The document provides an annual report from The Allstate Corporation for the year 2002. It summarizes the company's financial highlights for 2002, noting increases in revenues, total assets, and operating income compared to 2001. It also includes a message from the Chairman, Edward M. Liddy, who discusses Allstate's strategy, priorities, and accomplishments in 2002, including improved financial results, risk management actions, and business transformations to broaden offerings and customer base. He expresses confidence in Allstate's position and strategy for continued growth and profitability.
Brief explanation of what is product marketing, what does a product marketer do and what does product marketing leads to.
For more queries, please tweet to me - @shahnawazkarim
Brief explanation of what is product marketing, what does a product marketer do and what does product marketing leads to.
For more queries, please tweet to me - @shahnawazkarim
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
2. Financial Highlights $ in millions, except per share data 2002 2001 % change
$÷29,579 $÷28,865 2.5
Revenues
1,134 1,158 (2.1)
Net income
Operating income1 2,075 1,492 39.1
$÷90,650 $÷79,876 13.5
Investments
117,426 109,175 7.6
Total assets
17,438 17,196 1.4
Shareholders’ equity
Per diluted common share:
$÷÷÷1.60 $÷÷÷1.60 —
Net income
2.92 2.06 41.7
Operating income
0.84 0.76 10.5
Dividends declared
Market value per share:
$÷÷36.99 $÷÷33.70
Close
41.95 45.90
12-month high
31.03 30.00
12-month low
Revenues Total assets
($ in billions) ($ in billions)
30 120
29.58 117.43
29.13
28.87
109.18
28 110
104.81
26 100
24 90
22 80
2000 2001 2002 2000 2001 2002
Operating income
Net income per diluted common share
($ in billions)
(In dollars)
3.00
4.00
2.95 2.25
3.00 2.08
2.00
1.49
1.50
2.00
1.60 1.60
.75
1.00
0
0
2000 2001 2002
2000 2001 2002
1
Operating income is a measure used by Allstate management, which is not based on generally accepted accounting principles (“non-GAAP”), to supplement its evaluation of Net
income. Operating income is “Income before dividends on preferred securities and cumulative effect of changes in accounting principle, after-tax”, excluding the effects of Realized
capital gains and losses, after-tax, and Gain (loss) on disposition of operations, after-tax. In this computation Realized capital gains and losses, after-tax is presented net of the effects of
Allstate Financial’s deferred policy acquisition cost amortization and additional future policy benefits, to the extent that such effects resulted from the recognition of Realized capital gains
and losses. Further information and a reconciliation of Operating income to Net income appear in the Definitions of Non-GAAP and Operating Measures section of Appendix D of the
Notice of Annual Meeting and Proxy Statement, beginning on page D-3.
“This annual report contains forward-looking statements about Allstate, including statements about its profitability and the impact of Strategic Risk Management. These statements are
subject to the Private Securities Litigation Reform Act of 1995 and are based on management’s estimates, assumptions and projections. Actual results may differ materially from those
projected in the forward-looking statements for a variety of reasons. For example, profitability could be affected by loss costs in our Property-Liability business, including losses due to
catastrophes such as hurricanes and earthquakes in excess of management’s projections. Also, the number of customers priced through SRM could be less than projected by
management if competitive pressures lead to sales of private passenger auto and homeowners insurance that are lower than projected by management. Readers are encouraged to
review the other risk factors facing Allstate that we disclose in our annual report to the Securities and Exchange Commission on Form 10-K. We undertake no obligation to publicly
correct or update any forward-looking statements.”
1
3. Message from the Chairman
Edward M. Liddy
Chairman, President and CEO
The Allstate Corporation
On behalf of our Allstate employees
and dedicated agencies, I am pleased to
report that your company had a very good
year in 2002. We significantly improved
our financial results, while some of our
competitors continued to struggle. This
has enabled us to advance our strategy
of helping to protect and secure the
financial future of our customers, and
enhanced the value of your shares.
