Allstate Corp Files Definitive Proxy Statement

Ticker: ALL-PJ · Form: DEF 14A · Filed: Apr 1, 2024 · CIK: 899051

Allstate Corp DEF 14A Filing Summary
FieldDetail
CompanyAllstate Corp (ALL-PJ)
Form TypeDEF 14A
Filed DateApr 1, 2024
Risk Levellow
Pages14
Reading Time17 min
Key Dollar Amounts$57.1 b, $1.9 billion, $2.5 billion, $348 million, $316 million
Sentimentneutral

Sentiment: neutral

Topics: Allstate, Proxy Statement, DEF 14A, Executive Compensation, Shareholder Meeting

TL;DR

<b>Allstate Corp has filed its Definitive Proxy Statement for the period ending May 14, 2024.</b>

AI Summary

ALLSTATE CORP (ALL-PJ) filed a Proxy Statement (DEF 14A) with the SEC on April 1, 2024. Allstate Corp filed a Definitive Proxy Statement (DEF 14A) on April 1, 2024. The filing covers the period ending May 14, 2024. The company's fiscal year ends on December 31. Allstate Corp's principal executive offices are located at 3100 Sanders Road, Northbrook, IL 60062. The filing includes data related to pension value, stock awards, and option awards for the fiscal years 2020-2023.

Why It Matters

For investors and stakeholders tracking ALLSTATE CORP, this filing contains several important signals. This DEF 14A filing is a standard regulatory requirement for public companies, providing shareholders with information necessary for upcoming meetings and votes. The detailed breakdown of compensation components and financial data for past fiscal years (2020-2023) allows investors to assess executive compensation practices and financial performance trends.

Risk Assessment

Risk Level: low — ALLSTATE CORP shows low risk based on this filing. The filing is a routine proxy statement and does not contain new financial results or forward-looking statements that would indicate immediate risk.

Analyst Insight

Review the proxy statement for details on executive compensation, board nominations, and any shareholder proposals to inform voting decisions.

Key Numbers

  • 2024-05-14 — Period of Report End Date (CONFORMED PERIOD OF REPORT)
  • 2024-04-01 — Filing Date (FILED AS OF DATE)
  • 1231 — Fiscal Year End (FISCAL YEAR END)
  • 2023 — Latest Fiscal Year Data (Data for fiscal year 2023 is included in the filing.)
  • 2020 — Earliest Fiscal Year Data (Data for fiscal year 2020 is included in the filing.)

Key Players & Entities

  • ALLSTATE CORP (company) — FILER
  • 0000899051 (company) — CENTRAL INDEX KEY
  • 3100 SANDERS ROAD (company) — BUSINESS ADDRESS STREET 1
  • NORTHBROOK (company) — BUSINESS ADDRESS CITY
  • IL (company) — BUSINESS ADDRESS STATE
  • 60062 (company) — BUSINESS ADDRESS ZIP
  • 8474025000 (company) — BUSINESS PHONE

FAQ

When did ALLSTATE CORP file this DEF 14A?

ALLSTATE CORP filed this Proxy Statement (DEF 14A) with the SEC on April 1, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by ALLSTATE CORP (ALL-PJ).

Where can I read the original DEF 14A filing from ALLSTATE CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by ALLSTATE CORP.

What are the key takeaways from ALLSTATE CORP's DEF 14A?

ALLSTATE CORP filed this DEF 14A on April 1, 2024. Key takeaways: Allstate Corp filed a Definitive Proxy Statement (DEF 14A) on April 1, 2024.. The filing covers the period ending May 14, 2024.. The company's fiscal year ends on December 31..

Is ALLSTATE CORP a risky investment based on this filing?

Based on this DEF 14A, ALLSTATE CORP presents a relatively low-risk profile. The filing is a routine proxy statement and does not contain new financial results or forward-looking statements that would indicate immediate risk.

What should investors do after reading ALLSTATE CORP's DEF 14A?

Review the proxy statement for details on executive compensation, board nominations, and any shareholder proposals to inform voting decisions. The overall sentiment from this filing is neutral.

How does ALLSTATE CORP compare to its industry peers?

Allstate Corp operates in the Fire, Marine & Casualty Insurance industry.

Are there regulatory concerns for ALLSTATE CORP?

The filing is a DEF 14A, a type of registration statement used by companies to solicit proxies from shareholders for annual or special meetings, as required by the Securities Exchange Act of 1934.

Industry Context

Allstate Corp operates in the Fire, Marine & Casualty Insurance industry.

Regulatory Implications

The filing is a DEF 14A, a type of registration statement used by companies to solicit proxies from shareholders for annual or special meetings, as required by the Securities Exchange Act of 1934.

What Investors Should Do

  1. Analyze executive compensation details provided in the proxy statement.
  2. Review board member nominations and corporate governance proposals.
  3. Identify any shareholder proposals and understand the company's stance.

Key Dates

  • 2024-04-01: Filing Date — Definitive Proxy Statement filed.
  • 2024-05-14: Period of Report End Date — The proxy statement covers information up to this date.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a routine disclosure and does not represent a change from previous filings in terms of financial performance or strategic direction, but rather provides updated information for shareholder voting.

