Allstate Announces New Stock Repurchase Program.NORTHBROOK, Ill. -- The Allstate Corporation (NYSE NYSE See: New York Stock Exchange :ALL) announced today that the board of directors approved a new $4 billion share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program. The program is to be completed by the end of 2006. "This decision further demonstrates our confidence in the company's strategy, our ability to continue to successfully execute on that strategy, our disciplined stewardship stewardship the occupation of being a steward or custodian. Referring to animals it implies the caring sort of relationship based on an acceptance of the need to include the rights of animals in overall plans to maintain financial viability. of capital and our strong commitment to maximizing shareholder value," said Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Edward M. Liddy Edward M. Liddy is Chairman, President and Chief Executive Officer of The Allstate Corporation. He is currently on the Board of 3M, Goldman Sachs and The Kroger Company. • • . Allstate has successfully completed as announced six previous share repurchase programs prior to today's announcement. In total, Allstate has previously repurchased 260 million shares for $8.7 billion. The most recent program for $1.5 billion is expected to be completed by the end of 2004, one year ahead of schedule. The Allstate Corporation (NYSE:ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate(R)" slogan, Allstate helps individuals in more than 16 million households protect what they have today and better prepare for tomorrow through more than 12,900 exclusive agencies and financial specialists in the U.S. and Canada. Customers can access Allstate products and services through Allstate agencies, or in select states at allstate.com and 1-800-Allstate(R). Encompass(SM) and Deerbrook(R) Insurance brand property and casualty products are sold exclusively through independent agencies. Allstate Financial Group provides life insurance, annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. , retirement, banking and investment products through distribution channels that include Allstate agencies, independent agencies, financial institutions and broker-dealers. |
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