Just as important, we continued to
transform Allstate by getting better and
bigger in the personal lines insurance
market and by broadening our financial
services offerings. By doing so, we were
able to give our customers more ways to
protect and grow their assets. Allstate’s
successful implementation of our
business plan should provide for more
predictable and sustained growth, create
additional opportunities for our employees
and agencies and ultimately translate
into a reliable and rewarding picture for
our investors.
In a time of corporate mistrust, you
should feel confident that your board
worked diligently over the past year
to further strengthen our corporate
governance processes. These processes
were recently recognized by a leading
investor services group as being among
the very best in corporate America.
With the 10-year anniversary of our
initial public offering only months away,
Allstate is well-positioned for both
accelerated growth and sustained
profitability. Over the past decade, we
have continuously refined our strategy to
At the core of our company are only two Having the assurance of one of the meet the ever-changing expectations of
things: people and capital. With the right industry’s strongest balance sheets helps the marketplace.
people and sound stewardship of our give us, and our customers, that confi- We have broadened our business so
financial resources, we can confidently dence. But more importantly, I’m fortunate that, as we reach out in new directions,
deliver on our promise - to give our cus- to work with the finest employees and our journey will take us both further and
tomers peace of mind by protecting their agencies in the business, and to have the faster in our quest to reassure you, our
property and their lives, and to help them support and good sense of the best man- shareholders, that Allstate has the right
achieve financial security. agement team in the insurance industry. strategy at the right time. Our perfor-
Together, we have fashioned a strategy mance in 2002 represents another
that worked very well in 2002, and has us milestone in achieving those goals that
readied for the future. we set for ourselves and we’ll endeavor to
I’m honored to lead the work ahead. build on those accomplishments in 2003.
2
4. Allstate today has a window of opportunity we
can use to strengthen and consolidate our
competitive position. We’re determined to seize
that advantage. Execution will be the key.
2002 Results 2002. Total return for the year increased In financial services, our mix of busi-
•
As usual, numbers help tell the story: 12.3 percent over 2001, compared with an ness likewise is expanding from a
average loss of 22 percent among compa- primary reliance on life insurance
In our Allstate brand standard auto
• nies in the Standard & Poor’s 500 (S&P), as products toward more asset accumu-
insurance, our largest single product, well as outperforming all insurance indices lation products across a range of
Premiums written2 rose 5.9 percent that S&P tracks. Your dividend increased distribution channels.
last year and loss ratios moderated for the ninth straight year, while we com- We continue to refine our organization
•
compared with 2001. pleted one share repurchase program and to reflect the company’s business
The improvement was even more
• authorized another in early 2003. strategy. In September 2002, we
dramatic in our Allstate brand home- Of course, not everything was perfect. joined our Allstate property and casu-
owners product, where Premiums We had our challenges: Declining inter- alty and Ivantage businesses to
written were up 18 percent. As est rates reduced our investment income leverage their resources. We intend to
promised, we’re on track to bring prof- and, as a result of deteriorating capital strengthen and deepen the relation-
itability to targeted levels by mid-2003. markets, losses on securities in our ships with agencies and customers in
Our Ivantage independent agency
• investment portfolio cut into Net income. both channels.
business increased Premiums Elsewhere, regulation and other fac- Our protection claims organization
•
written by 4.5 percent and cut its tors slowed opportunities for growth in successfully completed a national
Underwriting loss3 approximately in key states such as California, Texas and consolidation of claims offices, sub-
half. We’re on schedule to achieve Florida. Issues like medical inflation and stantially reducing overhead costs
targeted levels of profitability. mold claims, as well as adverse trends in while allowing us to focus our people
In financial services, we performed environmental and asbestos litigation, and resources on front-line customer
•
well despite one of the most difficult caused us to strengthen reserves. service and severity control.
