UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction | (Commission | (IRS Employer | ||
of Incorporation) |
File Number) | Identification No.) |
| (Address of Principal Executive Offices) | (Zip Code) |
(
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbols | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | ALL |
New York Stock Exchange Chicago Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Section 5 – Corporate Governance and Management
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 18, 2019, Steven E. Shebik, Vice Chairman of the Registrant and Allstate Insurance Company (“AIC”), informed the Registrant that he will retire in early 2020.
On December 18, 2019, the Registrant’s Board of Directors elected Don Civgin, current President, Service Businesses of AIC, as Vice Chairman of the Registrant and AIC, effective upon Mr. Shebik’s retirement. Mr. Civgin was also elected Chief Executive Officer, Protection Products and Services of AIC, effective January 1, 2020.
In addition, Glenn T. Shapiro, current President, Allstate Personal Lines of AIC, was elected President, Personal Property-Liability of AIC, and John E. Dugenske, current Executive Vice President and Chief Investment and Corporate Strategy Officer of AIC, was elected President, Investments and Financial Products of AIC. Both elections are effective January 1, 2020.
Section 8 — Other Events
Item 8.01. Other Events.
On December 19, 2019, the Registrant announced its Transformative Growth Plan (the “Plan”). A copy of the press release describing the Plan is attached to this report as Exhibit 99 and is incorporated by reference herein.
Section 9 — Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99 | Registrant’s press release dated December 19, 2019. | |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE ALLSTATE CORPORATION (Registrant) | ||
| By: | /s/ Daniel G. Gordon | |
| Name: | Daniel G. Gordon | |
| Title: | Vice President, Assistant General Counsel and Assistant Secretary | |
| Date: December 19, 2019 | ||
Exhibit 99
NEWS
FOR IMMEDIATE RELEASE
| Contact: | Greg Burns | Mark Nogal |
| Media Relations | Investor Relations | |
| (847) 402-5600 | (847) 402-2800 |
Allstate Announces Transformative Growth Plan
NORTHBROOK, Ill., Dec. 19, 2019 – The Allstate Corporation (NYSE: ALL) is embarking on a Transformative Growth Plan that leverages the Allstate brand, people and technology to accelerate growth in its personal property-liability business. A leader in taking a consumer-focused approach to insurance, Allstate will expand customer access, improve customer value propositions, and increase investment in growth and technology.
“Allstate has thrived for 88 years through innovation such as the use of local branded agencies, telematics pricing for auto insurance and settling auto insurance claims with digital photos. This plan builds on a history of creating change and will improve our competitive position and accelerate growth. Customers will benefit from additional service options, greater connectivity and higher-value products but the plan requires us to embrace change. This reaffirms our commitment to Allstate agents with increased advertising, enhanced new business opportunities and higher new business compensation. This is about leading, not following,” said Tom Wilson, Chair, President and CEO.
Expanded Customer Access
Consumers currently can access Allstate branded property-liability products through Allstate agencies, call centers and online but choice is limited by internal business rules. Access will be expanded in 2020 to enable consumers to select a method of interaction without restrictions. As a result, it will no longer be necessary to utilize both the Allstate and Esurance brands for direct sales and the Esurance brand will be phased out in 2020.
Improved Customer Value
Insurance affordability will be improved by combining the Allstate, Esurance, Encompass and Answer Financial organizations into one business model. This will lower costs and support more competitive prices without reducing margins.
Property-liability products will be redesigned to provide simple quality, rewarding engagement and community affiliation. Insurance pricing will utilize sophisticated rating algorithms, such as telematics, and reflect the service model a customer chooses.
Customers will be provided with a “circle of protection” leveraging a wide range of products, including home, renters, personal liability and life insurance, product protection plans and identity protection.
Centralized customer service capabilities are being expanded to improve consistency, reduce costs and enable Allstate agents to focus on growth and relationships.
Increased Investments In Growth and Technology
Investments in marketing the Allstate brand will be significantly increased by reallocating Esurance spending and reducing operating expenses.
New technology ecosystems are being built to support increased connectivity, new products, operational adaptability and lower expenses.
“The Transformative Growth Plan will enable us to remain a strong competitor. Winning is our past, our present and our future,” concluded Wilson.
Allstate is one of the nation’s largest insurers with 136 million policies in force, protecting cars, homes, motorcycles, lives, personal devices and identities. Its products are sold through Allstate agents, independent agents, call centers, online, major retailers and voluntary benefits brokers. The company harnesses the talent of approximately 88,000 Allstaters. It recently was included in the Drucker Institute list of the nation’s 250 best managed companies.