Exhibit 99.1

 

GRAPHIC

 

FOR IMMEDIATE RELEASE

 

Contacts:

 

Maryellen Thielen

Robert Block

Media Relations

Investor Relations

(847) 402-5600

(847) 402-2800

 

Allstate Reports Strong 2012 Earnings and Increases Cash Returns to Shareholders

 

NORTHBROOK, Ill., February 6, 2013 – The Allstate Corporation (NYSE: ALL) today reported financial results for the fourth quarter and full year 2012:

 

The Allstate Corporation Consolidated Highlights

 

 

 

Three months ended
December 31,

 

Twelve months ended
December 31,

 

($ in millions, except per share amounts and ratios)

 

2012

 

2011

 

%
Change

 

2012

 

2011

 

%
Change

 

Consolidated revenues

 

$ 8,547

 

$ 8,236

 

3.8

 

 

$ 33,315

 

$ 32,654

 

2.0

 

 

Net income

 

394

 

712

 

(44.7

)

 

2,306

 

787

 

193.0

 

 

Net income per diluted share

 

0.81

 

1.40

 

(42.1

)

 

4.68

 

1.50

 

212.0

 

 

Operating income*

 

289

 

735

 

(60.7

)

 

2,148

 

662

 

224.5

 

 

Operating income per diluted share*

 

0.59

 

1.45

 

(59.3

)

 

4.36

 

1.27

 

243.3

 

 

Book value per share

 

 

 

 

 

 

 

 

42.39

 

36.18

 

17.2

 

 

Book value per share, excluding the impact of unrealized net capital gains and losses on fixed income securities*

 

 

 

 

 

 

 

 

37.14

 

33.58

 

10.6

 

 

Catastrophe losses

 

1,061

 

66

 

NM

 

 

2,345

 

3,815

 

(38.5

)

 

Property-Liability combined ratio

 

101.7

 

90.9

 

10.8

 pts

 

95.5

 

103.4

 

(7.9

)pts

 

Property-Liability combined ratio excluding the effect of catastrophes, prior year reserve reestimates, business combination expenses and the amortization of purchased intangible assets (“underlying combined ratio”)*

 

86.7

 

90.7

 

(4.0

)pts

 

87.2

 

89.3

 

(2.1

)pts

 

 

NM = not meaningful

 

*              Measures used in this release that are not based on accounting principles generally accepted in the United States of America (“non-GAAP”) are defined and reconciled to the most directly comparable GAAP measure in the “Definitions of Non-GAAP Measures” section of this document.

 

“Allstate had a good finish to a strong year despite the costs incurred in the fourth quarter related to Superstorm Sandy,” said Thomas J. Wilson, chairman, president and chief executive officer of The Allstate Corporation.  “Our strategy of providing differentiated products to four consumer segments while improving returns is working.  The Allstate branded business maintained strong auto profitability, dramatically improved returns in homeowners and began to reduce the negative impact on policies in force related to profit improvement actions. Esurance, Encompass and Allstate Financial maintained their growth trajectories by staying focused on targeted customer value propositions.  Proactive investment actions resulted in total returns of over 7 percent for the year.  Overall premiums increased and net and operating income more than doubled in 2012 versus 2011.  As a result, book value per share increased to $42.39, a 17.2 percent increase for the year,” continued Wilson.

 

“The board’s confidence in the execution of this strategy enabled us to raise the cash returned to shareholders.  The quarterly dividend was increased by 13.6 percent from the prior quarter’s dividend to $0.25 per share.  An additional $1 billion share repurchase program was also approved, which will be implemented in conjunction with a repurchase program funded with hybrid debt announced in December,” concluded Wilson.

 


The following information was filed by Allstate Corp (ALL) on Wednesday, February 6, 2013 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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