Non-cash investing activities include $18 million and $27 million related to mergers and exchanges completed with equity securities, fixed income securities, bank loans, commercial mortgages and limited partnerships for the six months ended June 30, 2026 and 2025, respectively. Non-cash investing activities include $3 million related to warrants received as consideration for management services that were exercised, resulting in an increase in equity method investments for the six months ended June 30, 2026. Non-cash investing activities include $1 million related to right-of-use property and equipment obtained in exchange for lease obligations for the six months ended June 30, 2025.

Non-cash financing activities include $38 million and $25 million related to the issuance of Allstate common shares for vested equity awards for the six months ended June 30, 2026 and 2025, respectively.

Cash flows used in operating activities in the Condensed Consolidated Statements of Cash Flows

include cash paid for operating leases related to amounts included in the measurement of lease liabilities of $44 million and $54 million for the six months ended June 30, 2026 and 2025, respectively. Non-cash operating activities include $10 million and $30 million related to right-of-use assets obtained in exchange for lease obligations for the six months ended June 30, 2026 and 2025, respectively.

Liabilities for collateral received in conjunction with the Company’s securities lending program and OTC and cleared derivatives are reported in other liabilities and accrued expenses or other investments. The accompanying cash flows are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, as follows:


($ in millions)	Six months ended June 30,
	2026		2025
Cash flows from operating activities
Net change in proceeds managed
Net change in fixed income securities	$	(566)	$	(204)
Net change in short-term investments	442		327
Operating cash flow (used) provided	(124)		123
Net change in cash	(1)		—
Net change in proceeds managed	$	(125)	$	123

Net change in liabilities
Liabilities for collateral, beginning of period	$	(1,934)	$	(2,041)
Liabilities for collateral, end of period	(2,059)		(1,918)
Operating cash flow provided (used)	$	125	$	(123)