Allocate office to close employees in restructuring plan

Allstate Corp. All,
+ 0.74%
The company’s employees and close employees would have to be put into a restructuring plan, which would have cost about $ 300 million, which occurred in the third quarter. The company said in a statement, “The goal is to expand Allstate’s share in the personal property and liability market” by expanding customer reach, improving customer value, and investing in marketing and technology. “The Assurance and Allstate brands have merged into operations, and Allstate is trying to offer” competitive “prices in auto insurance that require cost reductions to maintain margins, it said. Allstate said Said that about 3,800 employees will be affected in most claims, sales, service and support roles. Chief Executive Officer Tom Wilson said in a statement, “The plan is difficult to implement because we still deal with the impact of the epidemic but provide customers with Providing the best value is essential. “Wilson said support for employees includes prioritizing internal hiring, expanding medical coverage, retorting and helping with employment. The restructuring resulted in $ 290 million Will be charged, with $ 210 million to $ 220 million in the third quarter. The charges have reduced both net income and adjusted net income, and primarily expenses related to severance and employee benefits as well as office closures. Are due, the company said. In shares of Allstate The shares were flat in the extended session on Wednesday after the regular trading day ended 0.8%.


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