NORTHBROOK -- Allstate Corp. Monday said its board of directors has approved a quarterly dividend of 81 cents on each outstanding share of the corporation's common stock. This represents a 50% increase from the dividend declared in the previous quarter.
The dividend is payable in cash on April 1 to stockholders of record at the close of business on March 4, the company said.
"The board's confidence in Allstate's growth strategy and sustainable earnings potential supports this substantial quarterly dividend increase," said Mario Rizzo, chief financial officer.
Over the past five years, the corporation has paid $2.9 billion of common dividends and repurchased 24.9% of common shares outstanding for $8.5 billion, the company said. At the same time, $5.9 billion was invested in growth through the acquisitions of SquareTrade, InfoArmor and National General.
The dividend increase does not impact the current $3 billion share repurchase authorization, which is expected to be completed by the end of 2021, Allstate said.