Allstate Announces Quarterly Dividend, Will Not Participate in TARP

NORTHBROOK, Ill.--(Business Wire)--
The Allstate Corporation (NYSE: ALL) today announced a quarterly dividend of 20
cents on each outstanding share of the Corporation's common stock, payable in
cash on July 1, 2009 to stockholders of record at the close of business on May
29, 2009.

The company also announced that it completed its review of the U.S. Treasury`s
Capital Purchase Program, a component of the Troubled Asset Relief Program
(TARP). "We applaud the Administration`s decision to include insurers in the
U.S. Treasury`s programs. Given Allstate`s strong capital and liquidity
positions, however, we will not participate in this program," said Chairman,
President and CEO Thomas J. Wilson.

Allstate had $12.2 billion in GAAP equity and $23.1 billion in cash or highly
liquid assets in its investment portfolio at the end of the first quarter of
2009. These positions reflect proactive capital management steps taken over the
past year, including suspending its share repurchase program, augmenting
investment risk mitigation programs and reducing operating costs. In addition,
since the end of the quarter, the company completed a $1 billion debt offering
and reported a more than $1.5 billion improvement in its securities portfolio
value as of May 13. "Maintaining our financial strength is a top priority in
2009 and we will continue to take proactive steps to manage our capital position
as markets develop and the economy improves," Wilson concluded.

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®" slogan, Allstate is reinventing protection and retirement to help
individuals in approximately 17 million households protect what they have today
and better prepare for tomorrow. Customers can access Allstate products and
services such as auto insurance and homeowners insurance through approximately
14,700 exclusive Allstate agencies and financial representatives in the U.S. and
Canada, or in select states at www.allstate.com and 1-800 Allstate®. Encompass®
Insurance brand property and casualty products are sold exclusively through
independent agents. The Allstate Financial Group provides life insurance,
supplemental accident and health insurance, annuity, banking and retirement
products designed for individual, institutional and worksite customers that are
distributed through Allstate agencies, independent agencies, financial
institutions and broker-dealers. Customers can also access information about
Allstate Financial Group products and services at www.myallstatefinancial.com.

The Allstate Corporation
Rich Halberg or Maria Gemskie
(847) 402-5600

Copyright Business Wire 2009