Allstate (ALL) Announces $1B Repurchase Plan

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The Allstate Corporation (NYSE: ALL) announced that its board of directors has approved a share repurchase program of up to $1 billion to be funded by issuing a like amount of subordinated debentures.

The hybrid securities are expected to be issued over the year and the share repurchase program will begin immediately. Shares will be acquired through open market purchases and may include an accelerated repurchase program. The program is expected to be completed by December 31, 2013. While these capital management actions are being executed, the company may choose to initiate additional share repurchase programs.

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