About The Allstate
The Allstate Corporation (Allstate) operates as a property and casualty insurance company. The company’s business is conducted principally through Allstate Insurance Company and other subsidiaries. Allstate protects people from life’s uncertainties with a wide array of protection for autos, homes and personal property. Allstate is primarily engaged in the property and casualty insurance business in the United States and Canada. Additionally, Allstate provides customers other protection solutions, such as protection plans that cover consumer electronics, mobile phones and appliances, personal identity protection and accident and health insurance. On November 1, 2023, the company was pursuing the sale of the Health and Benefits business. Allstate is one of the largest publicly held personal lines insurers in the United States. Allstate’s personal property-liability strategy is to increase market share by offering consumers a broad suite of protection solutions and a competitive value proposition across distribution channels. Allstate is the second largest personal property and casualty insurer in the United States. Allstate also has strong market positions in other protection solutions. Allstate Protection Plans provides protection on a wide variety of consumer goods, such as cell phones, tablets, computers, furniture and appliances; and has a leading position in distribution through major retailers. Allstate Identity Protection has a leading position in identity protection through workplace benefit programs. In total, Allstate had 194 million policies in force (‘PIF’) as of December 31, 2023. Allstate Health and Benefits provides accident, health and life insurance through employers, independent agents and direct-to-consumer; and is one of the top voluntary benefits carriers in the market. Strategy The company’s strategy has two components: increasing personal property-liability market share and expanding protection offerings by leveraging the Allstate brand, customer base and capabilities. The company is expanding protection services businesses utilizing enterprise capabilities and resources, such as the Allstate brand, distribution, analytics, claims, investment expertise, talent and capital. Using innovative growth platforms (such as telematics and identity protection) and broad distribution, including Allstate exclusive agents, independent agents, contact centers, online, retailers, workplace benefits brokers, auto dealers, original equipment manufacturers and telecom providers further enhance the company’s customer value proposition. Segments Allstate Protection (Allstate Protection and Run-off Property-Liability segments comprise Property-Liability): 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. Protection Services: Includes Allstate Protection Plans, Allstate Dealer Services, Allstate Roadside, Arity and Allstate Identity Protection, which offer a broad range of solutions and services that expand and enhance the company’s customer value propositions. 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. Run-off Property-Liability (Allstate Protection and Run-off Property-Liability segments comprise 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. Corporate and Other: Includes debt service, holding company activities and certain non-insurance operations. Allstate Protection segment The company’s Allstate Protection segment includes private passenger auto, homeowners, other personal lines and commercial insurance products offered through agents and directly through contact centers and online. The company’s strategy is to offer products that allow customers to interact with the company when, where and how they want with affordable, simple and connected protection products. 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 the company, providing competitive prices and 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; deploying new technology ecosystems that are more flexible and enable an enhanced customer experience; and driving organizational transformation. The company has three market-facing property-liability businesses, Allstate brand, National General and Answer Financial with products and services that cater to different customer needs and distribution preferences. The company serves its customers using differentiated products, analytical expertise, telematics, claims capabilities and an integrated digital enterprise that leverages data and technology to execute processes with a focus on greater effectiveness and efficiency. Answer Financial is an insurance agency that sells other insurance companies’ products directly to customers. The company’s strategy as a technology-enabled insurance agency is to provide comparison shopping and related services for businesses, offering customers choice, convenience and ease of use. Products and Distribution Allstate Protection differentiates itself by offering a comprehensive range of affordable, simple and connected protection solutions across distribution channels for specific consumer segments. Protection Products Insurance Products: Insurance products are primarily offered by the Allstate and National General brands. Include auto, homeowners, specialty auto (motorcycle, trailer, motor home and off-road vehicle), other personal lines (renters, condominium, landlord, boat, umbrella, manufactured home and scheduled personal property), and commercial lines. Answer Financial: Comparison quotes and sales