Written by Mike Pangilinan for insurancebusinessmag.com
“Allstate is facing a potential crisis in its aggressive stock buybacks as the negative impacts of inflation and rising premiums cut into its capital levels.
A report by Crain’s Chicago Business said Allstate spent $2.5 billion on share repurchases in 2022, despite posting a $1.4 billion net loss. As a result, the insurer has slowed down buybacks by extending through September a $5 billion repurchase program that was supposed to be completed by the end of March. ”