UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 26, 2020
THE ALLSTATE CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 1-11840 | 36-3871531 | ||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
2775 Sanders Road, Northbrook, Illinois 60062
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (847) 402-5000
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 | ||||||
| 5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053 | ALL.PR.B | New York Stock Exchange | ||||||
| Depositary Shares represent 1/1,000th of a share of 5.625% Noncumulative Preferred Stock, Series G | ALL PR G | New York Stock Exchange | ||||||
| Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series H | ALL PR H | New York Stock Exchange | ||||||
| Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series I | ALL PR I | New York 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 7 – Regulation FD
Item 7.01. Regulation FD Disclosure.
The Registrant’s press release dated May 26, 2020, announcing the extension of its Shelter-in-Place Payback through June 30, 2020, is attached hereto as Exhibit 99 and is incorporated herein by reference. In connection with the extension of the Shelter-in-Place Payback, the Registrant’s second quarter 2020 underwriting income will be reduced by approximately $800 million (pre-tax). This amount will be reflected in the expense ratio and reduce both net income and adjusted net income from what would have been the case had the Shelter-in-Place Payback not been implemented.
The press release is furnished and not filed, pursuant to Instruction B.2 of Form 8-K.
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99 | ||||||||
| 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: May 26, 2020 | ||||||||
Exhibit 99
FOR IMMEDIATE RELEASE
Contacts:
Greg Burns Mark Nogal
Media Relations Investor Relations
(847) 402-5600 (847) 402-2800
Allstate extends Shelter-in-Place Payback through June
Offers free identity protection this year for U.S. residents who sign up by June 30
NORTHBROOK, Ill., May 26, 2020 – Allstate (NYSE: ALL) is extending its Shelter-in-Place Payback through June 30, 2020, for personal auto insurance customers as they drive less and get in fewer accidents during the coronavirus pandemic. The company is also extending the sign up period for free identity protection to June 30, 2020, for all U.S. residents.
“Allstate is continuing to support customers during the pandemic by extending our Shelter-in-Place Payback,” said Tom Wilson, Chair, President and CEO. “While more people are back on the roads, the numbers of less severe accidents are below historical levels so the payback will continue through June, representing approximately $1 billion back to customers over three months. We are also extending our offer to give all U.S. residents free identity protection through the rest of 2020. Together we will get through this pandemic and be stronger.”
Allstate, Esurance and Encompass personal auto insurance customers will receive the extended Shelter-in-Place Payback in June. Customers will receive an automatic credit to their accounts with most receiving 15% of their monthly premiums. The amount reflects Allstate’s disciplined analysis of available data, including driving information from Arity, its mobility data and analytics company. It also reflects that the average cost per accident has increased, partially offsetting cost savings.
With the increase in cybercrime as people connect virtually, Allstate is making the Allstate Identity Protection product free for the rest of the year with no opt-out-requirement. U.S. residents can get the free identity protection product through Dec. 31, 2020, regardless of whether they are already Allstate customers, by signing up at allstateidentityprotection.com before June 30, 2020.
About Allstate
The Allstate Corporation protects people from life’s uncertainties with a broad portfolio of protection products including: auto, home, personal property and life insurance, protection plans for electronic devices and appliances, and personal identity protection. Allstate is widely known for the slogan “You’re in Good Hands with Allstate.”
For more information, visit www.allstate.com. Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.