Filing Stats: 4,319 words · 17 min read · ~14 pages · Grade level 12.2 · Accepted 2024-04-01 16:35:02

Key Financial Figures

  • $57.1 b — American retailers. Revenues reached $57.1 billion, 11.1% higher than 2022, reflecti
  • $1.9 billion — which reduced the underwriting loss by $1.9 billion from 2022. Catastrophe losses, however,
  • $2.5 billion — rophe losses, however, were 81% higher ($2.5 billion), resulting in an underwriting loss for
  • $348 million — rotection Services businesses generated $348 million of Adjusted Net Income, which reduced t
  • $316 million — , which reduced the overall net loss to $316 million for the year. Adjusted Net Income*, whi
  • $251 million — excludes some non-operating items, was $251 million for the year and the return on adjusted
  • $57.1 billion — below our target of 14-17%. Revenue: $57.1 billion (+11.1%) Policies in Force: 194 milli
  • $75 million — ment income of $2.5 billion in 2023 was $75 million higher than prior year as higher market
  • $66.7 billion — ance-based results. Total return on the $66.7 billion (as of 12/31/23) investment portfolio w
  • $18.0 billion — and assets at the holding company were $18.0 billion at the end of 2023, which was well in e
  • $1.3 billion — pital and increased prospective income. $1.3 billion of capital was returned to shareholders
  • $13.7 billion — pped in July. Over the last five years, $13.7 billion has been returned to shareholders which
  • $23 billion — verall industry has generated losses of $23 billion in the last 5 years. As a result, compe
  • $45 — he American dream. U.S. households have $45 trillion invested in their homes, which
  • $1 billion — frequently. The Facts 170 storms of $1 billion or greater over last 10 years, worth $1

Filing Documents

From the Filing

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a party other than the Registrant CHECK THE APPROPRIATE BOX: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under 240.14a-12 The Allstate Corporation (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy PAYMENT OF FILING FEE (CHECK ALL BOXES THAT APPLY): No fee required Fee paid previously with preliminary materials Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 Table of Contents Table of Contents Table of Contents Allstate Shareholder Letter Dear Fellow Shareholders, To succeed in a tumultuous and rapidly changing world, businesses must operate with clarity of purpose, strategic vision, precision and speed. As you know, 2023 was a year of severe weather, inflation and volatile investment markets. Allstate performed well in this environment by helping customers recover from catastrophes, improving auto insurance profitability, proactively managing investments and enhancing the business for sustainable growth. Looking ahead, your company is well-positioned for long-term success. 2023 Results Our Shared Purpose has guided Allstate for 17 years by focusing on the customer. This creates value for shareholders, opportunity for the Allstate team and improves communities. Living into Our Shared Purpose requires successfully balancing competing priorities. Customers want affordable, simple and connected protection, so that car accidents, hailstorms or broken appliances do not sidetrack their lives. At the same time, Allstate must provide good returns for shareholders, fulfilling opportunities for employees and agents, and help communities thrive. Doing all of these things require trade-offs and balance. In 2023, auto insurance rates were raised for the Allstate and National General brands by 16.4% and 12.8%, respectively, to offset increased losses caused by rapid inflation. This obviously did not make products more affordable, but it was necessary for us to earn an adequate return for shareholders. To minimize the impact on customers, operating expenses were reduced, requiring employees and agents to adapt. We successfully retained more customers than pricing models predicted, since price increases were explained by agents, and non-agent service was improved. In total, however, the customer net promoter score declined last year. Total enterprise policies in force increased by 2.8% to 194 million as growth in homeowners insurance and protection plans offset a decline in auto insurance policies. Auto insurance policies declined from 26.0 million to 25.3 million reflecting rate increases. National General auto policies rose by 13.3% in 2023 due to increased volume from independent agencies. Homeowners insurance policies were up by 1.1% to 7.3 million despite rate increases of over 12% last year, highlighting the strength of Allstate's competitive position. Protection plans grew by 4.7% as international expansion offset slower growth through North American retailers. Revenues reached $57.1 billion, 11.1% higher than 2022, reflecting significant increases in average auto and home insurance premiums. Auto insurance profitability improved throughout the year which reduced the underwriting loss by $1.9 billion from 2022. Catastrophe losses, however, were 81% higher ($2.5 billion), resulting in an underwriting loss for 2023. Investment performance was strong with a 6.7% total return and $2.5 billion of net investment income. Health & Benefits and Protection Services businesses generated $348 million of Adjusted Net Income, which reduced the overall net loss to $316 million for the year. Adjusted Net Income*, which excludes some non-operating items, was $251 million for the year and the return on adjusted equity* of 1.5% was below our target of 14-17%. Revenue: $57.1 billion (+11.1%) Policies in Force: 194 million (+2.8%) Net loss: $316 million Adjusted net income*: $251 million Allstate was ranked in the top 250 best-managed companies for the seventh consecutive year by The Wall Street Journal and Drucker Institute. 2023 Operating Priorities Improve customer value The Enterprise Net Promoter Score, which measures how likely customers are to recommend Allstate, finished below the prior year, reflecting substantial price increases necessary to offset higher loss costs. Grow customer base Consolidated policies in force reached 194 million, a 2.8% increase from prior year. Property-Liability policies in force decreased by 2.0% compared to the prior year, as growth at National General was more than offs

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