market environments in memory. In all of these areas, we acted quickly
This progress reflects the effort and
to confront concerns. We did the same
Overall Property-Liability Premiums expertise of everyone in the organization.
with respect to rate increases in auto and
written rose 5.8 percent and Operating Change is never easy, even when it’s
homeowners. Because we were ahead
income jumped 54.8 percent, driven working. But what we’ve accomplished
of the industry curve, we are hitting
largely by decisive pricing and risk man- has created real momentum. Allstate
profitability targets faster and gaining
agement actions. Premiums and today has a window of opportunity we
greater strategic flexibility than many of
deposits4 in our Allstate Financial busi- can use to strengthen and consolidate
our competitors for 2003 and beyond.
ness rose 11.6 percent and Operating our competitive position.
Other trendlines are pointed in
income gained 5.5 percent. We’re determined to seize that
similarly positive directions:
For the company as a whole, advantage. Execution will be the key.
Operating income increased 39.1 per- In our protection business, the focus Underlying our better, bigger and
•
cent, from $1.49 billion to $2.08 billion. of our customer base is shifting. We’re broader strategy are seven priorities that
A solid performance. increasing the number of more prof- will help make Allstate the company cus-
These accomplishments helped drive itable customers while decreasing the tomers prefer to help bring alive their
up the value of your Allstate stock during number of less profitable ones. version of the American Dream.
2
Premiums written is used in the property-liability insurance industry to measure the amount of premiums charged for policies issued during a fiscal period. Premiums are considered
earned (“Premiums earned” is a GAAP measure) and are included in financial results on a pro-rata basis over the policy period. Further information and a reconciliation of Premiums
written to Premiums earned appear in the Definitions of Non-GAAP and Operating Measures section of Appendix D of the Notice of Annual Meeting and Proxy Statement, beginning
on page D-3.
3
Underwriting income (loss) is a non-GAAP measure used by Allstate management to supplement its evaluation of Property-Liability Net income. Underwriting income (loss) is
Premiums earned, less Claims and claims expense (“losses”) and underwriting expenses as determined using GAAP. Further information and a reconciliation of Underwriting income to Net
income appear in the Definitions of Non-GAAP and Operating Measures section of Appendix D of the Notice of Annual Meeting and Proxy Statement, beginning on page D-3.
4
Premiums and deposits is an operating measure used by Allstate management to analyze production trends for Allstate Financial sales. Premiums and deposits includes premiums on
insurance policies and annuities, and all deposits and other funds received from customers on deposit-type products which are accounted for by Allstate as liabilities, rather than as rev-
enue, including the net new deposits of Allstate Bank. Further information and a table illustrating where Premiums and deposits are reflected in the consolidated financial statements
appear in the Definitions of Non-GAAP and Operating Measures section of Appendix D of the Notice of Annual Meeting and Proxy Statement, beginning on page D-3.
3
5. Designers Insurance Agency, Fairfax, Va. – Agent Wally Arcayan’s outbound marketing results have been aided by ECRM.
“My team is more targeted in its outreach,” says Arcayan.
4
6. 1. Meeting Customer Needs
“Putting the customer first” is too often an empty promise. Mistrust in
the marketplace is real, and it creates problems for many companies.
But it also creates opportunities for those who can consistently meet and
exceed expectations. Allstate is working to be that kind of company.
In the recent era of rapid growth and mass products like auto and homeowners with customers in ways that help us
marketing, many businesses believed the insurance to providing for their future understand and anticipate customers’
key to success was “pushing product.” financial security with savings and current and future needs. One tool
Many companies still do. But it’s a strategy investment opportunities. we’re testing is Enterprise Customer
out of sync with today’s realities. And we’re constantly assessing Relationship Management (ECRM).
