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.