Allstate

(ALL) - Get Report

on late Tuesday cut its quarterly dividend 51% to 20 cents a share, less than a month after the insurer posted a big fourth-quarter loss.

Allstate

in late January said it lost $1.1 billion in the fourth quarter and was cutting 1,000 jobs. On late Tuesday, the company said it would on April pay shareholders 20 cents a share, down from 41 cents a share last quarter.

"Allstate has a history of proactively and prudently managing our capital, while consistently returning substantial amounts of capital to our shareholders," President and CEO Thomas Wilson said in a company statement. "As part of that process we calibrate our dividends to company earnings and also ensure that Allstate's payout ratio is competitive with the marketplace."

The dividend will be paid to shareholders of record at the close of business March 13.

Allstate shares were flat at $18.64 in recent after-hours trading.

This article was written by a staff member of TheStreet.com.