NORTHBROOK, Ill., Nov. 9, 2010 /PRNewswire-FirstCall/ -- The
Allstate Corporation (NYSE: ALL) today announced that its board of
directors has approved a quarterly dividend of 20 cents per share and a $1 billion share repurchase program.
"Allstate is exceptionally well-capitalized, with an estimated
$15.1 billion of statutory capital at
the insurance companies and $3.5
billion of investments at the holding company as of
September 30, 2010," said
Thomas J. Wilson, chairman,
president and chief executive officer of The Allstate Corporation.
"Our capital levels result from proactive management over the last
three years. These actions include sustained auto profitability,
reduction of hurricane exposure, as well as a repositioned Allstate
Financial. We also aggressively managed Allstate's $100 billion investment portfolio. This negated
the need to raise capital despite the severe downturn in financial
markets and the economy. As a result, we can resume providing
additional cash returns to shareholders. Since 1995, we have
returned more than $28 billion to
shareholders through dividends and share repurchases," concluded
Wilson.
The $1 billion share repurchase
program will be made through open market purchases and completed by
March 31, 2012.
The board also approved a quarterly dividend of 20 cents on each outstanding share of the
corporation's common stock, payable in cash on January 3, 2011 to stockholders of record at the
close of business on November 30,
2010.
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 is
reinventing protection and retirement to help more than 17 million
households insure what they have today and better prepare for
tomorrow. Consumers access Allstate insurance products (auto, home,
life and retirement) and services through Allstate agencies,
independent agencies, and Allstate exclusive financial
representatives in the U.S. and Canada, as well as via www.allstate.com and
1-800 Allstate®.
SOURCE The Allstate Corporation