AP News

Allstate buying back shares, increases dividend

NORTHBROOK, Ill. (AP) — The Allstate Corp. said Wednesday that it is increasing its quarterly dividend by 12 percent and plans to buy back up to $2.5 billion of its shares.

The insurance company said that the stock repurchase program will be completed over the next 18 months.

Allstate also said that its new quarterly dividend of 28 cents per share, up from the previous 25 cents a share, is payable April 1 to shareholders of record as of March 3.

The Northbrook, Ill.-based company serves about 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names, as well as its Allstate Financial business segment.

Its shares rose 30 cents to $52.09 in after-hours trading following the announcement.

Allstate shares fell 39 cents to close regular trading at $51.79.

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