Exhibit 99.1

earningsreleaseimagea29.jpg
FOR IMMEDIATE RELEASE

Contacts:    
Greg Burns                Mark Nogal                
Media Relations          Investor Relations            
(847) 402-5600                (847) 402-2800                

Allstate Delivers Excellent Results in 2019
Accelerates Transformative Growth Plan
NORTHBROOK, Ill., February 4, 2020 – The Allstate Corporation (NYSE: ALL) today reported financial results for the fourth quarter of 2019.
The Allstate Corporation Consolidated Highlights
 
Three months ended December 31,
 
Twelve months ended December 31,
($ in millions, except per share data and ratios)
2019
2018
% / pts
Change
 
2019
2018
% / pts
Change
Consolidated revenues
$
11,472

$
9,481

21.0

 
$
44,675

$
39,815

12.2

Net income applicable to common shareholders
1,707

(585
)
NM

 
4,678

2,012

132.5

per diluted common share
5.23

(1.71
)
NM

 
14.03

5.70

146.1

Adjusted net income*
1,020

552

84.8

 
3,477

3,129

11.1

per diluted common share*
3.13

1.59

96.9

 
10.43

8.86

17.7

Return on common shareholders’ equity (trailing twelve months)
 
 
 
 
 
Net income applicable to common shareholders
 
 


 
21.7
%
10.0
%
11.7

Adjusted net income*
 
 


 
16.9
%
16.2
%
0.7

Book value per common share
 
 


 
73.12

57.56

27.0

Property-Liability combined ratio
 
 
 
 
 
 
 
Recorded
88.7

96.6

(7.9
)
 
92.0

93.2

(1.2
)
Underlying combined ratio*
84.9

86.3

(1.4
)
 
85.0

85.3

(0.3
)
Property and casualty insurance premiums written
9,190

8,859

3.7

 
36,954

34,986

5.6

Catastrophe losses
295

963

(69.4
)
 
2,557

2,855

(10.4
)
Total policies in force (in thousands)
 
 


 
145,937

114,257

27.7

*
Measures used in this release that are not based on accounting principles generally accepted in the United States of America (“non-GAAP”) are denoted with an asterisk and defined and reconciled to the most directly comparable GAAP measure in the “Definitions of Non-GAAP Measures” section of this document.
NM = not meaningful
“Allstate had excellent operating results in 2019 while pursuing long-term profitable growth,” said Tom Wilson, Chair, President and CEO of The Allstate Corporation. “Revenues reached $44.7 billion and net income was $4.7 billion for the year due to strong operating results. Adjusted net income* was $3.5 billion ($10.43 per share) for 2019 and $1.0 billion ($3.13 per share) for the fourth quarter, both substantially higher than the previous year, reflecting excellent underlying auto and homeowners insurance profitability and lower catastrophe losses. The Service Businesses continued growing rapidly, bringing total enterprise items in force to 145.9 million. Investment income declined for both the quarter and the year due to lower limited partnership income. Total return on the $88.4 billion portfolio, however, was 9.2% for the year, reflecting increased valuations of bonds and public equities. Adjusted net income return on equity* was 16.9% for the year. We finished a $3 billion share repurchase program in January, which reduced common shares outstanding by 4.9% during 2019, and today the board authorized another $3 billion share repurchase program.
“We also accelerated the Transformative Growth Plan to increase market share in the personal property-liability businesses and provide customers with a circle of protection,” continued Wilson. “The plan’s three components of

1

The following information was filed by Allstate Corp (ALL) on Tuesday, February 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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