This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Allstate Announces New Share Repurchase Program

NORTHBROOK, Ill., Dec. 17, 2012 /PRNewswire/ -- The Allstate Corporation (NYSE: ALL) today announced that its board of directors has approved a share repurchase program of up to $1 billion to be funded by issuing a like amount of subordinated debentures.

"Allstate has consistently provided cash returns to shareholders with a total of $19.3 billion paid out in dividends and share repurchases over the last 10 years, including the recent conclusion of a $1 billion program. Repurchasing stock at today's low multiples by issuing securities with equity-like terms takes advantage of historically low yields in the market and reduces our cost of capital," said Thomas J. Wilson, Allstate's chairman, president and chief executive officer. "We remain financially strong, with all insurance subsidiaries appropriately capitalized and $2.3 billion of deployable assets at the holding company level as of September 30, 2012, which can be utilized to further increase shareholder value," concluded Wilson.

The hybrid securities are expected to be issued over the year and the share repurchase program will begin immediately. Shares will be acquired through open market purchases and may include an accelerated repurchase program. The program is expected to be completed by December 31, 2013. While these capital management actions are being executed, the company may choose to initiate additional share repurchase programs.

This news release contains "forward-looking statements" that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. We believe that these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. These statements are made subject to the safe-harbor provision of the Private Securities Litigation Reform Act of 1995. We assume no obligation to update any forward-looking statements as a result of new information or future events or developments.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs