Allstate Increases Quarterly Dividend, Announces New $2 Billion Stock Repurchase Program
February 26 2008 - 4:05PM
Business Wire
The Allstate Corporation (NYSE: ALL) today announced a quarterly
dividend of forty-one cents ($0.41) on each outstanding share of
the Corporation�s common stock, payable in cash on April 1, 2008 to
stockholders of record at the close of business on March 14, 2008.
Today�s announcement represents a 7.9% increase over the first
quarter 2007 dividend and marks the 14th consecutive year that
Allstate has increased its dividend. The Corporation also announced
that its board of directors approved a new $2 billion share
repurchase program to be completed by March 31, 2009. The new
repurchase program will begin upon the completion of the $3 billion
repurchase program authorized by the board in October 2006 and
increased to $4 billion in April 2007, a program that is expected
to be completed by the end of the first quarter of 2008. The scale
and timing of the new share repurchase program is consistent with
the $2 billion-a-year pace of the previous repurchase program.
�With our disciplined pricing strategies and focus on reinventing
protection and retirement for the consumer, our company is poised
to once again outperform the industry in 2008,� said Allstate
president and chief executive officer Thomas J. Wilson. �We expect
that these strategies, coupled with the capital management actions
we announced today, will drive shareholder value.� �This latest
share repurchase program is a continuation of our philosophy of
disciplined capital management,� Wilson added, noting that since
its initial public offering, the Corporation has repurchased 390
million shares of outstanding common stock for $16.51 billion and
paid $8.26 billion in dividends to shareholders. 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 Allstate�� slogan, Allstate helps individuals in
approximately 17 million households protect what they have today
and better prepare for tomorrow through approximately 14,900
exclusive agencies and financial representatives in the U.S. and
Canada. Customers can access Allstate products and services such as
auto insurance and homeowners insurance through Allstate agencies,
or in select states at allstate.com and 1-800 Allstate�. Encompass�
and Deerbrook� Insurance brand property and casualty products are
sold exclusively through independent agents. The Allstate Financial
Group provides life insurance, supplemental accident and health
insurance, annuity, banking and retirement products designed for
individual, institutional and worksite customers that are
distributed through Allstate agencies, independent agencies,
financial institutions and broker-dealers.
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