We know the only way for Allstate market trends to introduce new products. It’s a technology that helps us better
to win in a crowded and competitive In 2002, for example, we redesigned understand our customer needs,
marketplace is to understand and meet some long-term care and life insurance especially in response to significant
customer needs, one-on-one, better than policies and introduced important new life events. It gives our agencies, our
anyone else in the business. So we’re annuity features for customers. Web site and our telephone centers a
constantly studying what matters most to We also offer alternatives in terms of better ability to interact with our cus-
our customers – what attracts them, sat- accessibility. We’re available to customers tomers in a more personal manner.
isfies them and keeps them coming back. through Allstate’s exclusive agency By tapping into true needs rather
For example, research shows that network, the Internet and our toll-free than simply pushing product, we
Allstate customers closely associate our telephone number. Moreover, customers intend to draw on the reservoir of
traditional protection products with other can also buy Allstate products through consumer goodwill that we know
financial services. But to help make that independent agents, banks and financial exists. Customers want to be satisfied,
connection a reality, we have to offer a services firms. to be delighted, to be loyal. Our job is
spectrum of financial solutions – from To succeed, we must pull together our to help make that possible.
protecting their current assets with various products and ways to interact
5
7. 2. Help Middle America Achieve
Financial Security
But who are our customers? They are teachers, firefighters, professionals
from all walks of life. Mostly they are middle-income Americans who
want and need better protection and retirement planning. Many have
been ignored or intimidated by traditional financial services companies.
And with relationships with one out of six American households, Allstate
is in a unique position to help them achieve financial security.
Steinbacher residence, Marysville, Wash. – Commercial tradesman Jason Steinbacher and wife Andrea
(with newborn daughter Malia) think they will move to a larger home soon, and they intend to seek out their agent
Bruce Pleasant when they start planning for Malia’s education costs.
6
8. Personal Financial Representatives. More
Our focus is clear. Allstate does not want
than a third also regularly partner with
to be all things to all people in financial
Allstate’s Exclusive Financial Specialists
services. We want to be more things to
(EFS) – more than 1,000 professionals
more people. So we don’t plan on being
who focus solely on life insurance and
a player in the consumer finance or bro-
financial, rather than property/casualty,
kerage businesses, for example. Instead
products.
we focus on areas adjacent to our exist-
The strategy is already working.
ing business – asset protection, asset
New sales of financial products by
accumulation and life insurance and sav-
Allstate exclusive agencies5 reached
ings.
Within our overall customer base, $1.6 billion in 2002 – more than in the
we likewise focus on an underserved three previous years combined.
segment of the financial services market- In addition to life insurance, annuities
place. Households earning between and mutual funds, we offer insured
$30,000 and $100,000 a year have an savings accounts, certificates of deposit,
aggregate income of $3.1 trillion. Like insured money-market accounts and
most Americans, they want to build other savings and lending products
assets for a home, for college education through our Allstate Bank. Deposits have
and especially for retirement. grown rapidly, reaching $610 million in
Our protection business gives Allstate less than 18 months. It’s one more way
a great place to start – because of our we’re reaching customers with new
brand name and large customer base. solutions that fit their financial futures.
Also, because insuring assets like homes
and cars is the first step toward financial
security. But to build on that base for the
future, we must make the most of our
existing customer relationships.
That’s where our Allstate agencies
play a critical role. They have answered
the challenge and broadened their
expertise. More than half have studied,
tested and are licensed to sell a broad
range of financial products. We call them
5
New sales of financial products by Allstate exclusive agencies is an operating measure used by Allstate management to quantify the
current year sales of financial products by the Allstate proprietary distribution channel. New sales of financial products by Allstate exclusive agencies
includes annual premiums on new insurance policies, initial premiums and deposits on annuities, deposits in the Allstate Bank, sales of other com-
pany’s mutual funds and generally excludes renewal premiums. Further information appears in the Definitions of Non-GAAP and Operating Measures
section of Appendix D of the Notice of Annual Meeting and Proxy Statement, beginning on page D-3.
