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): March 16, 2023
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 March 16, 2023, announcing its estimated catastrophe losses and implemented auto rates for February 2023 and the Registrant’s implemented auto rate exhibit for February 2023 are posted on allstateinvestors.com and are attached hereto as Exhibit 99.1 and 99.2 which are incorporated herein by reference. These exhibits are 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 | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 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/ Christine M. DeBiase | |||||||||||||
| Name: | Christine M. DeBiase | |||||||||||||
| Title: | Executive Vice President, Chief Legal | |||||||||||||
| Officer, General Counsel and Secretary | ||||||||||||||
| Date: | March 16, 2023 | |||||||||||||
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Exhibit 99.1
NEWS
FOR IMMEDIATE RELEASE
Contacts:
| Al Scott | Mark Nogal | |||||||
| Media Relations | Investor Relations | |||||||
| (847) 402-5600 | (847) 402-2800 | |||||||
Allstate Announces February 2023 Catastrophe Losses and Implemented Auto Rates
NORTHBROOK, Ill., March 16, 2023 – The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of February of $211 million or $167 million, after-tax.
Catastrophe losses for February events were estimated at $241 million, related to nine events primarily from wind and rain that were geographically widespread, partially offset by favorable reserve reestimates for prior events. Catastrophe losses for January and February totaled $518 million, pre-tax.
“Allstate continued to implement significant auto insurance rate actions in response to inflationary increases to loss costs. During the month of February, the Allstate brand implemented auto rate increases of 7.6% across 10 locations, resulting in total brand premium impact of 0.5% which are expected to raise annualized written premiums by approximately $127 million,” said Jess Merten, Chief Financial Officer of The Allstate Corporation. Our implemented auto rate exhibit has been posted on allstateinvestors.com.
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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Exhibit 99.2 The Allstate Corporation Allstate Protection Impact of Net Rate Changes Implemented on Premiums Written For the month ended February 28, 2023 Quarter-to-date ended February 28, 2023 Number of locations (1) Total brand (%) (2) (3) Location specific (%) (4) Number of locations (1) Total brand (%) (2) (3) Location specific (%) (4) Allstate brand Auto 10 0.5 7.6 22 1.2 8.8 National General Auto 7 0.6 2.8 18 1.5 5.3 Three months ended December 31, 2022 Three months ended September 30, 2022 Number of locations (1) Total brand (%) (2) (3) Location specific (%) (4) Number of locations (1) Total brand (%) (2) (3) Location specific (%) (4) Allstate brand Auto 38 6.1 11.2 19 4.7 14 National General Auto 26 4.3 8.5 19 1.1 3.2 (1) Refers to the number of U.S. states, the District of Columbia or Canadian provinces where rate changes have been implemented. Allstate brand operates in 50 states, the District of Columbia, and 5 Canadian provinces. National General operates in 50 states and the District of Columbia. (2) Represents the impact in the locations where rate changes were implemented during the period as a percentage of total brand prior year-end premiums written. (3) Allstate brand implemented auto insurance rate increases totaled $127 million and $309 million in the month and quarter-to-date ended February 28, 2023 after implementing $1.48 billion and $1.14 billion of rate increases in the fourth and third quarters of 2022, respectively. (4) Represents the impact in the locations where rate changes were implemented during the period as a percentage of its respective total prior year-end premiums written in those same locations.