THE ALLSTATE CORPORATION RECONCILIATION OF ALLSTATE LIFE INSURANCE COMPANY TO ALLSTATE FINANCIAL SEGMENT RESULTS OF OPERATIONS ($ in millions)

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1 Premiums (4) Contract charges (4) Net investment income Periodic settlements and accruals on Financial Financial ALIC Benefits Other Segment ALIC Benefits Other Segment $ 152 $ 139 $ - $ 291 $ 145 $ 141 $ - $ non-hedge derivative instruments Contract benefits (388) (74) - (462) (350) (72) - (422) Interest credited to contractholder funds (356) (6) - (362) (402) (7) (412) Amortization of deferred policy acquisition costs (58) (18) - (76) (70) (17) - (87) Operating costs and expenses Income tax expense on operations THE ALLSTATE CORPORATION RESULTS OF OPERATIONS For the three months ended June 30, 2012 For the three months ended June 30, 2011 (120) (40) 25 (135) (110) (38) 13 (135) (47) (9) (8) (64) (51) (12) (6) (69) Operating income Realized capital gains and losses, after-tax (6) 40 Valuation changes on embedded derivatives that are not hedged, after-tax DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (5) (5) - - (5) Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax (10) - - (10) (11) - - (11) Gain on disposition of operations, after-tax Net income $ 98 $ 19 $ 15 $ 132 $ 135 $ 21 $ 5 $ 161 (4) (5) ALIC is the acronym for Life Insurance Company and Subsidiaries. Benefits is primarily comprised of American Heritage Life Insurance Company and Subsidiaries. Other is primarily comprised of certain consolidating adjustments for the Financial Segment and in 2011 included Bank. Benefits premiums for the three months ended June 30, 2012 and 2011 include accident and health insurance premiums of $136 million and $137 million, respectively, and traditional life insurance premiums of $3 million and $4 million, respectively. Benefits contract charges reflect contract charges on interest-sensitive life insurance. ALIC's (amortization) accretion of DAC and DSI relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged is analyzed separately because these items may vary significantly between periods and obscure trends in our business. For the three months ended June 30, 2012 and 2011, pre-tax DAC (amortization) accretion relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged totaled $ million and $(6) million, respectively. Pre-tax (amortization) accretion of DSI (included as a component of interest credited to contractholder funds in the Consolidated Statements of Operations) relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged totaled zero and $ million for the three months ended June 30, 2012 and 2011, respectively. Income tax benefit for ALIC's DAC and DSI (amortization) accretion relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged totaled $1 million and $2 million for the three months ended June 30, 2012 and 2011, respectively. 1

2 RESULTS OF OPERATIONS For the six months ended June 30, 2012 For the six months ended June 30, 2011 Premiums (4) Contract charges (4) Net investment income Periodic settlements and accruals on non-hedge derivative instruments Contract benefits Financial Financial ALIC Benefits Other Segment ALIC Benefits Other Segment $ 298 $ 280 $ - $ 578 $ 316 $ 282 $ - $ , (4) 1,350 1, , (752) (149) - (901) (732) (144) - (876) Interest credited to contractholder funds (717) (13) - (730) (817) (14) (6) (837) Amortization of deferred policy acquisition costs (124) (38) - (162) (148) (34) - (182) Operating costs and expenses Restructuring and related charges Income tax expense on operations (243) (81) 47 (277) (216) (77) 26 (267) (100) (19) (15) (134) (88) (22) (12) (122) Operating income Realized capital gains and losses, after-tax (10) 1 - (9) 75 (9) 65 Valuation changes on embedded derivatives that are not hedged, after-tax (9) - - (9) DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax (5) (10) - - (10) (27) - - (27) DAC and DSI unlocking relating to realized capital gains and losses, after-tax (6) Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax (20) - - (20) (23) - - (23) Gain (loss) on disposition of operations, after-tax (15) (8) Net income (loss) $ 181 $ 35 $ 28 $ 244 $ 226 $ 40 $ $ 263 (4) (5) (6) ALIC is the acronym for Life Insurance Company and Subsidiaries. Benefits is primarily comprised of American Heritage Life Insurance Company and Subsidiaries. Other is primarily comprised of certain consolidating adjustments for the Financial Segment and in 2011 included Bank. Benefits premiums for the six months ended June 30, 2012 and 2011 include accident and health insurance premiums of $273 million and $274 million, respectively, and traditional life insurance premiums of $7 million and $8 million, respectively. Benefits contract charges reflect contract charges on interest-sensitive life insurance. ALIC's amortization of DAC and DSI relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged is analyzed separately because these items may vary significantly between periods and obscure trends in our business. For the six months ended June 30, 2012 and 2011, pre-tax DAC amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged totaled $(16) million and $(36) million, respectively. Pre-tax amortization of DSI (included as a component of interest credited to contractholder funds in the Consolidated Statements of Operations) relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged totaled zero and $(6) million for the six months ended June 30, 2012 and 2011, respectively. Income tax benefit for ALIC's DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged totaled $6 million and $15 million for the six months ended June 30, 2012 and 2011, respectively. For the six months ended June 30, 2012 and 2011, ALIC's pre-tax DAC unlocking relating to realized capital gains and losses totaled zero and $5 million, respectively. There was no DSI unlocking relating to realized capital gains and losses for the six months ended June 30, 2012 and Income tax benefit for ALIC's DAC and DSI unlocking relating to realized capital gains and losses totaled zero and $ million for the six months ended June 30, 2012 and 2011, respectively. 2