of non-proprietary auto, homeowners and other personal lines (condominium, renters, motorcycle, recreational vehicle and boat). Distribution Allstate brand: In the U.S., the company offers products through over 6,400 Allstate exclusive agents operating in approximately 7,100 locations, supported by 20,200 licensed sales professionals and 700 exclusive financial specialists. The company also offers products through approximately 400 market sales associates, 7,900 independent agents, 500 direct auto representatives, 600 sales representatives in contact centers and online. In Canada, the company offers Allstate brand products through approximately 500 employee sales agents. National General (including Encompass): Distributed through over 43,000 independent agent locations, approximately 520 retail stores, contact centers and online. Answer Financial: Comparison quotes and sales offered to customers online or through contact centers. Allstate exclusive agents also support the Protection Services segment through offering roadside assistance and consumer protection plans. The company also sells a range of non-proprietary life and annuity insurance products offered by third-party providers. Additionally, the company offers a homeowners product through the company’s excess and surplus lines carrier, North Light Specialty Insurance Company, in certain areas with higher risk of catastrophes or where customers do not meet the Allstate brand standard underwriting profile. Allstate agents and exclusive financial specialists receive commissions for non-proprietary life and retirement sales and are eligible for a quarterly bonus based on the volume of non-proprietary sales. Innovative Product Offerings and Features Market-leading Solutions Allstate Brand Your Choice Auto: Qualified customers choose from a variety of options, such as Accident Forgiveness, Deductible Rewards, Safe Driving Bonus and New Car Replacement. Allstate House and Home: Featured options include Claim RateGuard, Claim-Free Bonus, Deductible Rewards and flexibility in options and coverages, including graduated roof coverage and pricing based on roof type and age for damage related to wind and hail events. Bundling Benefits: Auto customers with a qualifying property policy are provided an auto renewal guarantee and a deductible waiver (when the same event, with the same covered cause of loss, damages both auto and property). Offered in 47 states and District of Columbia (‘D.C.’) as of December 31, 2023. Auto Replacement Protection: Replaces a qualifying customer’s vehicle involved in a total loss accident with a newer vehicle with fewer miles. Offered in 48 states and D.C. as of December 31, 2023. New Experience and Product Suite: Reimagined insurance experience and products, making them affordable, simple and connected. Examples include fewer questions for customers to answer before getting a quote, easy-to-understand coverage descriptions and an industry-leading rating plan. Offered through the web and direct to consumers in seven states for auto and 17 states for renters as of December 31, 2023. National General Custom360: Endorsements and coverage amounts can be scaled up or down to create a custom, needs-based insurance solution for customers at all stages in life. Offered in 16 states as of December 31, 2023. Telematics Solutions Allstate Brand Drivewise: Telematics-based program, available in 48 states and D.C. as of December 31, 2023, that uses a mobile application or an in-vehicle device to capture driving behaviors and encourage safe driving. It provides customers with information, tools and more accurate individual pricing. Milewise: Usage-based insurance product, available in 17 states as of December 31, 2023, that gives customers flexibility to customize their insurance and pay based on the number of miles they drive. National General DynamicDrive: Mobile-based telematics application, available in 40 states as of December 31, 2023, used to capture driving behaviors and to more accurately rate customers. Geographic Markets The company primarily operates in the U.S. (all 50 states and D.C.) and Canada. Protection Services segment The company’s Protection Services segment accounted for 4.6% of Allstate’s 2023 consolidated total revenue and 78.5% of Allstate’s December 31, 2023 PIF. Protection Services includes Allstate Protection Plans, Allstate Dealer Services, Allstate Roadside, Arity and Allstate Identity Protection, which offer a broad range of products and services that expand and enhance customer value propositions. Strategy Protection Services’ strategy is to innovate new products and services, expand distribution and provide affordable, simple and connected protection solutions. Allstate Protection Plans: Expand distribution and product breadth of consumer protection plans through new and existing retailers and mobile operators across North America, Europe, Asia and Australia. Allstate Dealer Services: Expand distribution of Allstate branded protection and insurance products through auto dealerships, business partnerships and direct to consumer. Allstate Roadside: Modernize the roadside assistance business through technology and enhance capabilities to deliver a superior customer experience. Arity: Provide industry leading telematics and mobility insights to insurance companies, the transportation industry and location-enabled consumer apps. Services include telematics-enabled mobility insights for consumers and businesses, driving