7
9. 3. Improve Agency Relationships
Meeting customers’ needs and helping them achieve financial
security is everyone’s job at Allstate, but the people customers see
most – the faces and voices of our company in the community –
are Allstate agencies and EFSs.
The Parthenon, Nashville, Tenn. – Dennis Smith was among the first agents to secure his Series 6/63 licenses. Smith also has partnered with Allstate
to develop new ways for agencies to manage their businesses more efficiently.
8
10. Allstate’s local presence is a long-stand- compensation to strategies that
ing strategic advantage, and it will be just produce more profit for the agency
as important in the future. But running and for the company, we’ll help
an agency is harder than it used to be. motivate and encourage agencies
Competition is keener, costs keep rising to build their businesses.
We’re working in other ways,
and the industry keeps changing.
too. Because so many agencies
We’ve made some changes too. In
are active as volunteer leaders in
recent years, for example, almost all
their communities, we’re increasing
Allstate employee agencies have made
financial and other support for local
the shift to independent contractors.
community efforts.
Likewise, we asked our agencies to
All this represents progress. But
become educated on new products,
we need to do much more. Nationally
new processes, new technology. To be
the trend is toward larger agencies
competitive, all these changes were
with more support staff. So, for
essential. But they still were wrenching.
agencies, finding and training more
So now, more than ever, our job at
employees, organizing businesses for
Allstate is to help make the work of our
greatest efficiencies, and financing
agencies easier, not harder. And to give
growth initiatives all are issues we
them more ways to win.
must help them address. By listening
One way we can help is by providing
harder to them, and working harder
more opportunities to sell more products
with them, we’ll help create more
to more customers. Our expansion into
opportunities for them.
financial services, for example, is broad-
ening their revenue base.
We’ll also help by expanding local
agency advertising and marketing
programs in 2003. We’ll make more tech-
nology enhancements available, based
upon guidelines and feedback from
agencies themselves. And, by linking
9
11. 4. Deepen Relationships With
Our Financial Partners
Allstate exclusive agencies serve one of the biggest customer bases
in the business, with a presence in 14 million American households.
But the other 90 million-plus U.S. households need financial services too.
To be a leader, we must be able to serve consumers who prefer to do
their financial business through other channels.
Allstate reaches these consumers in a We’re also diversified in terms of in sales in just nine months. Some
variety of ways. Approximately 80,000 products we can offer customers – from of its features are so unique we’ve even
independent agents and financial plan- traditional life insurance to mutual funds applied for a patent.
ners sell Allstate products under the to annuities and 529 college savings Another growing distribution
Lincoln Benefit Life name. We also pro- plans. And we’re constantly adding to channel focuses on workplace market-
vide Allstate Financial products through a our portfolio based on feedback from ing. Allstate’s Workplace Division sells
wide range of blue-chip financial services consumers and producers. Product life insurance, disability and supplemen-
firms, including many of the largest development at Allstate today is faster tal insurance coverage through
national and regional investment advisory and more focused. independent agencies to employees at
One example is the Allstate®
firms and banks, as well as through inde- more than 20,000 small and mid-sized
pendent insurance agents and Treasury-Linked Annuity, which com- businesses across the country.
brokerages. bines the safety and security of a fixed All told, these non-proprietary chan-
Diversified distribution is good annuity with the opportunity for growth, nels accounted for 80.2 percent of the
for growth. In 2002, for example, total based on the five-year U.S. Treasury yield. total Premiums and deposits generated
Premiums and deposits in the bank Based on extensive investor research by the Allstate Financial business unit
channel rose 38 percent, easily surpass- and developed by a cross-functional in 2002. Our aim is to continually
ing projections. Today, Allstate ranks team of Allstate Financial and Allstate strengthen these relationships by
Investments professionals, the Allstate®
third in life insurance, sixth in fixed annu- offering more products and generating
ity and eighth in variable annuity sales more revenue with our successful
Treasury-Linked Annuity was launched
through banks. producer-partners.
in February 2002. It recorded $762 million
5. Simplify Doing Business
With Allstate
Reaching customers through Allstate agencies or other distribution chan-
nels is only the beginning. To succeed, we need to nurture customer
relationships. Every interaction is an opportunity to serve, satisfy and retain
their loyalty. So we need to provide real solutions and support – no matter
what, where or when.