3 ANALYSIS OF NET INCOME Financial Financial ALIC Benefits (4) Other (5) Segment ALIC Benefits (4) Other (5) Segment Benefit spread Premiums $ 152 $ 139 $ - $ 291 $ 145 $ 141 $ - $ 286 Cost of insurance contract charges on immediate annuities with life contingencies (252) (74) - (326) (215) (72) - (287) Total benefit spread Investment spread Net investment income life contingencies (136) - - (136) (135) - - (135) Interest credited to contractholder funds (360) (6) - (366) (407) (7) (417) Total investment spread expense fees Realized capital gains and losses (11) 62 Amortization of deferred policy acquisition costs (59) (18) - (77) (76) (17) - (93) Operating costs and expenses (120) (40) 25 (135) (110) (38) 13 (135) Gain on disposition of operations Income tax expense (43) (10) (8) (61) (67) (12) (82) Net income $ 98 $ 19 $ 15 $ 132 $ 135 $ 21 $ 5 $ 161 Benefit spread by product group Life insurance $ 83 $ 4 $ - $ 87 $ 94 $ 4 $ - $ 98 Accident and health insurance Annuities (21) - - (21) (8) - - (8) Total benefit spread $ 68 $ 70 $ - $ 138 $ 89 $ 72 $ - $ 161 Investment spread by product group Annuities and institutional products $ 66 $ - $ 1 $ 67 $ 51 $ - $ - $ 51 Life insurance Bank products Accident and health insurance Net investment income on investments supporting capital Total investment spread $ 154 $ 9 $ $ 161 $ 131 $ 8 $ 3 $ 142 Reconciliation of contract charges Cost of insurance contract charges $ 168 $ 5 $ - $ 173 $ 159 $ 3 $ - $ 162 expense fees Total contract charges $ 256 $ 12 $ - $ 268 $ 251 $ 10 $ - $ 261 Reconciliation of contract benefits on immediate annuities with life contingencies $ (252) $ (74) $ - $ (326) $ (215) $ (72) $ - $ (287) life contingencies (136) - - (136) (135) - - (135) Total contract benefits $ (388) $ (74) $ - $ (462) $ (350) $ (72) $ - $ (422) ALIC is the acronym for Life Insurance Company and Subsidiaries. For the three months ended June 30, 2012 For the three months ended June 30, 2011 (4) Benefits is primarily comprised of American Heritage Life Insurance Company and Subsidiaries. (5) Other is primarily comprised of certain consolidating adjustments for the Financial Segment and in 2011 included Bank. 3

