The Allstate Corporation - ALL STOCK NEWS

Allstate (NYSE: ALL) has announced a $2.0 billion sale of its Employer Voluntary Benefits business to StanCorp Financial Group, Inc. (The Standard). This move is part of Allstate's strategic decision to enable its Health & Benefits businesses to realize their full growth potential. The deal includes:

• Protection for over 3.5 million customers
• A five-year exclusive distribution arrangement for Allstate agents
• Expected gain of about $600 million for Allstate
• Increase in deployable capital by $1.6 billion

The transaction is expected to close in the first half of 2025, subject to customary conditions and approvals. Allstate is also in discussions to sell its Individual and Group Health businesses.

A new survey by Intuit QuickBooks and Allstate Health Solutions reveals the critical role of healthcare benefits in employee retention and hiring. 78% of employees would seek new employment if their benefits package was inadequate. The survey, involving 1,000 employees from small and large businesses, found that healthcare benefits rank second only to salary when considering job offers.

Key findings include:

• 23% of employees struggle to afford employer-provided benefits
• 71% of workers at small companies and 63% at large companies face challenges saving long-term due to medical costs
• 60% of employees desire a range of benefits options
• Over 90% of employees link job satisfaction to benefits

The survey highlights the importance of competitive, affordable benefits packages in today's tight labor market.

Allstate (NYSE: ALL) reported strong Q2 2024 results, with consolidated revenues up 12.4% to $15.7 billion. The company achieved net income of $301 million, compared to a loss in the prior year quarter. Adjusted net income was $429 million, or $1.61 per diluted share. Property-Liability premiums earned increased 11.9% to $13.3 billion, driven by higher average premiums from rate increases. The underlying combined ratio improved to 85.3, reflecting better execution of the profit improvement plan. Allstate Protection auto insurance saw improved profitability, while homeowners insurance growth reflected higher average premiums and increased policies in force. Protection Services revenues grew 12.7% to $773 million, primarily due to Allstate Protection Plans and Arity. The investment portfolio generated net investment income of $712 million, up $102 million from the prior year quarter.

Allstate (NYSE: ALL) has reported estimated catastrophe losses for June 2024 of $230 million pre-tax ($182 million after-tax). These losses stem from 18 events, primarily due to widespread wind and hail events. For the second quarter of 2024, total catastrophe losses reached $2.12 billion pre-tax ($1.67 billion after-tax). The company's year-to-date catastrophe losses through June amounted to $2.85 billion pre-tax ($2.25 billion after-tax). Allstate regularly posts financial information and material announcements on their investor relations website.

The Allstate (NYSE: ALL) has announced a quarterly dividend of $0.92 per share on its outstanding common stock. This dividend will be payable on Oct. 1, 2024, to stockholders of record as of the close of business on Aug. 30, 2024. The announcement demonstrates Allstate's commitment to returning value to its shareholders through regular dividend payments. Investors can find additional financial information and material announcements about Allstate on the company's investor relations website, www.allstateinvestors.com.

Allstate is partnering with the Wuerffel Foundation to unify two prestigious college football awards for community service: the Allstate Wuerffel Trophy and the Allstate AFCA Good Works Team. The Allstate Wuerffel Trophy will honor an FBS student-athlete who excels in community service, leadership, and on-field performance. The 2024 Allstate AFCA Good Works Team has announced a record 178 nominees from colleges nationwide.

Key points:

• The Allstate Wuerffel Trophy recipient will be announced in December
• Only FBS players on the Allstate AFCA Good Works Team are eligible for the Wuerffel Trophy
• The final Good Works Team will include 23 members: 11 FBS players, 11 from other divisions, and 1 honorary head coach
• Nominees are involved in various causes, including mental health awareness and youth mentorship
• Fan engagement is encouraged through social media with #GoodWorksTeam

Allstate has released its 16th America's Best Drivers Report, ranking the 100 most populous U.S. urban areas based on driving behavior using anonymized data from Arity. Honolulu tops the list as the safest city for drivers, followed by Minneapolis, Seattle, Portland, and Virginia Beach. The report evaluates behaviors such as phone handling, high-speed driving, and hard braking. Notably, Honolulu drivers exhibit the fewest hard brakes and least high-speed driving, while San Jose drivers handle their phones the least. Drivewise, Allstate’s usage-based insurance program, helps users improve driving habits and save on auto insurance. Data shows Drivewise participants are 25% less likely to have severe collisions. Regional trends indicate safer speeds in the Northeast and Pacific Northwest, less phone use on the West Coast, and fewer hard brakes in the Midwest.

The Allstate (NYSE: ALL) will conduct a second quarter 2024 earnings call and webcast on August 1, 2024, at 9 a.m. Eastern. The company will file a Form 8-K with the SEC revealing the quarterly earnings on July 31, 2024, at or after 4:15 p.m. Eastern. The earnings release and investor supplement will be accessible at www.sec.gov and www.allstateinvestors.com around 5 p.m. Eastern on the same day. The webcast will be available on Allstate's investor website, with a replay posted shortly after the call. Investors can also subscribe to email alerts and RSS feeds for timely updates on financial information from Allstate.

A new study by Allstate, the U.S. Chamber of Commerce, and the U.S. Chamber of Commerce Foundation reveals that every $1 spent on climate resilience saves communities $13 in damages, cleanup costs, and economic impact. Modeling 25 disaster scenarios, the report shows substantial economic savings from investment in disaster resiliency, alleviating job losses, maintaining incomes, and aiding faster local economic recovery. During 2022, natural disasters cost over $360 billion globally. The study highlights that a large city's $10.8 billion pre-hurricane investment could save 184,000 jobs, $26 billion in GDP, and $17 billion in income. Additionally, preparedness investments create jobs and boost economic production even if disasters don't occur. The findings emphasize the necessity of investments to mitigate the impacts of increasing weather-related catastrophes. Key resilience measures include green infrastructure, wetlands restoration, flood barriers, and fire-resistant materials. This study underscores the vital role of preparedness in ensuring community safety and economic stability.