Spreadsheet: 07296c68-386c-439e-ae6d-c17a93d8cce3
Sheet: 1

THE ALLSTATE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data)
 |  |  | Three months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Twelve months ended
 |  |  |  | Dec. 31, |  |  | Sept. 30, |  |  | June 30, |  |  | March 31, |  |  | Dec. 31, |  |  | Sept. 30, |  |  | June 30, |  |  | March 31, |  |  | Dec. 31, |  | Dec. 31,
 |  |  |  | 2012 |  |  | 2012 |  |  | 2012 |  |  | 2012 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2011 |  |  | 2012 |  | 2011
Revenues
 | Property-liability insurance premiums |  | $ | 6744 |  | $ | 6697 |  | $ | 6666 |  | $ | 6630 |  | $ | 6605 |  | $ | 6432 |  | $ | 6457 |  | $ | 6448 |  | $ | 26737 | $ | 25942
 | Life and annuity premiums and contract charges |  |  | 566 |  |  | 563 |  |  | 559 |  |  | 553 |  |  | 570 |  |  | 552 |  |  | 547 |  |  | 569 |  |  | 2241 |  | 2238
 | Net investment income |  |  | 1033 |  |  | 940 |  |  | 1026 |  |  | 1011 |  |  | 975 |  |  | 994 |  |  | 1020 |  |  | 982 |  |  | 4010 |  | 3971
 | Realized capital gains and losses:
 |  | Total other-than-temporary impairment losses |  | -44 |  |  | -39 |  |  | -69 |  |  | -87 |  |  | -128 |  |  | -197 |  |  | -82 |  |  | -156 |  |  | -239 |  | -563
 |  | Portion of loss recognized in other comprehensive
 |  | income |  | -10 |  |  | -7 |  |  | 19 |  |  | 4 |  |  | 4 |  |  | -6 |  |  | -4 |  |  | -27 |  |  | 6 |  | -33
 |  | Net other-than-temporary impairment losses
 |  | recognized in earnings |  | -54 |  |  | -46 |  |  | -50 |  |  | -83 |  |  | -124 |  |  | -203 |  |  | -86 |  |  | -183 |  |  | -233 |  | -596
 |  | Sales and other realized capital gains and losses |  | 258 |  |  | -26 |  |  | 77 |  |  | 251 |  |  | 210 |  |  | 467 |  |  | 143 |  |  | 279 |  |  | 560 |  | 1099
 |  | Total realized capital gains and losses |  | 204 |  |  | -72 |  |  | 27 |  |  | 168 |  |  | 86 |  |  | 264 |  |  | 57 |  |  | 96 |  |  | 327 |  | 503
 |  | Total revenues |  | 8547 |  |  | 8128 |  |  | 8278 |  |  | 8362 |  |  | 8236 |  |  | 8242 |  |  | 8081 |  |  | 8095 |  |  | 33315 |  | 32654
Costs and expenses
 | Property-liability insurance claims
 |  | and claims expense |  | 5042 |  |  | 4293 |  |  | 4810 |  |  | 4339 |  |  | 4198 |  |  | 5132 |  |  | 6355 |  |  | 4476 |  |  | 18484 |  | 20161
 | Life and annuity contract benefits |  |  | 464 |  |  | 453 |  |  | 462 |  |  | 439 |  |  | 430 |  |  | 455 |  |  | 422 |  |  | 454 |  |  | 1818 |  | 1761
 | Interest credited to contractholder funds |  |  | 357 |  |  | 215 |  |  | 366 |  |  | 378 |  |  | 405 |  |  | 405 |  |  | 417 |  |  | 418 |  |  | 1316 |  | 1645
 | Amortization of deferred policy
 |  | acquisition costs |  | 947 |  |  | 1016 |  |  | 942 |  |  | 979 |  |  | 981 |  |  | 1046 |  |  | 960 |  |  | 984 |  |  | 3884 |  | 3971
