NORTHBROOK, Ill., June 30, 2015 /PRNewswire/ -- Twenty years
ago today, The Allstate Corporation (NYSE: ALL) became fully
independent, marking a pivotal moment in its evolution as a public
company.
On June 30, 1995, Sears, Roebuck
and Co. completed the spin-off of its one-time insurance subsidiary
by divesting all its Allstate shares to Sears shareholders – just
two years after offering 20 percent of its Allstate shares to
investors in an initial public offering.
For Allstate – founded in 1931 – the spin-off heralded a period
of growth and progress. The company expanded its relationship with
customers, defined its shared purpose and persevered through severe
weather and economic storms.
Since the spin-off, Allstate's total shareholder return of 610
percent has exceeded the 460 percent return of the S&P 500
stock index, as well as the 375 percent return of the S&P
Property-Casualty Index. Over the past 20 years, Allstate has
provided more than $36 billion in
cash returns to common shareholders.
"Being public enabled us to build a stronger organization as we
helped to protect millions of customers from life's uncertainties,
recover from unexpected events and prepare for the future," said
Thomas J. Wilson, chairman and chief
executive officer. "We look forward to additional decades of making
a difference in the communities we serve and being a Force for Good
for our shareholders, employees, agency owners and other
stakeholders."
Before the spinoff, Sears still had a controlling interest in
Allstate and decisions were influenced by them, said Steven Shebik, chief financial officer. "Our
Independence Day was 20 years ago,"
Shebik said. "It changed our attitudes in a powerful way. As a
fully independent public company, we were able to take charge of
our future and focus on growth by providing auto, home and life
insurance to middle America."
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer, protecting approximately 16
million households from life's uncertainties through auto, home,
life and other insurance offered through its Allstate, Esurance,
Encompass and Answer Financial brand names. Allstate is widely
known through the slogan "You're In Good Hands With
Allstate®." The Allstate brand's network of small
businesses offers auto, home, life and retirement products and
services to customers in the United
States and Canada.
Logo -
http://photos.prnewswire.com/prnh/20130404/MM88193-b
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/allstate-celebrates-20th-anniversary-of-its-independence-day-300106823.html
SOURCE The Allstate Corporation