Exhibit 99.1

earningsreleaseimagea06.jpg
FOR IMMEDIATE RELEASE

Contacts:    
Greg Burns                John Griek
Media Relations          Investor Relations
(847) 402-5600                (847) 402-2800

Allstate Finishes 2016 with Strong Profitability
Company continues to build long-term growth platforms

NORTHBROOK, Ill., February 1, 2017 – The Allstate Corporation (NYSE: ALL) today reported financial results for the fourth quarter and full year of 2016. The financial highlights:
The Allstate Corporation Consolidated Highlights
 
Three months ended
December 31,
 
Twelve months ended
December 31,
($ in millions, except per share data and ratios)
2016
2015
% / pts
Change
 
2016
2015
% / pts
Change
Consolidated revenues
$
9,278

$
8,691

6.8

 
$
36,534

$
35,653

2.5

Net income applicable to common shareholders
811

460

76.3

 
1,761

2,055

(14.3
)
per diluted common share
2.18

1.18

84.7

 
4.67

5.05

(7.5
)
Operating income*
807

625

29.1

 
1,838

2,113

(13.0
)
per diluted common share*
2.17

1.60

35.6

 
4.87

5.19

(6.2
)
Return on common shareholders’ equity
 
 
 
 
 
 
 
Net income applicable to common shareholders
 
 
 
 
9.5
%
10.6
%
(1.1) pts

Operating income*
 
 
 
 
10.4
%
11.6
%
(1.2) pts

Book value per common share
 
 


 
50.77

47.34

7.2

Property-Liability combined ratio
 
 
 
 
 
 
 
Recorded
89.9

92.0

(2.1) pts

 
96.1

94.9

1.2 pts

Underlying combined ratio* (excludes catastrophes, prior year reserve reestimates and amortization of purchased intangibles)
87.7

87.4

0.3 pts

 
87.9

88.7

(0.8) pts

Catastrophe losses
303

358

(15.4
)
 
2,572

1,719

49.6

*
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.

"Allstate's ability to execute operational improvements in a challenging environment delivered excellent results in 2016,” said Tom Wilson, chairman and chief executive officer of The Allstate Corporation. “In the fourth quarter, net income was $811 million, with operating earnings per share* of $2.17. For the full year, net income was $1.76 billion and operating income* was $1.84 billion on total revenues of $36.5 billion. Overall insurance policies in force declined modestly as strong growth at Allstate Benefits was more than offset by a decline in Property-Liability insurance caused by auto profit improvement actions. The recorded combined ratio for the year was 96.1 as the impact of an $853 million increase in catastrophe losses was partially offset by good underlying insurance margins. The full-year underlying combined ratio* of 87.9 was at the favorable end of our annual outlook range of 88-90, as the auto profit improvement plan was on pace, homeowners margins were maintained and expenses were well controlled. Continuation of these initiatives are expected to result in an annual underlying combined ratio* of 87-89(1) for 2017.

__________
(1) A reconciliation of this non-GAAP measure to the combined ratio, a GAAP measure, is not possible on a forward-looking basis because it is not possible to provide a reliable forecast of catastrophes, and prior year reserve reestimates are expected to be zero because reserves are determined based on our best estimate of ultimate loss reserves as of the reporting date.

1

The following information was filed by Allstate Corp (ALL) on Wednesday, February 1, 2017 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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