Allstate Corp.’s board of directors has approved a new $1 billion share repurchase program.
The Northbrook, Illinois-based company will issue a combination of preferred stock and senior unsecured notes totaling $1.25 billion to fund the buyback, which is expected to be completed by March 31, 2013.
Last week, Allstate — the largest publicly traded home and auto insurer in the United States — posted a smaller third quarter profit, as it lost more than $1 billion from natural disasters. It completed a $1 billion share buyback during the quarter.
The company’s board also approved a quarterly dividend of 21 cents.
Allstate’s shares closed at $26.49 Tuesday on the New York Stock Exchange.
(Reporting by Sharanya Hrishikesh in Bangalore; editing by Andre Grenon)
Was this article valuable?
Here are more articles you may enjoy.
DeSantis Plan to Cut Florida Property Taxes Heads to Ballot—With Schools Removed 
Sentry to Sponsor PGA Tournament at Torrey Pines 
Georgia Brokers and Agents Alarmed After Court Ruling Expands Liability for Them 
Travelers: Vendor Issues Over Half of Wedding Insurance Claims in 2025 
