Form 8-K - Current report

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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): October 17, 2024

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.)

3100 Sanders Road, Northbrook, Illinois    60062

(Address of principal executive offices)    (Zip Code)

Registrant’s telephone number, including area code  [phone]

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 5.100% 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
Depositary Shares represent 1/1,000th of a share of 7.375% Noncumulative Preferred Stock, Series J			ALL PR J			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. ____

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Section 7 - Regulation FD

Item 7.01. Regulation FD Disclosure

 

The Registrant’s press release dated October 17, 2024, announcing estimated catastrophe losses for September and third quarter 2024, Run-off reserve review and third quarter implemented rates, and the Registrant’s implemented rate exhibit for September 2024 are posted on allstateinvestors.com and attached hereto as Exhibit 99.1 and 99.2, which is 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						The Registrant’s press release dated October 17, 2024
99.2						The Registrant’s implemented rate exhibit for September 2024
104						Cover Page Interactive Data File (formatted as inline XBRL)

2

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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/ Eric K. Ferren

Name: Eric K. Ferren

Title: Senior Vice President, Controller and Chief Accounting Officer

Date:

October 17, 2024

3

NEWS

FOR IMMEDIATE RELEASE

Contacts:

    

Nick Nottoli						Allister Gobin
Media Relations						Investor Relations
[phone]						[phone]

Allstate Announces September and third quarter 2024 Catastrophe Losses, Run-off Reserve Review and Third Quarter 2024 Implemented Rates

NORTHBROOK, Ill., October 17, 2024 – The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of September of $889 million or $702 million, after-tax, including $630 million, pre-tax, related to Hurricane Helene. Total catastrophe losses for the third quarter were $1.70 billion or $1.35 billion, after-tax, and total catastrophe losses for September year-to-date were $4.55 billion or $3.60 billion, after-tax.

During the third quarter of 2024, the Company performed its annual run-off property-liability reserve review, which resulted in unfavorable reserve reestimates totaling $58 million or $46 million, after-tax.

Rate increases for Allstate brand auto insurance resulted in a premium impact for rates implemented of 2.9% in third quarter and 6.3% year-to-date, which includes rate increases approved by the Departments of Insurance in New York, New Jersey and Texas this quarter. Our implemented rate exhibit for auto and homeowners insurance has been posted on www.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.

# # # #

Exhibit 99.2 Number of locations (1) Total brand (%) (2) (3) Location specific (%) (4) Number of locations Total brand (%) (3) Location specific (%) 28 2.9 7.8 21 1.0 5.7 13 3.1 17.2 12 1.1 9.9 20 1.7 6.3 27 2.0 11.2 12 2.2 14.6 12 2.3 14.6 Number of locations Total brand (%) (3) Location specific (%) Number of locations Total brand (%) (3) Location specific (%) 27 2.4 8.4 33 6.9 13.5 15 3.4 11.7 20 1.8 9.0 27 4.1 9.6 39 4.0 10.2 12 1.6 14.0 17 4.5 18.5 (1) (2) (3) (4) (5) 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. Auto Homeowners (5) Excludes the impact to average premium from inflation in insured home replacement costs and other aging factor adjustments, which could be significant. 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. Total Allstate brand implemented auto insurance rate increases totaled $810 million in the third quarter of 2024, $264 million in the second quarter of 2024, $685 million in the first quarter of 2024 and $1.81 billion in the fourth quarter of 2023. 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. Allstate brand Auto Homeowners (5) National General The Allstate Corporation Three months ended June 30, 2024 Three months ended December 31, 2023 Three months ended March 31, 2024 National General Auto Homeowners (5) Allstate brand Auto Homeowners (5) Three months ended September 30, 2024 Allstate Protection Impact of Net Rate Changes Implemented on Premiums Written

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Document and Entity Information Document	Oct. 17, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 17, 2024
Entity Registrant Name	ALLSTATE CORP
Entity Incorporation, State or Country Code	DE
Entity File Number	1-11840
Entity Tax Identification Number	36-3871531
Entity Address, Address Line One	3100 Sanders Road
Entity Address, City or Town	Northbrook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60062
City Area Code	847
Local Phone Number	402-2800
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000899051
Common Stock | NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	NYSE
Common Stock | CHICAGO STOCK EXCHANGE, INC
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ALL
Security Exchange Name	CHX
Subordinated Debentures Due 2053 at 5.10 Percent | NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053
Trading Symbol	ALL.PR.B
Security Exchange Name	NYSE
Series H Preferred Stock | NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series H
Trading Symbol	ALL PR H
Security Exchange Name	NYSE
Series I Preferred Stock | NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 7.375% Noncumulative Preferred Stock, Series J
Trading Symbol	ALL PR J
Security Exchange Name	NYSE
Series I Preferred Stock | NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series I
Trading Symbol	ALL PR I
Security Exchange Name	NYSE

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