This excerpt taken from the ALL 8-K filed Aug 5, 2009.
Allstates Capital Position Improves
Allstates capital position showed strong improvement in the second quarter, said Don Civgin, senior vice president and chief financial officer. At June 30, Allstate held $15.1 billion in shareholders equity, an improvement of $2.8 billion from the first quarter. There were $3.4 billion in assets available at the holding company level to satisfy our modest annual fixed charge obligations of $680 million over the next 12 months.
We estimate our statutory surplus at June 30, 2009 was $13.8 billion at Allstate Insurance Company, including $3.4 billion at Allstate Life Insurance Company.
In May, Allstate demonstrated its ability to access the financial markets by refinancing $750 million of debt that matures in December 2009 with a $1 billion debt offering that was substantially oversubscribed. Also in May, Allstate announced it would not participate in the U.S. Treasurys Capital Purchase Program, a component of the Troubled Asset Relief Program (TARP). Despite redeeming $1.4 billion of contractholder liabilities through a tender offer and deploying more than $5 billion of short-term assets and cash receipts to generate income and capital appreciation, Allstates 90-day liquidity improved to $26.3 billion in cash and highly liquid assets convertible to cash without significant additional net realized capital losses.
Allstate continues to have access to $1.0 billion of funds from either commercial paper issuance or an unsecured credit facility, neither of which was utilized at June 30, 2009. Excluding the debt that was refinanced with the May offering, Allstates next long-term debt maturities are $40 million in 2011 and $350 million in 2012.
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At Allstate.com, click on Investors to view additional information about Allstates second quarter results, including a webcast of its quarterly conference call. The conference call will be held at 9 a.m. ET on Thursday, August 6, 2009.
The Allstate Corporation (NYSE: ALL) is the nations largest publicly held personal lines insurer. Widely known through the Youre In Good Hands With Allstate® slogan, Allstate is reinventing protection and retirement to help more than 17 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate®.