4 ANALYSIS OF NET INCOME For the six months ended June 30, 2012 For the six months ended June 30, 2011 Financial Financial ALIC Benefits (4) Other (5) Segment ALIC Benefits (4) Other (5) Segment Benefit spread Premiums $ 298 $ 280 $ - $ 578 $ 316 $ 282 $ - $ 598 Cost of insurance contract charges on immediate annuities with life contingencies (482) (149) - (631) (462) (144) - (606) Total benefit spread Investment spread Net investment income 1, (4) 1,350 1, ,378 life contingencies (270) - - (270) (270) - - (270) Interest credited to contractholder funds (731) (13) - (744) (815) (14) (6) (835) Total investment spread (4) expense fees Realized capital gains and losses (15) 2 - (13) 117 (15) 101 Amortization of deferred policy acquisition costs (140) (38) - (178) (179) (34) - (213) Operating costs and expenses (243) (81) 47 (277) (216) (77) 26 (267) Restructuring and related charges Gain (loss) on disposition of operations (22) (13) Income tax (expense) benefit (76) (20) (15) (111) (109) (22) 1 (130) Net income (loss) $ 181 $ 35 $ 28 $ 244 $ 226 $ 40 $ $ 263 Benefit spread by product group Life insurance $ 171 $ 7 $ - $ 178 $ 184 $ 7 $ - $ 191 Accident and health insurance Annuities (33) - - (33) (20) - - (20) Total benefit spread $ 152 $ 138 $ - $ 290 $ 173 $ 143 $ - $ 316 Investment spread by product group Annuities and institutional products $ 152 $ - $ 2 $ 154 $ 99 $ - $ - $ 99 Life insurance 39 5 (6) (7) 25 Bank products Accident and health insurance Net investment income on investments supporting capital Total investment spread $ 322 $ 18 $ (4) $ 336 $ 250 $ 16 $ 7 $ 273 Reconciliation of contract charges Cost of insurance contract charges $ 336 $ 7 $ - $ 343 $ 319 $ 5 $ - $ 324 expense fees Total contract charges $ 511 $ 23 $ - $ 534 $ 498 $ 20 $ - $ 518 Reconciliation of contract benefits on immediate annuities with life contingencies $ (482) $ (149) $ - $ (631) $ (462) $ (144) $ - $ (606) life contingencies (270) - - (270) (270) - - (270) Total contract benefits $ (752) $ (149) $ - $ (901) $ (732) $ (144) $ - $ (876) ALIC is the acronym for Life Insurance Company and Subsidiaries. (4) Benefits is primarily comprised of American Heritage Life Insurance Company and Subsidiaries. (5) Other is primarily comprised of certain consolidating adjustments for the Financial Segment and in 2011 included Bank. 4

5 INVESTMENT HOLDINGS As of June 30, 2012 Financial ALIC Benefits Other Segment Fixed income securities, at fair value $ 45,534 $ 885 $ - $ 46,419 Equity securities, at fair value Mortgage loans 6, ,434 Limited partnership interests 1, ,806 Short-term, at fair value Policy loans (4) (1,150) - Other (4) 1, ,971 Total $ 56,613 $ 1,377 $ (256) $ 57,734 ALIC is the acronym for Life Insurance Company and Subsidiaries. Benefits is primarily comprised of American Heritage Life Insurance Company and Subsidiaries. Other is primarily comprised of certain consolidating adjustments for the Financial Segment. (4) Policy loans are included as a component of Other investments for the Financial Segment. 5

6 RETURN ON ATTRIBUTED EQUITY Return on Attributed Equity June 30, 2012 June 30, 2011 Benefits Financial Benefits Financial ALIC and Other Segment ALIC and Other Segment Numerator: Net income $ 424 $ 147 $ 571 $ 339 $ 78 $ 417 Denominator: Beginning attributed equity $ 5,783 $ 1,085 $ 6,868 $ 4,874 $ 1,021 $ 5,895 Ending attributed equity 6,638 1,099 7,737 5,783 1,085 6,868 Average attributed equity $ 6,211 $ 1,092 $ 7,303 $ 5,329 $ 1,053 $ 6,382 Return on attributed equity 6.8 % 13.5 % 7.8 % 6.4 % 7.4 % 6.5 % Operating Income Return on Attributed Equity Numerator: Operating income $ 410 $ 137 $ 547 $ 340 $ 107 $ 447 Denominator: Beginning attributed equity $ 5,783 $ 1,085 $ 6,868 $ 4,874 $ 1,021 $ 5,895 Unrealized net capital gains and losses Adjusted beginning attributed equity 5,009 1,067 6,076 4,698 1,014 5,712 Ending attributed equity 6,638 1,099 7,737 5,783 1,085 6,868 Unrealized net capital gains and losses 1, , Adjusted ending attributed equity 5,437 1,060 6,497 5,009 1,067 6,076 Average adjusted attributed equity $ 5,223 $ 1,064 $ 6,287 $ 4,854 $ 1,040 $ 5,894 Operating income return on attributed equity 7.8 % 12.9 % 8.7 % 7.0 % 10.3 % 7.6 % ALIC attributed equity is the shareholder's equity for Life Insurance Company and Subsidiaries. Benefits and Other is primarily comprised of American Heritage Life Insurance Company and Subsidiaries, Bank, and certain consolidating adjustments for the Financial Segment. The return on attributed equity and operating income return on attributed equity includes the unfavorable effect of Benefits goodwill. Financial attributed equity is the sum of equity for ALIC, the applicable equity for American Heritage Life Investment Corporation, and the equity for Bank. Bank's equity is zero beginning March 31,

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