behavior data and scores (Arity IQ) to deliver personalized insurance pricing, and marketing services, including lead generation and advertising technology integrations to optimize advertising investments. Allstate Identity Protection: Create a leading position in the identity protection market, offering full-service identity protection and expand partnership and direct to consumer distribution channels. Products and Distribution Products and Services Allstate Protection Plans: Provides consumer protection plans and related technical support for mobile phones, consumer electronics, furniture and appliances which provide customers protection from mechanical or electrical failure, and in certain cases, accidental damage. Allstate Dealer Services: Offers protection and insurance products, including vehicle service contracts, guaranteed asset protection waivers, road hazard tire and wheel protection, and paint and fabric protection. Allstate Roadside: Offers towing, jump-start, lockout, fuel delivery and tire change services to retail customers and customers of the company’s wholesale partners. Arity: Provides insights and services created from data collected, normalized and analyzed by the Arity platform, including automotive telematics information. Product suite includes on-demand risk scoring, lead generation, digital advertising, data integration, traditional telematics, and data-as-a-service solutions. Allstate Identity Protection: Provides identity, consumer cybersecurity, privacy and family digital safety protection. Distribution Channels Allstate Protection Plans: Retailers and mobile operators, in-store or online. Allstate Dealer Services: Independent agents selling through auto dealerships in the U.S. in conjunction with the purchase of a new or used vehicle, through business partnerships and direct to consumer. Allstate Roadside: Allstate exclusive agents, direct to consumer, wholesale partners, affinity groups and on-demand mobile application service. Arity: Sells directly to affiliate and non-affiliate customers and through strategic partners. Allstate Identity Protection: Primarily through workplace benefit programs with growth in partnerships and direct to consumer delivered through enterprise partnerships, online and mobile application sales. Geographic Markets Protection Services primarily operates in the U.S. and Canada, with Allstate Protection Plans also offering services in Europe, Australia and Asia. Allstate Health and Benefits segment Strategy The Allstate Health and Benefits segment provides consumers with financial protection against the risk of accidents, illness and mortality. The company is among the industry leaders in the growing and highly competitive voluntary benefits market, offering a broad range of accident, health and life products through workplace enrollment. The company’s life insurance portfolio includes individual and group permanent life solutions. The company also provides stop-loss and fully insured group health products to employers and short-term medical and medicare supplement insurance to individuals. Target customers are consumers with family and financial protection needs. 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. Allstate Health and Benefits is differentiated through its broad product portfolio, flexible enrollment solutions, strong national accounts team and well-recognized brand. The company’s 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. Geographic Markets The company primarily operates in the U.S. (all 50 states and D.C.) and Canada. Products and Distribution Health and Benefits Products: Employer voluntary benefits, Group health, and Individual health. Distribution Channels Over 8,000 independent agents and benefits brokers and Allstate exclusive agents, focusing on workplace benefits for small employers, specifically employer voluntary benefits and group health. Over 33,000 independent agents, in-house agencies, direct-to-consumer marketing, wholesaling, worksite marketing and the internet for individual health Other Business Segments Run-off Property-Liability Segment The Run-off Property-Liability segment includes results from property and casualty insurance coverage that primarily relates to policies written during the 1960s through the mid-1980s. Corporate and Other Segment The company’s Corporate and Other segment is consisted of debt service, holding company activities and certain non-insurance operations, including expenses associated with strategic initiatives, such as the company’s Avail peer-to-peer car-sharing initiative. Regulation The company is a participant in state-based industry pools, facilities or associations, mandating participation by insurers offering certain coverage in their state, including the Michigan Catastrophic Claims Association (‘MCCA’), the New Jersey Property-Liability Insurance Guaranty Association, the North Carolina Reinsurance Facility and the Florida Hurricane Catastrophe Fund. The company also participates in the Federal Government National Flood Insurance Program. The Allstate entities that operate as a broker-dealer and registered investment advisers are subject to regulation and supervision by the Securities and Exchange Commission (‘SEC’), Financial Institution Regulatory Authority, and/or in some cases, state securities administrators. History The Allstate Corporation was founded in 1931. The company was incorporated under the laws of the state of Delaware in 1992.
