ALLSTATE CORP
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Strategy and Segment Information
Strategy, Transformative Growth, Our Shared Purpose and Segment Information
Our strategy has two components: increase personal property-liability market share (see Allstate Protection segment) and expand protection offerings by leveraging the Allstate brand, customer base and capabilities.
We are 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 our customer value proposition.
Transformative Growth is about creating a business model, capabilities and culture that continually transform to better serve customers. This is done by providing affordable, simple and connected protection through multiple distribution channels. The ultimate objective is to enhance customer value to drive growth in all businesses.
2 www.allstate.com
| Our Shared Purpose | |||
|---|---|---|---|
| As the good hands... | our values | our operating standards | our behaviors |
| •We empower customers with protection to help them achieve their hopes and dreams.•We provide affordable, simple and connected protection solutions.•We create opportunity for our team, economic value for our shareholders and improve communities. | •Integrity is non-negotiable.•Inclusive Diversity & Equity values and leverages unique identities with equitable opportunity and rewards.•Collective Success is achieved through empathy and prioritizing enterprise outcomes ahead of individuals. | •Focus on Customers by anticipating and exceeding service expectations at low costs.•Be the Best at protecting customers, developing talent and running our businesses.•Be Bold with original ideas using speed and conviction to beat the competition.•Earn Attractive Returns by providing customer value, proactively accepting risk and using analytics. | •Collaborate early and often to develop and implement comprehensive solutions and share learnings.•Challenge Ideas to leverage collective expertise, evaluate multiple alternatives and create the best path forward.•Provide Clarity for expected outcomes, decision authority and accountability.•Provide Feedback that is candid, actionable, independent of hierarchy and safe. |
| Reportable segments | |
|---|---|
| Allstate Protection (1) | 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 our 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 (1) | 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. |
(1)Allstate Protection and Run-off Property-Liability segments comprise Property-Liability.
The Allstate Corporation 3
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