 | Operating costs and expenses |  |  | 1095 |  |  | 1010 |  |  | 996 |  |  | 1017 |  |  | 1083 |  |  | 888 |  |  | 868 |  |  | 900 |  |  | 4118 |  | 3739
 | Restructuring and related charges |  |  | 9 |  |  | 9 |  |  | 10 |  |  | 6 |  |  | 16 |  |  | 8 |  |  | 11 |  |  | 9 |  |  | 34 |  | 44
 | Interest expense |  |  | 92 |  |  | 93 |  |  | 93 |  |  | 95 |  |  | 92 |  |  | 92 |  |  | 91 |  |  | 92 |  |  | 373 |  | 367
 |  | Total costs and expenses |  | 8006 |  |  | 7089 |  |  | 7679 |  |  | 7253 |  |  | 7205 |  |  | 8026 |  |  | 9124 |  |  | 7333 |  |  | 30027 |  | 31688
Gain (loss) on disposition of operations |  |  |  | 3 |  |  | 9 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 7 |  |  | -20 |  |  | 18 |  | -7
Income (loss) from operations before income
 | tax expense (benefit) |  |  | 544 |  |  | 1048 |  |  | 602 |  |  | 1112 |  |  | 1034 |  |  | 219 |  |  | -1036 |  |  | 742 |  |  | 3306 |  | 959
Income tax expense (benefit) |  |  |  | 150 |  |  | 325 |  |  | 179 |  |  | 346 |  |  | 322 |  |  | 44 |  |  | -412 |  |  | 218 |  |  | 1000 |  | 172
Net income (loss) |  |  | $ | 394 |  | $ | 723 |  | $ | 423 |  | $ | 766 |  | $ | 712 |  | $ | 175 |  | $ | -624 |  | $ | 524 |  | $ | 2306 | $ | 787
Earnings per share: (1)
 | Net income (loss) per share - Basic |  | $ | 0.8170883450850269 |  | $ | 1.487960485696646 |  | $ | 0.8622095393395841 |  | $ | 1.535993583316623 |  | $ | 1.411298315163528 |  | $ | 0.341796875 |  | $ | -1.192888549034601 |  | $ | 0.9868173258003766 |  | $ | 4.711892112791173 | $ | 1.511426925292875
 | Weighted average shares - Basic |  |  | 482.2 |  |  | 485.9 |  |  | 490.6 |  |  | 498.7 |  |  | 504.5 |  |  | 512 |  |  | 523.1 |  |  | 531 |  |  | 489.4 |  | 520.7
 | Net income (loss) per share - Diluted (2) |  | $ | 0.8090349075975359 |  | $ | 1.475811390079608 |  | $ | 0.8566221142162819 |  | $ | 1.527417746759721 |  | $ | 1.404893449092344 |  | $ | 0.3403345001944768 |  | $ | -1.192888549034601 |  | $ | 0.9820089955022488 |  | $ | 4.677484787018256 | $ | 1.50449244886255
 | Weighted average shares - Diluted (2) |  |  | 487 |  |  | 489.9 |  |  | 493.8 |  |  | 501.5 |  |  | 506.8 |  |  | 514.2 |  |  | 523.1 |  |  | 533.6 |  |  | 493 |  | 523.1
Cash dividends declared per share |  |  | $ | 0.22 |  | $ | 0.22 |  | $ | 0.22 |  | $ | 0.22 |  | $ | 0.21 |  | $ | 0.21 |  | $ | 0.21 |  | $ | 0.21 |  | $ | 0.88 | $ | 0.84
(1) | In accordance with GAAP, the quarter and year-to-date per share amounts are calculated discretely.  Therefore, the sum of each quarter may not equal the year-to-date amount.
(2) | As a result of the net loss for the three-months ended June 30, 2011, weighted average dilutive potential common shares outstanding resulting from 2.1 million stock options and 0.5 million restricted stock units (non-participating) were not included in the computation of diluted earnings per share in that quarter, since inclusion of these securities would have an anti-dilutive effect.