The Allstate Corporation Appoints New Chief Investment Officer

Northbrook, Ill, July 15, 2002. The Allstate Corporation (NYSE: ALL) today announced that it has appointed Eric A. Simonson to the position of Senior Vice President and Chief Investment Officer effective July 29, 2002. He will also assume the position of President, Allstate Investments LLC. Mr. Simonson replaces Casey J. Sylla, who is currently serving as acting Chief Financial Officer following the retirement of former CFO John Carl.

Mr. Simonson has had a distinguished career in diversified financial services companies. He joined the Prudential Insurance Company of America in 1975 and held a variety of investment management positions including President and CEO of Prudential Asset Management Group, where he headed all institutional investment business for Prudential. He was then appointed President and CEO of Prudential’s Private Asset Management Group, where he assumed responsibility for a $70 billion portfolio in proprietary and institutional client investments in domestic and international private asset classes.

In 1996 Mr. Simonson became Senior Vice President and Chief Investment Strategist of John Hancock Mutual Life Insurance Company, where his responsibilities included investment policy and strategy, asset and liability management, asset allocation, and General Account portfolio management.

“We are fortunate that we have been able to attract a Chief Investment Officer of Ric’s caliber and experience,” Allstate Chairman, President and CEO Ed Liddy said today.

“As we continue our transformation to become a broader based financial services organization, his expertise in building organizations of investment professionals to meet the needs of institutional and individual investors across a broad range of asset classes will add depth to what is already a highly regarded investment group.”

Mr. Simonson earned an A.B. degree from Princeton University and then served from 1967-1973 as an officer in the U.S. Navy. Following active duty he enrolled in the Graduate School of Business at Columbia University and graduated with his M.B.A. in 1975. In addition to his professional qualifications, he has been a lecturer on strategic management of financial institutions at the Darden School, University of Virginia, an Advisor to the Masters Degree Program in Investment Management for the Graduate School of Business at Boston University, and a Corporate Advisor to Samsung Life Insurance Co., Ltd.

The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer. Widely known through the “You’re In Good Hands With AllstateР’В®” slogan, Allstate provides insurance products to more than 14 million households and has approximately 13,000 exclusive agents in the U.S. and Canada. Customers can access Allstate products and services through Allstate agents, or in select states at allstate.com and 1-800-Allstate. EncompassSM and DeerbrookР’В® Insurance brand property and casualty products are sold exclusively through independent agents. Allstate Financial Group includes the businesses that provide life insurance, retirement and investment products, through Allstate agents, workplace marketing, independent agents, banks and securities firms.

FOR MORE INFORMATION:

Michael Trevino

Allstate Media Relations

(847) 402-5600