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We're a purpose-driven company

Allstate is a purpose-driven company powered by purpose-driven people. We empower customers with protection, provide opportunities for our team, create attractive returns for stockholders, and improve communities.

Allstate protects people from life’s uncertainties with a wide array of products for autos, homes, health, disability, lives, personal property and identities, primarily in the U.S. and Canada. The Allstate Corporation is one of the largest publicly held personal lines insurers in the United States.

Our strategy has two components:

  1. Increase personal property-liability market share.
  2. Expand protection offerings by leveraging the Allstate brand, customer base and capabilities.

We are expanding our protection services businesses utilizing enterprise capabilities and resources such as distribution, analytics, claims, investment expertise, talent and capital. Our innovative growth platforms (such as telematics and identity protection) and broad distribution further enhance our Customer Value Proposition. Our products are sold through: Allstate exclusive agents, independent agents, contact centers, online, retailers, workplace benefits brokers, auto dealers, original equipment manufacturers and telecom providers.

Through Transformative Growth, Allstate is creating a new business model, capabilities and culture that continually adapts to better serve customers. This is done by providing affordable, simple and connected protection through multiple distribution partners. The objective is to create continuous transformative growth in all of our businesses.

Transformative Growth elements

Improve customer value

  • Improving the competitive prices of products through lower costs, increased price sophistication and telematics.
  • Increasing engagement with the Allstate Mobile app and new business penetration of telematics products, including pay-per-mile insurance.
  • Providing additional consumer-focused protection solutions.

Expand customer access

  • Transforming our Allstate agent sales system to enable more growth at a lower cost by incenting agents to focus on sales, while expanding our distribution capacity through new agent models.
  • Increasing direct channel distribution through improved online experience and data-driven insights to enhance call center sales.
  • Growing National General by broadening the Allstate brand capabilities and data to expand product offerings using independent agency relationships.

Increase sophistication and investment in customer acquisition

  • Improving the effectiveness of consumer acquisition by expanding lead management, building data capabilities and utilizing household insights.

Modernize technology ecosystem

  • Deploying a new technology ecosystem to deliver affordable, simple, and connected experiences and products at a lower cost, which will also lead to the retirement of legacy systems.

Drive organizational transformation

  • Enhancing and expanding organizational capabilities by increasing digital expertise, process redesign, decision clarity, and employee empowerment, agility and diversity.

Allstate Protection

Includes the Allstate brand, National General and Answer Financial. Offers private-passenger auto, homeowners, other personal lines and commercial insurance through agents, contact centers and online. The Encompass brand was combined into National General beginning in the first quarter of 2021, and results prior to 2021 reflect Encompass brand results only.

Allstate Protection differentiates itself by offering a comprehensive range of affordable, simple and connected protection solutions across distribution channels for specific consumer segments.

The Allstate Protection segment accounted for 92.0% of Allstate’s 2022 consolidated insurance premiums and contract charges and 20.4% of Allstate’s Dec. 31, 2022 policies in force (PIF). Our strategy is to offer products that allow customers to interact with us when, where and how they want with affordable, simple and connected protection products.

We have three market-facing property-liability businesses – Allstate brand, National General and Answer Financial – with products and services that cater to different customer preferences for advice and brand recognition.

Strategy Allstate Protection’s strategy is to increase personal lines market share through Transformative Growth, focusing on:

  • Improving customer value by making it easier to do business with us, improving price competitiveness and providing competitive differentiated products and experiences.
  • Expanding customer access to Allstate and National General products and services through the methods of interaction customers want.
  • Increasing sophistication and investment in customer acquisition.
  • Modernizing our technology to enhance the customer experience and product management ecosystems.
  • Driving organizational transformation.

We serve consumers using differentiated products, analytical expertise, telematics and an integrated digital enterprise that leverages data and technology to execute processes with a focus on greater effectiveness and efficiency.

Protection services

Allstate Protection Plans, Allstate Dealer Services, Allstate Roadside, Arity and Allstate Identity Protection offer a broad range of solutions and services that expand and enhance our Customer Value Proposition. Protection Services primarily operate in the U.S. and Canada, with Allstate Protection Plans also offering services in Europe, Australia and Asia.

The Protection Services segment accounted for 4.8% of Allstate’s 2022 consolidated total revenue and 77.3% of Allstate’s Dec. 31, 2022, PIF.

Strategy Protection Services’ strategy is to expand distribution and provide affordable solutions that increase customer value and create effortless interactions.

Allstate health and benefits

Offers voluntary benefits and individual life and health products, including life, accident, critical illness, short-term disability and other health insurance products sold through independent agents, benefits brokers and Allstate exclusive agents. Also provides stop-loss and fully insured group health products to employers and short-term medical and Medicare supplement insurance to individuals.

The Allstate Health and Benefits segment (previously Allstate Benefits) accounted for 4.4% of Allstate’s 2022 consolidated total revenue and 2.3% of Allstate’s Dec. 31, 2022, PIF. Allstate Health and Benefits is well represented in all market segments and is a leader in the large and mega (over 10,000 employees) market segments.

Starting in the first quarter of 2021, National General’s accident and health products, which include accident and medical health insurance products, are included in the Allstate Health and Benefits segment. Allstate Health and Benefits is differentiated through its broad product portfolio, flexible enrollment solutions, strong national accounts team and well-recognized brand.

