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): August 20, 2020
THE ALLSTATE CORP ORATION
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(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:
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 7 – Regulation FD
Item 7.01. Regulation FD Disclosure.
The Registrant’s press release dated August 20, 2020, announcing its estimated catastrophe losses for July 2020 and the recoveries from the PG&E Corporation and Pacific Gas and Electric Company settlement, is attached hereto as Exhibit 99 and is incorporated herein by reference. 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). | |||||||
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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: | August 20, 2020 | |||||||||||||
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Exhibit 99
NEWS
FOR IMMEDIATE RELEASE
Contacts:
Greg Burns Mark Nogal
Media Relations Investor Relations
(847) 402-5600 (847) 402-2800
Allstate Announces Impact of PG&E Recoveries and July 2020 Catastrophe Losses
NORTHBROOK, Ill., August 20, 2020 – The Allstate Corporation (NYSE: ALL) today announced that catastrophe results for July generated income of $334 million, pre-tax ($264 million, after-tax), as PG&E subrogation recoveries more than offset the impact of events in the month.
As previously announced, PG&E Corporation and Pacific Gas and Electric Company (together “PG&E”) reached a settlement with Allstate and other insurance claimants arising from the 2017 Northern California wildfires and the 2018 Camp Fire. In July 2020, Allstate recorded the recoveries, totaling $450 million, pre-tax ($356 million, after-tax), net of expenses and reinsurance adjustments.
Losses from July catastrophe events were $145 million, pre-tax ($115 million, after-tax), including Hurricane Hanna and two severe wind and hail weather events that accounted for approximately 65% of estimated losses. In addition, there was $29 million, pre-tax ($23 million, after-tax), of favorable prior period catastrophe reserve reestimates not related to the PG&E recoveries.
Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.
Forward-Looking Statements
This news release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.
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