  |  | -1612
Interest credited to contractholder funds |  |  |  | -1434 |  |  | -1617 |  |  | -1798 |  |  | -2038 |  |  | -2417
Amortization of deferred policy
acquisition costs |  |  |  | -350 |  |  | -343 |  |  | -236 |  |  | -337 |  |  | -440
Operating costs and expenses |  |  |  | -576 |  |  | -555 |  |  | -568 |  |  | -535 |  |  | -657
Restructuring and related charges |  |  |  | 0 |  |  | -1 |  |  | 3 |  |  | -25 |  |  | -1
Income tax expense on operations |  |  |  | -236 |  |  | -240 |  |  | -214 |  |  | -148 |  |  | -191
Operating income |  |  |  | 529 |  |  | 507 |  |  | 444 |  |  | 336 |  |  | 408
Realized capital gains and losses, after-tax |  |  |  | -8 |  |  | 250 |  |  | -337 |  |  | -417 |  |  | -2034
Valuation changes on embedded derivatives that are not
hedged, after-tax |  |  |  | 82 |  |  | -12 |  |  | 0 |  |  | 0 |  |  | 0
DAC and DSI (amortization) accretion relating to
realized capital gains and losses and valuation changes
on embedded derivatives that are not hedged, after-tax |  |  |  | -42 |  |  | -108 |  |  | -29 |  |  | -153 |  |  | 333
DAC and DSI unlocking relating to realized capital gains
and losses, after-tax |  |  |  | 4 |  |  | 3 |  |  | -12 |  |  | -219 |  |  | -203
Non-recurring items, after-tax (1) |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | -80
Reclassification of periodic settlements and accruals
on non-hedge derivative instruments, after-tax |  |  |  | -36 |  |  | -45 |  |  | -33 |  |  | -9 |  |  | -13
Gain (loss) on disposition of operations, after-tax |  |  |  | 12 |  |  | -5 |  |  | 9 |  |  | 10 |  |  | 3
principle, after-tax |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0
Net income (loss) |  |  | $ | 541 |  | $ | 590 |  | $ | 42 |  | $ | -452 |  | $ | -1586
Life insurance in force, net of reinsurance |  |  | $ | 326169 | (2) | $ | 306397 |  | $ | 294149 |  | $ | 281961 |  | $ | 280042
(1) | During the fourth quarter of 2008, for traditional life insurance and immediate annuities with life contingencies, an aggregate premium deficiency of $123 million, pre-tax ($80 million, after-tax) resulted primarily from an experience study indicating that the annuitants on certain life-contingent contracts are projected to live longer than we anticipated when the contracts were issued, and, to a lesser degree, a reduction in the related investment portfolio yield.  The deficiency was recorded through a reduction in deferred acquisition costs.
(2) | Estimated using the most available information.