Spreadsheet: 07296c68-386c-439e-ae6d-c17a93d8cce3
Sheet: 6

THE ALLSTATE CORPORATION
RETURN ON SHAREHOLDERS' EQUITY
($ in millions)
 |  |  | Twelve months ended
 |  |  |  | Dec. 31, |  |  |  | Sept. 30, |  |  |  | June 30, |  |  |  | March 31, |  |  |  | Dec. 31, |  |  |  | Sept. 30, |  |  |  | June 30, |  |  |  | March 31,
 |  |  |  | 2012 |  |  |  | 2012 |  |  |  | 2012 |  |  |  | 2012 |  |  |  | 2011 |  |  |  | 2011 |  |  |  | 2011 |  |  |  | 2011
Return on Shareholders' Equity
 | Numerator:
 |  | Net income (1) | $ | 2306 |  |  | $ | 2624 |  |  | $ | 2076 |  |  | $ | 1029 |  |  | $ | 787 |  |  | $ | 368 |  |  | $ | 554 |  |  | $ | 1315
 | Denominator:
 |  | Beginning shareholders' equity | $ | 18298 |  |  | $ | 17732 |  |  | $ | 18382 |  |  | $ | 18898 |  |  | $ | 18617 |  |  | $ | 18887 |  |  | $ | 17619 |  |  | $ | 17104
 |  | Ending shareholders' equity |  | 20580 |  |  |  | 20837 |  |  |  | 19475 |  |  |  | 19182 |  |  |  | 18298 |  |  |  | 17732 |  |  |  | 18382 |  |  |  | 18898
 |  | Average shareholders' equity (2) | $ | 19439 |  |  | $ | 19284.5 |  |  | $ | 18928.5 |  |  | $ | 19040 |  |  | $ | 18457.5 |  |  | $ | 18309.5 |  |  | $ | 18000.5 |  |  | $ | 18001
 |  | Return on shareholders' equity |  | 11.86275014146818 | % |  |  | 13.60678264927792 | % |  |  | 10.96758855693795 | % |  |  | 5.404411764705882 | % |  |  | 4.263849383719355 | % |  |  | 2.00988557852481 | % |  |  | 3.07769228632538 | % |  |  | 7.305149713904783 | %
Operating Income Return on Shareholders' Equity *
 | Numerator:
 |  | Operating income (1) | $ | 2148 |  |  | $ | 2594 |  |  | $ | 1957 |  |  | $ | 878 |  |  | $ | 662 |  |  | $ | 189 |  |  | $ | 555 |  |  | $ | 1632
 | Denominator:
 |  | Beginning shareholders' equity | $ | 18298 |  |  | $ | 17732 |  |  | $ | 18382 |  |  | $ | 18898 |  |  | $ | 18617 |  |  | $ | 18887 |  |  | $ | 17619 |  |  | $ | 17104
 |  | Unrealized net capital gains and losses |  | 1400 |  |  |  | 1065 |  |  |  | 1475 |  |  |  | 1072 |  |  |  | 948 |  |  |  | 1313 |  |  |  | 312 |  |  |  | -145
 |  | Adjusted beginning shareholders' equity |  | 16898 |  |  |  | 16667 |  |  |  | 16907 |  |  |  | 17826 |  |  |  | 17669 |  |  |  | 17574 |  |  |  | 17307 |  |  |  | 17249
 |  | Ending shareholders' equity |  | 20580 |  |  |  | 20837 |  |  |  | 19475 |  |  |  | 19182 |  |  |  | 18298 |  |  |  | 17732 |  |  |  | 18382 |  |  |  | 18898
 |  | Unrealized net capital gains and losses |  | 2834 |  |  |  | 2880 |  |  |  | 2070 |  |  |  | 1874 |  |  |  | 1400 |  |  |  | 1065 |  |  |  | 1475 |  |  |  | 1072
 |  | Adjusted ending shareholders' equity |  | 17746 |  |  |  | 17957 |  |  |  | 17405 |  |  |  | 17308 |  |  |  | 16898 |  |  |  | 16667 |  |  |  | 16907 |  |  |  | 17826
 |  | Average adjusted shareholders' equity (2) | $ | 17322 |  |  | $ | 17312 |  |  | $ | 17156 |  |  | $ | 17567 |  |  | $ | 17283.5 |  |  | $ | 17120.5 |  |  | $ | 17107 |  |  | $ | 17537.5
 |  | Operating income return on shareholders' equity |  | 12.40041565639072 | % |  |  | 14.98382624768946 | % |  |  | 11.40708789927722 | % |  |  | 4.998007627938749 | % |  |  | 3.830242717042266 | % |  |  | 1.103939721386642 | % |  |  | 3.244285964809727 | % |  |  | 9.30577334283678 | %
(1) | Net income and operating income reflect a trailing twelve-month period.
(2) | Average shareholders' equity and average adjusted shareholders' equity are determined using a two-point average, with the beginning and ending shareholders' equity and adjusted shareholders' equity, respectively, for the twelve-month period as data points.