Our most important interactions with the claims experience faster, better and innovative Sterling Autobody Centers,
customers involve claims. So we’re con- more attuned to customer needs. which offer customers the option of hav-
stantly seeking innovative ways to make For example, we expanded our ing Allstate-owned facilities repair their
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12. Allstate Customer Information Center, Charlotte, N.C. – Allstate CICs provide extensive upfront and ongoing training to elevate
and maintain strong customer service skills. (Instructor Charlotte Tucker pictured.)
phone centers answered more than
50,000 calls for agencies that were
closed the day after Thanksgiving
last year.
Our Customer Information Centers
(CIC) offer all the services available
autos. Compared with traditional a wealth of services and information, on our Web site and more. All told,
alternatives, Sterling Autobody including paying a bill, reporting a claim, 1-800-Allstate handled nearly 10 mil-
Centers have substantially lower purchasing a policy, viewing policy lion calls last year from claims reports
repair times. Plans call for continued information or learning about invest- to agent referrals.
expansion in 2003 and beyond. ment-planning basics. It’s already a powerful partnership.
Beyond claims, customers have The response has been positive. Allstate.com and 1-800-Allstate help
more routine interactions such as Registration for our online Customer handle many routine service tasks,
policy changes or bill payments. And Care Center more than doubled during freeing agencies to focus more on
they want to do them on their time, 2002. Nearly nine of 10 visitors were building relationships and satisfying
on their terms. We try to make that either very or completely satisfied with customers. They also bring new
as easy as possible. the overall experience. customers into agencies. Our focus
So we’re continually expanding our Like our Web presence, 1-800-Allstate will be to continue to leverage this
online presence at allstate.com. Most is available to customers 24 hours a day, relationship with Allstate agencies
American customers can choose from seven days a week. For example, our tele- and Exclusive Financial Specialists.
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13. Leaving school, Scottsdale, Ariz. – Persistent work by agent Chris King and more flexible SRM auto policy pricing won back working mother of two
Audrey Contreras from a competitor. Contreras has auto, renters and life policies with Allstate.
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14. 6. Achieve Profitable Growth
Focusing on customers first is the surest way to build our business.
But as we expand, we must keep a close eye on our bottom line and
our capital as well.
It all starts with our Strategic Risk to total policies in force. The same is true created a separate property/casualty
Management (SRM) tool that integrates when we sell more policies to the same company in New Jersey to deal with
underwriting, pricing and marketing number of customers. profitability issues. Today, Allstate
to help attract and retain the right cus- It’s also important to remember that New Jersey is profitable and growing.
tomers with the right products at the the impact of SRM is cumulative. Today, We’re currently looking at this and
right price. In particular, SRM helps us customers priced through SRM repre- other options in states where we face
attract and keep high-lifetime-value cus- sent about 25 percent of our total similar profitability challenges.
tomers – the kind who are more likely to business. Within five years, they will Finally, generating profitable
renew their policies and buy more prod- account for two-thirds, and the cumula- growth requires that we be highly
ucts from Allstate. tive effects will be significant. One visible in the marketplace. That’s
In one 22-state sample, for instance, example: High-lifetime-value customers why late last year we dramatically
the share of new standard auto customers are renewing their policies today at a rate increased advertising and marketing
in high-value segments increased from 1 percent to 2 percent higher than other spending, with a focus on encourag-
28 percent to 43 percent. Retention rates customers. Over 10 years, that could ing current single-line customers to
in those segments are higher. And those mean substantially fewer defections. become multi-line customers. We’ll
customers buy more, too. In the same Moving forward, we know profitability, build on that marketing momentum in
study, cross-sell results were 51 percent growth and acceptable returns can live 2003 and supplement national efforts
more in higher-value segments. together, even when the need arises to with local plans in key markets.