Strategy Our strategy for growth is to deliver substantially more value through innovative products and technology, tailored solutions and exceptional service through investments in future-state technologies, and data and analytics capabilities.

Run-off property-liability

Relates to property and casualty insurance policies written during the 1960s through the mid-1980s with exposure to asbestos, environmental and other claims in run-off.

Management of this segment has been assigned to a designated group of professionals with expertise in claims handling, policy coverage interpretation, exposure identification, litigation and reinsurance collection. As part of its responsibilities, this group may pursue settlement agreements including policy buybacks on direct excess commercial business when appropriate to improve the certainty of the liabilities. At the end of 2022, 64% of the direct excess gross case reserves were attributable to settlement agreements. This group also manages other direct commercial and assumed reinsurance business in runoff and engages in reinsurance ceded and assumed commutations as required or when considered economically advantageous.

Corporate and other

Holding company activities and certain non-insurance operations, including expenses associated with strategic initiatives.

Read more about our business segments in Allstate’s 2022 Form 10-K.

Products

Insurance products

  • Auto 
  • Homeowners 
  • Specialty auto (motorcycle, trailer, motor home and off-road vehicle)  
  • Other personal lines (renters, condominium, landlord, boat, umbrella, manufactured home and stand-alone scheduled personal property)  
  • Commercial lines

Distribution

Allstate brand

In the U.S., we offer products through 8,400 Allstate exclusive agents operating in 98,500 locations, supported by 20,900 licensed sales professionals, and 700 exclusive financial specialists. We also offer products through 8,700 independent agents, contact centers, online and through employee Market Sales Associates. In Canada, we offer Allstate brand products through 1,000 employee sales agents.

National General

Distributed through over 43,000 independent agent locations, about 540 retail stores, contact centers and online.

Answer Financial

Comparison quotes and sales offered online or through contact centers.

Allstate exclusive agents also support the Protection Services and Allstate Health and Benefits segments through roadside assistance, consumer protection plans and voluntary benefits products. We sell a range of non-proprietary life and annuity insurance products offered by third-party providers.

Better serve customers

The Enterprise Net Promoter Score, which measures how likely customers are to recommend us, finished below the prior year, reflecting substantial price increases necessary to offset higher loss costs.

Grow customer base

Consolidated policies in force reached 189.1 million, a 1.0% decrease from prior year. Property-Liability policies in force increased 0.7% compared to the prior year, as continued growth at National General was offset by the Allstate brand. Protection Services policies in force declined 1.4%, primarily due to expiring low average premium policies from a major retail account that ended in 2019.

Achieve target returns on capital

Return on Allstate common shareholders’ equity was (7.3%) in 2022. The Property-Liability combined ratio, which represents the percentage of each customer dollar spent on claims and expenses, increased to 106.6 for 2022, primarily driven by higher auto losses. A comprehensive profitability plan is being executed.

Proactively manage investments

Net investment income of $2.4 billion in 2022 was $890 million below prior year as higher market-based investment income was more than offset by lower performance-based results. Total return on the $61.8 billion investment portfolio was (4.0)% in 2022 and compares favorably to full-year 2022 performance of the S&P 500 (18.1)% and the Bloomberg Intermediate Bond return of (9.4)%. Proactive portfolio actions to reduce inflation and economic risk by shortening fixed income duration mitigated portfolio losses by approximately $2 billion this year.

Build long-term growth platforms

Allstate made substantial progress in advancing Transformative Growth initiatives in 2022, including continued cost reductions, deploying a new property-liability technology platform and a new Affordable, Simple, Connected auto insurance offering in two states. National General is meeting or exceeding acquisition targets with the objective of building a strong competitive position in independent agent distribution. Protection Services has increased revenues, particularly Allstate Protection Plans. Arity continued to expand its data acquisition platform and launched Arity IQ, a product to improve new business profitability for auto insurers.

Risks are categorized by

  1. Insurance and financial services
  2. Business, strategy and operations
  3. Macro, regulatory and risk environment  

Many risks may affect more than one category and are included where the impact is most significant. If some of these risk factors occur, they may cause the emergence of or exacerbate the impact of other risk factors, which could materially increase the severity of the impact of these risks on our business, results of operations, financial condition or liquidity.  

Insurance and financial services

Risks related to the insurance and financial services industries:

  • Claim frequency and severity volatility
  • Catastrophes and severe weather
  • Loss cost estimates are complex and losses are unknown at the time policies are sold
  • Investment results are subject to volatility and valuation judgments

Business, strategy and operations

Risks related to Allstate’s business and operating model:

  • Highly competitive industry, impacted by new and changing technologies
  • Operating model effectiveness in light of changing customer preferences
  • Ability to maintain catastrophe reinsurance programs and limits
  • Fluctuations in financial strength and ratings

Macro, regulatory and risk environment

Risks that impact most companies:

  • Adverse changes in economic and capital market conditions
  • Large-scale pandemic events
  • Cybersecurity and privacy events
  • Changing climate conditions
  • Evolving environmental, social and governance expectations and standards
  • Regulatory and political changes
  • Loss of key business relationships
  • Ability to attract, develop and retain talent

Please read more about our risk factors in Allstate’s 2022 Form 10-K.