The long-term benefits are obvious: adapt to different regulatory and market
When we lose fewer customers, we add conditions. In 1998, for example, Allstate
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15. Allstate Investments trading floor, Northbrook, Ill. – A 100-member investments team actively manages the company’s investment decisions.
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16. 7 Maintain Our Financial Strength
.
Supporting growth – in our customer base, in our distribution networks and
in our product portfolio – is the financial strength that has made us a stable
company for decades. When we tell our customers, our investors and our
®
employees, “You’re In Good Hands with Allstate, ” the commitment carries
with it an awesome responsibility. While some companies today find their
resources and reputations declining, financial strength ensures that Allstate
will be able to keep its promises.
than most. In 2002, for example, our
Strength comes from strategy and
investment writedowns, while substantial,
focus. Since our public offering, we sold
amounted to only one half of 1 percent of
non-core businesses, including large
the average portfolio for the year. And
commercial accounts, reinsurance and
while the major rating agencies down-
mortgage insurance. That channeled our
graded the life operations of many other
energies and resources to markets where
companies in the industry, our ratings
we had the best chance of winning, while
from A.M. Best Company, Moody’s
limiting our catastrophe exposure and
Investors Service and Standard & Poor’s
shielding our asset base against multi-
remained unchanged at the same high
billion-dollar losses.
levels that we have consistently enjoyed
Financial strength comes from
over the past five years.
sound governance, transparency and a
Finally, financial strength comes from
commitment to integrity. Our board is
always being conscious of costs. In 2002,
recognized as one of the most indepen-
our Property-Liability expense ratio
dent in America. In recent years we’ve
declined again, from 23.9 percent to
increased the transparency of our finan-
23.3 percent. The reduction reflected
cial reporting. What’s more, we operate
premium increases and companywide
in one of the most regulated industries
efforts by individuals at all levels. Six
anywhere. Our principles, accounting
Sigma initiatives implemented in Allstate
and otherwise, are sound. So when I sign
Financial and a more rigorous procure-
our financial statements every quarter,
ment governance process also yielded
I do it with a steady hand.
incremental savings.
Strength also comes from sound
Staying true to these priorities while
investment decisions that help improve
making prudent moves to ensure that our
returns for shareholders. Allstate
reserves are sufficient to address liquidity
Investments, LLC, an Allstate subsidiary,
requirements will help keep us financially
manages our $91 billion portfolio. We
strong far into the future.
believe in being diversified and value-
oriented. While almost no one emerged
unscathed from economic downturns in
recent years – Allstate fared far better
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17. Looking Ahead
Clearly, we have a full plate of initiatives going forward. Our agenda is
ambitious, yet achievable. And our confidence in the future is bolstered by
lessons from the recent past.
In the near decade since becoming These attributes will continue to
a public company, much has changed at serve us well. In many ways, Allstate
Allstate. But several characteristics have today represents the best of both worlds.
remained consistent: As a company with roots that go back
more than 70 years, we have financial
• We have an unwavering commitment
strength and one of America’s finest
to integrity. Our word is our bond.
brands. Having functioned on our own
• Our approach to change has been
as a public company for nearly a decade,
calculated, not haphazard. We built
we’re becoming nimble enough to
on our core strengths.
respond to changing markets and
• We place a premium on execution.
customer preferences.
We did what we said we’d do.
The combination makes us a
• We demonstrated a passion for
formidable competitor. We’ll draw on
success. Our employees have
all of these resources as we expand our
been able to embrace, and to
operations and our opportunities in
implement change.
the years ahead.
Sincerely,
Edward M. Liddy
Chairman, President and CEO
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